When pursuing studies, students get ill-informed questions like Is CMA a good career option? , Is it possible to do a job and CMA course simultaneously, and Is CMA is easier than CA and ACS courses? The answer to all these questions is the individual intention. The inclusion of the gold standard, global recognition, and variety of career paths makes CMA the best course for working professionals. The academic qualification and professional qualification vary in terms of opportunities and salary. CMA is a professional qualification that aids in career growth. If the learner possesses prior job experience, then it is easy to understand the concepts in CMA. Spending two hours per day for self-study and getting leave sanction for writing the exams matters a lot for working professionals. Making study plan with regular interaction through video lectures, self-study, revision, and application of concepts in the practical environment of business enhance the marks.
Why do organizations look for CMA for higher positions?
The skills of CMA work with the financial metrics and non-finance metrics. Unlike CA professionals, CMA professionals need to work on all the aspects of the business. To understand the business they need to set review plans, arrange for staff meetings, and scrutinize the operations. The two qualities strategic management and forward-thinking are essential for higher positions. These qualities get implemented in the business with the CMA qualified professionals.
Strategic management
Cost and management accountants analyze the competition and create long term value to the business. They monitor the risk associated with the strategies. Frameworks like Porter’s five forces help for understanding the threat to the organization. The five forces of the business that drive the business are the substitute product, customer’s bargaining power, supplier’s bargaining power, new product performance in the market, and level of competition in the industry. The key risk indicators take into account the risks with manufacturing companies and workers. SWOT analysis is the framework that provides information about the opportunities and discusses the market in the meetings. Return driven strategy is suitable for companies with high performance. As they yield high-returns, it is measurable and pays way to form new strategies. Blue ocean strategy is for companies entering into a new market. Innovative ideas make the new entrants popular. So, it helps the management accountants to present the idea with an innovative mind. The business needs to focus the view from a traditional approach to an innovative approach.
Forward-thinking nature
CMA professionals look future of the business with the support of technology. The course brings a change in the thinking and business concepts. For day to day activities forward-thinking initiates changes. CMA is growing popular with global countries like United States, Middle East, China, and United Arab Emirates. CMA certification connects domestic operations with global operations. It views the business as more practical. The fortune 500 companies like Xerox, Verizon, Whirlpool, Saudi Aram co, Procter & Gamble, KeyCorp, Johnson and Johnson, Microsoft, Hewlett-Packard, Caterpillar, ConAgra, Cargill, Bank of America, Boeing, AT&T, 3M, and Alcoa have CMA professionals to fill the management positions. So, to get placed in top companies progressive thinking is essential.
Next step after CMA
The additional qualifications for CMA professionals which some organizations prefer are MBA-Finance, CFA(India), CMA(UK), CFA(USA), CS, CA, CPA, CIA(USA), CFP, CISA, NCFM, and CMA(US). CMA demonstrates the skills such as decision making, control, financial planning, analysis, and professional ethics. The course is regularly reviewed for enhancement. So, After the CMA course students have a wide range of choices.
As the competition after the CMA course is a high additional qualification, additional skills and experience are crucial. Additional skills like computer proficiency and communication skills make the match for the corporate ladder. After completing the CMA course subscribing to the GAAPS and IFRS enhance the latest knowledge in different industries. By subscribing to this information the principles and rules for the accounting standards become easy. In India, MNC companies are listed in the USA stock market. These companies follow the GAAP of the US. So, the additional qualification like CPA US and CMA US educate the learner about the international standards. If he or she wants to do CMA US, the experience of the learner in the accounting profession is taken as one of the parameters. The eligibility to join CMA, US is graduation.
