A Management Accountant is a professional who is responsible for looking after the internal accounting needs of an organisation. They help companies in making important financial decisions such as choosing potential investments by understanding performance variances and forecasting the financial future. If you want to pursue a career in management accounting, US CMA is definitely the right course for you.
The US CMA is awarded by the Institute of Management Accountants (IMA), which is a US-based body. It helps you specialise in the accounting standards that are followed by international companies. Because the course only consists of two exams, it can be easily completed in under a year. If you are looking for an additional course to pursue in the field of accounting, US CMA is definitely one to consider.
As a US CMA, you can work in a variety of different job profiles for organisations. Some of the most common job profiles available to US CMA’s are as follows.
Job Profiles You Can Explore After US CMA
1. Business Analyst
As a Business Analyst, you are responsible for collecting past and current business data and coming up with business strategies based on this collected data. A Business Analyst is an essential part of any organisation since they help in improving the decision-making process.
A Business Analyst is an integral part of an organisation and plays a major role in all the important decisions being made. After completing US CMA, you can definitely find a job as a Business Analyst, especially if you have business management experience.
2. Cost Accountant
As a Cost Accountant in a company, you will be required to look after the company’s expenditures and purchases to keep track of the accounting data. A Cost Accountant should have a strong understanding of business strategies and should be able to accurately organise accounting data to come up with observations and suggestions. Since US CMA is the global equivalent of the Indian CMA, you will be able to work as a Cost Accountant in India after US CMA as well as the Indian CMA.
3. Financial Controller
The job profile of a Financial Controller is available to US CMA professionals with a significant amount of experience. Such professionals are required to have extensive knowledge about the field of finance and must take responsibility for all major financial operations of their department. As a Financial Controller, you will be responsible for looking after the books, coming up with financial strategies, conducting internal analysis as well as important administrative tasks. Since you need to work in management accounting for a few years before you can get a job as a Financial Controller, the salary you can expect is considerably higher.
4. Finance Analyst
In the most simple terms, the job of a Financial Analyst can be described as collecting and analysing financial data and sharing observations. Based on this analysis, a Finance Analyst is expected to make predictions and forecasts to help the organisation make better decisions. They also need to make financial reports, presentations and excel models to accurately communicate their observations and calculations. A Finance Analyst is also required to keep up with market trends and conduct frequent industry research to stay relevant to the latest trends.
5. Internal Auditor
Internal auditing is an important process that helps evaluate the corporate practices and internal controls of an organisation. An Internal Auditor is a professional who is responsible for evaluating the company’s business operations and financial activities. Through an internal audit, the company is able to determine whether the internal controls are adequate and the employees are working in line with their requirements. In addition to US CMA, you can also pursue the Certified Internal Auditor programme.
US CMA is a popular course among students because you can start studying for the CMA exams as soon as you have completed your 12th grade. To be certified as a CMA, you will need a Bachelor’s degree, completion of the CMA papers and 2 years of work experience.
The US CMA exam structure is quite simple and easy to crack. In fact, with just a couple of hours dedicated to studying every day, a student can easily clear both papers in 6 to 9 months.
- EXAM PART 1: Financial Planning, Performance, and Analytics
- EXAM PART 2: Strategic Financial Management
Companies Hiring US CMAs
US CMAs are hired by some of the most reputed accounting firms in India and across other countries. This includes the Big 4 (KPMG, Deloitte, PwC, EY) and other companies like Grant Thornton, BDO, J.P. Morgan, and Morgan Stanley.
IMA, which is the official accounting body offering the US CMA qualification, also has partnerships with various companies such as Accenture, L&T, and Apple that increases the number of job opportunities available for US CMAs. As a result, such companies are very keen on hiring US CMAs in their company. Other companies such as Capgemini and Amazon are also hiring US CMAs for management accounting job profiles.
Future Scope of US CMA
One of the biggest advantages of working in the field of management accounting is that there is a lot of potential for growth in your personal career. Even if you start working in a reputed company at a starting position after US CMA, if you stay for long enough, the potential to earn consistent appraisals and promotions as a result of your skills and talents is quite huge. If you stick around long enough, as a US CMA you could also get a chance to become the Chief Financial Officer (CFO)!
The Chartered Financial Analyst is a globally recognised qualification in the field of finance and investment. If you have recently completed your graduation or are appearing for your final semester, you may be eligible to become a CFA. Interested? We highly recommend checking out our Chartered Financial Analyst (CFA) course.
The US CMA course is great for fresh graduates and 12th-grade pass-outs because the course can be completed in under a year. So if you wish to pursue an additional course or are attracted to a different field, you can do so whenever you desire.
Can I work in Canada after US CMA?
Since US CMA is a globally recognised qualification, you can definitely get opportunities to work in private companies in Canada as well. However, to be able to work in the public sector, you may have to qualify as a CMA Canada.
What are the registration fees for US CMA
In order to register for the US CMA exam, a candidate needs to pay a one-time non-refundable fee of USD 250.
What is the average passing rate after US CMA?
The average passing rate of CMA part one is approximately 34% whereas that of CMA part two is approximately 50.5%.