Certified Management Accountant (CMA)
Meaning and definition of Certified Management Accountant
The CMA is an accounting designation wherein the holder formally demonstrates a blend of expertise in strategic management and financial accounting. This certification gets bigger on financial accounting through the addition of management skills which are helpful in making the strategic business decisions based on financial information.
As stated by Investopedia, the entry to a Certified Management Accountant program demands a university degree. The program includes a series of tests which are obligatory to be passed by the participants to attain the designation. Moreover, this accounting designation is administered by an accounting association in every country.
Also, the Certified Management Accountant (CMA) proffer a foundation in accounting, management, and strategy, through the use of financial as well as non-financial information to express tactical and operational decision making in industry and government. The subject matter incorporates management accounting, strategy, corporate finance, internal control, operations management, financial accounting, economics, and statistics.
Designations to Differentiate
The Institute proffers a variety of education programs. Many of these programs are delivered and accredited by different universities internationally. Being a CMA indicates your commitment to a continuous professional development. Additionally, the institute also proffers seminars, training, and other development activities to help out the members in accomplishment of their objectives.
CMAs feature specialized training and certification processes. The training process usually includes study in financial analysis, economics, budgeting, performance management, financial planning, corporate taxation and business ethics.
The eligibility criterion for CMA is graduation. However, students pursuing graduation can also appear for the exam. Additionally, two years’ experience in financial management related field before or within seven years of passing the exam.
Major Professional Organizations offering the CMA accreditation are:
- Institute of Management Accountants (IMA USA) – USA, China, International
- Institute of Cost & (Management) Works Accountants (ICWAI) – India
- Certified Management Accountants (CMA Canada) – Canada, Bermuda, Caribbean, International
- Institute of Cost & Management Accountants of Pakistan (ICMAP) – Islamic Republic of Pakistan
- Certified Management Accountants (CMA Australia) – Australia, Asia-Pacific, International
- Chartered Institute of Management Accountants (CIMA UK) – UK, Europe, International.