Can CMA Certification Lead to a High-Paying Finance Career?

Overview of Certified Management Accountants certification

A US CMA certification course is a professional accountant certification. It will teach you a variety of finance-related skills. Post this course you will learn to deal with the accounting needs, decision-making, business analysis and management consulting of a company.

It is an internationally recognised certification that will increase your earning potential. The CMA certification will demonstrate your knowledge and skills to effectively evaluate, interpret and communicate financial information to different audiences.

The US CMA certification will brush up your ability to apply accounting and finance knowledge to real-world business situations. The course is awarded by the Institute of Management Accountants (IMA). The CMA certification will solidify your path to a promising and high-paying career in finance.

Career prospects and future opportunities for US CMA 

The US CMA certificate will reflect your ability to lead and manage the finances of a company. Having a CMA certificate will give you an edge over your competitors in the job market.

Individuals who can pass the CMA exam are considered proficient in applying their skills in finance and accounting in dynamic settings. Here are some of the job profiles you can explore after the completion of the US CMA certification course.

– Business analyst

As a business analyst, you will be in charge of collecting, sorting and developing business strategies from the past data. A business analyst plays an essential role in the decision-making process.

In fact, organisations make every important decision after consulting with the business analyst. A US CMA certification course will definitely help in your business analyst role.

It will add proficiency to your current skill set and boost your confidence to make constructive decisions. The average salary of a senior analyst is around Rs.7,50,000 per year.

– Cost accountant

The cost accountant of an organisation is responsible for looking after the expenditures and purchases of the company. This should be done to keep track of the accounting data. As a cost accountant, you should possess a deep understanding of business strategies.

You should master the skills to organise accounting data accurately in order to make recommendations and suggestions.

The US CMA certification is the global equivalent of the Indian CMA certificate. Thus, you will be able to work as a cost accountant in India after the completion of the course. The cost accountant can earn around Rs.5,00,000- Rs.6,00,000 every year.

– Financial controller 

The US CMA certification with a significant amount of work experience will get you the job of a financial controller. You should possess extensive knowledge and the ability to oversee and take responsibility for all the financial activities in the department.

As a financial controller, you will have to look after the books, conduct internal analysis and suggest and implement important financial decisions. Apart from that, you will also have to take part in several administrative tasks.

This profile expects years of work experience in management accounting. The average per annum salary of a financial controller is Rs.19,00,000 approximately.

– Finance analyst

Simply put, the job of a finance analyst is to gather, sort and analyse data and share their observations. The analyst also makes predictions and forecasts from the data analysis insights.

This helps companies make better decisions. You should also know how to make presentations, excel models and financial reports to present your observations accurately and in a comprehensible way.

You must be updated with the latest trends in the industry and do industry research frequently to stay relevant to new trends. The average earning potential of a finance analyst per year is Rs.5,00,000.

Internal auditor

Internal auditing is an integral process of an organisation. It helps in analysing the business practices and internal controls of the company.

The internal auditor is in charge of evaluating both the business and financial activities of an organisation. It is through this process that companies understand whether the internal controls are adequate. It can also determine if their employees are working in line with the company’s requirements. On average, an internal auditor will earn up to Rs.8,00,000 every year.

All these career choices are promising and high-paying. You should explore your interests and inclinations before choosing the right field for yourself.

No matter what field you choose, finance is a rapidly booming sector of the current times. The right skillset and knowledge will definitely land you a desired job in the finance sector.

Key takeaway 

The US CMA certification is a crucial step in the career path of a finance and accounting professional which will take your career to great heights. You can take up a variety of senior financial job roles after the completion of the US CMA certification course.

If you seek more clarity on what is CMA certification and how it can benefit your career in finance, visit Imarticus Learning.

It is an award-winning ed-tech platform that offers US CMA certification courses. Explore our website now to give a boost to your finance career with full confidence.

Demystifying CMA Salary in India: Factors, Trends, and Growth Prospects

Over time, there has been a notable surge in the demand for CMA candidates as organisations increasingly appreciate the importance of having professionals who possess robust financial management skills and strategic planning expertise.

CMA graduates not only excel in cost management and enhancing efficiency but also bring valuable expertise in risk assessment and management, rendering them indispensable assets to organisations, be it in the private or public sector.

Did you know a recent survey claimed that CMA professionals can earn as much as 58% more compared to non-CMA professionals?

With that being said, mentioned below is a detailed guide exploring the diverse figures for CMA salary in India across different states and how they can be affected by multiple factors.

Average CMA Salary In India

As of now, CMA salary in India varies widely, starting from INR 1.2 Lakhs and going up to INR 20 Lakhs annually. On average, experienced CMA graduates can expect an annual salary of around INR 6 Lakhs.

It’s important to note that this figure can fluctuate significantly based on various factors, including your employer, location, level of experience, specific job role, and more.

Factors Affecting CMA Salary In India

The CMA salary in India can be influenced by multiple factors. Such include,

Experience 

Experience is a significant determinant of CMA salaries. CMAs with several years of experience tend to command higher salaries, as they bring the necessary practical knowledge and skills to their position.

To understand it better, let us add a table comparing the years of experience and changing salary figures.

Years of Experience Average Annual Salary
Entry Level (1-2 Years) INR 3.7 Lakhs
Mid Level (4-5 Years) INR 5.7 Lakhs
Senior Level (9-10 Years) INR 20 Lakhs

Location

The geographical location of the job can also cause discrepancies in your total compensation as a CMA graduate. Metropolitan cities such as Mumbai, Delhi, or Pune often have a high cost of living and tend to provide higher CMA salaries compared to other smaller cities or rural areas. 

State Salary Per Annum
Bangalore INR 3.8 lakhs
Jaipur INR 3.3 – 6 lakhs
Kolkata INR 6-10 Lakhs

Job Role and Responsibilities

The specific role or responsibilities entrusted to an individual can also affect the total compensation package significantly. CMAs in leadership roles, such as CFOs or financial managers, generally earn much more than those in junior-level positions.

The different job roles that you can explore as a CMA graduate include,

Financial Analyst – In your role as a financial analyst, your responsibilities will encompass evaluating financial data, appraising investment performance, and furnishing valuable insights to support the decision-making process. Primarily, the annual salary offered to a financial analyst in India is approximately INR 4 lakhs.

Chief Financial Officer – The role of a Chief Financial Officer, also known as CFO, is at the topmost position of an organisation. They are pivotal in shaping the organisation’s financial direction and performance, leading it towards consistent growth. Currently, the average annual salary offered for the role of a CFO is nearly INR 46.6 lakhs, making it a lucrative career for all finance aspirants to look up to.

Cost Accountants –  Cost accountants are entrusted with the responsibility of providing valuable financial information and analysis related to the cost of products, services, and operations. The current average salary for cost accountants is nearly INR 4.8 lakhs per annum, which is subject to change following factors like experience and location.

Apart from the mentioned roles and factors, the salary levels for CMAs in India can also vary depending on factors such as market demand, negotiation skills, economic conditions, etc. 

Growing Importance of CMA Certification In India

The Certified Management Accountant certification, commonly known as the CMA certificate, has been gaining significant popularity in recent years owing to its great value to the business and finance world. It demonstrates an individual’s commitment and dedication to professional development and expertise in the finance domain, thus making them an invaluable asset to the organisation.

In addition, the CMA certificate also harbours several benefits, such as global recognition, higher earning potential, competitive advantage, and more. 

According to a recent survey, as much as 88% of candidates have agreed that the CMA certificate has played a vital role in boosting their professional confidence. Considering all the presented reasons and statistics, it can be easily predicted that the popularity of CMA-certified candidates is likely to experience a rapid surge in the upcoming years.

Conclusion

With the growing demand for skilled finance professionals, CMA candidates are in high demand across diverse sectors, including manufacturing, healthcare, technology, and finance. Earning a CMA certification can unlock a multitude of compelling career prospects and the potential for greater income. Indeed, numerous companies prioritise CMA-certified individuals for leadership positions within the realms of finance and accounting.

On that note, we present to you the CMA USA course offered by Imarticus Learning. From expert mentoring to unlimited access to study materials and top placements, the list of advantages that this program brings to the table is endless.

Become a CMA in A Few Steps

The CMA or Certified Management Accountant is a globally reputed designation in high demand but relatively low supply. The designation is a lucrative career option for accounting professionals, thanks to its international appeal and high income-generating aspects. 

Although certification is not necessary to become an accountant, the CMA certification offers individuals a host of perks that a bachelor’s degree in Accountancy won’t accord. CMA’s are known to earn 58% more than those without certification. 

certified management accounting course

If you want to become a CMA but don’t know where to start, this comprehensive guide is just for you. Read on to learn the basic steps to build your career as a certified chartered accountant.

10 steps to prepare for the role of CMA

Acquiring a Certified Management Accountant (CMA) designation presents multiple employment prospects and gives an edge over peers in the accounting and finance fields. This globally recognised certification requires extensive accounting and financial management knowledge. 

Here is a list of ten steps to become a CMA:

Step 1: Completing the academic requirements

A bachelor’s degree from an accredited college or university is essential to become a CMA. A professional certificate such as CPA, ACCA, or CA is also an accepted educational qualification to gain a CMA certification.

Step 2: Join the IMA

IMA, or Institute of Management Accountants, is the professional institution that grants the CMA certification to successful candidates. The stepping stone to becoming a CMA is to join IMA. Pay the membership fee and become an IMA student member.

Step 3: Learn about the CMA exam pattern

The CMA test is divided into two sections and each comprises 100 multiple-choice questions or MCQs and two essay-type questions. Part 1 addresses Financial Planning, Performance, and Analytics, and Part 2 deals with Strategic Financial Management.

Step 4: Study for the exam

To assist you in your preparation for the CMA exam, there are several study materials and review courses available. You may train with textbooks, online courses, or a review course. It is imperative to create and follow a study plan.

Step 5: Plan the exam

The CMA exam can be scheduled through Prometric, IMA’s testing partner. You can select the date and venue as per your convenience.

Step 6: Clear the examination

To pass, you must score at least 360 out of 500 on every part of the exam. You will get your results instantly after the exam, and if you pass, you will be issued your CMA certificate.

Step 7: Obtain necessary job experience

You must possess at least two years of relevant work experience to become a CMA. You can obtain the necessary experience either before or after passing the exam.

Step 8: Submit an application for CMA certification

After passing the exam and gaining relevant work experience, you can apply to get your CMA certification. Submit your completed application form, pay the certification fee, and show documentation of your education and professional experience.

Step 9: Follow the IMA Code of Ethics

As a CMA, you must follow the IMA Code of Ethics. The code of ethics establishes the moral and ethical standards that every CMA must conform to.

Step 10: Keep your certification updated

Each year, you must complete 30 hours of continuing professional education (CPE), including two hours of ethics lessons, in order to preserve your CMA certification. You must also pay the IMA’s annual membership fee.

Becoming a CMA is a demanding process that necessitates dedication, hard work, and a commitment to continuous learning. However, it can be a financially rewarding professional path with several chances in the accounting and finance fields. Following these ten steps can help you become a Certified Management Accountant and advance your career.

Why choose to become a CMA?

Choosing to become a Certified Management Accountant requires clear sight and hard work since the CMA exam is one of the toughest to pass worldwide. However, the certification accords candidates with a number of benefits, some of which are listed below:

  • Career advancement
  • Increased earning potential
  • Prestige and recognition
  • Global opportunities
  • Enhanced skill and knowledge
  • Networking opportunities

Conclusion

Deciding on a career path is taxing and needs careful consideration weighing all the factors and investments it would require. A US CMA certification is as prestigious as it is challenging. It requires lifelong dedication and perseverance. Hence it is not to be taken lightly. If you do wish to become a CMA, enrolling for a suitable course to prepare you for the exam is the best option.

Imarticus Learning’s Certified Management Accountant course prepares candidates for the advanced CMA exam. The programme offers pass protection and a comprehensive pre-placement boot camp, resume-building services, and interview preparation sessions. Learn from experienced faculty members with CMA, CPA, CFA and CA qualifications and pass the strenuous exam stress-free with flying colours. 

Visit the website today!