Benefits of Becoming CMA (Certified Management Accountant)
Having the golden letters after your name, especially when those are the prestigious credentials of CMA, an acronym for Certified Management Accountants, brings added value to your skills and proficiency, particularly in the business, finance and accounting fields.
The benefits of becoming CMA are boundless and the key aspect is that you possess tools to implement strategic decisions that improve the overall profitability and efficiency of a company.
Once you earn CMA, you are on your journey towards creating a fulfilling career. In this article, let’s ponder on the five key benefits of becoming CMA and the impact CMA credentials produce for your career in accounting.
Check Out: CMA Course in Dubai
What is CMA Certification?
CMA is a designation that means a candidate has successfully met specific requirements it demands, like completing a two-part examination and fulfilling the educational, work, and professional ethics needs.
A CMA is a strategic thinker who uses analytics skills to enhance the overall success of the company they work for.
CMAs work for various businesses, non-profits, corporations and government organisations. CMAs tend to utilize leadership roles and hold the title of financial planner, corporate controller, financial analyst, cost accountant and even CFO.
Here are the primary support roles they offer:
- Performance management
- Risk management
- Cost management
- Financial analysis
- Decision-making assistance
Let’s have a quick overview of what you need to appear in every section of the CMA examination.
Part 1: Financial Planning, Performance and Analytics
Part 2: Strategic Financial Management
What are the Benefits of CMA Certification?
Industry trends evolve and it takes time for a degree to update accordingly. However, with certifications, you stay tuned to the latest updates and enjoy a pool of benefits as listed below.
Boosts Career Advancement
One major benefit of becoming CMA is that the preparation for certification increases your knowledge in this particular field. Earning CMA certification lets you show up differently compared to the other accountants. It also lets you add another layer of credibility to your existing qualifications.
Many CMAs also have the responsibility of supervision, implementing tasks and generally managing more junior staff. CMA certification offers a fast track to hit manager-specific roles. Also, if you seek a new pool of career opportunities, CMA presents opportunities to boost your career with more cost management options.
Most CMAs coordinate with the management staff at the senior level for a given firm and adopt a key role in making crucial choices for the company’s finances. CMA certification helps supervisors consider you as an ideal candidate for the next available promotion and allot you roles with added responsibility.
CMAs work closely with senior managers and C-suite executives to provide better financial guidance since they have the necessary skills to make financial decisions. Consequently, the elevated role transforms into a high earning potential and CMA improves Returns On Investment (ROI) on a quicker note.
Increases Your Earning Potential
Completing CMA is an investment; however, ROI makes it more profound. CMAs have a very high potential for earning compared to non-CMAs. When you earn CMA, you will be among the top accountants worldwide and earn salaries of 21% more than the non-CMA professionals.
When you incorporate the total compensation, including the advantages like retirement, benefits, fringe benefits, etc., it leads to an increase in financial security. CMA becomes the most valuable in the business world due to the following reasons:
- They are highly qualified to take up management positions. Usually, the corporate world rewards those who improve and have the skills required to make strategic decisions for the organisation.
- Certification also helps you get into a great company. With CA, you prove that you have high-level management-specific skills and knowledge which will help you to serve in top roles like Chief Financial Officer and also Chief Executive Officer positions.
Offers You Credibility & Status
Accounting and business degrees help you understand and assess the numbers. CMA is a significant tool that lets you become a dual expert— an accounting mastermind and a business strategist.
CMA gives you a unique set of skills to make projections based on the detailed analysis of corporate finances.
Being a CMA, you can be more responsible and earn higher status with credibility. CMAs are proactive and serve the best in consultant roles while being adept in making decisions regarding company operations and strategic planning.
In-depth financial skills and knowledge
The accountants who pursue CMA are skilful in finance and accounting. By pursuing a CMA, you get a strong grasp on both the basic and complicated management process since the two parts of CMA certification deal with the array of these topics.
Earning a CMA title needs a diligent knowledge and evaluation of the management accounting processes, thereby accommodating these principles to practice will deliver transferable skills.
The responsibilities of a CMA are usually more specific than the job description of a general accountant. accomplishing tasks like making investment decisions, budgeting, planning, analysis, and risk management, the daily business process will improve the professional capabilities.
Another benefit of becoming a CMA is a progressive career span, as you can consider taking on more tasks in the managerial position. For example, CMAs Deal with producing data in a digestive manner for core company personnel and executive boards.
Being a CMA, you also contribute to greater business objectives and analyse the business trends and figures, with a focus on the task that is usually reserved for higher-level accountants.
Check Out: Financial Accounting Course in Dubai
International Acclaim
CMA is a highly respected and credible job not only in the finance and accounting world but also considered a universal accreditation. other accounting certifications in need, read testing to be recognised across the countries or other jurisdictions.
However, CMA certification is one of the few certifications that has worldwide recognition and the title crosses borders. To be specific CMA certification is earmarked as the global benchmark for financial professional professionals and management accountants and is widely accepted across the world.
While you go abroad, CMA can benefit from their creation since the certification is not confined to any country. Since the CMA certification is globally honoured and accepted, this makes it the right choice for the candidates who wish to work abroad.
If your company has international offices or deals with office businesses, then CMA certification is an ideal choice you can make. Completing the two sections of CMA certification once gives you the key to open a lifetime of career opportunities worldwide.
Key Takeaway
If you’re planning to get CMA certification, cease contemplating and just chase it. From all the above-listed benefits of becoming CMA, the key advantage is its impact on your career, and you will feel glad that you have completed the certification fruitfully.
Your dream job will be yours, much quicker and you can get to the top of your career. The career flexibility, prestige, and growth opportunities of CMA have paved the way for several accountants to opt for pursuing CMA certification every year.