Certified Managerial Accountant (CMA) - Explained
What is a CMA?
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Table of ContentsWhat is a Certified Management Accountant (CMA)?What does a Certified Management Accountant Do?Certification requires the following:CMA CertificationAcademic Research on Certified Managerial Accountant (CMA)
What is a Certified Management Accountant (CMA)?
Certified Management Accountant or CMA is a recognized credential with unique attention on corporate finance and management accounting.
What does a Certified Management Accountant Do?
Certified Management Accountant (CMA) is a recognition granted to accountants who have positioned themselves in areas of financial accounting and strategic management. This validation is usually premised on proficiency in financial and managerial accounting that assist in key business decisions based on available financial data. Certification needs passing two exam sections covering Financial reporting decisions, Budgeting, Planning, predicting of performance management, Cost management, Internal controls, analysis of financial statements, Corporate Finance, Decision analysis. Management of risk, making investment decisions and professional ethics.
Certification requires the following:
- Bachelor's degree or professional accounting certification
- 2 years of work experience
- Successful completion of parts 1 and 2 of the exam
- 12-18 months to complete both parts, on average
- Up to 3 years allowed to complete both parts
- 150-170 recommended hours of study per part
- $1,696 or more in returned lifetime earnings for every hour of study time**
CMA has many career options and positions such as vice president of finance, controller, and a general manager. A CMA may specialize in a variety of functions such an accountant, a cost accountant, a tax consultant, a financial analyst or a budget analyst.
The IMA (Institute of Management Accountants) is responsible for certifying organization. It is a global association of financial professionals and accountants in business. Founded in 1919, it is one of the most reputable associations majoring on advancing the profession of management accounting. Its mission is to:
- Provide best-in-class certification the CMA assists in internal financial management responsibilities such as planning, budgeting, business reporting, decision analysis etc.
- Support members career development through an active professional community, continuing education, valuable information, and resources
- Support members and their organizations in driving the performance of the business by enhancing the highest ethical standards for internal financial management.
To achieve successful careers and organizations we must rise above changing business landscapes. At IMA, we are proud to be part of the journey.