5 CMA Career Paths
Earning the CMA designation can help you open your career path to a wide range of job possibilities. In fact, one of the best benefits of enduring months of studying are the job opportunities after the CMA designation is earned. Many prospective CMA candidates wonder what will be at the end of the CMA Exam road, and are considering what professional development and job opportunities after the CMA process may look like.
If you’re studying for the CMA Exam and considering your future, here are five CMA accounting jobs that many candidates choose to pursue after earning the CMA designation. As you can see, each of these CMA jobs requires skills that are tested on the CMA Exam. With the numerous CMA jobs out there, know that you can find a position that matches your personal interests and that allows you to practice key CMA skills.
CMA designation job opportunities
A controller plans and directs all of the accounting functions at a given organization, and ensures that accurate financial statements are generated. Here are some of the main duties of corporate controllers:
· Provide management reports for decision-making purposes
· Work with the company’s external auditors
· Manage the annual budgeting process
· Assess internal controls, and make changes to improve controls
· Oversee tax compliance and regulatory issues
The financial statement, budgeting and internal control topics on the CMA Exam are particularly useful for controllers to be intimately familiar with. Working as a controller is a great way to learn everything about a particular industry, as you’ll be able to deep-dive into the financials of your company. Your financial management expertise may help make the corporate controller role a successful career after the CMA Exam.
A financial analyst role is less about traditional accounting tasks and more about analysis and forecasting. You may work as an analyst for a corporation, or perform analyses for a money manager.
Financial analysts forecast revenue, expenses and other important outcomes for a business. They determine a company’s capital budgeting needs and the financial impact of starting a new product line or purchasing a business. They also determine the rate of return for particular business decisions.
The CMA Exam covers corporate finance, risk management and investment decisions, all of which are useful skills for a financial analyst.
Effective cost accountants are difficult to find, and you can provide a great deal of value to a business in this role. These types of accountants determine cost standards for material, labor and overhead costs in order to create budgets. They analyze production costs and recommend changes to reduce costs and increase efficiency.
The budgeting, forecasting, and cost management topics on the CMA Exam are extremely useful tools for cost accountants, as you’ll have to know these concepts inside and out to work effectively as a cost accountant.
Risk management has become a key role in every business organization. As companies face a number of regulatory and financial risks, businesses need experts to monitor and reduce risks before they arise to prevent any kind of liability. Risk managers must be able to effectively communicate risk issues and solutions to the entire company. You can work as a risk manager in a variety of industries.
Here are some important duties of risk managers:
· Analyze the financial impact of business decisions
· Determine where company risks exist, and build appropriate risk management systems
· Evaluate the costs and legal requirements to adequately address risks
· Determine which types of insurance coverage should be in place to manage risks
Risk management professionals need to understand internal controls, risk management and decision analysis. Each of these topics is tested on the CMA Exam.
As CFO, you are responsible for all of the financial and accounting issues for a business. CFOs have these main responsibilities in their daily workloads:
· Manage the controller and all accounting-related staff
· Ensure that all transactions are posted, and that accurate financial statements are generated
· Manage the process of identifying and correcting weaknesses in internal controls
· Analyze cash flow and capital expenditure plans to make informed business decisions
Being a CFO requires virtually all of the skills tested on the CMA Exam, with particular emphasis on forecasting, risk management and investment decisions.
The sky’s the limit
There are a number of CMA jobs and professional options that become accessible once you pass your CMA Exam and become a certified CMA. If you choose one that fits your passion and skill set, you’ll be sure to set yourself up for a fulfilling and interesting CMA career.
Use the right resources to prepare for the CMA Exam
Becker CMA Exam Review offers an intuitive user experience, along with refreshed content and expert instructors. Use Becker to study for the CMA Exam so you can find a rewarding CMA accounting job. Learn more about the Becker CMA Exam Review to get started on your CMA journey.