Certified Management Accountant
From Wikicpa
In the United States, the profession of accounting includes the Certified Management Accountant (CMA) designation. A CMA is granted a certificate from the Institute of Management Accountants (IMA), provided that the candidate passed a rigorous examination of four parts, and met educational and practical experience requirements. A CMA generally provides their services directly to their employers rather than to the public. A CMA may also provide services to the public, but to a much lesser extent than a Certified Public Accountant (CPA).
The CMA credentials differ significantly from the CPA designation, and the decision to pursue one over the other depends entirely on one’s career goals. More than 80% of accounting professionals in the U.S. work within organizations, building quality financial practices into the organization through decision support, planning, and control over the organization’s value-creating operations. For these managerial finance and accounting professionals, the CMA is more appropriate as a best selection.
Also in Canada, the profession of accounting includes Certified Management Accountants (CMAs), who belong to the Society of Management Accountants of Canada.
In order to earn the CMA designation in the United States, an accountant must have mastered a comprehensive body of knowledge by demonstrating six key skill levels -- knowledge, comprehension, application, analysis, synthesis, and evaluation -- in the following areas:
- Business Analysis: (economics, internal controls, quantitative methods, financial statement analysis)
- Management Accounting and Reporting: (budget preparation, cost management, performance measurement, external financial reporting)
- Strategic Management: (stragegic planning, corporate finance, decision analysis, investment decision analysis)
- Business Applications: (all of the above, plus organization management, behavioral issues, ethical considerations)
Certification
Staying ahead isn't easy, especially in the financial management and management accounting profession. When changing standards and evolving trends are the norm, you can stay on top with the Certified Management Accountant (CMA) and the Certified Financial Manager (CFM) credentials. Success in this dynamic marketplace requires the professional achievement, commitment to excellence and high ethical standards exemplified by the CMA and CFM designations.
As many as 85% of accountants today work inside organizations, where expertise in decision support, planning, and control over value-adding operations are crucial elements of operational success. In earning the CMA/CFM, you will have mastered a comprehensive body of knowledge directly related to operational and strategic management as well as the skills and abilities required to build quality business practices inside your organization.
Things to consider about CMA/CFM Certification:
- Salary: Industry salary surveys have shown that a certified professional earns approximately 22% more than a non-certified professional.
- Personal Satisfaction: Prove your ability to become a strategic business partner, while you also enhance your self-confidence, your sense of accomplishment, and your resume.
- Competitive Advantage: Businesses around the world rely on CMAs and CFMs for accounting, finance and information management and most importantly, for the strategic planning and business solutions provided by these qualified professionals. Companies such as 3M, Boeing, DaimlerChrysler, DuPont, Hewlett-Packard, IBM, Johnson & Johnson, Milliken and Procter & Gamble recognize that employing CMAs and CFMs helps to improve company performance in an aggressive global business arena.
- Professional Recognition: The CMA and CFM designations represent a broad business competency and mastery of the management-level skills required to add value, drive business performance, and build quality financial practices within organizations. The programs objectively test and validate expertise in areas essential to analyzing, managing and evaluating business solutions that contribute to the success of an organization. The CMA and CFM credentials indicate a commitment to excellence based on a strong, ethical foundation and dedication to lifelong learning.
