Picking a course after your graduation requires deep research. It is the final part of the journey that defines your career. In the digital world that we live in, the options that are available unlike before are very vast. They are a multitude of websites are resources available which will give you information but then it comes down to you to make an informed decision. In this article, we will dive deep as to why you should consider Cost Management Accountancy (CMA USA) and how it will help define your career.
CMA USA is considered the gold standard in management accounting. The highly respected Certified Management Accountant (CMA) certification is awarded by the Institute of Management Accountants (IMA). Having a CMA credential in your resume will prove your skills and knowledge in niche areas of financial analysis, financial control, financial planning, decision making support as well as looking the maintenance of professional ethics.
CMA is a globally recognized certification that opens up a lot of opportunities around the globe. Being a CMA qualified professional will put you at the forefront of any hiring process and you will on average get 4 times to increase in salary as compared to a graduate.
But first, let us look into the question
Why choose CMA USA post-graduation?
India is slowly and gradually being one of the financial capitals in the world. The auditing and accounting industry has been on a rapid high and will continue to be so according to a recent article by the Times of India.
- Growth Opportunities: CMA USA has garnered a lot of recognition in recent times as it provides the opportunity for graduates to work in MNCs across the world or in India. With the new manner in which the work environment in itself is changing, you may have an opportunity to seek jobs abroad, looking from here in India. If you manage to complete your CMA after graduation, you’ll be able to earn at least 33.33% more than each non-certified accountant. According to the IMA, 87% of CMAs report that getting certified strengthened their ability to move across all areas of business.
- Skills and abilities: Being a CMA USA graduate demonstrates to your potential employer that you are well versed in areas such as financial planning, analysis, decision support, control, and professional ethics. The course hones your aptitude for making acute financial decisions. You will be skilled both in the field of management and business making you a master in both.
- Convenience: The most attractive part about CMA USA is the course duration. You can finish the course in just one year. So especially for graduates who are looking to add more credentials to their resume without wasting a lot of time, this is a great option. The course structure is in such a manner that you can study it at your own pace. They can do the course without having to attend a college or worry about attendance and such. They can either learn on their own using online modes of education or join physical classes with any reputed coaching centres.
- Increase in pay scale: Let’s be honest, one of the biggest reasons for pursuing a degree or certification post-graduation is to ensure that you are well remunerated once you start working. It is an indisputable fact that CMAs earn more than their non-CMA counterparts. Globally, on average CMAs earn 25% higher (roughly $29,000 (21,88,847 Rs) more annually) than non-CMAs. This gap is only going to widen as organisations are on the lookout for skilled professionals. They are on the lookout for qualified professionals who are qualified to handle management positions and exhibit high-level management relationship skills. So, companies don’t mind shelling out extra to hire such skilled professionals.
- Credibility: The qualification holds so much value. Being a CMA USA professional showcases that you are well able to comprehend both financials and numbers at a deeper level than most accountants. The rigorous course structure will ensure that you have more knowledge about accounting than most accounting and are better informed about management-related fields than most management professionals.
What are the career prospects once you finish CMA USA?
As mentioned earlier, once you finish your course you will have opportunities to work for the big 4 MNCs along with others across the globe. If you choose to work in India these are the job roles that are in front of you.
- Financial Controller
- Tax analysts and consultants
- Research analyst
- Cost Accountant
- Legal Advisor
- Finance Manager
- Cost Auditor
- Financial managers
CMA’s are also in high demand in the government sector. As India has a great influence on Business Process Outsourcing, it creates immense job opportunities in the BPO sector of India. Areas of employment potential for CMA USA are growing in India, including e-commerce, consulting services, financial planning, taxation, and accounting.
Recently India has also seen a huge boom in the manufacturing industries, it is projected to reach US$ 1 Trillion by 2025. According to recent numbers, could also be a global manufacturing hub by the year 2030. The demand for a Cost Management Accountant is going to be at a rapid high. This is because the CMA USA curriculum puts a lot of emphasis on cost as well as budgeting and planning methodologies which as a true essential in manufacturing companies.
What is the CMA USA exam structure like?
The CMA USA is a two part examination. This curriculum qualifies students to acquire international credibility and strong knowledge in Finance and Accounting which opens a wide range of opportunities to earn career progression.
Part I: Financial Planning, Reporting and Analytics. The exam will have 100 MCQ questions along with two 30 mark essay questions. Aspirants need to get at least 50% of the MCQs right. In order to clear the exam, they need to score a 360 out of 500 in the exam.
Part II: Strategic Financial Management. This covers deeper topics such as Financial Statement Analysis, Corporate Finance, Decision Analysis, Risk Management, Investment Decisions, and Professional Ethics.
Salary Package after completing CMA USA?
The salary you earn after the course is dependent on a lot of factors such as the number of years of experience you possess, the size of the organization, the job tole etc. According to IMA’s global salary report in 2021; the global difference in median total compensation between CMAs and non-CMAs is 29,000, which corresponds to median total compensation. A fresher with good academic knowledge can easily get somewhere between 4.5-6.5 lakh per annum.
So, in conclusion, without a doubt, CMA USA is one of the most stable and secure courses you can look into.
Lakshya is a well-established training institution for CMA USA. All our trainers are subject matter experts in this field. Our world-class training facility and well-structured curriculum are what have enabled us to garner rank holders consistently. If you wish to know more about the examination, the course structure, the job opportunities, normally salary package you can expect or get a better idea about our courses feel free to contact our career experts.