CMA Benefits- Top reasons to do CMA USA
Admin 29 Dec, 2023 Overview
US CMA or US Certified Management Accountant is an accounting qualification accredited by the international organization - Institute of Management Accountants (IMA). This globally renowned certification can help you enhance your financial accounting and strategic business management abilities. If you work in the financial, accounting, or business sectors, this certification can help you advance your career by increasing your salary, growth, and employment prospects. Many organizations will place you at the top of their hiring lists just because you have the CMA USA enlisted on your CV/Resume.
Before we examine some of the CMA benefits, let's talk about who should enroll in this course.
Who should consider doing CMA USA?
- Students that have recently finished the 12th grade - If you have recently completed your 12th grade and are uncertain whether you would be better suited for a job in finance or accounting, pursuing CMA may help you make a rational decision.
- Candidates with a Postgraduate (PG) Degree seeking Career Advancement - A professional qualification is very beneficial for improving your chances of getting employed. You can reach higher positions in reputable organizations, like Big4, if you have completed your post-graduation and want to work in finance and accounting. A professional certification, like CMA USA, can help you polish up your CV without taking up too much of your time.
- Working professionals who want to reach higher positions in their company or seek opportunities abroad can go for the CMA USA.
Now that we've established that US CMA is available to every individual ultimately seeking growth, we'll go through the CMA benefits.
Detailed Account of US CMA Benefits
Business Appeal - Obtaining a CMA certification will give you a great business appeal. The main CMA benefits is that it perfectly combines business and accounting and is regarded as the greatest accounting qualification for management. Corporate governance and crucial business, financial, and accounting principles, like responsible accounting, are the topics covered in CMA. Candidates who have earned the CMA credential are, therefore, qualified to make decisions for the firm or participate in group decisions. They are given significant jobs inside an organization because of confidence in their business acumen.
Improve your financial abilities and knowledge - A comprehensive and rigorous understanding of management accounting procedures is a requirement for the CMA designation; putting these concepts into practice will result in transferrable abilities. The duties of a CMA are frequently more specialized than those of a standard accountant. Your professional competencies will increase if you regularly do budget analysis and planning, important investment decision-making, and risk management. CMA benefits are that it can help you advance your career by allowing you to take on additional managerial-level responsibilities.
Possibilities for career growth - CMA is a management-level credential that provides several options for career advancement. Compared to college graduates with no extra qualifications, CMA applicants were shown to have superior entry-level positions and possibilities for advancement. The CMA certificate indicates that you are going to do more than simply accounting; you will take on more duties and manage the accounts. Other applicants do not advance beyond a particular position and compensation. However, a US CMA certification allows you to easily advance into a management role.
Better Salary - Another US CMA benefit is that it qualifies you for greater compensation than other candidates. According to recent surveys, CMA certification holders earn up to 67% more than other applicants with only a bachelor's or master's degree. When advantages like health insurance, pensions, and fringe benefits are considered, earning potential increases, even more, this is because US CMA-certified professionals advance quicker into management after acquiring experience, and even when they switch positions, they receive a larger raise since US CMA-certified professionals are in great demand in the job market.
Global Opportunities - One of the biggest US CMA benefits is that this accreditation is valuable on a worldwide scale. You may be a graduate with a fantastic job in your own country, but if you want to work abroad in another nation, you must obtain a CMA USA certification. Certain nations may not place much importance on your college degree depending on where you studied and where you wish to work. CMA certification, on the other hand, is recognized and regarded worldwide. You may easily apply for a job in Western, European, and Middle Eastern nations, where salary scales are substantially higher.
More power and Value as an Employee - CMA prepares you to better comprehend business, finance, and accounting. So you don't just execute a task; you understand why you're doing it and figure out how to do it more effectively to provide a better outcome than planned. You will become the go-to person for major issues. Your input will be respected, and you will quickly become an important management team member. Many CMA-certified candidates have gone on to work as CFOs. As a result, with CMA certification, you will be regarded more as an employee and will always be appreciated.
If these CMA benefits entice you enough to get this certification, let's talk about the job chances and salary that may be useful to you.
Scope After CMA USA
CMAs work in various organizational sectors, and their employment opportunities are not limited to a certain qualification or business. This credential is so valuable that many CMAs go on to become CFOs of well-known firms. After completing CMA, you can follow a variety of professional paths, which includes:
- Financial Analyst - Financial analysts monitor financial statements, prepare reports, analyze data, and offer recommendations to improve corporate productivity. As a Financial Analyst, you may work for one of the Big Four accounting companies, MNCs, startups, or even a bank or insurance company.
- Financial Risk Manager - Financial risk managers create strategic strategies and foresee future events that might affect the company's finances. A Financial manager must assess and decide on other accountants' methods to monitor and collect data.
- Cost Accountant - A CMA-certified cost accountant may undertake cost accounting and communicate strategic suggestions to top leadership for execution. Cost accountants collect, analyze, and summarize information about a company's spending to discover inefficiencies that may be eliminated to save money.
- Financial Controller - Financial Controllers report directly to Chief Financial Officers as one of the senior executives in the finance department. This work requires multitasking, strong communication skills, turning data into financial reports, and establishing a financial strategy. Financial Controllers must make strategic choices and supervise other accounting professionals; hence a CMA qualification is highly recommended.
- Chief Financial Officer - The Chief Financial Officer oversees a company's financial decisions and has one of the highest-ranking positions in the firm. Financial reporting, forecasting, and corporate investments are all responsibilities of CFOs. Positions at this level of management often need a CMA or an MBA. The CMA course is the quickest method to gain the finance and management skills and knowledge you need to manage a company's financial activities.
Salary of a CMA USA Professional
Opportunities to work with CMA are expanding quickly. The need for CMAs is growing, and consequently, so do their salaries. The money they will earn is the main incentive for learners to pass the test. A CMA USA earns an average income of 65% more than non-CMAs. CMAs are highly qualified persons who have advanced managing abilities. This justification is sufficient to offer them CMA USA employment possibilities and competitive pay. The average yearly pay for a CMA is around 111,000 USD or $9250 per month.
Even recent graduates who have earned their CMA certification are highly prized and regarded as assets by their employers. The starting salaries for CMAs depend on their interviews and the employers they end up working for. The typical range for new hires is between 50,000 and 60,000 USD annually. The figures are global average estimates and may differ by country.
Important Pointers To Know
There are several benefits of CMA in India; therefore, doing so is a sensible choice. Let's look at the following points:
- The IMA's members are eligible to join the US CMA.
- Candidates who already hold US CMA certifications and want to work in India can apply for ICAI membership after completing the program overseas.
- According to the IMA Global Survey, Candidates in India who have earned their CMA certification tend to earn more than those who have not.
- IMA members and CMAs in India work 46 hours each week compared to other countries. CMA USA in India can earn very lucrative employment with the Big 4 and other major MNCs.
- Candidates for the US CMA program in Africa, the Middle East, and India must hold a bachelor's degree and relevant work experience.
- Several businesses are hiring US CMAs in India to lead the financial teams and manage cash flows strategically to generate profits.
Opportunities for US CMAs may be improved by strengthening the banking sectors in rural India, and they could experience a surge in the quality and salary of CMAs as a result.
CMA Salary in India
According to the financial market, the CMA USA salary in India is quite competitive. According to PayScale, a CMA applicant in India may expect to make an average income of Rs. 6,00,000 per year with little to no prior experience in the industry. According to Glassdoor, Amazon pays Rs. 5,000 to 8,000 for financial operators who need a CMA certification yearly. Senior financial analysts at Oracle with more than three years of experience are paid around Rs. 9,00,000 annually. At other firms like Apple, Samsung, and Amazon, the experienced CMA USA salary in India may be higher. For CMA applicants with experience ranging from 1 to 5 years, the Big 4 companies would pay between Rs. 7,00,000 and Rs. 10,00,000.
FAQs
1. Is it worth getting a CMA?
It's an excellent idea to pursue a career in CMA USA. The Institute of Management Accountants USA administers this course. CMA USA is a certification that is recognized all around the world. You can utilize this qualification to get work both in and outside of India. There are excellent CMA benefits. Indian accounting professionals with CMA USA certifications may make more money than those without them. CMAs receive 58% more in total salary than non-CMAs worldwide.
2. Is CMA better than MBA?
While the MBA is a discipline-specific credential, the CMA allows for a broader range of finance and management accounting applications, giving qualified persons a wider range of work prospects. There is one of the top CMA benefits that is actually crucial for students. Depending on the MBA track and the institution, getting this certification is almost always quicker than getting an MBA. Even before earning your undergraduate degree, you can take the CMA USA Exam. You can then conclude the certification procedure once you have two years of professional experience.
3. Who hires CMA USA?
The CMA USA certification is a credible professional choice for those pursuing Financial Management in India. CMA benefits of job prospects are growing across all business operations in the MNC CMA jobs area due to the astounding rate at which most enterprises, firms, and organizations are transitioning abroad. A CMA can excel at strategy in a Big 4 scenario. If that's the kind of work you're interested in doing, you should research the CMA and any future MNC CMA positions.
4. Can I pursue CMA after BCom?
Yes, you may do CMA USA after Bcom or while studying for your B.Com, but to be accepted as an IMA member, you must have a university degree. CMA is a program with global recognition and high value. Students pursuing a BCom degree in conjunction with a CMA credential can get comprehensive basic knowledge in various financial and managerial accounting disciplines. One CMA benefit along with BCom is that salary packages are competitive in both private and public sector organizations.
5. Is CMA USA valuable in India?
Yes, there are CMA benefits in India. Candidates who complete and obtain the certification can get work in top firms all around the world. Many individuals are pursuing CMA USA certification today. It is an add-on to CVs that informs recruiters that the applicant has competence in financial management and management accounting.
6. Which country gives the highest compensation to CMA USA?
A CMA professional earns the highest income in the United States of America. With sufficient expertise, any CMA may make up to 125,000 USD per year. In the United States, the average pay is roughly 80,000 USD. Following the United States, nations such as Canada, the United Arab Emirates, China, and others pay them somewhat less than the United States, but it is fair. Wherever you work, your compensation will be a little bit more than your coworkers who don't have a CMA certificate. It is one of the outstanding CMA benefits.
Conclusion
Because the CMA USA is the most sought-after credential in the field of management accounting today, the CMA benefits that come with this credential are constantly promising. Individuals studying for the US CMA certification exam by enrolling in leading institutes such as NorthStar Academy (NSA) usually clear the exam on the first attempt.
NSA offers the most comprehensive 12-section review guide covering the entire syllabus in their CMA USA course. You will receive advice from some of India's best mentors if you enroll in the courses at NSA, including M.Irfat Sir, a seasoned professional and educator in this sector. If you want to speak with skilled professionals about the CMA US or other programs, call +918147470707.