Who is A Certified Management Accountant:
A management accountant who possesses the necessary qualification and who possesses a rigorous professional exam earns the right to be known as a certified Management Accountant (CMA).
In addition to the prestige that accompanies a professional designation, CMAs are often given greater responsibilities and higher compensation than those who do not have such a designation. Information about becoming a CMA and CMA program can be accessed on the Institute of Management Accountants.
To become a Certified Management Accountant, the following four steps must be completed:
- File an application for admission and register for the CMA examination
- Pass all four parts of the CMA examination within a three year period
Satisfy the experience requirement of two continuous years of professional experience in management and/or financial accounting prior to or within seven years of passing the CMA examination.
Comply with the standards of ethical conduct for practitioners of management accounting and financial management.
In Business| How’s the Pay?
In 1998 Ronald Madison reported that, with normal progress in a larger corporation, a management accountant should be earning $45,000 with in three to four years and after five to six years, $60,000. The salaries would be even higher now.
Source: Ronald Mason, How do I start career in financial management?” imastudents.org magazine, winter 1998, pp. 16-20.
You may also be interested in other useful articles from “introduction to managerial accounting chapter”:
What is managerial accounting?
Difference between financial and managerial accounting (Financial accounting vs managerial accounting).
Need for managerial accounting information.
History of managerial accounting.
Code of conduct for management accountants.
The certified management accountants (CMA).