Well, the differences between the two are not significant. Both have basically the same requirements and both will require passing the certification exams. There are only slight variations between the two. The most important point is that both the Chartered Global Management Accountant (CMA) and the Chartered Global Management Accountant (GCMA) are employed by international companies. In addition, both also hold the title of Certified Management Accountant or CMA. However, they do have slightly different responsibilities.
The primary duty of a CMA is to maintain accounts, prepare financial statements and provide general supervision. On the other hand, the responsibilities of a GCMA are slightly different. A GCMA will specialize in accounting, auditing and advising companies or organizations with large accounting tasks. An important point is that a CMA does not provide direct supervision or investment advice to the company. He/she simply provides a standard accounting oversight for the company that will ensure that the financial reports are in order and in accordance with the laws and regulations.
Therefore, when applying for a job as a Chartered Global Management Accountant (CMA) or a Chartered Certified Management Accountant (CCMA), one should ensure that he/she has met the minimum educational and experience requirements needed. In addition to this, it is essential that the applicant passes the certification exam conducted by the Institute of Chartered Accountants in London (ICANL). This exam, considered the most globally recognized accounting qualification around the world, only accepts candidates who have a degree in accounting from an accredited institution. As such, the exam will only accept candidates with undergraduate degrees in accounting, business, or economics.
In order to pass the certification exam, one should look towards three different areas that are mandatory for the CMA. One, the candidate needs to understand the nature of his/her company and its accounting needs. Two, the candidate needs to be aware of the company’s goals and objectives. And finally, he/she needs to develop a comprehensive accounting framework.
Prior to starting to search for an accounting firm that can meet all of the above-mentioned requirements, it is best to sit down and map out a strategy on how to manage the company. This includes what kind of work needs to be done in order to maintain the company’s efficiency. After this, it is important to note that the CMA must analyze the current performance of the company, as well as its future objectives. After this, he/she can develop a strategy by looking at the past performances. He/she can also determine if the company needs to modify its existing strategies or start developing new ones.
One of the most important considerations when looking for a chartered accountant is finding the one with specialized knowledge in the global market. There are various types of accounting in the global markets. Each of them has their own specific characteristics that help to differentiate them. For example, financial accounting focuses on the financial data of a company. Management accounting, meanwhile, is focused on the processes of management. The third type is service accounting, which focuses on providing advice on strategic direction.
A professional with an MBA degree can handle all the accounting works of a global company. These professionals, therefore, can work anywhere in the world and do anything, as long as their duties fit the company’s requirements. A chartered global management accountant can also help developing strategies and help in decision-making. He/she can even work independently depending on the client’s instructions. Global businesses have greatly benefited from the skills and services of a chartered accountant, as his services prove very helpful in their business’ development.
