Why Should You Consider Getting CMA Certification?
Last Update On 19th December 2024
Duration: 6 Mins Read
Are you prepared for the next milestone in your career in finance and management? The CMA qualification is not a piece of paper; it is a ticket to a plethora of international opportunities, higher salaries, and respected leadership positions. Whatever your aspirations in the corporate world are from strategic planning, and business expansion to leadership decisions, you could use a little edge over others. Now, let’s jump in to understand why investing in the CMA certification may be your smartest career move.
Overview of CMA Certification
The Certified Management Accountant (CMA) is an international credential that validates an individual’s expertise in management accounting and financial management. It generally gives proof of mastery of critical competencies including financial planning, analysis, control, decision support, and professional ethics. Being a premier program focusing on strategic financial management, the CMA certification will give an edge in this very competitive business world.
What Can a CMA Certification Do for You?
A CMA is a gateway to a wide scope of career opportunities. A CMA is a gateway to a wide scope of career opportunities.This type of certification gives you credibility, which means that it informs the employer that you possess the knowledge and skills to improve the functioning of finances in driving strategic business decisions. Most CMA-certified people are at leadership levels, including financial analysts, management accountants, financial managers, and CFOs.The certification sets you apart, giving you a competitive edge in the job market. You can read our blog post about “Benefits of Having CMA Certification” in which we have highlighted the full benefits of CMA Certification. The certification sets you apart, giving you a competitive edge in the job market.
You can read our blog post about “Benefits of Having CMA Certification”in which we have highlighted the full benefits of CMA Certification.
Why Should You Consider Getting CMA Certification
Who Can Pursue a CMA Certificate?
The CMA Certification is highly suited for accounting and finance professionals who would like to upgrade their careers in management accounting and strategic financial management. From a fresh graduate of accounting and finance, an experienced professional looking to upskill, to an accounting practitioner who seeks to specialise, the CMA Certification will prove to be an excellent adventure.
CMA Certification Requirements:
Bachelor’s Degree:
The first eligibility criterion for a CMA course is a Professional Certification from an accredited institution. A Certification in accounting, finance, or a related field is the base requirement for understanding the knowledge and skills required in management accounting.
Membership with the IMA:
While aspiring CMA candidates have to join the Institute of Management Accountants (IMA), membership benefits include access to resources, networking opportunities and discounts on fees for sitting the exam and professional development programs.
Passing the CMA Exam
The CMA exam is divided into two parts:
Part 1 – Financial Planning, Performance, and Analytics
Part 2: Strategic Financial Management. Exams must be passed within three years of entry into the program. The CMA Exam is the test of a candidate’s ability to apply learning on any of the following: financial planning and analysis, strategic planning, cost management, and risk management, among others.
Relevant Work Experience:
To be eligible for the CMA Certification, candidates should possess at least two years of consecutive professional experience in management accounting or financial management. This will be either achieved before or within seven years of passing the CMA exam. Applicable work experience allows practical application opportunities outside the concepts learned during the certification process.
Continuing Professional Education (CPE):
Once acquired, CMA certification requires practising professionals to keep attending Continuing Professional Education (CPE) activities to maintain their credentials. The IMA mandates that CMA holders complete 30 hours of CPE every year, of which two hours must be in ethics education. Continuous education would help professionals align with the industry, regulatory changes, and best practices.
Compliance with Professional Ethics
CMA professionals who are certified are required to meet the most severe obligations of professional ethics. Ethical principles need to be practised because they are a way of ensuring that the CMA Certification retains integrity and credibility. The IMA’s Statement of Ethical Professional Practice provides a guide for ethical conduct in management accounting.
Meeting these requirements places finance professionals on track to achieving the prestigious CMA Certificate. The certificate advances a professional’s career prospects, and it validates their mastery of management accounting techniques.
It also demonstrates one’s commitment to continuous professional development.
Include legitimate CMA exam prep courses, such as Zell, in your career path to the CMA Certificate. Good-quality CMA exam prep courses provide you with solid materials, professional instructors, and practice exams that will get you ready for the CMA exam. This may well make a big difference in your chances of passing the exam and achieving your career management accounting plans.
How Long Does It Take To Complete CMA?
The time it takes for a candidate to earn a CMA Certification is different for each person. However, most candidates will complete the certification in 6 to 12 months with serious studying and directed effort. This really depends on factors such as the time available to study, commitments of a personal nature, and scheduling of the CMA exam.
CMA Professionals: Job & Salary
Some of the options that await certification in CMA are
Financial Analyst:
The jobs available for the CMA-certified professional entail financial data analysis, insights presentation, and informed recommendations to facilitate strategic decision-making in organizations.
Management Accountant:
Certified management accountants are experts in management accounting, budgeting, cost analysis, and financial planning. They prove to be invaluable as organizations make strides in optimizing their operations financially.
Financial Manager:
Having expertise in strategic financial management, CMAs automatically become eligible for jobs as financial managers who oversee the financial activities of an organization, plan the business, and help keep risks under control.
Controller:
CMAs are best suited to be controllers, as they would help in managing accounting activities, financial reporting, and compliance with the organizations. The CMA certification may lead to the position of CFO, in which professionals may oversee the general financial strategies and manage the success of the organization in its finances.
CMA Salary
The following are some of the salary prospects of a CMA Certified professional:
Entry-level CMA: ₹ 5,00,000 ₹ 8,00,000 p.a.
Mid-level CMA with 3-5 years of experience: ₹ 8,00,000 ₹ 12,00,000 p.a.
Experienced CMA with 5-10 years of experience: ₹ 12,00,000 ₹ 20,00,000 p.a.
Experience over 10 years as CMA: More than ₹20,00,000 per year
Revalidation of CMA Certification:
For revalidation of CMA certification, one has to go through the following process:
Continuing Professional Education (CPE): Earn at least 30 hours of Continuing Professional Education (CPE) each year with two being in the ethics area.
Submit CPE Credits: Report your CPE credits online through the Institute of Management Accountants (IMA) website or portal.
Pay Annual Membership Fee: Pay the annual membership fee to maintain active IMA membership.
Adhere to IMA’s Ethical Standards: Comply with IMA’s Statement of Ethical Professional Practice throughout the certification period.
How Zell Will Help You:
Zell is a company renowned for providing CMA certification courses; it provides comprehensive study materials, expert guidance, and a supportive learning environment to help you succeed in your CMA journey. Their well-structured courses cover all aspects of the CMA exam, equipping you with the knowledge and confidence to excel in the certification process. With Zell Education’s personalized approach and experienced faculty, you’ll receive the support you need to pass the exam and unlock a world of opportunities in management accounting.
Conclusion
Zell Education is well-known for its provision of CMA certification courses; it will provide comprehensive materials for study, expert guidance, and a friendly learning environment so that you’ll be successful in your CMA journey. Zell’s courses are well-structured to guide you through all aspects of the CMA exam so that you can achieve the knowledge and confidence needed to pass the certification process. With the personalized approach of Zell Education and the faculty with experience, you will be better equipped for every challenge to pass your exam and unlock a world of opportunities in management accounting.
FAQs
What is the CMA certification, and what does it signify for my career?
The CMA certification is an internationally accepted credential that demonstrates skills in management accounting and financial strategy, indicating improved career prospects and leadership capacity.
How will obtaining a CMA certification benefit my professional growth and opportunities?
CMA certification elevates your skills, credibility, and earning potential and opens up high-level management accounting and strategic decision-making positions.
What are the eligibility requirements to become a CMA-certified professional?
To become a CMA, you need a bachelor’s degree from an accredited college or university and to pass the CMA exam. Additionally, you must have two years of relevant work experience in management accounting or financial management.
Can you explain the CMA exam structure, duration, and passing criteria?
Examine the CMA structure, duration of the exam, and requirements to pass each part. The CMA consists of two parts totalling 8 hours with a mix of multiple-choice and essay questions. Each part must score at least 360/500.
How does the CMA certification compare to other accounting and finance certifications, such as CPA and ACCA?
The CMA is specifically focused on management accounting and strategic finance; while the CPA and ACCA primarily focus on general accounting, so it is suitable for management roles of business strategy.
