The Institute of Management Accountants (IMA) offers a certification course in accounting and finance known as the Certified Management Accountant (CMA) course, which allows individuals to work in the field of management accounting alongside experienced professionals. This is a short-term course, and individuals can enroll in it immediately after completing their class 12 exam. However, the CMA certificate can only be obtained after completing graduation.
Benefits of having CMA Certification
1. High salary package
Completing professional courses such as the US CMA can allow individuals to command a higher salary compared to those with a traditional commerce degree. Enrolling in the US CMA course immediately after finishing class 12 allows one to earn an internationally recognized qualification even before graduation. On average, graduates of the US CMA can expect a starting salary ranging from INR 4 to 6 LPA.
2. Business Opportunities
The CMA course provides instruction on the business strategies involved in accounting and finance, making it an excellent starting point for individuals interested in pursuing a career in management. By obtaining a US CMA qualification, individuals can learn valuable entrepreneurial skills and business strategies and gain hands-on experience at an early stage in their careers. This experience can be particularly useful in customer-focused companies such as Accenture, Amazon, Apple, and Google.
3. Work Internationally
One of the biggest advantages of pursuing a US CMA is that it is an internationally recognized qualification. If you are planning to go abroad and explore international career opportunities in the future, you can do so with a US CMA Certification. As a US CMA, you will be able to work in India and countries such as the US, Canada, Australia, New Zealand, and the UAE.
4. Introduction to Accounting and Finance
For individuals uncertain about their career path after completing class 12, there are limited options available to explore various aspects of accounting and finance within a short time frame. However, if individuals are open to pursuing longer courses, they may consider international qualifications like ACCA, CPA, FRM, or CA. These options can provide a more comprehensive understanding of the field, but require a greater time commitment.
CMA Course Structure
The US CMA course is divided into two parts, each comprising six modules. Below is a breakdown of the structure of the US CMA course and the relative weight assigned to each module.
- EXAM PART 1 – Financial Planning, Performance, and Analytics
- External Financial Reporting Decisions (15%)
- Planning, Budgeting, and Forecasting (20%)
- Performance Management (20%)
- Cost Management (15%)
- Internal Controls (15%)
- Technology and Analytics (15%)
- EXAM PART 2 – Strategic Financial Management
- Financial Statement Analysis (20%)
- Corporate Finance (20%)
- Decision Analysis (25%)
- Risk Management (10%)
- Investment Decisions (10%)
- Professional Ethics (15%)
CMA Course Eligibility
- Students can start studying for CMA after completing their class 12th.
- To be certified as a CMA, you will need a Bachelor’s degree, completion of the CMA papers, and 2 years of work experience.
The Certified Management Accountant (CMA) certification is granted by the Institute for Management Accountants in the United States and is available to students who have completed their high school equivalent or 10+2. Individuals interested in pursuing a career in accounting may want to consider enrolling in the Certified Management Accountant (CMA) course.
