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If you’re looking to advance your career in managerial accounting, becoming a Certified Management Accountant (CMA) is the best way to propel your career and help you climb the corporate ladder. By investing in yourself and earning a professional certification like the CMA, you can begin reaping the career benefits quickly. Keep reading to learn the top five reasons to become a CMA.
CMAs earn more than non-CMAs. It’s that simple. Around the world, CMAs earn around $15,000 (or 21%) more in total compensation than non-CMAs according to the Institute of Managment Accountants (IMA) Global Salary Survey Opens in new window. Your earning potential also varies based on where you live. CMAs earn 24% more in the Americas, 43% more in Europe, and 39% more in the Middle East, Africa, and India, compared to non-CMAs.
Your salary will naturally increase over time as you gain more experience throughout your career. However, earning the CMA is a faster way to get a salary boost, and most candidates can pass both parts of the CMA exam within a year.
The CMA sets you apart from other accountants by clearly expressing your career goals. Passing the CMA exam demonstrates your willingness to further your knowledge beyond a bachelor’s or master’s degree.
Adding the letters “CMA” after your name signals that you don’t want to simply report finances, you want to manage them. According to IMA, 75% of CMAs report that getting certified strengthened their ability to move across all areas of business. The CMA empowers many accountants to move up to bigger and better things.
These are some potential positions and job titles for CMAs:
Studying for the CMA exam expands the scope of your managerial accounting knowledge and deepens your understanding of the profession. CMAs are better qualified to take on management positions, as getting certified requires you to demonstrate high-level management-related skills. This includes skills necessary for the duties of Chief Financial Officer, or even Chief Executive Officer positions. Companies are willing to pay a premium for employees with these in-demand skillsets, meaning you can make top-dollar in the corporate world.
Plus, as a CMA, you’ll continue expanding your expertise as you complete the continuing professional education hours required to maintain your CMA certification. This helps you stay up-to-date in your field, and keeps your skills honed.
The CMA is considered the gold standard in management accounting. It’s a globally recognized way to demonstrate your expertise and ability to make financial decisions for businesses. CMAs understand numbers and finance at a deeper level than other accountants. As the IMA puts it, “CMAs can explain the ‘why’ behind numbers, not just the ‘what.’” Earning this certification requires you to know more about business than most accountants and more about accounting than most business people.
Once you earn the CMA, people will come to you for answers to big picture, business-related finance questions. When you’re the expert people turn to for advice, you can expect not only more responsibility, but also more credibility. CMAs often work closely with upper management, and their knowledge, skills, and experience influence the direction of organizations.
There are no “easy” accounting certifications. But many professionals find the CMA exam requirements to be more flexible than others. Why? You don’t need to commit as much time.
CMAs have to meet fewer work and education requirements than candidates preparing for other accounting certification exams, like the CPA. Plus, taking the CMA exam is also less of a time commitment: the CPA Exam consists of 4 sections for a total of 14 hours, while the CMA only has 2 parts for a total of 8 hours. The CMA exam pass rate is around 50%, and you have a three-year window to pass both parts, which gives you plenty of time.
Becoming a CMA helps your career in many ways, and taking the CMA exam is an important step toward achieving that status. Choosing the right CMA exam prep is an important step toward passing the CMA exam.
We created the world’s first CMA review materials in 1981, and we’ve been helping people pass the CMA exam ever since. Our CMA review course comes with everything you need to succeed, including our expert-led video lectures, award-winning customer service team, and Access Until You Pass® guarantee. Trust our 40+ years of CMA exam prep expertise to help you reach your career goals.
