CMA Certification: What It Is and How To Earn It

CMAs are masters of critical accounting and financial management skills. CMAs bring analytical skills, practical experience, and the capacity to turn data into conversation. The two-part Certified Management Accountant (CMA®) Course from Davenport University has a targeted curriculum that will get you ready for the CMA certification test provided by IMA. Our Certified Management Accountant (CMA) course will help you raise the bar for professional excellence whether you want to increase the value you bring to your current position or increase your career potential.

To be eligible for CMA certification, candidates must have a bachelor’s degree from an accredited university and two years of full-time experience in a management accounting role, according to the IMA. However, unlike other accounting certifications, you don’t need a finance or accounting degree to earn this one. They must also pass a two-part exam and be current association members.

Based on thorough financial analyses, a Certified Management Accountant (CMA) focuses on identifying business growth strategies. Taxation, auditing, and regular accounting tasks are the areas of concentration for a Certified Public Accountant (CPA). Analyzing and deciphering data to start financial improvements in businesses is one of the most frequent CMA tasks. Based on their financial analysis, CMAs determine the strategy underlying business decisions.

CMA Certification Requirements For 2022

Why get a CMA certification?

There are many reasons why a professional might decide to become a CMA. Some of these reasons may include:

Employer recognition

The recognition you might get from a present or potential employer is one advantage of receiving a CMA. Obtaining a CMA shows a depth of understanding and dedication to the industry. Employers frequently appreciate the dedication required to obtain this certification, which could distinguish you from other applicants. As a result of your diligence, if you obtain a CMA and continue working for the same business, you might be qualified for a promotion or pay raise.

Salary increase

In comparison to applicants without the same certification, you are more likely to receive a higher salary offer if you obtain a CMA. Due to their advanced knowledge and proficiency with financially motivated, strategic business decisions, CMAs frequently receive raises, promotions, or higher salaries. Your career opportunities may increase as a result of the CMA certification because you may be eligible for higher-paying positions at either your current employer or a new one.

Job security

Increased job security may result from obtaining advanced degrees, like a CMA. Your abilities can become valuable and necessary for a company’s success by differentiating yourself from other professionals. In order for employers to understand the range of your skills, it’s critical to highlight the knowledge you acquired through certification during interviews. Try to use your new skills in your work after earning the certification to show your employer the value and application of the CMA.

Job opportunities

Your chances of finding work may increase if you include a CMA on your resume. The certification can increase your perceived expertise and professionalism in your field. Some positions you might consider after earning a CMA include:

International recognition

The international recognition of the CMA certification may be advantageous to your career. For instance, if you conduct business internationally, your international colleagues may comprehend your level of expertise better Your CMA certification may enable you to apply for managerial finance and accounting positions globally if you choose to work abroad.

Company benefit

To help the businesses you work for, earning a CMA is another reason to think about it. Your expanded knowledge can aid the company in making defensible, strategic, and data-driven decisions. These choices could improve the company’s performance or bottom line.

What is a CMA certification?

The CMA credential, which stands for certified management accountant, combines financial analysis with strategic decision-making. For accountants looking to advance their careers into managerial and advisory roles, earning a CMA may be appealing. This certification can help you stand out from other applicants because it shows commitment, skill, and specific knowledge. The content focuses on analyzing financial data and applying that analysis to make a business-improving strategic decision. CMAs are equipped to lead businesses and make well-researched financial recommendations thanks to their analysis and strategy combination.

How to get a CMA certification

Try following these steps to earn a CMA certification:

1. Pursue advanced education

It is necessary to obtain an undergraduate degree in accounting, business, economics, or a related field before becoming eligible to earn a CMA certification. The course material for this degree may vary, but the skills and knowledge you gain may be useful for achieving CMA certification success. A master’s in business administration or another type of professional degree could be your choice as a way to further your education. To obtain your CMA certification, you are not, however, required to hold these degrees.

2. Gain relevant experience

Every participant must also have at least two years of relevant experience in finance, accounting, or management in order to be eligible for the certification course. The CMA certification can guarantee that it is the best qualification for your specific career goals because of this professional requirement. Work experience can help you get ready for certification success by helping you see how the course material relates to the workplace.

3. Become a member

The Institute of Management Accountants administers the CMA certification. Before taking the CMA tests, they demand that every CMA be a member of their institute. Although there is a fee associated with this membership, there are opportunities for lifelong learning and career advancement.

4. Study for the exams

It is best to start studying for the exams once you have completed your education, work experience, and membership. Two exams are required for the CMA certification, and their application fees range from $1,330 to $2,000 each. The exams cover a wide range of topics, so it’s crucial to invest a lot of time in studying and getting ready. The CMA exams can feel difficult, but with diligence, established study techniques, and commitment to the subject matter, they can have a number of positive professional outcomes. The exams cover subjects such as:

5. Continue your studies

The requirement for ongoing study is another IMA requirement to keep your CMA certification. This includes setting aside time to research professional, tactical, managerial, and accounting issues. Even after earning your CMA certification, ongoing education can advance your knowledge, skills, and expertise.

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What certification is a CMA?

The Institute of Management Accountants (IMA) offers the Certified Management Accountant (CMA) certification, a professional credential that attests to knowledge of management accounting and corporate finance.

Is the CMA easier than CPA?

A bachelor’s degree, professional experience, and passing a licensing test are requirements for both certifications. Although the CPA certification is generally regarded as the more challenging and prestigious of the two, both certifications are respected and offer unique opportunities for those who are licensed.

Is CMA a license or certification?

The CPA is a U. S. license, while the CMA is a globally recognized certification. For professionals looking to work in public accounting, the CPA is best.

Is the CMA a good certification?

The CMA is a globally recognized credential, in contrast to the CPA designation, which is a state license. This is especially helpful for professionals looking to improve their capacity to assess the financial health of an organization and base decisions on that analysis.

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