What makes a CMA an excellent choice for the career of a management accountant? In general terms, the salary offered by a certified management accountant (CMA) should be competitive, but not higher than the salary offered by other finance professionals. The salary package primarily depends on a person’s educational background, his professional experience and on the type of job that he has applied for. Hence, a CMA with a strong foundation in accounting and finance will most likely command higher salary than one who is not equipped with these essential tools.
Although it is common to think that a CMA performs the same duties as an accountant, there are some differences between the two jobs. A Certified Management Accountant (CMA), for instance, generally supervises accounting employees and gives them specific tasks within the framework of financial planning. Certified Management Accountants also give presentations at conferences and meetings regarding the status of accounting departments and the performance of their financial plans. Certified Management Accountants (CMA) perform other duties as well, such as giving lectures about the importance of accounting in the business world, and educating individuals on the different types of financial planning.
When looking for a CMA, it is advisable to first look at the average salaries of certified management accountants. As a rule, the CMA’s annual salary is significantly lower compared to the average salary of accountants. This is mainly due to the fact that the responsibilities of a Certified Management Accountant (PMA) include supervising or managing the accounting department of a company. Thus, in addition to his or her day-to-day task of supervising and directing the accounting personnel, a Certified Management Accountant also needs to spend time doing things like interviewing candidates for prospective companies, negotiating with their underwriters and reviewing accounting reports and financial statements. Thus, it is much more demanding than being an accountant. Nonetheless, a Certified Management Accountant’s salary package can still be very lucrative.
For CMA, getting a certification can also be the key to enhancing your earning potentials. The certification exam will require applicants to demonstrate how they have mastered the principles and techniques of accountancy and should also be able to explain what those principles mean in real life. If you are a Certified Management Accountant who wants to enhance your earnings, then preparing yourself for the certification exam will be necessary. Here are some tips on earning your CMA designation and advancing your career:
Get a CMA designation. To earn a CMA, applicants need to pass the certification exam given by the CMA Institute. Applicants can take the exam either online or through mailed test. To be able to secure a high salary package, potential candidates can choose to take the online exam. This will help them improve their chances of earning higher salaries.
Obtain CMA certification. In order to be eligible for the CMA designation, candidates must pass the exam given by the Institute. The CMA designation is intended to provide aspiring accountants with the skills, knowledge and abilities needed in order to perform an overall overview of the accounting job market and to be able to forecast the trends quickly. A CMA can also provide valuable information to management accounting professionals in terms of issues and concerns which are likely to arise in the near future.
Be able to meet the requirements. To qualify to sit for the exam, candidates need to have at least a two years worth of work experience as a Certified Management Accountant in the field of finance or accounting. Candidates who hold a Master’s degree in accountancy from a recognized college also qualify for the exam. Candidates who have a financial consulting or accounting firm job also qualify as long as they are able to show that they have completed a minimum of five years of work experience as a CMA in a related field.
