Certified Management Accountant - CMA
Categories: Education, Regulations, Investing, Managed Funds, Mutual Funds, Company Management
You’ve probably heard of a certified public accountant (CPA). A certified management accountant (CMA) takes it one step further. Not only do they know everything there is to know about accounting, they also have vast knowledge of how to make strategic business decisions based on financial data.
To become a CMA, one has to have a bachelor’s degree, pass a test given by the Institute of Management Accountants, and have two years of work experience in management accounting. CMAs work in a variety of roles within a company, ranging from a chief financial officer to accounting, budgeting, or auditing.
CMA Wanda Whizkid enjoys her job as a financial analyst at a high-tech company. Not only does she perform some accounting functions, she gets a seat at the table where big decisions are being made...such as whether to introduce a new product, buy another company, or have layoffs. She also got a reward as a whistleblower for finding employees who weren’t obtaining the required number for bids for a new building project.
Unfortunately for CMAs, employers prefer to hire CPAs, and they also pay more in salary for those with the CPA certification. This could be because they just aren’t familiar what a CMA is. But if you prefer to make strategic business decisions rather than just doing the day-to-day accounting tasks, then you may want to consider going for it.
Oh, and if you're hoping to win a CMA award...you're in the wrong business.
