In the ever-evolving business world, if you wish to develop and establish a full rounded career then you need to pick a course that will help you flourish no matter which area you wish to work in. If you are looking to pursue your career in finance, accounting or the business industry then the CMA certification can boost your profile and will keep you at the top of the hiring lists. The certification will help you get better pay, benefits and a larger scope of job opportunities.
The CMA certification is awarded by the Institute of Management Accountants. It is one of the few accounting credentials that is recognized across international borders because of its global relevance.
In this article, we will delve deep into understanding why a growing number of accountants choose to seek the CMA certification each year. We will discuss the benefits, from career flexibility to prestige and more. Did you know that the number of new CMAs climbed to new heights and reached an all-time high in 2019?
So let us looks at the advantages of taking a CMA certification
Certified Management Accountant (CMA) is an advanced professional certification that illustrates a strong working knowledge of the core accounting and financial management skills required in today’s dynamic business environment.
- Professional advancement
CMA is a management-level certification which obtains numerous growth opportunities. One of the highlights of this certification is that it broadens your knowledge of management accounting topics. In comparison to college graduates without any additional certification or just CPA certifications, it was discovered that CMA candidates get better entry-level jobs, and the chances of them getting promotions are also higher. Additionally, earning a CMA certification can help you stand out among other accountants for new roles. Having the CMA credential alongside your name not only distinguishes you from others in the field but can also improve the credibility to your other qualifications.
Acquiring the CMA certification can expand your professional outlook because clearing the associated CMA Exam indicates that you have good knowledge of financial management processes. The exam focuses on financial planning and management topics.
Since you will obtain a working knowledge of managerial skills, many CMAs also are given the charge of overseeing, doling out tasks for, and generally managing more junior-level accounting staff. If you enjoy managing and mentoring others then the CMA certification is the right way to fast track to a manager level role.
The vast benefits of the CMA designation will provide you with opportunities to pivot your career into more cost management roles, and the CMA title will help carve your own niche in the accounting community.
- Global Growth Opportunities
CMA is the gold standard in management and accounting, therefore it is recognized across the globe, which in turn would open doors to international mobility. The job outlook for CMAs is growing - since 2019, new CMAs grew 17% globally. (Source: IMA).
Many of the other accounting certifications will require retesting in order to be recognized when the learner is in other countries outside of India. The CMA certification is one of the very few certifications that maintains the same recognition across the borders. In fact, the IMA refers to the CMA certification as the “global benchmark for management accountants and financial professionals,” as it is well-known and generally well-received around the world.
Certified professionals can work in the big 4’s and similar leading organizations such as 3M, Hewlett-Packard, Microsoft, Procter & Gamble and more. It will help you to build lasting networks of professional relationships through its local chapters.
- Have in-depth financial skills and knowledge
Most often those who pursue the CMA certification are passionate about accounting and finance. Being a CMA demands a strong grasp of basic and complex management processes, as both the parts of the CMA exam will test on an array of topics. The certification exams will train you not to merely do a task but to thoroughly understand the reason behind it and will skill you up to figure out the optimum way to carry forward the request at hand to provide the most effective outcome.
Being a CMA will require one to have thorough and diligent knowledge of management and accounting skills and processes, putting these principles into practice will grant transferable skills. A CMA’s duties are often more technical than a general accountant’s job description. Performing tasks like budget analysis and planning, making key investment decisions and risk management in your daily task list will develop your professional capabilities.
- IMA’s global CMA network
The IMA has CMA digital network that spans the entire globe. This network offers access to the best practices in the industry and provides an opportunity to collaborate with other CMA certified professionals and will give you insight on how you can advance your career.
The network is exclusive to members-only, it will allow you to connect with more targeted audiences through hundreds of sub-groups, which contain 300 local chapters and councils, special committees and study groups. Each chapter will provide you with a range of professional education programs and leadership, mentoring, community service, and authorship opportunities.
You can also connect to over 30,000 members through the LinkedIn group, this platform is perfect for posting relevant news, trends, or thoughts about management accounting.
- Business Appeal
One of the highlights of the CMA certification is that it enables its graduates to be well versed in both areas of business and accounting as the curriculum demands in-depth knowledge on both topics. The certification will allow you to learn more about corporate governance and other important business aspects, finance, and accounting concepts, including responsible accounting. This is precisely why candidates with a CMA certification are encouraged to look into business affairs and take business decisions. Since they have such a sting background in business, companies can trust their business acumen and will allow them to take key roles in an organization. Being a CMA certified professional will enable candidates to clearly understand the difference between accounting and accounting that is efficient and profitable.
- Good pay package
Along with great career opportunities and career growth, it is also very important to see the earning potential when picking a course. Having a CMA certification will automatically make you eligible for a higher pay package than most candidates. Recent studies reveal that on average CMA certification holders earn up to 67% more than other candidates having just a degree or CPA certificate. These figures have shot up since 2016. Now if you include other benefits that come along with this such as health insurance, pension and other fringe benefits then the earning potential goes even higher. This is primarily due to the fact that CAM certified professionals move up into a management role much faster once they have gained experience. The earning potential only goes higher when they switch jobs, they get bigger raises as the demand for CMA certified professionals is very high in the job market.
If you are considering whether to take a CMA certification and are evaluating its pros and cons, as you would have seen in the article CMA is a great career-boosting certification that will give you growth, opportunities and chances to work across the globe with the best organisations. It will definitely create a huge impact on your career. You will also be able to climb the corporate ladder quickly and reach your dream destination much quicker.
If you are curious about the certification, feel free to reach out to our career experts here at Lakshya and they will give you all the information you would like to know about the exam patterns, course eligibility requirements, fees structure and much more.