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7 Professional Paths you can Pursue after Becoming a CMA

The Institute of Certified Management Accountants administers the globally recognized Certified Management Accountant (CMA) credential. Earning the CMA certification will improve one’s financial, accounting, and management skills, enabling the individual to carve out a niche and set oneself apart from competitors. Job opportunities and salaries for CMA professionals get determined by a candidate’s years of work experience.

One of the most valuable benefits of putting in months of hard work and studying day and night is the significant job opportunities that come with the CMA certification. Hence, there is a high demand for the CMA course in Dubai

Many prospective CMA candidates are curious about what comes after the CMA exam and are exploring professional growth and job options after completing the CMA course.

If you’ve been studying for the CMA exam and thinking about your career prospects, you’ve come to the right place. This article will concentrate on seven CMA accounting careers that many candidates pursue after earning a CMA certification. But first, let’s go through the general responsibilities of a CMA.

What are the responsibilities of a CMA?

  • A Certified Management Accountant’s responsibility is to be a curator, operator, strategist, and catalyst. They must use their decision-making, planning, and performance management skills to provide professional guidance and reporting.
  • As a curator of the organization, the CMAs are responsible for ensuring that the assets of the organization are secured and also making sure that the organization complies with financial rules and external financial reporting.
  • The CMAs also serve as operators, providing financial planning, treasury, and tax services to manage an efficient finance organization.
  • They also align business and finance strategies for the future of business.
  • They are also responsible for boosting the performance of the organization with their expertise in analytics and technology.
  • They also act as leaders, inspiring and assisting the team to achieve the goals of an organization.

Seven Career Paths for CMA professionals

Financial Analyst

The role of a financial analyst is less about traditional accounting tasks and more about forecasting and analysis. A Financial Analyst tracks financial statements, prepares reports, analyzes results, and provides suggestions to boost productivity within an organization. A financial analyst can work for a bank, an insurance business, a startup, or a multinational corporation.

Financial analysts anticipate revenue, expenses, and other critical company outcomes. These individuals assess an organization’s capital budgeting requirements and the financial implications of launching a new product line or purchasing a firm. They also measure the rate of return on specific business decisions.

The CMA exam covers topics like corporate finance, risk management, and investment decisions, which are beneficial for a financial analyst. Having the CMA certification demonstrates that the individual has the knowledge required to complete the entire cycle, from generating financial reports to providing recommendations based on a thorough analysis of the compiled data.

This position is suitable for those who enjoy observing and studying market trends, as well as analyzing the microeconomic aspects of finance.

Accounting Manager

The Accounting manager is in charge of maintaining and developing accounting systems, as well as the processes and techniques used by accountants in data collection and analysis. 

Their daily responsibilities include monitoring and analyzing data, preparing financial statements and reports, and adhering to strict accounting policies and principles. They also supervise the entire project by other accountants and typically work for large businesses with many accountants.

Financial Controller

Financial Controllers work directly with Chief Financial Officers as the head of the finance department. This is primarily a managerial position in which one supervises other accountants and accounting managers, as well as converting data into financial reports and developing a financial strategy.

On a daily basis, they are expected to perform a variety of responsibilities such as bookkeeping, auditing, administrative tasks, tax difficulties, and developing financial strategies and judgments. To be effective as a Financial Controller, one must be excellent at multitasking as well as have analytical and communication skills.

Corporate Controller

A controller plans and directs all the accounting activities in the organization and makes sure that accurate financial statements are generated. Some of the prime responsibilities of corporate controllers are as follows:

  • Provide management reports to assist in decision-making
  • Collaborate with the company’s external auditors
  • Oversee the process of annual budgeting 
  • Examine internal controls and make adjustments to improve them
  • Holds responsibility for tax compliance and regulatory difficulties

Working as a controller allows you to delve deep into your company’s finances, which is an excellent method to learn everything there is to know about a specific industry. The financial statement, budgeting, and internal control concepts are included in the syllabus of the CMA Exam. After passing the exam, individuals with financial management knowledge can land a job as a corporate controller.

Cost Accountant

Efficient cost accountants can add a lot of value to an organization, but they are hard to come by. In order to develop budgets, these individuals establish cost guidelines for material, labour, and overhead expenditures. They analyse production costs and make recommendations to reduce costs and boost efficiency. Budgeting, forecasting, and cost management topics taught in the CMA exam syllabus are incredibly valuable for cost accountants. CMAs will know these concepts inside and out to function effectively as cost accountants.

A Cost Accountant collects, analyses, and reports details about a company’s costs in order to detect disparities and inefficiencies that should be addressed in order to recognize where the company is losing money unnecessarily and improve overall financial management. Cost accountants gain the abilities required to undertake good cost accounting and convey strategic plans to senior management and executives for implementation when they become CMAs. A Cost Accountant’s daily tasks include producing asset, liability, and capital account entries, documenting financial transactions and providing financial recommendations based on financial history analysis.

Risk Manager

Risk management has become a key role in every business organization. As companies face a number of regulatory and financial risks, businesses need experts to monitor and reduce risks before they arise to prevent any kind of liability. Risk managers must be able to communicate risk issues and solutions to the entire company effectively. You can work as a risk manager in a variety of industries.

The Risk manager plays a vital role in any organization. They analyze and forecasts threats beforehand and reduce risks before they arise to prevent any kind of liability. Risk management professionals must understand internal controls, risk management, and decision analysis. Each of these topics is tested on the CMA Exam. An individual can work as a risk manager in a variety of industries. Some vital duties of risk managers are as follows:

  • Examining the financial implications of business decisions
  • Determining where risks exist in the organisation and implementing suitable risk management strategies
  • Assessing the expenses and legal requirements for appropriately minimizing risks
  • Assessing which types of insurance coverage are required to handle risks

Chief Financial Officer (CFO)

The CFO is in charge of all financial and accounting matters of a company. CFOs are responsible for the following tasks on a daily basis:

  • Manage the controller and all accounting-related personnel
  • Ensure that all transactions are posted and accurate financial statements are generated
  • Manage the process of identifying and correcting weaknesses in internal controls
  • Analyse cash flow and capital expenditure plans to make informed business decisions

A CFO must have nearly all of the abilities assessed during the CMA exam, with a focus on forecasting, risk management, and investment decisions. Rising to the position of CFO will require years of experience but holding the CMA credential will accelerate the entire process.

Final Wrap

CMA certification is one of the most in-demand credentials that ensures that an individual has good employment opportunities in the future. CMA is getting increasingly popular, and there are several CMA job opportunities in Dubai and around the world. It is critical to enroll in the CMA course at the appropriate time. Your career will undoubtedly benefit from taking the CMA course from a well-reputed institute. If you are considering taking the CMA course, now is an excellent time to do it.

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