CMA and its Scope and Demand
CMA is a Certified Management Accountant program with a licensed management accounting qualification. There are two CMA designations in North America: CMA in the USA and Canada. A licensed CMA is a global qualification governed by IMA (Institute of Management Accountants). The IMA charges membership fees to register for the CMA exam.
To qualify for the CMA exam, you need a bachelor’s degree. The IMA accepts bachelor’s degrees from anywhere in the world. The candidate must fulfill two years of relevant work experience before taking the exam. Additionally, the candidate can sit for the exam before, during, or after graduation.
In Canada, there are several high-level job prospects for CMA. As a Chief Financial Officer (CFO), you will manage all the company’s accounts, offer financial advice, analyze the company’s financial statements, and make policies to streamline the financial system. The salary range in Canada is C$98k – C$205k.
The finance director is another career path for a CMA. As a director, you will be responsible for providing market insights. This will include competitors and the global market. You will also be responsible for managing the internal financial matters of a firm. The salary range of a finance director in Canada is C$90k – C$156k.
As a Financial Analyst in the US, you will prepare financial reports for a firm, track them, and analyze them. You will also be responsible for providing insights to improve the company’s financial performance.
In this way, there are several career paths for you to follow as a CMA.
Tips to Study for CMA
To learn how to effectively study for CMA, visit Wiley CMA to pass the exam with result-driven study material. In addition, practice solving past papers to anticipate the exam questions and prepare accordingly. Here are a few tips to help you study effectively and pass your CMA exam in one try.
CMA Review Course
Get the relevant material that will help you study for CMA efficiently. You can pick a review course if you are starting a CMA or struggling with the course material. Build a structure for your study plan. Go through an overview of a topic that you are struggling with. Complete practice test questions in a section to see where you stand. This will help you identify where you lag. Assess yourself in your weak spots. Pick an assessment to work on your weak areas.
Take a Mock Exam
A mock exam is structured just like the actual exam. Its purpose is to help you assess yourself. Your instructor will draw up a mock exam for you. This will be conducted just like an actual exam in an exam room. Ask for regular performance feedback from your professor. If you performed well, try to better yourself. If not, then focus your efforts towards preparing more rigorously. Passing a mock exam may seem easier, but take it seriously.
Be Strategic About Your Study Plans
Every CMA candidate faces a problem in a certain section. A bright student is always strategic in drawing up study plans. There may be areas where you are good. Similarly, there may be particular topics where you are weak. The key is practice. Initially, make sure all your key concepts are clear. Then proceed with practice questions.
Be efficient in your efforts. Assess which concepts and questions carry more weight on the exam. Focus your efforts on those first. Make sure that you are 100% clear on all important concepts. Then move towards low weightage questions. Develop a strong base for each topic that you cover.
Find a CMA Exam Prep Course
An exam prep course helps you assess if you are ready to sit for the CMA exam. This is based on your progress throughout the course. It acts as an exam readiness indicator to help you realize your chances of passing.
Deciding on the perfect timing for taking the exam is also crucial. This way, you will know how much time to have to prepare. Manage your time accordingly in this way. End your preparation by taking a CMA exam prep course.
Find a Mentor
Look for a mentor who can help you through the process of preparing for the exam. This mentor can be your professor or someone who passed the CMA exam in one sitting. The exam review course can also help you find your perfect mentor.
You can ask this mentor your most pressing questions and discuss your concerns with them. They will help you sort your problem. You can also take guidance on how to tackle certain questions in the exam. They will help provide you with techniques to approach a difficult question.
Conclusion
CMA is a Certified Management Accountant qualification accredited globally. A licensed CMA can pursue high-paying careers in the US and Canada. You can work as a financial advisor, financial consultant, or analyst. The Chief Finance Officer (CFO) of an organization is the highest level of the corporate position as a CMA. You can also work in the public sector as a CMA.
If you want to pass your CMA exam in one sitting, you must be strategic. Find an exam review course or an exam prep course. These will help you assess where you stand and if you are ready to sit for the exam. Practice solving past papers or test banks to solidify your concepts. Take a mock exam and find a mentor to help you prepare for the exam.
As the IMA lets you sit for the exam before, during, or after graduation, you must manage your time. Decide when you want to appear for the exam and prepare accordingly. These tips will help you pass one of the most difficult exams in one sitting.
Photo credit: The feature image has been done by Mikhail Nilov.
