10 Career Options After Qualifying US CMA

The list of career options after US CMA is seemingly endless, and you will be in great demand as a Certified Management Accountant. This is because the US CMA is the highest finance and management accounting qualification, attracting prestige, great earning potential and respect. The rigorous certification process prepares you to handle and excel in various globally recognised positions across different accounting firm and industries. Further, you can choose where you want to work; in a variety of the Big 4 audit firms, MNCs, and numerous other organisations—there is no shortage of work opportunities available for CMA designation. Do read on to know more about your many career options after US CMA course.

Key Takeaways

• 10 Career Options After Qualifying US CMA

• US CMA Subjects

• CMA USA Practical Skills

US CMA Subjects

The following topics are covered in the US CMA exam, which consists of two papers:

• Paper 1:Financial Planning, Performance, and Analytics

 Planning, Budgeting, and Forecasting

 External Financial Reporting Decisions

 Performance Management

 Internal Controls

 Cost Management

 Technology and Analytics
Paper 2:Strategic Financial Management

 Corporate Finance

 Risk Management

 Professional Ethics

 Financial Statement Analysis

 Decision Analysis

 Investment Decision

US CMA Skills

The Institute of Management Accountants (IMA) states that a CMA has the necessary skills that give it an advantage when choosing career options after US CMA. The CMA exam includes questions that will test your cognitive skills. These include:

• Knowledge
• Comprehension
• Analysis
• Synthesis
• Application
• Evaluation

Each of the questions will mainly be of three levels:

• Level A: To test your knowledge and comprehension skills
• Level B: To test your knowledge, comprehension, application, and analysis skills
• Level C: To test all your professional cognitive skills

US CMA Subject-Wise Practical Skills

Now, we come to the part where your practical skills are assessed to clear the US CMA exam. Depending on the part of the exam and the subject you talk about, these skills include:
Part 1: Financial Planning, Performance, and Analytics

1. External Financial Reporting Decisions

• Recognition, measurement, valuation, and disclosure
• Financial statements preparation

2. Planning, Budgeting, and Forecasting

• Strategic planning
• Budgeting concepts
• Forecasting techniques
• Budgeting methodologies
• Annual profit plan and supporting schedules
• Top-level planning and analysis

3. Performance Management

• Cost and variance measures
• Performance measures
• Responsibility centres and reporting segments

4. Cost Management

• Overhead costs
• Measurement concepts
• Supply chain management
• Costing systems
• Business process improvement

5. Internal Controls

• System controls and security measures
• Governance, risk, and compliance

6. Technology and Analytics

• Data governance
• Information systems
• Data analytics
• Technology-enabled finance transformation

• Part 2: Strategic Financial Management

1. Financial Statement Analysis

• Financial ratios
• Basic financial statement analysis
• Special issues
• Profitability analysis

2. Corporate Finance

• Raising capital
• Risk and return
• Long-term financial management
• International finance
• Working capital management
• Corporate restructuring

3. Decision Analysis

• Pricing
• Cost/Volume/Profit analysis
• Marginal analysis

4. Risk Management

• Enterprise risk

5. Investment Decisions

• Capital investment analysis methods
• Capital budgeting process

6. Professional Ethics

• Ethical considerations for professionals
• Business ethics
• Ethical considerations for the organisation
  
  

Job Opportunities after CMA certification

The US CMA qualification prepares candidates with in-depth knowledge required to excel in various accounting and finance roles, providing them with a robust foundation for global opportunities and a successful career in the dynamic field of accounting. Once you become a certified CMA, many US CMA job options open up. These career options after US CMA include:

Financial Controller: For this role, you must know everything there is to know about finances. You will be looking after the financial lifeline of your department.

So, when you are a financial controller, you will need:

• Multi-tasking skills
• Analytical skills
• Communication skills

Your job profile will involve:

• Administrative tasks
• Conducting internal reviews/analyses
• Analysing books of accounts
• Formulating financial strategies
• Average annual salary: INR 24.7 lakh

Chief Financial Officer: This is one of the highest posts in finance. A chief financial officer significantly influences an organisation, making it one of the most sought-after jobs. As a CFO, you will be responsible for how the company functions and performs financially. A chief financial officer with a CMA certification is an additional bonus, both to yourself and to your company. Average annual salary: INR 54.4 lakh

Cost Accountant: As a cost accountant, you are in charge of keeping track of an organisation’s finances in detail. This means you will be doing a margin analysis and noting all expenses. It helps if you are interested in data organisation and have a solid grasp of business. This way, you can accurately analyse your company’s current financial status. Also, you can make exact financial predictions and provide suitable suggestions. Average annual salary: INR 7.1 lakh

Treasurer: A treasurer manages the entire financial transactions of a company. You will monitor everything in the financial aspect of the business. This includes:

• Fundraising efforts
• Budget planning
• Record keeping
• Income management
• Financial reporting
• Outgoing funds

This essentially means you will be in full control of how your company’s funds are managed. You have to ensure that all funds are spent appropriately, every receipt collected, and the money received is recorded properly. Average annual salary: INR 18 lakh

Internal Auditor: As an internal auditor, you will analyse and examine financial documents and company records. It is your duty to inform the company’s higher authorities about headwinds such as:

• Potential Risks
• Compliance issues
• Data inaccuracies
• Fraud

Furthermore, it will be your role to look into all problems you come across in your official capacity. You are expected to put forth suggestions and suggest possible solutions. Average annual salary: Up to INR 11 lakh

Business Analyst: As a business analyst, your job is to evaluate how your firm is performing. This involves conducting research and analysis to be among the first to unearth any issues the company is facing. Your job is to help the company improve in terms of the systems and processes in place. All in all, you will be working with large data sets. Average annual salary: INR 9.6 lakh

Chief Executive Officer: 

Job profile:

Manage the company’s overall operations
Make strategic decisions
Ascertain the company’s strategic direction. 

A CEO is answerable to the company board of directors and investors. In essence, a CEO is the public face of their organisation. Average annual salary: INR 78.1 lakh

VP Finance: As the VP Finance or the Vice President of Finance of a company, you are among the highest authorities for monitoring all finances. This means that your job includes:

• Ensuring the company payroll is concluded on time
• Analysing market trends
• Making financial forecasts
• Overseeing insurance coverage
• Establishing company budgets
• Monitoring the firm’s cash flow
• Managing and coordinating investment plans
• Hiring and managing accountants
• Reviewing and approving all compliance filings
• Average annual salary: INR 49.7 lakh

Staff Accountant: As a staff accountant, your job will include ensuring that the company’s finances are all on record. Your job profile includes:

• Filing tax returns
• Coding invoices
• Ensuring that all rules and regulations are followed
• Preparing balance sheets
• Keeping all financial records private
• Maintaining the general ledger
• Reconciling accounts
• Analysing financial statements
• Maintaining the company’s financial outlook
• Bookkeeping

Budget Analyst: The name itself is suggestive: As a budget analyst, your task is to analyse the budget of your business. You get unfettered access to all the finances of the company. Your role is to present reports and suggest steps forward to increase the profit of the business. The tasks that you will be undertaking on a routine basis include:

• Approving spending requests
• Analysing the merit and authenticity of each expense
• Ensuring that the budget and expenses are aligned
• Estimating future financial needs of the company

All of these career options after US CMA will help you make a name for yourself in the challenging world of accounting.
 

Conclusion

Now, you are clearer about the career options post US CMA. These include US CMA jobs in India and US CMA jobs in the Middle East. Explore lucrative career options after US CMA certification with the help of NorthStar Academy. Founded by its notable mentor, M Irfat, this academy has helped students reach their professional goals with ease over the past 20 years. So, go ahead and choose US CMA as the pinnacle in your career as a finance and US certified management accounting professional!