CMA (USA) What Is It And Why Is It Growing In Importance?

The CMA(USA) certification is one that is not only globally recognized but one that can help thrust a student’s career towards heightened achievement and success. True, CMA(USA) is not a prevalent course and probably only a handful are aware of all the avenues that this course opens. It is imperative that one knows more about this if they want to progress their career in the field of finance or business.

Certified Management Accountant (CMA) is an accounting certification offered by the Institute of Management Accountants. It is ideal for those who wish to pursue their career in the field of accounting and for those who are looking at job prospects outside the country.

Let's take a deep dive into why a CMA certification is ideal for a young accounting aspirant.

Breakdown of the benefits of being a CMA

Opening avenues in the field of business - The CMA course produces a perfect blend of accounting practices with business astuteness. A certified CMA will be one that will be globally recognized for their aptitude for making acute financial decisions. This stream is perfect for those who wish to further their career into domains in business i.e if they wish to help run a business or make important business decisions.

As the CMA is the gold standard in management accounting, you are expected to understand matters such as corporate governance and responsibility accounting. The fact that you are a master of both finance and business will set you apart and will help you to make educated business decisions with finance in mind.  

Convenience - Time plays a huge factor when it comes to your career growth. CMA offers an opportunity for students to be masters in the field of finance within one year. CMA (USA) certification stand miles apart from other courses as you can complete the certification within a year and be a practising Accountant while their peers are still studying. It also gives its aspirants the freedom to do the course at their own pace. They are not required to attend college and don't have to fret about attendance instead they have the flexibility to study at any coaching institute of their choice according to their convenience.

Career growth - Even though most people have a Bachelor's degree this becomes inadequate when they wish to go further in their career. Most people will be limited to certain positions in accounting due to the same, but a CMA certification removes such roadblocks for career advancement. It not only qualifies you for more advanced or high paying positions but will also set you apart from those who have just a basic qualification in accounting. The CMA attached to the end of your name confirms that you are not simply interested in reporting finance but rather want to manage finances. According to the IMA, 87% of CMAs report that getting certified strengthened their ability to move across all areas of business.

Being a CMA not only lets you carve your place in the business world but lets you rise through the ranks to enable you to sit at the conference room table. Some of the positions held by CMAs are - Cost Accountant, Finance Manager, Chief Financial Officer, Chief Executive Officer, Internal Auditor, Treasurer, Vice President (Finance) etc.

Increase in pay scale - It is an indisputable fact that CMAs earn more than their non-CMA counterparts. Globally, on an average CMAs earn 62% higher (roughly $31,000 (21,27,297 Rs) more annually) than non-CMAs.

The gap only seems to widen as time passes by. In 2016, CMAs only made 45% more than non-CMAs. In America specifically, CMAs made an average of about $10,000 (6,86,225 Rs) more in 2017 than they did in 2016. The reasons are aplenty, from the fact that CMAs are more qualified to handle management positions and they exhibit high-level management relationship skills. So companies don't shy away from paying a premium for such skilled individuals.

Credibility - Having a CMA certification means you are telling the world that you comprehend finance and numbers at a deeper level than most accountants. Earning the certification mandates that you are more knowledgeable about business than most accountants and more aware of accounting than most business people. This makes you the expert most people look to for advice, thus with greater responsibility comes greater status and credibility.

In short, CMA is ideal for those who not only wish to pursue higher studies in accounting and wish to have job opportunities all over the world but also for those who want to get a reputed certification within a short span of time.