Is your current accounting career not providing you with the financial freedom you deserve? You can enhance your career with a Certified Management Accountant certification!
The CMA designation is a surefire way to boost your overall career advancement and earning potential. With the CMA certification, you’ll soon be on your way to earning a six-figure salary!
What is CMA, and what will you gain when you transform your unfulfilling career with a CMA credential? This article covers the versatile role of a Certified Management Accountant and how to start on this exciting career path.
Originally published Sept. 19, 2016, this article was updated and republished on Dec. 23, 2020.
What is a Certified Management Accountant?
A Certified Management Accountant (CMA) is someone who has obtained a certification through the Institute of Management Accounting (IMA). This certification qualifies a CMA to work in financial accounting and strategic management.
CMA is a globally recognized certification that can credential professionals for jobs in management accounting and corporate finance. There are a wide variety of high-earning jobs that Certified Management Accountants are eligible for.
What Does a Certified Management Accountant Do?
A CMA can work in any number of companies, including government agencies, private businesses, and public companies. Some of the tasks that CMAs perform can include managerial accounting, risk management, planning, budgeting, data analysis, strategizing, and decision making.
Working at a high level for financial planning and business management, there are plenty of open doors for CMA careers.
What Career Opportunities do Certified Management Accountants Have?
A CMA can work in executive and corporate roles and in any level of management. You may find a CMA job with titles like:
- Management Accountant
- Cost Accountant
- Accounting Manager
- VP of Finance
- Corporate Controller
- Chief Financial Officer (CFO)
- Senior Accountant
All of these well paying, prestigious positions come with numerous benefits.
Benefits of Having a CMA Certification
There are plenty of benefits to becoming a CMA. Getting your certification opens doors in the business world, including executive, decision-making roles. You can advance in your career, have international opportunities, and earn more money with a CMA certification.
More Money in CMA Accounting
It’s no secret that Certified Management Accountants have more earning power than their non-certified peers, but are you aware of just how much more?
Around the world, CMA salaries are ⅓ higher per year than the salaries of non-certified professionals.
Accountants with a CMA in the United States earn on average upwards of $123,718 per year – a number that has increased by 4% since 2019 reporting. CMAs make approximately 32% more than non-certified professionals. As a young CMA under 29 years old, you may earn 107% more than your non-certified peers!
More Opportunity After Passing the Exam
Obtaining a CMA accounting certification demonstrates your advanced skill set in management accounting and will therefore distinguish you from your non-certified peers. Even having passed the CMA exam will open the door to more career opportunities and flexibility.
The CMA is arguably the most global management accounting certification and will unlock opportunities wherever you go. Once you are certified, your credentials will give you added credibility and strengthen your negotiating position with employers.
According to the IMA:
90% of Certified Management Accountants would recommend the CMA to a friend.
80% of Certified Management Accountants feel that their certification allowed them to move freely across all areas of business – accounting, executive leadership, operations, IT, and finance.
76% say that new careers were opened to them because of their CMA certification!
CMAs are earning six-figure salaries in a broad spectrum of areas, including:
- Budgeting and Planning
- Corporate Accounting
- General Management
- Information Systems
- And more!
With a CMA, you can hold positions in middle, senior, and top-level management. Here is a sampling of the positions you can hold as a Certified Management Accountant earning a six figure:
- Chief Executive Officer
- Chief Financial Officer
- Corporate Controller
- Corporate Treasurer
- Senior Vice President
- Vice President
- Chief Accountant
- Accounting Manager
- General Manager
- Plant Controller
- Vice President
- Sr. Accountant
- Assist. Corporate Controller
- Divisional Controller
- General Manager
- Assistant Professor
- Department Chair
Certified Management Accountants Get More Raises!
Certified Management Accountants enjoy a higher frequency and number of salary increases throughout their career when compared with non-certified accounting professionals.
According to the IMA 2020 Global Salary Survey, many respondents reported higher salary compensation as a result of their CMA certification:
- 57% received a pay increase within past year
- 80% received a pay increase within past two years
- 77% believe they are likely to get a raise this year
So, what are you waiting for? Click here to get a jump start on earning your CMA certification, and you will be on the fast track to earning that six-figure salary you’ve always dreamed of!
Increased Work Qualifications
The CMA is a qualification that is recognized around the world. When you obtain a CMA certification, you’ll be eligible to get into titled positions in international businesses.
In addition to being considered proficient in financial accounting, the CMA adds management skills to your resume. That’s what really differentiates the CMA from the CPA, providing a wider path to a fulfilling career.
How to Become a CMA
There are a few basic steps you need to take to become a CMA. It will require some investment and hard work, but is well worth it. First, you will have to study for and take the CMA exam. Once you pass, you will have to fulfill the CMA requirements. Read on to get more specifics on how to accomplish each of these steps to becoming a CMA.
Meet the Education Requirements
While you don’t have to finish your degree before you take the CMA exam, CMA education requirements include a bachelor’s degree. That means you can begin the process of getting this accounting certification without a college degree. It’s also important to note that your degree does not have to be in accounting or finance.
The only prerequisite you have to achieve before you take the CMA exam is to become a member of the IMA. Once you are an IMA member, you can register for the CMA exam. Most people invest in a CMA review course, which will provide comprehensive materials to help you study for the CMA exam.
Pass the CMA Exam
To pass the CMA exam, you’ll need to study for at least 16 weeks for each of the two parts. This is best accomplished by choosing one of the best CMA review courses. There are additional resources that will improve your chances of success, like working with a CMA coach or tutor, practice question banks, and additional CMA textbooks.
How hard is the CMA exam? You’ll need to get a score of 360 on each part to pass the CMA exam. The global CMA exam pass rate is only about 45%, and many students have to take more than one try. That’s why it’s so important to invest in quality CMA study materials and use them extensively.
The other box you have to check is CMA work experience, which can also be completed before or after passing the exam.
Get Certified Management Accounting Experience
Before you can finally get your certification, you’ll have to fulfill CMA experience requirements. The IMA requires CMA candidates to finish two full years of qualifying work experience. This work has to be done in financial management or management accounting.
The work also has to be continuous. You can work on a part-time basis, but it will take longer than two years to meet the total hour requirement.
Have some questions about Certified Management Accounting? Read on to find out answers to frequently asked questions.
How Do I Become a Certified Management Accountant?
To become a Certified Management Accountant, you will need to become a member of the IMA, pass the CMA exam, get a bachelor’s degree, and fulfill two years of qualifying CMA work experience.
What is the Meaning of CMA Course?
A CMA course is a useful, some would say essential, tool for passing the CMA exam and becoming a Certified Management Accountant. High-quality CMA courses are authored by qualified CMA experts who have achieved the credential themselves. Courses typically include video content, textbooks, practice tests and questions, reviews, test-taking strategies, and the options for CMA coaching or tutoring.
How Many Years is a CMA Course?
There are two parts to the CMA exam. Each should take about 16 weeks to study for. Most CMA review courses you can buy online will have a specific duration for access, anywhere from a few months to a year or more. You can adjust the timeline of your CMA studies to fit your schedule.
Which Degree is Best for CMA?
There is no specific, required degree to become a CMA. However, some bachelor’s degrees will provide foundational knowledge that will help you in your career as a CMA. You may want to pursue a degree in accounting, economics, business or finance.
I’m here to help you get started on this exciting career path. If you have any questions, drop them below!