What Is a Certified Management Accountant?
During uncertain financial times, it is more important than ever to have a qualified professional handle your financial matters. The Certified Management Accountant designation is an accreditation offered by the Institute of Management Accountants. Professional accountants pursue this designation to promote careers in management accounting. It is a highly distinguished certification for accountants that can open doors to management opportunities, career advancement and increases in salary.
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The Certified Management Accountant Designation
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Having the Certified Management Accountant (CMA) designation can add credibility to your resume and earn professional recognition in accounting circles. The CMA designation is offered in the United States, Australia and Canada. You must be very knowledgeable in strategic management, management accounting and business analysis systems to qualify as a candidate. The test is comprehensive, covering all fields of study. It is a good idea to undergo intense preparation before testing.
Preparing for the Certified Management Accountant Test
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Several online test-preparation sites provide you materials to study along with a pretest. This will access your knowledge and show areas where you need additional study. Online or on-site classes are available at universities. You can even order flash cards to help you prepare to take the exam. See "Additional Resources," below, for more information on test preparation.
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Benefits of CMA Certification
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Top corporations are seeking CMA-certified accountants to manage and analyze their accounting systems and offer professional advice regarding business systems. The CMA designation will put your resume a step above other candidates for these jobs. The Institute of Management Accountants (IMA) reports that members with certification increased their salaries an average of 25 percent more than the salaries of those without certification.
Differences Between CMA and CPA Designations
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A Certified Public Accountant is the starting point of professional accreditation for accountants. Certified Public Accountants in general work more closely with individuals, whereas a Certified Management Accountant works specifically with corporations, advising them on corporate tax laws. The CMA also helps a company administer corporate spending and budgeting plans. A CMA designation requires different training than that of a CPA. Training is disciplined to corporate accounting, including study of economics, financial planning and business ethics.
Job Outlook for Certified Management Accountants
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Certified Management Accountants can enjoy a stable job market for their occupation. The accounting employment outlook shows an expected 18-percent increase between 2006 and 2016. This is a larger increase than the average for all other occupations. Increasingly complex corporate tax laws will require employers to seek accountants with above-average knowledge in corporate accounting. Applicants with master's degrees in accounting or business administration will have a competitive advantage. Top salaries are ranging from $100,000 to over $200,000 annually, depending on experience and qualifications.
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