- A fresher after your Graduation?
- An experienced person working in the finance domain without a professional qualification?
- Interested in developing your knowledge base?
- Looking for a profession with a much higher CTC that what you are earning now?
- Eagerly looking for a job abroad?
- Looking for a professional degree within a short time period, lesser price and sure pass rates?
- Seeing yourself in a position of CFO of a big company within a short period of time?
If the answer for any of the above question is “YES”, the best available option for you is CMA(US).
For most of the professional qualifications in the finance domain, like CA(India), CMA(India), CIMA(UK), ACCA(UK), you need to allocate a longer period of time and incur a higher cost when compared with CMA(US).
Course duration of the CMA(US) is between 6 to 9 months ONLY and is specific in Management and Cost Accounting. Since the duration is low, the cost incurred by you is also low. You start earning much faster resulting in a better ROI.
CMA(US) is the best choice for commerce students because :
- Higher earning potential, commanding a salary 31% greater than non-certified peers in the US and 61% more globally
- Acquiring new skills, such as strategic insight
- A variety of positions with titles from Financial Analyst to Vice President, and Financial Controller
- The potential for increases in salary, even during a difficult economy
- Greater credibility both in the domestic and foreign market as a strategic advisor and business partner
- A qualification which give access to a variety of businesses from MNC to small and mid-size firms operating in countries all over the world
- Access to a growing global network of thousands of professionals
- Competitive advantage
- Better business communication and trust when dealing with co-workers, customers, suppliers and investors
- Forward-thinking goals and objectives
CMA’s are paid more
Image courtesy : www.imanet.org
Each year the Institute of Management Accountants (IMA) conducts a global salary survey to discover trends in compensation and other useful information for members. The IMA is the largest management accounting association in the world, and its certification branch, the Institute of Certified Management Accountants (ICMA), is responsible for the development, administration, and grading of the CMA(US) exam.
Getting your Certified Management Accountant certification is a fantastic way to make more money and get ahead. In addition to being one of the most profitable accounting certifications, the CMA(US) gives you the opportunity for career advancement into senior management positions, like a CFO or controller.
Becoming a CMA(US) comes with significant perks, and will cover a range of advantages, starting with compensation. Refer below some supporting statistics from IMA’s most recent Global Salary Survey, which draws insights from 5,208 total responses (twice the previous year’s count) from respondents in 78 countries.
CMA salary in Asia
The median base salary for CMA’s in Asia is $28,710, and the median for non CMA’s is $20,000. Asia has experienced relatively little change in compensation (a 5% decrease).
Image courtesy : www.glem.com
CMA salary in the Middle East and Africa
The median base salary for CMA’s in the Middle East and Africa is $30,000, and the median for non CMA’s is $12,250. The Middle East and Africa region saw the greatest decline in median earnings going into 2019, at 30%.
Image courtesy : www.glem.com
The global mean and median base CMA certification salary may rise and fall from year to year, so you have to stay updated on the status. However, the figures remain high and attractive to future Certified Management Accountants, meaning it’s still a good reason to consider getting your CMA.
The IMA reports that the global mean base CMA salary of 2018 was $74,344, while the global median base CMA salary was $66,000. Typically, this will rise from year to year so we can feel confident in steady increases for the years to come.
Knowledge that you are acquiring is more valuable than the CMA(US) credential
CMA(US) “knowledge is a lot more valuable than the credential”. The PROCESS of becoming a CMA is extremely helpful in developing your knowledge base since the CMA problems are very practical and relevant. It definitely provides you with an additional skill set which is very useful in daily work.
The CMA(US) is now considered to be the Gold standard in Management Accounting
Your kith and kin may have never heard of the CMA(US), but in the corporate accounting world, CMA is a very respected designation. In fact, it is considered the “gold standard”, meaning it is one of the top certifications in management accounting that you can obtain. It’s also the fastest-growing credential around the globe.
The CMA is an advanced professional certification specifically designed to measure the critical accounting and financial management skills. This is especially relevant for success in a business environment. This means you will be a prime candidate for job positions when you hold this distinction.
Other perks of the Certified Management Accountant credentials
Complete job satisfaction
According to 2019, IMA Survey Results, CMA’s satisfaction with their role has increased quite significantly. In 2018, 77% of CMA’s reported some level of satisfaction, compared to only 58% the year before. Asia’s increase was the greatest overall. It should be noted that this increase in satisfaction occurred despite the fact that less than half of all respondents said that their salary was competitive.
In 2018, CMAs worked an average of 44.2 hours per week, nearly a whole hour less on average than in 2017. In the United States, work hours tend to be longest, coming in at around 46.1 hours on average. In China, CMAs work the shortest weeks on average (<42.3 hours), while also reporting the greatest amount of overtime pay.
In 2018, 78% of CMAs agreed that the CMA designation boosts their ability to move across all areas of the business, and more than 72% agreed that the CMA supports their job security in the Digital Age. The latter factor is growing in importance, as more and more workplace tasks are becoming automated or are performed by robots and other artificial intelligence.
This year more than three-fourths of CMAs (76%) agreed that the certification provides career opportunities. One respondent to IMA’s survey said, “The CMA certification has given an immense boost in my confidence level and the ability to make decisions. I was promoted from the position of an accountant to financial analyst in seven months and from a financial analyst to finance manager in another seven months.”
As in the past, career advancement was cited as the number one benefit of the CMA (among those who are pursuing the credential). From IMA’s survey responses, a financial reporting manager working in Qatar said, “I am pursuing CMA certification. I feel this is the perfect finance and accounting course to be part of modern business management and strategic partner of any organization.”
What makes a Certified Management Accountant so valuable
The CMA certification is more valuable than ever, and the sooner you decide to get it, the sooner you can begin earning more. Let’s look at what exactly makes it a desirable designation.
How the CMA serves the accounting industry
- The CMA is better suited to corporate accounting and, as such, it is the leading credential for management accounting.
- The CMA is in high demand at Fortune 500 companies and companies with manufacturing facilities that require cost and inventory management.
- Companies that are more likely to need professionals who specialize in management accounting and costing seek out CMAs.
- CMAs have an edge when it comes to making high-level management decisions due to the focus of their certification.
- The Big 4 specifically request the CMA(US) for certain upper-level positions, so the CMA(US) is the path to a top-notch role.
- According to IMA, CMA’s report that their favorite aspects of the job include their relationships with co-workers, employee benefits, and salary.
- Given their business savvy, CMA’s can influence the financial side of the company while still functioning as an important management team member.
- The CMA opens the door to the business world and equips you to excel. CMA’s enjoy the ability to move across all areas of business.
We at IPFC Academy ensure that you become a CMA(US) within 6 months.