Certified management accountant (CMA) is the highest level of certification in management accounting that acts as a global passport for accountants and finance professionals. Institute of management accountants (IMA), USA has 125000+ members spread across 140+ countries and 300 chapters.
To appear for the US certified management accountant (CMA USA) exam a candidate required to have Memberships of the institute of management accountant (IMA), a bachelor’s degree from an accredited university or an equivalents degree, two years of professional experience or management accounting or financial management, completion of part -1 and part-2 of CMA course exam.
CMA course duration is dependent on the candidates’ dedication and focus, it takes a minimum of 6 months to complete the CMA certificate course. IMA provides a duration maximum of 3 years, from the date of registration, to complete the CMA certification.
Candidates can appear for the CMA part-1 and part-2 exams in January/February, May/June, and September/October. There are 3 stages in ICMA course i.e. CMA foundation, CMA intermediate and CMA final.
According to the CMA course structure students who have passed 10+2 are eligible for the CMA foundation course. Cost accounting management is a certifiable program designed to train students for working in different industries and corporate functions. Compare CA Vs CMA and know the difference between them to learn the scope of the CMA USA course.
The skills that candidates get to learn through this management accountant course are; Expertise in financial accounting, Strategic management, External financial reporting, Internal controls, Performance management, Cost management, Expertise in management accounting, Profitability analysis, Planning and budgeting, Risk management, and Investment decision.
There are plenty of options to the students like CMA, ACCA, IFRS, FIA, CAIA, CFP, CPA, CFA, ChFC, CGMA, FMVA, FRM and more. So, students are suggested to opt the courses based on their interests and job goals.
The structure of the CMA course provides flexibility to the students appearing in different levels of examination. US CMA exams are all computerized. CMA certification exams can be taken in 6 months out of 12 months. Every exam is divided into 2 parts each of which is 3 hours long. The first part typically consists of 100 MCQs (multiple choice questions) type questions which hold 75% of the weight-age and in the second part, you are required to write essays that hold 25% of the remaining weight-age.
CMA part-1 consists of External financial reporting decisions, Planning, budgeting and forecasting, Performance management, Cost management, internal controls and Technology and analytics.
CMA part-2 consists of financial statement analysis, corporate finance, Decision analysis, Risk management, Investment decision and Personal ethics. Each part consists of 6 sections.
One of the CMA job opportunities which the students aim to acquire is cost accounting. Because, cost accountants are always in high demand in the private and public sector, banking and finance, developmental agencies, education, and research. Some common job titles for CMA professional includes Finance merger, financial analytics, financial controller, Chief Financial Officer (CFO), certified management accountants, finance director, senior financial analyst, chairman, managing director, and chief executive officer.
Comparing to CMA India, CMA US is much better and easy to complete as it takes less time. The objectives of CMA are making cost and management accountancy a helpful tool in all economic activities, implementing the scientific method in cost and management accountancy, staying up to date with all the changing trends in the field and economics as a whole, operating ethically, and condemning unethical practices in the profession and to hold conferences of new and interesting professionals subjects that might add value to the existing cost and accounting subjects.
The finance industry offers a diverse range of career options to professionals as well as beginners who possess the right skill sets. If the finance industry intrigues you, and terms such as stocks, securities, and investment mediums ignite a fire in you, then a career in finance is worth considering.
The financial services are multifaceted with various subcategories. The key to individual success is to discover a career that provides them with the perfect blend of pursuing a career that they are passionate about and one that utilizes their skills.
Some of the career options in finance in India after pursuing a certified management accountant course are investment banking, corporate finance, public accounting, portfolio management, financial planning, stockbroking, and risk management. A career in finance is exciting and rewarding, and, usually, very lucrative. It attracts young people who are hugely ambitious but who also have a head for economics, accounting, and the ability to quickly and intuitively grasp and process complex financial concepts and data.
Planning to do CMA certification? Contact us to know more details on CMA and its opportunities. With years of experience in teaching and helping students to achieve their dream goals, we give you the best CMA coaching with the several institution centers near you.