Are you planning to take the Certified Management Accountant exam? Then, you should start your preparations right away! The exam has a vast syllabus and requires extensive preparation.
However, if you’re wondering whether a certified management accountant course is worth it, here’s a simple answer: yes! Want to learn why? This blog offers insights on the job prospects after a CMA course and how it will benefit your career.
Certified Management Accountant course: Understanding the basics
A CMA, or certified management accountant, is a professional expert in financial accounting. As a CMA, your day-to-day tasks would include budget development, preparing financial reports for your firm, and advising the firm on its ideal strategic decisions.
You will be eligible for a certified management accountant course if you have a bachelor’s degree and at least two years of relevant work experience. You can also join the IMA or Institute of Management Accountants, which gives you exclusive access to rich community resources.
Why pursue a certified management accountant course?
A certified management accountant course comes with a range of benefits. Here are a few of its advantages:
Handsome remuneration
The market demand for qualified CMAs is high globally, and they earn a high salary. The average salary for a beginner CMA in India is INR 8.3 lakhs. In addition to the head start in salary, there is also sufficient room for future growth.
Greater skill and knowledge
Aspiring to be a CMA comes with great learning opportunities. Since you must learn a wide range of topics, simultaneously, you learn new skills and enhance your knowledge. You can hone your risk management, decision-making, planning or budgeting skills.
Global recognition
CMA is a recognised credential which is well-known and respected across the globe. Thus, with this course, you can pursue any opportunity globally. So, it’s your choice whether you want to stay near your home or go abroad.
Know your pocket pinch: How much does the course cost?
The CMA course can be divided into three levels: foundation, intermediate, and final. The total fees range between INR 1.6 lakh and 1.8 lakh, depending on the exam location and whether you are a student or professional. It also depends on your IMA (Institute of Management Accountants) membership.
How long does the course take?
The certified management accountant course duration is about 6 to 18 months. However, you can complete everything in three years, including appearing for the exams.
Career after a certified management accountant course
Here are the most sought-after jobs after a certified management accountant course, which offer attractive salaries:
Corporate controller
Since CMAs are experts in financial management, they are ideal for this role. As a corporate controller, you will supervise the accounting operations in your organisation. The starting salary of a corporate controller in India is INR 11.3 lakh per annum.
Budget analyst
A budget analyst helps an organisation manage its finances. In this role, you review budgets, analyse the data, and ensure that they are in sync with the firm’s goals. Your starting salary as a budget analyst can be INR 7.7 lakh per year.
Internal auditor
As an internal auditor, you will assess and evaluate the financial processes in your firm. You would ensure the firm stays compliant with the local rules and regulations. An internal auditor in India can begin their career at INR 5.7 lakh per annum.
Financial analyst
As a financial analyst, your primary work will be assessing financial data. You will also prepare financial reports and advise businesses. A beginner financial analyst in India earns about INR 5.4 lakh per annum.
Cost accountant
As a cost accountant, you will be employed in a firm to analyse the costs incurred in manufacturing and production. You will work to boost profits by controlling and optimising costs. You can earn INR 5.3 lakh annually as a cost accountant in India.
Here are some of the non-traditional job options after completing your certified management accountant course:
- Business consultant: With your expertise in accounting and management, you can help businesses optimise their resource use. You can guide them in better decision-making and help them gain the most from their investments.
- Corporate trainer: As an expert in your field, you can become a corporate trainer. You will teach accounting principles to aspiring CMAs and help them understand the fundamentals.
- Financial writer: You can become a financial writer by using your management and accounting skills. Your vast knowledge in the field can help you produce website content for financial institutions or corporate programs.
Summing up
To pass the CMA exam, prepare your study schedule and look for reliable online resources. Be familiar with the exam format and allow for short breaks. Ensure your study area is neatly organised so you can access your books and notes easily.
To become a CMA, you must meet several requirements, the first of which is to enrol in a certified management accountant course from a reputed platform so that you get the best learning and placement options.
Whether you’re looking for online CFA or classroom learning, sign up today!
For more details, visit The WallStreet School or contact us via email or phone: +91-9999724852.
FAQs
- To become a CMA, is work experience mandatory?
Yes, work experience is mandatory to become a CMA. You need to have two years of experience in either financial or accounting management.
- Is the CMA exam very difficult?
The difficulty level of any exam depends on a candidate, especially their preparation and level of familiarity with the content. If you have adequate preparation and have prepared with proper study materials, then the CMA exam should be a cakewalk.
- Where will I find study materials for the CMA exam?
You can find many good resources online. You can check online lectures, study notes, and ebooks and take online courses and mock exams to prepare for your CMA exam.
