Becoming a certified management accountant is a flourishing career prospect in today’s world. Individuals can build a potential career in this discipline if they acquire the required skills and knowledge. This course was first introduced in 1972 by the Institute of Management Accountants (IMA), and since then, more than 100,000 accountants have earned this designation across 150 countries.
Earning a CMA designation is quite difficult but its popularity among finance enthusiasts depicts its value. As it is a globally recognised certification, CMA holders can easily build an international career in no time. Keep on reading to learn more about the duties and job opportunities accountants can bag after completing their Certified Management Accountant-CMA course.
Duties of a CMA in a company
CMA holders execute a lot of duties for a company as they are well-skilled. Here is a list of duties a CMA executes:
- Analyse data to rectify past mistakes and incorporate it to improve the company’s overall performance
- CMAs also have to plan financial or business strategies after studying various insights and data
- Prepare financial reports that include various statements regarding tax, cash flow, assets, profits, and losses
- Invest in various financial opportunities beneficial for a company
- Maintain a company’s budget by setting financial limits
Job opportunities after CMA
According to the survey conducted by the Institute of Management Accountants (IMA) in 2023, it has been noted that 83% of CMA holders have boosted confidence at their workplace, which has helped them to bag high-paying job roles. Here are the most common job roles one can get after completing the Certified Management Accountant–CMA course:
1. Financial Analyst
CMA freshers usually commence their careers as financial analysts as this is the junior-most position in the finance department. A financial analyst has to deal with the latest market trends, macroeconomic factors, and alluring financial opportunities so that the company can make gainful investments. They also have to study the past as well as the present financial data of a company so that they can easily prepare financial reports and projections.
Lastly, financial analysts also supervise the performance exerted by the financial department and provide suggestions for further improvements. The average salary of a financial analyst in India is around INR 5.05 LPA.
2. Financial Risk Manager
CMA holders can commence a career as a financial risk manager. This is because they gain various skills like analytical skills, risk management skills, and decision-making skills from the CMA course. These skills help a financial risk manager to analyse various financial trends, market conditions, and previous data to predict any potential future risk.
Financial risk managers also have to deal with sensitive data like income tax, insurance policies, assets, debts, etc. of a company to safeguard them from external threats. They even have to conduct training sessions for the other employees so that they can easily identify the potential risks and avoid them. Lastly, risk managers have to prepare strategic plans to combat any future financial threat.
In India, most financial risk managers earn around INR 12.3 LPA.
3. Cost Accountant
Cost accountant is a suitable job role for those CMA holders who already have some working experience but are in search of a better job role. A cost accountant has to analyse the cost standard of a company and create a report that will help the company to minimise its expenditures and boost its profits. They even make a cost standard for vendors, raw materials, marketing, etc.
Cost accountants supervise the inventories for cost reduction and other necessary changes. They even have to hire and train the employees who will look after the inventories. A cost accountant earns around INR 5.8 LPA in India.
4. Financial Controller
The financial controller is one of those roles that serves as the head of the finance department. They work alongside the CFOs. This is a leadership role where the controllers supervise the company’s budget, finances, and any function related to finance.
The financial controller also evaluates various accounting software systems and checks all auditory reports, account statements, etc. They also have to hire and train employees who will work in the finance department. In India, the average remuneration of the financial controller is around INR 19.7 LPA.
5. Chief Financial Officer (CFO)
The chief financial officer or CFO is the head of a company’s financial department. CMA holders with sheer experience, knowledge, and skills can easily become CFOs. Their main job is to lead the finance department, provide strategic financial plans to the CEO, and advise the company on long-term as well as effective business plans.
CFOs also have to maintain a cordial relationship with the stakeholders, internal managers, and external business partners. In India, a CFO earns around INR 36.75 LPA.
Wrapping up
Completing the Certified Management Accountant– CMA course in India is quite a challenging task. However, after its completion one can commence a career internationally. As companies worldwide increasingly seek out CMAs for roles that combine finance with strategy, career prospects are brighter than ever.
Enrolling in the CMA program equips students with advanced expertise, setting them apart in today’s competitive job market. Take this step toward a rewarding career in finance; it’s a decision that truly pays dividends.
FAQs
- What is the duration of a CMA course?
The duration of the Certified Management Accountant- CMA course is three years in India.
- What are the various stages of CMA?
The CMA course consists of three stages: the foundation stage, the intermediary stage, and the final stage.
- Can I pursue CMA simultaneously with B.Com?
Yes, you can pursue the Certified Management Accountant- CMA course while studying B.Com.
