Going for the CMA certificate is a great career move, especially when you aspire to make it big in the field of management accounting. To get the CMA certificate one must fulfill certain eligibilities, the eligibility criteria for CMA course are listed here:
The very first step of eligibility to earn the CMA USA is through becoming an IMA member, as it is a parent organization of the Institution of Certified Management Accountants (ICMA), which administrates the CMA USA exam.
Part of the process of becoming a CMA involves joining IMA and being an active member by paying an active membership fee. The type of IMA membership you’ll hold and the price you’ll pay for it depends on your current professional status. Your IMA Membership fee and type options are as follows;
CMAs are required to maintain an active membership to IMA to remain certified. However, if your membership falters, re-joining IMA will reinstate your membership (i.e. you won’t need to go through the process of becoming a CMA again).
The ICMA requires CMA candidates to earn a degree from an accredited college or university to become eligible for the course. Although the CMA is based in the United States, a degree from any country will be accepted as long as the institution is accredited.
Students at unaccredited institutions can have their degree evaluated by an independent agency. Either it would be CMA final or CMA foundation you will be eligible to take up the exam.
Your education requirement does not need to be completed before you enrol in the US CMA program or for the CMA exam eligibility. You are just required to complete the educational requirement and send in verification (i.e. transcripts) within 7 years of passing the CMA exam. i.e. you are eligible for the CMA USA course after or before graduation.
Sitting for the USA CMA exam as a student offers several benefits. For one, you’ll receive a discount on your IMA Membership, CMA Program, and CMA exam fees. Plus, your college coursework will help prepare you for the CMA exam, saving valuable study time as you prepare for the CMA exam.
You don’t have to wait until you’ve passed the CMA exam to complete the experience requirement. As a result, if you enter the CMA program after you have enough education and experience, then you just need to take the CMA exam. However, just like the education requirement, you can complete the experience requirement before or within 7 years of passing the US CMA exam. Therefore, if you haven’t already acquired the necessary experience, you can do so as you are preparing for the exam.
To fill the experience qualification, CMA candidates must possess 2 continuous years of professional experience in management accounting or financial management. This requirement can also be met by working part-time at least 20 hours per week. Two years of qualifying part-time work will count as one year of full-time work. To qualify for your experience requirement, the position cannot have been an internship or a clerical or non-technical position.
To become a CMA, you have to pass the CMA exam. This exam will test your accounting, financial planning, and business knowledge. The CMA exam is split into two parts that you sign up for and take separately in any order. You need to complete both parts of the CMA exam within three years of your enrolment in the CMA program. If failed, any part you’ve passed will expire and you’ll have to retake both, as well as pay the entrance fees again.
The CMA Professionals have a bright future and career ahead. This is because the standard and certifications are recognized and respected globally. The CMA certification course has very comprehensive coverage of various aspects of finance.
Here are a few of the most common career paths in the finance:
The CMA certificate gives financial analysts the eligibility, confidence, and knowledge they need to be able to complete the full cycle, from creating financial reports to providing recommendations based on the compiled information. This role requires careful attention to details so the analyst can assess the financial condition of a potential investment to make sure it is worthwhile.
Some other typical jobs for a financial analyst include advising businesses on how to issue corporate bonds or split stocks, as well as perform financial research and analyst to provide information on the business’s probability, stability, liquidity, and solvency.
A CFO is one of the top positions you can rise to in business, and is often considered a CEO’s right hand. If you want to get a foothold in the world of finance, especially to become a CFO in the future CMA USA is the certificate to go for and CFO is one of the top career opportunities you will get from the Certified Management Accountant course. CFO oversees everything from financial reporting and forecasting to a company’s investment and financial business decisions. Some of the most critical job duties performed by a CFO includes tracking cash flows, analyzing their financial strength and weakness, and proposing corrective actions.
Apart from the in-depth theoretical coverage the US CMA course will give practical experience and will provide additional grounding to students who aspire to become CFO someday.
After acquiring the necessary analytical and decision- making skill through the CMA credential and related work experience, Financial risk manager predicts future changes that could affect the company’s finance and create strategic plans based on their predictions. This position requires a solid foundation of analytical skills, as well as proficiency in mathematics.
In other words, the Financial Risk Manager is quite literally someone who advises a company on risk and process. Risk analysis, evaluation, reporting for every department is also part of the job.
A Finance Manager, as the name itself suggest, is someone who manages and regulates the finance of the company. Every corporation, large or small requires a financial manager. The role of the financial manager includes fundraising, allocation of funds, profit-making, and analysis of the capital market. A Financial manager must always be in -the –know of all things that are going on in the capital market to keep the company afloat and wary of potential risks.
The financial controller directly works with the Chief Financial Officer as one of the heads of the financial department. This position is largely a managerial position overseeing other accounts and accounting managers, but it also involves converting data into financial reports and formulating financial strategies. A CMA credential is highly recommended for this position because Financial Controllers are required to make strategic recommendations and manage other accounting professionals.
Need more information regarding US CMA eligibility and career opportunities? Contact us to speak with our certified CMA professionals and mentors.