In FY 2018-19, there was an 89% increase in the number of CMA professionals. Also, there was a 26% increase in the number of candidates who enrolled in the CMA USA program. Though 47% of the active CMA professionals are in America, the program’s global reach far exceeds the geographical boundaries of the USA.
Certified Management Accountant or CMA, is a program offered by the Institute of Management Accountants, USA. The course aims at integrating the work experience of the candidate with strategic thinking and Financial expertise. These professionals will be able to convert data into dialogue necessary for strategic planning and forecasting.
Companies look for strategic leaders with expertise in Corporate Finance, Management Accounting, and decision-making skills. The best part about CMA USA is that it aims to provide the candidates with all of this and more.
India is known to follow the trends of the western countries, sometimes blindly so. However, in this case, Indians are not wrong to get hyped over the CMA USA professional certification.
The CMA USA certification is a globally recognized certification that can open up various doors for those holding it. Here are the top reasons why choosing to do a CMA course is the best decision that you can make!
Before India announced the policy of Liberalization, Globalization, and Privatization in 1991, the only competition of Indians was their fellow Indians. In a globalized world economy, Indians are not just competing with the management accountants and financial professionals of India- but that of the whole world. Having the edge over the others is the only way to survive the corporate race.
India has opened its door to the world to set up shop in the country and liberalize foreign direct investment policies. When these MNCs come to India, their corporate culture and standard of work are different from that of India. To work as per their requirements requires Indians to pursue global courses like CMA. A globally recognized qualification gives the individual the proper credentials to become an asset to the organization’s finance department, especially in top MNCs, big 4 firms, etc.
CMA gives the certified member another advantage over those not certified- a better salary. In 2020, those Indians who have a CMA certification earned far more than those who did not have the certification. And the difference was an average of 136%, which is not a small number. A CMA qualification can earn up to an average of 8- 10 LPA in India, while in the USA can earn up to 70,000$.
CMA qualification provides a competitive edge not only in terms of salary but also in terms of the job position.CMA USA certified professionals tend to hold higher positions in the management hierarchy than those who do not have a CMA certification. Every company needs such individuals for their finance division. Having the credentials opens up the opportunity to be hired by big firms for various lateral and executive functions like the Chief Financial Officer, Chief Investment Officer, Forensic Accountant, Risk Manager, Financial Analyst, Financial Controller, etcetera.
Indians have often hyped up courses like CA, CS, etcetera so much in the past, but a significant flaw of these courses is that they are valid only within the domestic boundaries of India. CMA USA is a competitive course not restricted to any one country’s premises. They are global courses that can be practiced in numerous countries. If you have ever dreamed of traveling the world or settling abroad, then CMA USA is the perfect option for you.
Coming to the exam part, Another prominent reason behind the popularity of CMA USA in India is the ease of passing. To achieve a CMA certification, you have to pass a two-part exam, which covers various topics under the heads of Financial Planning, Performance and Analytics, and Strategic Financial Management.
An average candidate can get the certificate within 8-12 months. The recommended time to study for one part is only 150 hours. In comparison, CA has multiple levels. The passing rate is much lower than CMA USA as well, which could waste precious years of the student’s life; or, worse, make them disheartened and quit finance.
Anyone who is a working professional or a full-time student pursuing another course can take up CMA on the side, dedicate some hours every week, prepare for the exam, and pass. Doing this with courses like CA is impossible because CA needs full-time attention and preparation.
The pass rates of CMA candidates are a lot higher than those of the Indian examinations like CA. The pass rate of the CMA part 1 examination is 40%, and that of part 2 is 50%. These are the global averages, but the pass percentage of Indians is said to be higher than those of the western countries.
The CMA examinations pattern, structure, and dates are very student-friendly. Candidates can register for the exam according to their convenience. They have 100 MCQ-based questions and two essay questions. The examination is for 4 hours, and you can choose a convenient exam window for yourself from the available options. If you fail an exam, you can re-attempt the paper after six months. There are many coaching institutes that can train you to clear the exam in one go through comprehensive study material, teaching methodology, and mock papers.
Apart from all these benefits, having a membership with IMA (Institute of Management Accountants, US, the institute that offers CMA) gives you access to a vast network of other CMA professionals across the globe. You become part of a global cohort that will eventually get you access to the top finance professionals, better job opportunities, and a chance to be mentored.
CMA is a relatively new course, having been in existence for about 50 years. It is a course that is adapting and relevant to the constantly evolving business environments and Accounting practices. Multinational companies are keen on hiring CMA professionals for their ability to think strategically and stay relevant.
It is a highly demanded certification by the big MNCs. The global reach and recognition of the course give you the option to move around the globe too. The versatility and the demand for this course make it attractive and hyped in India.
If you are interested in becoming a CMA USA, you can opt for NorthStar Academy’s Comprehensive CMA USA program to get access to the best teaching faculty, curated study material, and all the tips and tricks to pass the exam in one go.