The role of women in management accounting has evolved over the years, and the Certified Management Accountant (US CMA) designation can be a valuable tool for breaking the glass ceiling and advancing in this field.
Here are some ways in which women can leverage the US CMA credential to enhance their careers in management accounting:
Professional Credibility:
The US CMA designation is globally recognized and respected. By earning the US CMA, women can enhance their professional credibility and demonstrate their expertise in management accounting and financial management.
Career Advancement:
Having the US CMA credential can open doors to higher-level positions and increased responsibilities within organizations. It signifies a commitment to professional development and a strong foundation in strategic financial management.
Global Opportunities:
The US CMA is recognized internationally, allowing women in management accounting to pursue global career opportunities. This can be especially beneficial for those seeking roles in multinational corporations or organizations with an international presence.
Networking and Community Support:
The Institute of Management Accountants (IMA), the organization behind the US CMA, provides a supportive community for professionals. Women can benefit from networking opportunities, mentorship programs, and resources offered by the IMA to advance their careers.
Skill Development:
The US CMA curriculum covers a broad range of skills, including financial planning, analysis, control, and decision support. Women in management accounting can acquire and enhance these skills, making them well-rounded professionals capable of contributing to strategic decision-making.
Flexibility and Work-Life Balance:
The flexibility of the US CMA program, which allows candidates to study at their own pace, can be particularly advantageous for women managing work, education, and family responsibilities. This flexibility supports a better work-life balance during the certification process.
Equal Recognition:
The US CMA credential is awarded based on merit and competence, irrespective of gender. Earning the US CMA provides women with a tangible and equal measure of recognition for their skills and accomplishments in the field of management accounting.
Diversity and Inclusion Initiatives:
Many organizations are actively promoting diversity and inclusion. Holding a professional certification like the US CMA can contribute to an organization’s diversity goals and showcase a commitment to supporting the career growth of women in management roles.
Leadership Opportunities:
The US CMA designation positions women for leadership roles in finance and management. It equips them with the knowledge and skills needed to take on challenging leadership positions, including CFO or other executive roles.
Inspiration for Others:
Women who achieve the US CMA designation become role models and sources of inspiration for others aspiring to break into management accounting. Their success contributes to the overall advancement of women in the profession.
It is important to note that while the US CMA can be a powerful tool, overcoming gender-related challenges in the workplace may also require broader efforts such as advocating for diversity and inclusion, mentorship programs, and addressing systemic barriers. Ultimately, the US CMA credential can play a significant role in empowering women in management accounting to achieve their career goals and contribute to the growth and success of their organizations.
In the era of fast-track metamorphosis of the business landscape, the role of management accountants appears to be more crucial in handling more information to come out with a meaningful strategic decision-making approach. From the cocoon of cost accounting and bookkeeping, management accounting is evolving towards the wider spectrum of decision-making ability for the profit-making of a company. With the advancement of technology, management accounting is embracing the related technologies for greater value addition to the organization. Thus, the future of management accounting is more dynamic and attractive than idealized in the past.
Being a credible globally accepted professional accounting qualification, US CMA is also evolving at a greater pace with integrated comprehensive skill sets, strategic decision making, effective networking as well as providing competitive salary and the scope of career advancements.
Listed below are some of the salient inputs transforming the management accounting and US CMA credential to evolve in an innovative manner:
Technology Integration:
Management accounting, like many other fields, is likely to see increased integration of technology. This could include the use of advanced analytics, artificial intelligence, and automation tools to enhance decision-making processes and improve efficiency included in the US CMA credential curriculum.
Data Analytics and Big Data:
The growing importance of data analytics and big data in business decision-making is expected to influence the role of management accountants. Professionals like US CMA credential holders with the ability to analyze and interpret large sets of data will likely be in high demand.
Globalization:
With businesses becoming more global, management accountants may need to adapt to the challenges and opportunities posed by international markets. This may include considerations of diverse regulatory environments, currency fluctuations, and varying business practices under the skill set of US CMA credential.
Focus on Strategic Decision-Making:
Management accountants are increasingly seen as strategic partners in the decision-making process. The US CMA credential may evolve to place more emphasis on strategic management skills, including risk management, performance measurement, and strategic planning.
Sustainability Reporting:
There is a growing trend towards sustainability reporting and corporate social responsibility. Management accountants having US CMA credential, may find themselves involved in tracking and reporting on environmental, social, and governance (ESG) metrics.
Continuous Professional Development:
The nature of the US CMA credential might evolve to include more emphasis on continuous learning and professional development. This is essential in a rapidly changing business environment where staying current with industry trends and new technologies is crucial.
Summary:
Considering the dynamicity of industrial demand in the accounting and finance sector with the advent of invasive technological developments, the future of management accounting is evolving to cope with the increasing demand. As the repetitive accounting jobs are going to be at stake due to automation, US CMA credential is also evolving with competitive adaptations to make a future-proof management accountant who can amalgamate the accounting skill and related technologies to make strategic financial decisions.
In the management accounting arena, Certified Management Accountants, USA (CMA USA) credential is a highly coveted qualification the demand of which is increasing across various industrial sectors in a great pace. This internationally recognized professional accounting credential equips the candidate with professional upskilling to handle and manage various situations and problems in a strategic manner. CMA USA coaching in Delhi is pivotal to bring out such skills in desired candidates to make them the new age smart accounting professional.
By virtue of this, CMA USA coaching in Delhi is a boon for mentoring both students and the working professionals to metamorphose their career in a 360-degree manner to heighten their accounting career path.
Uplift Professionals, being an authorized learning partner of the International Management Accountants (IMA), provide effective tutoring through CMA USA coaching in Delhi by Uplift Pro Academy having high-notch faculty team from academia and industry experts via self-assessing online high-end tutelage platform. Through CMA USA coaching in Delhi,a candidate can be best secured in the preparation through top class materials, recordings, mock evaluations and so on and so forth.
CMA USA Curriculum
The highly demanding CMA USA program is designed to produce professional accountants with elevated real-time applied knowledge and skill to make strategic financial management decisions and thus stands as an asset to a profit-making company. Thus, obtaining the CMA USA certification appear as a great value addition to the resume of a budding or seasoned accountant which can easily be achieved through the CMA USA coaching in Delhi by Uplift Professionals.
The CMA USA scholastic program has two parts i.e. Part1 and part 2 followed by the respective 2-part exams having MCQs and essay type questions while qualifying the MCQ part will allow the examinee to write the essay type questions. Dedicated study and ample mock tests are key issues as envisaged by CMA USA coaching in Delhi by Uplift to clear the exam.
To be eligible for enrollment for CMA USA course through CMA USA coaching in Delhi by Uplift, candidates must possess a bachelors’ degree or pursuing the same at any UGC authorized college/university. After clearing both the exams, to get the final certificate, the candidate must acquire a 2 years’ work experience in accounting within a span of seven years with a valid IMA membership.
Subjects in CMA USA Syllabus with Weightage
CMA USA Part 1: External Financial Reporting and Decisions (15%), Planning, Budgeting and Forecasting (20%),Performance Management(20%),Cost Management(15%),Internal Controls (15%) and Technology and Analytics (15%).
CMA USA Part 2: External Financial Reporting and Decisions (15%), Planning, Budgeting and Forecasting (20%),Performance Management(20%),Cost Management(15%),Internal Controls (15%) and Technology and Analytics (15%).
Job Prospect of CMA USA in Delhi
Being a global professional certification, CMA USA holders are in high demand across the globe including India particularly in MNCs. CMA USA coaching in Delhi by Uplift plays a pivotal role in preparing potential candidates to be highly at par with various key accounting positions which todays’ industry demands.
Salary of CMA USA in Delhi
By virtue of their knowledge, skill and expertise, CMAs used to get a much-elevated pay package compared to a non-CMA accountant. CMA USA coaching in Delhi by Uplift will not only mentor a candidate from all perspective to be a successful professional accountant but also helps to get the right job for the right candidate.
Why Uplift Professionals?
Uplift Professionals is committed to make sure that every student should pass the CMA USA exam at the first attempt. Based on this principle, CMA USA training in Delhi is formulated to meet every requirement of the student with personalized in-depth attention. Some of the salient features of CMA USA training in Delhi includes:
A solid faculty team from academia and industry
High quality international study materials, software, question banks etc.
Doubt clearing and basic accounting support classes
Recordings of each live online classes
Regular mock tests
Small batch size in class for 1:1 interaction with the faculty
In today’s advancing accounting field, a mere academic accounting degree may not suffice to fulfil the desired career goal. To make it larger one must acquire optimum knowledge and accounting skill in a professional manner. Here comes the importance of internationally recognized professional accounting credentials to get better job prospects vis-à-vis a decent salary. In this regard, two such popular courses come in to play a bigger role namely Certified Management Accountant (CMA US) and Certified Public Accountant (CPA US) courses. While the former certification is offered by the Institute of Management Accountants (IMA), the later is provided by the American Institute of Chartered Public Accountants (AICPA). Although both the courses vary in their scope and target destinations, it is often coming to mind that which one to select for better career growth with reference to salary and job opportunities. Let us try to put some light to clear any possible dilemma in finding better options.
The Inclination
CMA USA to select if you have inclination for management accounting and wants to be a part of strategic management planning and decision-making processes of the organization. This certification orients you to focus on financial planning and control in relation to the performance.
On the other hand, if you are more inclined to auditing, taxation etc. in the public accounting domain, CPA US should be your cup of tea. Additionally, CPA US has a licensing procedure for independent practice.
Duration
CMA US exam has two papers to write while CPA US exam requires to clear a four-part exam which obviously indicate that the former certification demand shorter time to complete than the later course.
Eligibility
The eligibility criteria for CMA US are a graduation degree preferably with accounting major. On the contrary, CPA US require 120 credit points to write the exam and 150 credit points to be eligible for licensure. Very often a graduation degree from Indian universities may not suffice for the same and additional qualifications or post-graduation is required for the same.
Job Opportunities
The positions available for CMA US mostly in MNCs including Big 4s are Management Accountants, Relationship manager, Finance Manager Cost Accountants, Financial Analyst, Financial Controller, Chief Financial Officer etc. from entry level to seasoned accountants.
CPA US holders have wide span of lucrative positions from public to private sectors in various positions such as Internal/External Auditor, Budget Analyst, Tax Examiner, Business Systems Analyst, Finance Controller, Forensic Accountant, Financial Advisor etc. In addition, a CPA US license holder can pursue independent public accounting services as self-employed consultant.
Salary
In India, salary of both CMA US and CPA US vary depending on the working experience of the candidate as well as the status and pay structure of the employer. However, at entry level, the average salary of CMA US holder ranges from 5-7 lakhs per annum while for a CPA it is slightly on the higher side ranging in between 7- 10 lakhs/annum. Both CMA and CPA, with experience, gets a salary of 12 to 60 lakhs per annum within India and higher than that in the international platform.
Summary
Both the CMA US and CPA US courses are high end professional courses recognized across the globe. Both the courses have their own scope and perspectives but having greater job potentials. CPA US has an additional licensing procedure not applicable for CMA US. Based on the duration, eligibility, and inclination, one can go for the right course as per the suitability of his job profile and inclination.
Earning certifications in finance and accounting is a big step toward improving your marketability and career advancement as a professional in this field.
Continuing education is an investment in time and money, of course, and your employer may help make the case for credentials. Robert Half research shows that a majority (72 percent) of CFOs interviewed say their company will cover all or some of the cost of obtaining a professional certification, and 76 percent said their organizations help in maintaining such certifications once they’re earned.
What are the best accounting certifications?
The answer depends on your career path, specialization plans, resources and eligibility. Of the numerous certifications, each has its own requirements with regard to education, work experience and examination. Each, too, has specific skills to be gained by attaining it and ways in which it would benefit your career and positioning as an expert in the field of accounting and finance.
Certified Public Accountant
Chartered Global Management Accountant
Certified Management Accountant
Chartered Financial Analyst
Certified Financial Services Auditor
Certified Internal Auditor
Certified Fraud Examiner
Certified Government Auditing Professional
Certified Information Systems Auditor
Certified Information Technology Professional
Let’s first take a closer look at three certifications geared to careers in corporate accounting.
Certified Public Accountant
The Certified Public Accountant (CPA) license has a long reputation as the gold standard for accounting and finance roles in the United States. With this accounting certification, you validate your expertise in forensic accounting, tax, compliance, risk management and other skills that can lead to top CPA jobs.
Granted by: American Institute of Certified Public Accountants (AICPA)
Estimated cost: $2,000 to $3,000
Prerequisites: Five years of higher education, a minimum number of continuing education credits in business and accounting (typically about 150), and verified relevant experience
Exam requirements: Four levels; can be taken in any order
Time to certification: Passing the CPA exam usually takes a year; exam and license requirements vary state by state, but most state boards require one year of accounting experience before you get the license.
Ongoing requirements: Requirements for continuing professional education (CPE) credits vary by state.
Who should get it: This designation is a versatile one, as CPAs work in public accounting, management accounting, governmental accounting, taxation, financial advisory, compliance and other roles. The CPA is highly valued throughout the accounting industry, and some companies require it for managerial jobs. If you know you want to make your career in accounting and have the time and money to invest, the CPA is a good credential to pursue.
To learn more about how to make the most of your accounting and finance career and find your next job, mail to info@upliftprofessionals.in.
Chartered Global Management Accountant
The Chartered Global Management Accountant (CGMA) financial certification is a global designation for CPAs working in business and government. It’s an achievement that demonstrates your competency in management accounting skills and your expertise in developing strategy that connects all aspects of business.
Granted by: Both AICPA and the Chartered Institute of Management Accountants (CIMA), two of the world’s leading accounting organizations
Estimated cost: $325 plus membership fee for AICPA; for CIMA, cost of designation is included in membership
Prerequisites: Any AICPA member is eligible, with an experience requirement of three years of relevant, work-based, practical management accounting experience. CIMA members are already qualified.
Exam requirements: One computerized case study taken on site, which asks for long-form, written answers that reflect management accounting competencies
Time to certification: Exams offered four times a year; results released within four weeks
Ongoing requirements: Membership in good standing
Who should get it: Finance and accounting professionals who want their experience and skills recognized throughout the world, in addition to research, tools and a global network
Certified Management Accountant
The Certified Management Accountant (CMA) certification is sponsored by the IMA (Institute of Management Accountants), and is recognized globally. Professionals who hold this accounting certification demonstrate mastery of critical accounting and financial management skills from a generalized, managerial and internal perspective.
Granted by: IMA
Estimated cost: $1,000 to $2,000
Prerequisites: A bachelor’s degree and two consecutive years in financial management or management accounting
Exam requirements: Two levels, with a total exam time of eight hours
Time to certification: Typically one to two years
Ongoing requirements: 30 hours of CPE credits
Who should get it: Many accountants choose to get both the CPA and the CMA, as there is considerable overlap in the exam topics. The CMA is often considered a more practical application of the theoretical concepts tested in the CPA exams and is recommended for accountants in the corporate sector, particularly in large, multinational companies.Learn more about CMA US here: https://www.upliftprofessionals.in/CMA-USA.html
If you are considering a career as a financial analyst, or already working as one, you’ll want to look at the CPA license, as well as professional finance certifications.
Here are five certifications for careers in banking and financial services.
Chartered Financial Analyst
Chartered Finance Analyst (CFA) certification demonstrates your knowledge and competence regarding principles of portfolio management, investment analysis, economics, and professional and ethical standards.
Granted by: CFA Institute, a nonprofit based in the U.S.
Estimated cost: $2,500
Prerequisites: A bachelor’s degree and four years of relevant experience
Exam requirements: Three levels, with a total exam time of 18 hours; you must pass one level before you move to the next
Time to certification: Can be completed in 18 months, but most people take more than two years
Ongoing requirements: A recommended 20 hours of CPE credits, with at least two hours of standards, regulatory and ethics education
Who should get it: This has become a must-have for security analysts and asset managers in the investment community. Finance professionals who are (or aim to become) equity analysts, fund managers or hedge fund managers will also find the CFA useful, as will anyone who hopes to reach the CFO or senior finance manager levels. If you are pursuing a career in audit, however, it won’t be particularly useful to you.
Certified Financial Services Auditor
The Institute of Internal Auditors’ Certified Financial Services Auditor (CFSA) is a specialty certification for audit professionals who have a minimum of two years of experience in financial services organizations, such as banks, holding and investment companies, insurance companies, credit agencies, or security and commodity services.
These certifications are geared to audit, fraud and risk managementcareers.
Certified Internal Auditor
The Certified Internal Auditor (CIA) is the only internationally accepted designation for the internal auditor career path, and people who hold this financial certification demonstrate competence in areas such as risk and control and information technology, as well as proficiency in working with internal staff and external clients.
Granted by: Institute of Internal Auditors (IIA)
Estimated cost: $1,500
Prerequisites: A bachelor’s degree and two years of internal audit experience (but a master’s degree can substitute for one year of experience)
Exam requirements: Three levels, with a total exam time of 6.5 hours
Time to certification: Typically a year to 18 months
Ongoing requirements: CPE credits are required; the number depends on your work status
Who should get it: The CIA is really only useful to internal auditors, with particular importance for those who would like to become managers or chief audit executives.
Available to members of the Association of Certified Fraud Examiners, the Certified Fraud Examiner (CFE) is beneficial for finance professionals focused on anti-fraud endeavors across private and public agencies. Passing the CFE exam demonstrates expertise in the four main areas of fraud examination: Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence.
Applicants for the CFE exam need to submit documentation of their education and work experience, along with three professional recommendations.
Certified Government Auditing Professional
The Institute of Internal Auditors offers the Certified Government Auditing Professional (CGAP) for audit practitioners in the public sector. It demonstrates skill in the unique requirements of government auditing. To qualify for the exam, auditors must have two years of experience in government auditing.
Here are two certifications for accountants with information technology careers.
Certified Information Systems Auditor
Accountants holding a Certified Information Systems Auditor (CISA) certification can show they have a proficiency in information systems control, security and auditing.
Granted by: ISACA (previously known as the Information Systems Audit and Control Association)
Estimated cost: $450 for members; $650 for nonmembers
Prerequisites: No experience is required to take the exam
Exam requirements: 150 questions; four hours, on site at locations worldwide
Time to certification: A minimum of five years of professional information systems auditing, control or security work experience is required for certification, with some substitutions possible
Ongoing requirements: Maintenance fees and CPE hours
Who should get it: Information systems audit, control and security professionals who desire global recognition
Certified Information Technology Professional
Offered by the AICPA, the Certified Information Technology Professional (CITP) is a specialty credential for CPAs who want to demonstrate technology skills that can help a company span the gap between business concerns and technical consideration. Aside from passing the CITP exam, additional requirements include having a minimum of 1,000 hours of business experience and 75 hours of continuing education in information management and technology assurance within the five years preceding application for the CITP.
Certifications for specific roles
Accounting education, from associate’s, bachelor’s and graduate degrees to certifications, is valuable not only for moving your career forward but also for expanding your skills and expertise to become a more well-rounded professional.
It can also help you become a more desirable job candidate or employee, one who can command a higher salary. According to the Robert Half Salary Guide for Accounting and Finance Professionals, specialized certifications can put you at the higher end of the compensation tables.
What are the most highly sought accounting jobs and the credentials that would boost your resume if you were aspiring to them? Here’s an alphabetical list of a few:
Accounts receivable/accounts payable — Most accounts receivable/accounts payable professionals hone their skills with on-the-job experience. But an accounts receivable or accounts payable certification can make you a more desirable applicant or move you up the job ranks. AR professionals might look into Accredited Receivables Manager (ARM) or Accredited Receivables Specialists (ARS) certifications. AP professionals might consider the Accredited Payables Manager (APM) and Accredited Payables Specialist (APS) credentials.
Auditors — To reach higher-level auditing positions, you’ll want to consider a Master of Business Administration (MBA), as well as a CPA or CIA. IT auditors should look into the CISA, rather than the CIA.
Business and business systems analysts — Business analysts and business systems analysts can increase their marketability by acquiring an MBA. If you want to go a step further, you can sit for the Certified Business Analysis Professional (CBAP) or Certification of Competency in Business Analysis (CCBA).
Compliance professionals — The options for compliance certifications vary, depending on your industry and specialization, and they are almost as numerous as regulatory mandates. Options include the Certified Compliance and Ethics Professional (CCEP), Certified Compliance and Regulatory Professional (CCRP), Certified Regulatory and Compliance Professional (CRCP) and Investment Adviser Compliance Certification Program (IACCP).
Controllers — If you’re a controller on the job market, an MBA will distinguish you from other candidates, especially if it’s accompanied by a CPA or CMA credential. It’s important to note that most employers prefer the CPA, making it one of the most in-demand certifications.
Cost accountants, staff accountants, senior accountants — You can propel yourself upward in these accounting jobs by obtaining a CPA or CMA. Employers prefer the CPA, and if you’re looking to hit senior or management levels, an MBA can help you get there.
Financial analysts — To make the preferred candidate list as a financial analyst, you’ll need a CPA or an MBA. Having both is even better.
Payroll professionals — Looking to land your dream payroll job? The Certified Payroll Professional (CPP) designation can help you make it to supervisory roles.
Have you seen enough acronyms for one article? Here’s another: The AICPA’s Certified in Entity and Intangible Valuations™ (CEIV™) credential is for CPAs and finance professionals to demonstrate a commitment to enhancing audit quality, consistency and transparency in fair value measurements for public company financial reporting purposes in the U.S.
When considering what accountant certifications to pursue, carefully study how each might help advance your career. Your choice may be swayed, for instance, by whether you work in private vs. public accounting. The niche that is your company’s focus might also dictate your direction as well as your own career aspirations.
Do you have the certifications needed to set yourself apart from other candidates and command a higher salary? If not, there’s no time like the present to show employers you mean business and increase your career opportunities by investing in professional development.
