Certified Management Accountant (CMA) is a certification in Management Accounting focusing on Financial Accounting and Strategic Management. US CMA is a globally recognized, extremely competitive certification that offers high rewards and excellent opportunities around the world. With many companies setting up operations in India, the demand for such professionals is on the rise. This professional certification course is governed by the Institute of Management Accountants (IMA) and awarded by the Institute of Certified Management Accountants (ICMA) which is a division within IMA.
CMA aims at providing industry-relevant skills in corporate finance. It focuses on Accounting, Financial Reporting, Planning, Performance, and Decision Making.
In case you are not aware of CMA, there is a huge gap in the supply and demand of these highly-skilled professionals in India. Certified Management Accountants are absorbed in various verticals of the company and the scope of employment does not stick to one designation or one domain of industry. In fact, the importance of this certification is so high that CMAs eventually become CFOs at major companies.
India, right now, is facing a shortage of these professionals and if you are one of the aspiring students or planning to climb up the ladder in your organization, this certification is one of the best choices for all finance professionals out there. We will walk you through different career prospects after you are awarded a CMA certification, but before that, let us take you through the IMA Management Accounting Competency Framework which will help you understand the competencies required to succeed in management accounting.
IMA Management Accounting Competency Framework
IMA’s Competency Framework aims at identifying the core skills required to succeed in management accounting. It conducts job analysis every 5-6 years to understand what the professionals do on the job and what they need to know to do their work effectively.
The above framework is diagrammatically represented and you can see the framework is divided into 6 parts, namely:
Strategy, Planning & Performance
This section includes competencies like envisioning the future, lead the strategic planning and strategy-setting process, guide management decisions, manage risk, and monitor performance.
Reporting & Control
This section aims at building the skills necessary to manage a business by building and maintaining effective internal controls. Reporting refers to US GAAP and IFRS based accounting and financial statement preparation.
Technology & Analytics
This section speaks to the skills and competencies required to manage technology in business and analysis of data to enhance the organizational success rate.
Business Acumen & Operations
The competencies in this section deal with an individual’s contribution as a cross-functional business partner to transform company-wide operations.
Leadership
This section deals with the competencies required to collaborate with others and inspire teams to achieve organizational goals.
Professional Ethics and Values
This section deals with the competencies required to understand professional values, ethical behavior, and legal compliance essential to a sustainable business model.
Career Prospects after CMA Certification
We have already seen that CMA certification is one of the most sought-after qualifications around the globe. CMA professionals have a rewarding career and a lot of opportunities open in many reputed MNCs all over the world. In India, most MNCs are looking forward to hiring CMAs in corporate finance roles. Let us take you through the opportunities you can look forward to as a CMA professional.
Finance Manager
As a Finance Manager, you will be responsible for taking care of all operational decisions. Forecasting and budgeting are some of the daily tasks you will be taking care of as a finance manager. After management accounting certification, you are expected to have an in-depth understanding and knowledge of the finance industry. You should also be a strong communicator to deal with clients and senior colleagues.
Financial Analyst
The job role is quite self-explanatory. This role demands the proper tracking of financial reports, preparing reports, and analyzing results. Based on the analysis and report, a financial analyst has to provide measures for improving the productivity of the company. The career opportunities in this field are vast. If you want to make a space of your own in this role, you need to have the skills and confidence to make decisions based on available insights.
Financial Controller
This role, in a true sense, is everything finance. You have to know everything you can about the finance industry and be a financial lifeline for your department. As a Financial Controller, your daily tasks include analyzing books, internal analysis/review, carrying out administrative tasks, formulating financial strategies, and so on. You need to possess multi-tasking, analytical, and communication skills to become successful in this particular role.
Cost Accountant
In case you have a good business understanding and willingness to organize numerical reports, then you can climb the ladder of success as a cost accountant. You are expected to monitor costs and perform margin analysis as a cost accountant.
Chief Financial Officer (CFO)
Chief Financial Officer or CFO is the highest designation one can be awarded within their financial career. It is one of the most popular jobs for a certified management accountant since they have a major say in the company. CMA will offer you all the required education credentials in finance and management to manage the financial performance of a company. Other important skills a CFO should possess are accounting, communication, leadership, and presentation.
CMA is a great career-enhancing option. The competencies and skills it offers to aspiring candidates are valuable. Many career options open up once you achieve the CMA certification.
Miles Education has tie-ups with many top-level MNCs including the BIG 4s. Visit our website to know more about our corporate tie-ups.
35 thoughts on “Career prospects after cracking the US CMA Exams”
US CMA is indeed a great career enhancing option. But also the best designed course for accounting students.
CMA is a globally recognized certification which is governed by the institute of management account (IMA). CMA does infact provide more job oportunities and career prospects for a fresher, one should indeed pursue this course.
It’s the great career option for accounting students new steps can make changes for sure.
The career aspects after CMA are amazing!! Looks like the perfect management program for someone who wants to enhance his/her career and want to take it to the next level.
Very uself for students and professionals who are worried about the scope of CPA or CMA
Great place to learn professional courses like US CMA, having worked with them personally. Highly recommend for the upcoming generation.
This blog was indeed very helpful. Thanks!
This is great to know that there are soo many career prospective after cracking CMA.
I’m myself pursuing CMA and every job aspirant wants to see him/her at top position in a Company like the blog mentioned about reaching higher positions as a CFO in a company. Very valueable information.
I was really worried what to do after exams as i don’t have any idea about how to deal in practical world but after reading this blog now i know what to do next. Thanks miles for such blog. Keep posting
Thanks, this gives me an idea about what to do next after being a CMA.
I was suprised to know that CMA course has such a great and good career prospective.
Very important knowledge. Sets a light on the possible career choices and helps in career decision making
As I am currently pursuing CMA, I was really interested to know the career prospects and this blog provided me that. Thanks to Miles education for writing such informative blogs giving all the relevant details. This really helped a lot.
This is really great. This will help me building my personal and professional life for upcoming time.
Best place to learn the US CMA.
CMA has been one career prospect which has so much more to offer than we think, especially when one seeks a role of finance professional in an organisation. Miles education in so many cases has been a bridge for aspirants to realise their dreams. With great confidence I can acclaim that Miles education has been one of the most successful coaching institute for CMAs in the whole country. They always create an environment such that it acts as a nurturing ground for us students to grow intellectually as well as in experience. Their unique approach is the root cause of their high success rates. Never be doubtful when choosing Miles.
This blog gives clear information not only about where a CMA might get placed but also about the job type, which is insightful!
The blog is quite informative and an eye-opener for those who are new to this field of management accounting. Indeed it was worth reading the post as it manifestly highlights the career prospects after cracking the US CMA exam.
This article gives a clear view ahead to one’s career.
Great place to learn professional courses like US CMA, having worked with them personally. Highly recommend for the upcoming generation.
This blog clearly states how and why CMA is a better career option in the world of Accounts & finance
It really cleared my many doubts, and helped me to focus on what is right for my carrier
Very informative, thanks.
Is all of this applicable in India as well?
US CMA opens many doors to the accounting world. Not only in US but in countries like India too. Very valueable information indeed, positions like Chief financial officer is every job aspirant’s dream.
Thanks, this gives me an idea about what to do next after being a CMA.
This blog has clarified all my doubts regarding what to do after CMA . Very informative blog.
When we get to know about any course, the first that arises inoir mind is that what are it’s carrer prospective? Why should I join a particular course. The question ” Why to persue CPA ?” Is all answered in this blog. This proved to be really helpful for every one.
When we get to know about any course, the first that arises in ourmind is that what are it’s carrer prospective? Why should I join a particular course. The question ” Why to persue CPA ?” Is all answered in this blog. This proved to be really helpful for everevery one who are new in this field and it going to clear all your doubts.
It is widely renowned accreditation that is controlled by the Management Account Institute. Doing this course will actually provide a individual with far more employment opportunities and job chances, therefore one should take this route.
Can a CMA become CEO of a company? Why only a CFO of a company?
Thanks for writing this, it was very handy and helped me quite a bit
I am a student of BAK College. The recent paper competition gave me a lot of headaches, and I checked a lot of information. Finally, after reading your article, it suddenly dawned on me that I can still have such an idea. grateful. But I still have some questions, hope you can help me.
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