If you live in India, work in accounting or finance, and are ready to elevate your career, becoming a Certified Management Accountant (CMA) may be the option you've been looking for. If you're unfamiliar with this career path, we're breaking down what it is, what kind of career path you may take, and the steps to getting your CMA certification in India.
What is a Certified Management Accountant?
A Certified Management Accountant has specialized knowledge in management accounting. More specifically, they've proven that they have in-depth knowledge in financial planning and management and can use financial and accounting data to build strategies, manage risk, improve performance, and dig into analytics. This is a globally recognized professional designation offered by the Institute of Management Accountants (IMA).
Through the IMA, you can receive a CMA certification that highlights your expertise and knowledge and opens the door to a wider variety of roles in some of the worlds' leading organizations.
Career paths for CMAs in India
Because of their proven knowledge in financial planning and financial management, Certified Management Accountants in India have more job opportunities and flexibility within their roles than traditional accounting or finance professionals. Some of the more common roles you can consider once you have your certification include:
- Financial analyst
- Finance director
- Cost accountant or cost manager
- Controller
- Managerial accountant
- Corporate accountant
- Chief accountant or Chief Financial Officer (CFO)
Download our free guide "Choosing an International CMA Certification"
How to get your CMA certification in India
While a CMA certification is a postgraduate program, it's not like getting your master's degree. Instead, it's similar to getting a CPA license, in that you are responsible for knowing the information and providing it through an exam. Because it's a global designation through the IMA, getting your CMA certification in India is very similar to getting it in the United States or other countries. Let's break it down through pre-requisites and then sitting for the CMA Exam.
Pre-requisites to getting your CMA certification in India
- Have a bachelor's degree from an accredited college or university or a related professional certification
- Have two continuous years of professional experience in management accounting or financial management
- Hold an active IMA membership and register by paying the CMA entrance fee
Taking the CMA Exam
Once you meet the above pre-requisites, you can take the two-part CMA Exam.
CMA Part One: Financial planning, performance, and analytics tests you on:
- External financial reporting decisions
- Planning, budgeting and forecasting
- Performance management
- Cost management
- Internal controls
- Technology and anayltics
CMA Part Two: Strategic financial management tests you on:
- Financial statement analysis
- Corporate finance
- Decision analysis
- Risk management
- Investment decisions
- Professional ethics
After passing both sections of the CMA Exam, you'll receive your certification.
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