Certified management accountant is an advanced accounting certification, offered by the Institute of Management Accountants (IMA), as a certified management accountant you will be proficient in financial planning, analysis, control, decision support, and professional ethics.
CMA USA is having a three-stage structure of completion.
Where the subjects of the US CMA course according to ICMA are classified into two parts:
First part- consists of financial planning, analytics, and performance. The topics in Part I are related to Performance Management, Technology and Analytics, External Financial Reporting, Internal Controls, Budgeting, Planning, and Forecasting.
Second part - consists of strategic financial management topics. Where, the extended part, part 2 consists of Decision Analysis, Investment Decision, Financial Statement Analysis, Professional Ethics, Corporate Finance, Risk Management.
The detailed syllabus studies about a Financial Reporting chart helps the business to be aware of their past, present, and future condition which includes financial summaries, statements, and disclosure. The way you analyze this data will change the way of sensing future debt easily.
Planning and Budgeting in an organization without a budget is like you share your bank account but hold no control over transactions the budget decides the figures of profit present in the reports.
Performance Management in every growing period is the performance of each asset in an organization, having a direct link with earning profits in a business and this process comes across multiple times in a year. Cost Management alone holds 20% of the weightage of the reason being cost, as the cost is the soul of every business Internal Controls, Technology & Analytics, Financial Statement Analysis gives organization the best view of the current and non-current asset, liabilities and costs.
Corporate Finance is for every enterprise, it is essential to know the why behind each report and Predictions. Decision Analysis, Risk Management, Investment Decision, Professional Ethics these all are thoroughly understood and the small changes which may affect the business through all these major topics are analyzed so that this course provides expertise for a company in accounting and the financial sector.
The duration of the CMA course is flexible which means that time taken to complete the certification depends on a candidate's level of focus and dedication. This course can be completed from 6 months to 4 years. Each exam part is 3 hours long for MCQ's and the second section of one hour which consists of the essay-type question so, the total testing duration is 4 hours. The main advantage of the course is we can achieve a good knowledge in the field Accounting and Financial sectors.
The main skills we gained throughout the Certified Management Accountant are Expertise in financial accounting, Strategic Management, External Financial Reporting, Internal Controls, Performance Management, Cost Management, Profitability Analysis, and many more. This course expects lots of hard work and dedication from students as it is normally done after the under-graduation or during the under-graduation like B. Com, BBA, etc., technical points are needed to be understood and practiced.
Read our blog for more information on B. Com with CMA
The financial career path has to be noted for its ability to gain more profit, job opportunities, benefits and salaries to extreme high level. So, we can conclude for the questions arising these days like, which has better career opportunity the accounting sector or financial sector?
We assume it to be financial career path that considers our knowledge and limited responsibility with proper rewards and respect, we can classify these by the major job available in each of the sectors and the Pros of majoring in accounting. Accounting majors have a great deal of flexibility, since the major covers accounting business and finance.