The Certified Management Accountant (CMA) is an advanced professional certification that has been specifically designed to measure the accounting and financial management abilities. Many commerce as well as non-commerce aspirants find CMA very interesting, but they have little to no knowledge about CMA profession. So, it is important for aspirants to know what all is required to become CMA and the value it brings to your life if you become CMA.
Table of contents
Checkout the 4 motivations why you should become CMA:
- The CMA Is the Gold Standard in Management Accounting: It is one of the top crtifications in management accounting and the fastest- growing credential around the globe.
- CMA is the Most Global Management Accounting Certification: Yes, it is the most popular management accounting certification in the fastest developing regions like Middle East, Dubai / Abu Dhabi / UAE, Saudi Arabia, Egypt, India, China & more.
- CMAs Get Paid More: The salary figures always remain high and attractive for CMA. This means that it is a good reason to consider getting CMA.
- CMA Skills Are More Practical: The skills you learn while doing CMA or after becoming a CMA are often peddled as the best in the industry for the practical use as you will have as an accountant.
How this title help my career?
There are 500+ companies that are known to have CMAs in their key management roles and the majority of them are big, global corporations focused on manufacturing. If you have ever dreamt of working in a big & reputable firm, then the CMA is great for you.
Can I make it? Now, this question is worth asking. You first need to check how passionate you are to become CMA and what all you can sacrifice to achieve your dream. We have more information about CMA exam and much more to make things more clear.
Is age a factor when considering taking the CMA exam?
Yes, age is always an important factor in clearing any exam in one way or the other. Examinations often involve memorization, and those who have recently passed out of college possess “book-smartness” which is generally higher in them than those who are out of school.
CMA for non-accounting majors. is it possible? Yes, it is very much possible. Non-Accounting Majors opting for CMA makes a lot of sense as it will take their existing careers to a completely new level.
Taking the exam before graduation.
Yes, you can give CMA exam before completing your graduation and it very much makes sense. Some of the benefits of appearing early in the exam are:
- Stronger Ability to Memorize and Retain Information
- It’s Easier to Find Mentors at School
- A Chance for the IMA CMA Scholarship
- Lower Membership and Exam Fees
- It May Even Help in Job Search
How can a CMA certification help increase my salary?
- Middle East: The IMA members earn US$44K in annual basic salary and US$54K, if including other compensation, such as bonus and profit sharing.
- Dubai / Abu Dhabi / UAE: CMA salary in Dubai, Abu Dhabi and generally the UAE is US$80,571.
- Saudi Arabia: CMAs in Saudi Arabia are paid US$56,056 in terms of basic salary, and US$78,440 in terms of compensation.
- Egypt: CMA in Egypt earn significantly more: $13,936 in basic salary vs $5,588 for non-CMAs.
- India: Indian IMA members have an average annual total compensation of US $28.8K.
- China: In China, CMAs earned 216,127 RMB in salary and 278,310 RMB in total compensation.
Globally, the median total compensation is 55% higher for CMAs over non-CMAs. CMAs of all ages earn more and those aged 30 to 39 receive a median salary 61-67% greater than their non-CMA peers. CMAs believe their certification creates career opportunities and strengthens their capability to move across business areas.
What are the career choices for CMA’s?
CMAs are employed by different industries and most of them work in general accounting and finance. CMAs work in a wide variety of work places like family-run businesses, small and large publicly listed companies, private firms and multinational corporations. CMAs are also employed in non-profit organizations, government and academic institutions.