A certified management accountant is an accounting or finance specialist.Financial planning, analysis, and management decision-making are some of the areas in which CMAs work.Many accountants, auditors and financial analysts get the designation to advance in their careers.There are specific education and work experience requirements for the credential.You have to pass the certification exam to get a passing score.
Step 1: A bachelor's degree in accounting, finance or economics is required.
The requirements are dictated by the Institute of Management Accountants.The website can be found at http://www.imanet.org.Business studies should be included in your program of study.A Certified Public Accountant is a similar designation.CPAs are focused on accounting and auditing.Management decision-making and analysis is what a professional focuses on.If you don't know if you want to become a CPA or a CMA, you should check the course requirements.You may be able to schedule your classes to meet the requirements.Accounting or finance internships can help you find full-time jobs.If you are in school, consider applying for an internship.If you work at an internship, you'll be able to decide which career path is right for you.
Step 2: Get some work experience.
2 years of continuous work experience is required for the designation.It's necessary that your work is in a related field.There are accounting, auditing, financial analysis or budgeting jobs.After you take the exam, you can complete this 2-year work experience.You have 7 years to submit proof of your financial management experience once you are a candidate.The 2-year work requirement can be met by part-time positions.You can be considered part-time if you work 20 hours a week or more.It takes four years of part-time work to meet the requirement.Check with both your employer and the IMA when applying for jobs.If your position meets the requirements, they can check it out.
Step 3: You need to apply for membership in the Institute of Management Accountants.
Depending on your status as a student or an employee, the annual membership cost will be different.You can get access to exam preparation, employment boards and continuing education courses if you are a member of this professional organization.You can take the exams within the next 3 years if you pay the membership fee.Send your college transcripts to the IMA.You need to complete an experience verification form.The IMA website has these available.You will have to list all of your management accounting work experience.
Step 4: Take a look at the structure of the exam parts.
You have to pass two exam parts.There is a multiple-choice section and an essay portion.You can take a course through the Institute of Management Accountants.You should devote at least 2 months of study to this exam.You can choose which part of the exam you take first.There are 100 multiple-choice questions and two essay questions.Financial reporting, planning, budget topics and cash management topics are covered in part one.Your knowledge of financial statements analysis, risk management and investment decisions are tested in part two.
Step 5: You need to register to take the exam.
To make sure you meet all of the requirements, you should review the Handbook.The handbook can be found on the website.Within the first year of buying the exam, you will need to take at least one part.The Resource Guide can be found on the website.All of the content areas on the exam are listed in the guide.You will be able to study for the exam if you know those areas.You have to pass both exam parts within 3 years of starting the program.Each part gives you 3 hours for multiple-choice questions and 1 hour for the essay questions.If you score at least 50% on the multiple-choice portion, you can take the essay questions.There will be sections on professional ethics in both exams.
Step 6: You should review your exam results.
The multiple-choice section can be graded quickly.It takes longer to grade the essay portion.There are exam reviewers who work in the field.You will receive a performance report if you fail the exam.Your performance is ranked as satisfactory, marginal or not satisfactory by that report.You will get a ranking for each topic on the exam.Take the exam again if you use the performance report.You will receive your certification after you pass your exams and meet eligibility requirements.30 hours of continuing education credits are required in order to maintain your certification.
Step 7: Find out the types of jobs and industries they need to do.
Internal company decision-making is the focus of management accounting.A management decision is made when a company needs to decide whether or not to manufacture a component part.Search for job leads using what you learned on the exam.Financial analysis and budgeting tasks can be performed by CMAs.The language used to describe the job is important when looking at a job posting.Compare that language to the skills you have learned while studying for the exam and working in the field.You can fill a lot of roles at a company if you focus on management decisions.A CMA is an operations manager.A variety of jobs can be considered during your job search.
Step 8: An effective resume can be created.
Think about the work you did for the exam.Take the exam topics that were the most interesting into account.As you create your resume, keep those ideas in mind.chronological order is what your resume can be.The resume begins with your most recent work experience at the top.You can organize your resume by skill type.If you managed people in a job, a section of your resume might explain some of the highlights.At the top of your resume, clearly state your objective.A potential employer can understand where you want to go in your career with the objective.You may need to change your resume in order to get the job you want.
Step 9: There are a number of resources that you can use to look for a job.
You can start by networking with people you know.Search the Internet for jobs that fit your education and experience.It is possible for your network to educate you on a particular company you are interviewing with.You have an interview to be a financial analyst at the bank.Someone in your network may work in banking.They can give you an idea of the type of work you will do.If you get an interview, you should go back to your network and see if anyone can help you prepare for the questions.Preparing for interview questions can be helped by your network contact at the bank.They might have been asked the same questions during their interview.The time should be spent preparing for every interview.Research the company and the position they are trying to fill.You can ask the interviewer a few questions.This effort can help differentiate you from your competitors.