Being a CMA sends a clear message that you have mastery of advanced financial and accounting skills, a high level of competence and serious commitment. A Certified Management Accountant excels at:
These areas of expertise come together to empower CMAs to effectively evaluate investment opportunities and support strategic financial decisions based on solid analysis and sound ethics. Today employers value the CMA because it drives long-term growth and represents comprehensive and thorough financial analysis and financial reporting. CMAs fill positions at multinational corporations, private firms, academic institutions and non-profit organizations.
CMAs have promising job prospects. The outlook forecasts an 18% increase in demand between 2006 and 2016, which is significant in these challenging times. Increasingly complex corporate tax laws mean employers will have to seek accountants with the solid knowledge in corporate accounting that the CMA provides. Being a CMA also means you are part of a network of international elites through the Institute of Management Accountants (IMA) that connects over 30,000 CMAs. Today CMAs can look forward to:
Since the CMA is a highly respected professional designation, it sets you above the competition in the sphere of corporate accounting.
Becoming a CMA means you have to pass a two-part exam. But the time and effort are well worth it because of the rewards of being a CMA. The CMA program sharpens skills and useful competencies that are essential to your career’s success:
In addition to nurturing all these indispensible skills, the IMA’s CMA program gives you the insider’s edge.
Take a closer look at the content the CMA covers. With such rich material and pertinent topics, the CMA really symbolizes the height of corporate accounting.
PART 1- Financial Planning, Performance and Control
Planning, Budgeting and Forecasting: Budgeting Concepts; Forecasting Techniques; Budget Methodologies; Annual Profit Plan and Supporting Schedules; Top-Level Planning and Analysis.
Performance Management: Cost and Variance Measures; Responsibility Centers and Reporting Segments; Performance Measures.
Cost Management: Measurement Concepts; Costing Systems; Overhead Costs; Operational Efficiency; Business Process Performance.
Internal Controls: Risk Assessment, Controls and Risk Management; Internal Auditing; Systems Controls and Security Measures.
Professional Ethics: Ethical considerations for management accounting and financial management professionals.
PART 2- Financial Decision Making
Financial Statement Analysis: Basic Financial Statement Analysis; Financial Performance Metrics – Financial Ratios; Profitability Analysis; Analytical Issues in Financial Accounting.
Corporate Finance: Risk and Return; Managing Financial Risk; Financial Instruments; Cost of Capital; Managing Current Assets; Raising Capital; Corporate Restructuring; International Finance
Decision Analysis and Risk Management: Cost/Volume/Profit Analysis; Marginal Analysis; Pricing; Risk Assessment.
Investment Decisions: Capital Budgeting Process; Discounted Cash Flow Analysis; Payback and Discounted Payback; Ranking Investment Projects; Risk Analysis in Capital Investment; Valuation.
Professional Ethics: Ethical Considerations for the Organization.
To maintain your CMA credential you need to maintain your membership with IMA, pay the CMA maintenance fee, and fulfill your annual CPE requirement. Certified CMAs are also required to complete 30 hours of continuing education annually, including a minimum of two hours in the area of ethics.
Not just anyone can become a CMA. Why? Because the CMA is a very specific professional designation and a badge of excellence in the field of accounting and finance. And so to qualify to take the CMA exam and become a CMA, you need to:
To best prepare for the CMA Exam, it’s important to know what to expect:
PART I: Financial Planning, Performance & Control
PART II: Financial Decision Making
Once you’ve met all the requirements, you can start applying so you can take the official exam. The application process is easy: