Certified Management Accountant definition
/What is a Certified Management Accountant?
A certified management accountant (CMA) is a person who has successfully passed the CMA examination and fulfilled the associated experience requirements. To continue holding the certification, a person must also fulfill annual continuing professional education requirements. The focus of the CMA certification is to represent that its holder has experience and knowledge in both management accounting and financial accounting. The certification is offered by the Institute of Management Accountants.
The Difference Between the CMA and CPA Certifications
The CMA is one of the two major accounting certifications, the other being the certified public accountant (CPA) designation. The CMA certification is targeted at accountants practicing in the private sector, while the CPA certification is targeted at public accountants (auditors). The CMA certification was started in 1972, versus the 1917 start date for the CPA certification.
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Advantages of Being a Certified Management Accountant
Here are the key benefits of being a Certified Management Accountant:
Career advancement. CMAs have a competitive edge in the job market due to their specialized skills in management accounting and financial management.
Higher salary potential. CMAs typically earn higher salaries compared to non-certified professionals in similar roles.
Enhanced skills. CMAs gain expertise in financial planning, analysis, risk management, budgeting, performance management, and decision-making.
Professional credibility. The CMA certification demonstrates competence, commitment, and integrity in management accounting.
The CMA designation opens doors to lucrative and rewarding career opportunities by validating your financial expertise and strategic thinking skills. It is ideal for professionals seeking to advance in management accounting, financial management, and leadership roles.