The US Certified Management Accountant (CMA) is a management accounting qualification that emphasizes financial accounting and strategic management. The US CMA is a globally recognized, highly competitive credential that provides significant benefits and opportunities worldwide. The demand for such people is increasing as more corporations establish operations in India. The Institute of Management Accountants (IMA) regulates and awards this professional certification course administered by the Institute of Certified Management Accountants (ICMA), a part of IMA.
If you are unfamiliar with US CMA, there is a significant supply and demand mismatch in India for these highly educated experts. Certified Management Accountants are employed in various organization verticals, and their placement scope is not limited to a single qualification or industry. The value of this credential is so great that many CMAs go on to become CFOs of significant corporations.
India is now experiencing a lack of these specialists. If you are an aspiring student or looking to advance your career within your company, this certification is one of the most outstanding options available. After you earn your US CMA, we’ll walk you through many career options. First, let us lead you through the IMA Management Accounting Competency Framework, which will help you grasp the skills needed to excel in management accounting.
The IMA Competency Framework identifies the fundamental abilities needed for success in management accounting. Every 5-6 years, it conducts a job analysis to learn more about what professionals do on the job and what they need to know to accomplish their jobs well.
The framework, as mentioned earlier, is depicted diagrammatically, and you can see that it is separated into six parts:
- Strategic planning and performance: Visioning the future, leading the strategic planning and strategy-setting process, guiding management decisions, managing risk, and monitoring performance are included in this area.
- Reporting and Control: By establishing and maintaining efficient internal controls, this part attempts to develop the abilities needed to manage a business. Accounting and financial statement preparation based on US GAAP and IFRS are referred to as reporting.
- Technology and Analytics: This section discusses the abilities and competencies needed to handle technology in the workplace and conduct data analysis to improve the organization’s success rate.
- Business Acumen and Operations: This section’s competencies are concerned with an individual’s role as a cross-functional business partner in transforming company-wide operations.
- Leadership: This section covers the skills needed to interact with others and motivate teams to achieve organizational objectives.
- Professional ethics and Values: This part covers the skills needed to understand professional principles, ethical behavior, and legal compliance, all of which are critical to a long-term company strategy.
Career Opportunities after completing US CMA Certification
We’ve already established that US CMA certification is one of the most sought-after credentials in the world. CMA experts have a prosperous career path and several prospects in many reputable multinational corporations around the globe. Most multinational corporations in India are eager to hire CMAs for corporate finance positions. Let us walk you through the possibilities available to you as a CMA professional.
- Finance Manager: You will be in charge of making all operational decisions as a Finance Manager. As a finance manager, you’ll be responsible for forecasting and budgeting, among other things. You should have a thorough understanding and knowledge of the finance industry after earning your management accounting certification. To deal with clients and upper management, you also need to be a skilled communicator.
- Financial Analyst: The job description is self-explanatory. This position necessitates the accurate tracking of financial reports, the preparation of reports, and the analysis of results. A financial analyst must provide measures to improve the company’s productivity based on the research and information. In this domain, there are numerous career options.
- Financial Controller: In a way, this position encompasses all aspects of finance. You must know everything there is to know about finance and serve as a financial lifeline for your department. Your daily responsibilities as a Financial Controller include analyzing books, conducting internal analysis/reviews, performing administrative tasks, formulating financial strategies, and so on. You’ll need multitasking, analytical, and communication skills.
- Cost Accountant: If you have a solid grasp of business and are willing to organize numerical data, you can become a successful cost accountant. As a cost accountant, you’ll be asked to keep track of expenses and perform margin analysis.
- Chief Financial Officer: The Chief Financial Officer, or CFO, is the greatest one can achieve in the financial industry. Because qualified management accountants significantly influence the organization, it’s one of the most attractive jobs for them. US CMA will provide you with all of the necessary education qualifications in finance and management to manage a company’s financial performance.
US CMA is a fantastic way to advance your profession. It provides significant competencies and abilities to aspiring applicants. Once you’ve earned your CMA, you’ll have a plethora of job alternatives.