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A CMA course can elevate your work skills to a level that no other accounting certification can. Here’s a blog centered around all CMA professional course details that you’ll need to start. But first-
What is a CMA course?
CMA, or Certified Management Accountant, is a certification course in financial accounting and strategic management. Unlike any other accounting certifications, it is globally recognized. The course focuses on management accounting and corporate finance; while also preparing its students for roles in internal management and executive levels in companies.
The CMA of the USA is recognized worldwide and managed by the Institute of Management Accountants. The CMA course duration in the USA is between six months to three years.
Where do CMAs work?
CMAs work in an organization’s accounting, corporate finance, and strategy teams. For performance improvement, CMAs evaluate and parse data from various sources. They contribute to strategic business choices by offering insights into the company’s financial position and crunching data for internal review and budget analysis.
They also collaborate with other performance managers to make recommendations for improving the company’s financial strength. Typical jobs for Certified Management Accountants are-
- Cost accountants
- Risk managers
- Corporate accountants
- FP&A managers
- Management accountants
- Financial strategists
- Executive decision-makers
Advantages of doing a CMA course
There are numerous benefits to taking a CMA course.
- Enrolling in this certification program not only prepares them for management positions but also boosts their confidence and allows them to take on the challenges of more advanced positions in corporations.
- Acquiring a CMA certification makes it easier for an individual to work in higher positions in companies. CMA candidates receive the training, knowledge, and experience to reach management-level positions.
- International employers frequently compare education from various nations, so a degree acquired in the United States may not be as appealing when applying for jobs in Europe or Asia. A CMA certification, on the other hand, is internationally recognized.
- Employers seek the same degree of aptitude from Certified Management Accountants in every country because the standards are the same. CMA certification is also in high demand in developing nations like the Middle East and China.
- CMA certification is advantageous because it opens up a wide range of employment opportunities. CMA-certified accountants can work as analysts, planners, auditors, managers, and accountants in both public and private accounting firms.
CMA course eligibility
For CMA USA
For you to pursue a CMA course under the IMA, you must fulfill certain criteria, such as-
- A bachelor’s degree from a field-relevant and recognized institution
- 2 uninterrupted years of work experience in Financial or Management Accounting
- Active membership in IMA
To be eligible for the CMA certification, an applicant must have completed a bachelor’s degree. The following skills are required of a CMA to pursue a CMA course-
- Theoretical clarity and practical application of cost accounting
- A good base in economics
- Thorough with finance tools like discount cash flow
- Thorough with concepts of basic accounting
- Well-read in areas of operational structuring, capital investment, and foundational risk assessments
- Thorough with both human and financial capital management
- Soft skills such as communication, presentation, and interpersonal skills
Top colleges for CMA course
There are numerous tools available to help you select the right institute for you. The following is a list of institutions that provide the top CMA certification program-
- Cairo University, Egypt
- University of Liverpool, United Kingdom
- Australian National University, Australia
- Yarmouk University, Jordan
CMA course exam details
- The CMA exam is divided into two parts, and passing both of these exams is necessary to acquire this certification.
- You can take the CMA USA Part 1 or Part 2 examinations in any order, but you will only be qualified for the following one if you pass the first one.
- The registration for an exam is only valid for one exam window; therefore, if you want to retake the exam, you must register all over again.
- However, per IMA’s guidelines, the candidate must pass both exams within 3 years of registration.
- The IMA conducts CMA exams in three windows all over the world, which are-
- January to February
- May to June
- September to October
The median base salary of a certified management accountant in the United States for 2019 was $100,000, according to the Association of Accountants and Financial Professionals in Business.
A CMA employee’s average net income, including bonuses and compensations, is approximately $107,817.
- CMA course details vary from country to country, as do other aspects such as eligibility, fees, examination structure, and more.
- Students can immediately choose to pursue a CMA course after graduation.
- A CMA certification acquired from the IMA is recognized in over 140 countries and, therefore, is advantageous to pursue.
We hope you enjoyed reading this blog. In case of any queries, contact us or drop a comment below!
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Q1. How long is a CMA course?
Answer- The duration of a CMA course varies from region to region. Under the IMA, the CMA course in the United States consists of two parts and may take less than a year to complete with 75% MCQ-based questions, and only 25% of the exam is subjective.
Q2. Are CMA and CA the same?
Answer- No, a CMA usually deals with business finance teams. However, corporate finances usually hire CAs. Moreover, CMA reports to internal management, whereas CA reports to external stakeholders.
Q3. Can a candidate retake the CMA exam?
Answer- Any part of the CMA exam in the United States can be taken only once during a testing window. Moreover, retakes need new registration and fee payment.