Certified Management Accountant (CMA) Career Field

Certified Management AccountantCareer Overview

Certified Management Accountant (CMA) is a special certification that can be earned by accountants and auditors. Accountants and auditors are mainly responsible to ensure that businesses and organizations have accurate financial and public records. They also help to ensure that businesses pay their taxes on time and file accurate and correct records. Accountants and auditors can also spend their time analyzing and communicating financial information to different departments and groups including clients, companies, and federal and state agencies. They may also assist their clients in financial planning, investment planning, and budgeting.

Education Requirements

Bachelor’s Degree in Accounting or Financial Field
Master’s Degree in Accounting/Master’s Degree in Business Administration

Most accountants have at least a bachelor’s degree in accounting or a related financial field. Firms and companies are finding they like to hire accountants with a master’s degree in accounting or a master’s degree in business administration with an emphasis in accounting.

Coursework

Tax Preparation
Finance
Ethics and Finance Law
Financial Planning
Financial Reporting and Analysis Tools
Financial Reporting Computer Software
Risk Management

Licensing Requirements and Certifications

The Most common professional license and certification accountants obtain is their CPA (Certified Public Accounting) license. Any accountant filing reports with the Securities and Exchange Commission must have their CPA license. It’s required by law.  Most states require CPA’s to complete at least 150 semester hours of college coursework in an accredited accounting program. Of this, 30 hours must be graduate work, beyond a bachelor’s degree. Applicants must also pass a national accounting exam to become a CPA. It’s important for perspective accountants to know the CPA requirements for the state they wish to work in.

There are also professional certifications available to accountants. One of these certifications is called the Certified Management Accountant (CMA). This certification is awarded to applicants who complete a bachelor’s degree in accounting or earn a high enough score on graduate entrance examinations. Applicants must also pass a 4 part examination, have two years of management accounting experience, agree to continuing education requirements,  and comply with a professional standard of ethics and conduct. The examination covers topics financial statement analysis, working-capital policy, capital structure, valuation issues, and risk management.

School Recommendations

University of Texas, Austin
Brigham Young University
University of Illinois at Urbana-Champaign
University of Pennsylvania
University of Southern California

Employment Trends

Jobs Available for Accountants & Auditors in 2008: 1,290,600
Projected job openings for Accountants & Auditors through 2018: 1,570,000
Average Annual Salaries for Accountants & Auditors in 2008: $59,430

Related Jobs

Budget analysts
Cost estimators
Auditing Clerks
Financial analysts
Loan officers
Personal financial advisors
Tax examiners, collectors, and revenue agents

Article Reference: Bureau of Labor Statistics

 

 

 

 

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