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Jan 25, 2024
Certified Management Accountant is a highly sought-after certification for career-minded individuals seeking finance, accounting, and business advancement. It can be a great addition to your finance or accounting-related CV, and many employers will be happy to see candidates who list it as part of their education.
Although usually pursued with a bachelor's degree, CMA certification has professional advantages that are not available in a standard degree. CMA provides many opportunities for career development, and we will discuss its importance in this blog.
By comparing people who have achieved CMA Certification with people looking for a different path, CMA's can have a higher position. Individuals with a college degree but without further accreditation, or individuals seeking a more general CPA accreditation, lack the experience and knowledge to reach an executive level.
Many individuals with CMA certification have served as financial analysts, managers, and even CFOs throughout their careers. They also start their careers in similar positions as individuals without a certificate (such as CPA). The latter have more time to spend on their learning and testing, and it is not easy to obtain these high-level positions in the enterprise. CMA certification proves the management skills.
CMA certifications are helpful for professionals at all stages of their careers as they provide the skills and knowledge base needed for different positions. While some accounting names (such as CPA certificates) are suitable for a specific profession, the CMA certification gives you access to different career paths.
Since there is no clear track in CMA, CMAs can engage in financial analysts, accountants, managers, operations managers, vice presidents and executives. They may also work in various business areas such as management accounting, operations, finance, sustainability, and technology. CMA provides candidates with the opportunity to build their careers, advance to administrative positions, and experiment in different business environments. This flexibility can not only improve career but also increase professional satisfaction.
A college degree is likely an essential step towards a well-paid position for people engaged in a financial or accounting career. However, if you are looking for a job in another country, education in your home country may not be as important. International employers often compare education in many different countries. It means that if you are applying for a job in Europe or Asia, you may find that a degree in the United States is not very attractive. On the other hand, the CMA certification is recognized worldwide.
The standards are the same regardless of the country/region. In short, employers expect the CMA in every country/region to have the same level of expertise. In addition, CMA certification is in great demand in developing countries such as China and the Middle East.
CMAs have a deeper understanding of numbers and finances than other accountants. CMA can explain the reason behind the numbers, not just "what." To be certified, you need to know the business better than most accountants and accounting better than most people in the industry. Later, when you get the CMA, you will be asked to answer corporate financial questions related to the overall situation. When you are the expert, people will get to you for advice, and you can expect greater responsibility and more status and credibility. CMAs play the role of consultants and stand out as an essential facet of company operations.
CMAs can work in various companies, from regional companies to multinational companies. CMA is a globally recognized certification. So, if you dream of working at a San Francisco startup or a Fortune 500 company in Beijing, you will believe that the certificate will equip you with the skills you need to do a good job and continue to progress throughout your career.
In addition to degrees, obtaining CMA certification inevitably means spending more time and money before joining the labor market. It is an opportunity cost that some people do not want or cannot pursue, depending on the situation. However, spending this extra time and money to obtain certification has excellent benefits, especially in the long run.
According to data collected by the annual census, the income of CMA-certified professionals is more than 60% higher than their non-certified counterparts worldwide. It means that the money you spent on CMA certification will be returned, and the longer you work, the more it will come back.
CMA professionals can also provide value in any industry. It is because all industries require financial and accounting functions. You can find jobs in fast-growing industries like alternative energy, healthcare, and transportation, and there are plenty of growth opportunities in these industries.
Additionally, as technology and artificial intelligence become more integrated into the business environment, CMA can provide the support and skills needed to manage this growth across industries. CMA professionals can engage in a variety of industries, and career development opportunities are endless.
The CMA exam is available in hundreds of locations worldwide and has three exam windows in a year. The advantage of choosing an exam window based on your strength of knowledge and timeframe is one of the many reasons why CMA is so popular. Candidates do not have to complete Part 1 before Part 2 of the CMA exam, which gives them the flexibility to decide which part to show first.
Another feature of the CMA course is that you can complete the course in nearly six months, while other titles require a commitment of at least two years.
If you are an accounting or financial professional looking to advance your career by completing an internationally recognized strategic thinking benchmark, CMA might be a good choice. CMA candidates will learn how to turn data into conversations throughout the certification process and use this data to make important strategic business decisions.
Due to the CMA certification requirements, most professionals who get the certification are more experienced professionals. However, CMA candidates can take the exam before completing all certification requirements. Therefore, if you want to advance your career as soon as possible, CMA is still a viable option.
Conclusion
Becoming a CMA professional will help your career in many ways. Taking the CMA exam is an essential step in achieving this status. Therefore, choosing the proper CMA exam preparation is also crucial. Do what suits you best for your career.
