In the corporate world, professional certifications can determine the roles you?re qualified to fill along with your starting pay. Getting certifications will give you an advantage in your industry. Even if you?re required to start with an entry-level position, that position will only be entry-level relative to your qualifications.
Of all the certifications you could pursue, becoming a Certified Management Accountant (CMA) is one of the best. Whether you’re already working in the financial industry or you’re looking for career ideas, here’s why becoming a CMA will make you a highly valuable employee.
1. Corporations want CMAs on staff
In the past, it was enough for organizations to hire a CPA to manage all the accounting duties. However, the accounting position has transformed over the years and now demands high-level decision-making and leadership.
While CPAs are great at managing the books, preparing taxes, and performing other accounting functions, only CMAs can provide strategic financial advice to upper management. Since the role of ‘accountant’ has greatly expanded, many corporations now require CMA certification to fill the role.
Many corporations also have a CPA, but they can’t function without a CMA. In fact, some corporations hire multiple CMAs to maintain a high level of financial expertise in multiple key positions.
2. You’ll get paid a higher salary
The IMA’s 2020 Global Salary Survey found that CMAs in Europe earn a median annual base salary of $66,000 with a total annual compensation of $71,500. These numbers reflect a 10% increase in annual earnings compared to the previous year.
While the majority of earnings come from the base salary, additional compensation can come from overtime and bonuses. However, these salary numbers don’t necessarily represent the entire financial industry. These are just numbers based on what survey respondents reported. It’s entirely possible for a CMA to earn more than $100,000 USD per year, especially when you step into a high-level position.
3. You have a better chance at being selected over other applicants
When employers need to choose between multiple candidates, they’re going to choose the person they feel is best qualified and has the most relevant experience. Being a CMA gives you a competitive edge to obtain various finance positions.
Considering all the changes forcing businesses to go remote, there’s going to be plenty of competition for empty positions. With remote positions in finance, anyone across the world can apply, which means you need as many qualifications as you can get.
4. You can move up to higher positions more easily
In addition to starting out in a high position, like a financial controller, you can move up to higher positions more easily when you’re a CMA. For example, you may want to move up to CFO, and you’ll need CMA certification to accomplish that goal.
Employers tend to promote employees with proven leadership skills. As a CMA, you’ll have those leadership and strategic decision-making skills. When you’re ready to apply for a promotion, you’ll already have a good portion of the qualifications.
5. Your skillset can’t easily be automated
The world is moving toward a highly automated state of existence. Manual labor jobs have been automated for decades, but there has been a surge in automation across every industry. For instance, many IT security processes are now automated, and some restaurants don’t use wait staff to take orders anymore.
As a CMA, your key role is analyzing financial data and making strategic decisions. While some would argue that these tasks are possible to automate, the intricacy requires human input. At least for a while, you won’t have to worry about your job becoming obsolete because of automation.
6. CMA certification is globally recognized
Certified Management Accountants are recognized in several key countries including:
- Canada
- USA
- Egypt
- Jordan
- Saudi Arabia
- Qatar
- The UAE
- India
- China
When you become certified, your credentials will be recognized in these countries. If you choose to take an extended vacation or move permanently to any of these countries, you’ll automatically have more job opportunities.
CMA certification is the best decision you can make for your career
Getting CMA certified in the finance industry will be the best decision you’ll make. You’ll gain experience, knowledge, credibility, and a good salary with a strong opportunity for being promoted.
It takes time, money, and commitment to become a CMA, but once you get into a good position in the industry, you’ll know it was worth the effort.
