Wondering how to leverage your career to the next level and land a higher-paying job? Whether you’re a commerce student, a finance professional, or a job seeker, this blog is for you. With a Certified Management Accountant (US CMA) certification, not only do you stand out from the crowd, but you also secure career stability because with US CMA, ‘Pehli Job Pakki’ is more than just a promise! Let’s start with understanding what US CMA is, job & career opportunities in US CMA.
What Is The US CMA?
Ever wondered how Lenskart managed to skyrocket its revenue by 152% in just one year? It jumped from Rs.1,503 Cr in FY22 to Rs. 3,788 Cr in FY23 while cutting down its net loss from Rs.102 Cr to Rs 64 Cr?
Or how CMA Doughlas Oberhelman helped Caterpillar,not only survive the 2015-16 global downturn but also enhanced its financial stability?
Behind such successful turnarounds and growth lies the craftwork of smart cost management, strategic decision-making, and precise financial planning. These are the areas where a US CMA’s skillset and true caliber play a critical role.
A US CMA(Certified Management Accountant) is an expert who not only helps in analyzing & explaining the “why” behind the numbers but also the “what”. This deeper insight helps businesses take data-driven & informed decisions that drive profitability.
Why Is The US CMA Certification Revolutionary In The Career Of An Accounting Professional?
These success stories prove that CMAs are not just accountants, they are strategic financial leaders. But what does this mean for you? Let’s explore the benefits of pursuing a CMA certification and the job opportunities that await a certified professional.
US CMA certification is a rigorous and impressive achievement, it provides accounting and finance professionals with the following key advantages :
1) Stay Relevant and Sought After: CMAs don’t just bring skills to the table, they bring strategies. “The CMA allows people to get a better job or a different job because it symbolizes an element of proficiency, integrity, and competency in various areas important to the finance and business environment,” Tony Caspio, CMA.
2) Secure Better Pay: The IMA 2023 salary survey shows that, globally, Certified Management Accountants earn 21% more in median total compensation compared to their non-CPA peers. In the US, CMAs earn 47% more than non-CMAs, as per the IMA 2018 salary survey.
3) Global Esteem: The US CMA opens doors to exciting career opportunities, including high-level positions at MNCs, such as financial manager, financial controller, CFO VP of Finance, etc. According to Laurie Bergman(CMA, CPA, CFO, Legacy Food Group), “The body of knowledge that a CMA studies and has exposure to, positions perfectly for all the transformations that finance organizations are going through.”
4) Thriving Professional Community: Becoming a US CMA connects you to IMA’s global network of about 1,40,000 accounting and finance professionals. (IMA’s 2023 Global Salary Survey). “Regardless of what context I was working in, the CMA allowed me to speak the same language across all functions, from marketing to operations to IT,” J. Barnett, CMA, CPA.
What Are The Most Common Job Opportunities After US CMA Certification?
Here’s a list of all the different job roles that you can expect after doing US CMA certification
Financial and Accounting Roles
- Financial Analyst – analysing financial data and helping companies make informed strategic decisions.
- Management Accountant – internal financial reporting, budgeting and cost analysis.
- Cost Accountant – managing cost structures, pricing strategies and cost control measures.
- Business Analyst – Assisting in tax planning, compliance, and reporting.
Managerial & Leadership Roles
- Finance Manager – overseeing financial planning, risk management and cash flows analysis.
- Budget Analyst – Managing and analysing budgets for businesses or government entities.
- Corporate Controller – Superve financial operations, report and regulatory compliance.
- Chief Financial Officer (CFO) – lead the financial strategy, risk management, and business growth ( with experience) .
Strategic and Consulting Roles
- Risk Manager – Identifying financial risks and implementing mitigation strategies.
- Investment Analyst – Evaluate financial assets and make investment related recommendations.
- Business Consultant – advice companies on their financial performance, efficiency and strategy.
- Internal Auditor – ensure compliance with internal controls, regulations and financial accuracy.
Other Specialized Roles
- Treasury Analyst – Managing cash flow, liquidity, and investment strategies.
- Financial Planner – Help individuals and businesses plan investments, savings, and risk management.
Does A US CMA Certified Professional Earn More Than Their Non-Certified Peers?
Ever wondered how it would feel to walk into a job interview, knowing that you have an advantage over other candidates because of your certification? According to the IMA survey 2023, 83% of CMAs surveyed agreed that the certification had boosted their professional confidence. As Anna Nesse, CMA (Global Planning & Logistics PRF Controller, Cummins Inc.) puts it, “With the CMA, I know when I apply for a role that I am qualified because I am certified”.
Beyond confidence, the certification also enhances the earning potential of a candidate. According to industry reports and IMA’s 2023 Global Salary survey, CMA-certified professionals earn a median annual compensation 21% higher than their non-certified counterparts. To put this into perspective, Certified Management Accountants (CMAs) aged 27- 42 earn a median salary that is 19% higher than their non-certified peers. These numbers speak for themselves. Looks like CMA is more than just a credential; it is a career accelerator!
In the domestic market too, with India steadily progressing toward becoming a $7 trillion economy and further integrating with the global market, the demand for certified accounting professionals with expertise in international accounting standards is on the rise.
Who Should Pursue The US CMA Certification?
Unsure about if the US CMA certification is the right choice for you? Don’t worry, this blog has you covered!
- Students looking for a strong career start in finance.
- Working professionals aiming for career growth.
- Entrepreneurs aspiring to strengthen their financial expertise.
- Career switchers exploring new opportunities in finance.
The US CMA can be your stepping stone to becoming a finance leader. No matter where you are in your career journey, this certification not only ensures your first job but also opens doors to global opportunities.
US CMA Exam & The Certification Process
Wondering how to obtain your certification? Let’s dive into it :
- Number of papers in US CMA= 2 (They are called Parts – Part 1 and Part 2.
- Part 1 covers = financial planning, performance and analysis
- Part 2 covers = strategic financial management
- Types of questions = objective
- Usual time taken to finish the exam= 6 to 8 months
After passing the exams, you’ll need two years of relevant work experience and a bachelor’s degree from a reputed university, to get your certificate
In The End…
Still thinking! Don’t think, RUN! The US CMA preparation is your one-way ticket to success! Go claim that CMA tag! Start your CMA journey today and make your ‘Pehli Job Pakki’ a reality!
