How to Become a Certified Management Accountant (CMA)
A Certified Management Accountant, sometimes known as a CMA, is an expert in the field of accounting or finance. Certified Management Accountants are involved in activities such as financial planning and analysis, as well as management decision-making. In order to further their careers, a number of accountants, auditors, and financial analysts choose to get the CMA designation. There are precise qualifications that must be met in order to earn the CMA designation, including educational and professional experience. In addition to this, you will need to earn a score that is satisfactory on the CMA certification exam.
Meeting The CMA Requirements
1- Earn a degree in an economics, finance, or accounting-related field.
The Institute of Management Accountants (IMA) is in charge of dictating the requirements for Certified Management Accountants (CMAs). I can be reached online at http://www.imanet.org. Ensure that the focus of your degree program is on business studies, including areas such as business law, management, marketing, and taxation.
- A Certified Public Accountant (CPA) is a qualification that is comparable to a Certified Management Accountant (CMA). Professionals that work in accounting and auditing are the target audience for the Certified Public Accountant (CPA) designation. Decision making and management analysis are the primary areas of concentration for CMA professionals.
- Check out the course prerequisites for both the Certified Management Accountant and the Certified Public Accountant designations if you are unsure which one of these careers is right for you. It's possible that you can organize your classes in such a way that they satisfy both of the requirements.
- Real-world experience and the opportunity to network with professionals in the field are both benefits of interning in accounting or finance. During the course of your studies, you might want to look into getting an internship. You will gain valuable insight into the kind of work you would enjoy by participating in an internship.
2- Acquire the necessary amount of work experience.
The Certified Management Accountant qualification calls for a minimum of two years of continuous job experience. Your work must be relevant to the fields covered by the CMA. Accounting, auditing, financial analysis, and budgeting are all examples of these types of occupations.
- You also have the option to finish this two-year work experience after you have taken the exam. You have a period of seven years from the time you become a CMA candidate to provide evidence that you have experience in financial management.
- The required two years of work experience can also be satisfied by holding down a part-time job. It's possible that you'd be deemed part-time if you worked 20 hours or more per week. Take note, however, that you will need to work part-time for a total of four years in order to achieve the requirement of two years.
- Check with both your current employer and the IMA before submitting your job application. They are able to verify to see if the qualifications for CMA are met by your position.