Certified Management Accountants (CMAs) are becoming popular in organizations as companies look to grow and expand in an increasingly globalized economy. Management accountants help upper management make the best decisions possible for a company by using financial tools to explain the “why” behind the numbers.
If you’re looking to work in corporate finance and have good presentation and communication skills, the CMA credential might be what you’re looking for. Here are 5 reasons why you should consider earning a CMA credential.
1. CMAs Have a Much Higher Earning Potential
According to a March 2018 article from the Institute of Management Accountants (IMA), accountants with the CMA credential earn 62 percent more in median salary globally compared to their non-CMA counterparts. In the United States, CMAs boast a 47 percent higher median salary. The CMA credential proves to hiring managers that candidates have a specialized and needed skill set, allowing them to command higher salaries in the market. CMAs also have the ability to achieve senior management positions, which generally afford higher salaries.
2. Specialization Makes You Stand Out
Hiring managers are often flooded with applications for positions; you need your resume to stand out after a cursory glance if you want to land an interview. The CMA credential highlights your ability to make strategic decisions and prepare data for internal use within a company, giving you greater credibility in a pool of candidates. It also shows you have the skills necessary to move up the corporate ladder and provide current and future value for a company.
3. You’ll Be More Prepared for a Management Position
Management accountants work in a variety of areas and truly help make big picture decisions. They also manage other individuals within an organization, such as lower level accountants. To pass the CMA exam and become credentialed, candidates need to learn to effectively use financial tools. They also need to prove they can manage performance and make decisions, both of which imperative to be successful in a management position. By becoming a CMA, candidates prove they’re ready to be managers in an organization.
4. It Provides Career Advancement
Accountants working in industry can hit a ceiling without specialized knowledge or credentials. If you want to work in corporate finance, a CMA credential can help you reach the upper ranks of an organization. Management accountants are highly involved in operational decision making at a high level, and having the CMA credential proves you’re prepared to work at the top with senior management. Some titles CMAs hold include Senior Accountant, Controller, Vice President of Finance, CFO and even CEO.
5. The CMA Credential is Globally Recognized
While many licenses are state recognized or nationally recognized in the United States, the CMA is a globally recognized credential. In an economy relying less on national boundaries, companies are looking for accountants who will help them gain a competitive advantage in their market. CMAs are recognized and respected globally, and their presence within an organization proves a company is taking the necessary steps to grow, providing peace of mind to stakeholders.
If you’re looking to add a credential to your name and enjoy working in corporate finance, the CMA credential might be just what you’re looking for to advance your career.
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