8 Career Options After Giving Your CMA Exam

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A Certified Management Accountant (CMA) exam is a globally accepted and recognized prestigious certification for accounting professionals who want to stand out among the crowd. By passing the CMA exam, you gain skills and develop professional knowledge that the competitive job market seeks in today’s accountants. It opens new avenues of success by providing job opportunities with lucrative financial rewards and other benefits. 

The advantage of getting a CMA entails job security and a stable career path in reputable public and private firms. This certification develops leadership, analytical, critical thinking, and communication skills in candidates interested in performing at the highest executive-level positions in the future. If you are willing to achieve top management and leadership roles in fortune 500 companies, a CMA exam is a desirable path to reach this goal. Similarly, you can also learn the latest accounting principles and practices that make you different from a non-certified accountant after getting a CMA.

In management accountancy, CMA is one of the accredited certifications that you can avail yourself to learn financial management skills. Though, passing a CMA exam is difficult without full devotion and commitment. You must put your energy and time into earning this certification. Proper planning and schedule are crucial to obtaining a CMA certification. Wiley CMA test bank can also help you get desirable results with highly acclaimed study material and resources among the accounting fraternity. 

After passing a CMA exam, you can consider the following career options: 

Chief Executive Officer (CEO)

National Average Salary: $784,685 per year 

Chief Executive Officer is the top management level position that you can acquire after a CMA exam. The primary responsibilities of a CEO include:

  • Formulate policies and determine the path for a company that it has to follow under the leadership of the CEO for short-term and long-term goals
  • Plan and coordinate overall functions of an organization at the highest management level 
  • Directs a company to achieve the core values and objectives
  • Supervises all the operations of the company and controls recruitment policies at an executive level. 
  • Leads in-house teams and coordinates with other companies while making major decisions such as mergers, acquisitions, joint ventures, etc. 

Chief Financial Officer (CFO)

National Average Salary: $410,539 per year 

Chief Financial Officer is the highest financial position in an organization who supervises and controls all the financial matters of a company. As a CFO, you are responsible for performing the following duties: 

  • Leads and manages all the operations of the finance department
  • Develops and implements financial strategy over a company to reach cost-effective goals
  • Presents financial strategies to board of directors and other executive-level team members
  • Acts as an in-charge of financial data and documentation
  • Finds out and resolves potential finance-related risks 
  • Oversees all key financial matters, including auditing and budgeting 

Financial Analyst 

National Average Salary: $61,166 per year 

After passing the CMA, you can work as a financial analyst for small and large enterprises. It would prepare you to provide companies with the best possible solutions to avoid bankruptcy and perform at their maximum level. The core duties of a financial analyst are:

  • Monitor company’s financial health in comparison with a targeted plan
  • Provide forecasts based on business performance and overall market trends
  • Assist top management of a company in reaching major strategic decisions like investments based on periodic reports
  • Assess the applied marketing strategies against the cost-effectiveness

Financial Manager 

National Average Salary: $122,056 per year 

Financial managers are the core and essential components of every business and organization. Without their presence, no company can achieve financial goals and sustain. Being a financial manager, you are responsible to perform the following duties:

  • Assess financial operations daily 
  • Assist top management in developing financial plans for the future
  • Monitor financial transactions and accounts
  • Prepare financial predictions
  • Analyze market trends for growth opportunities, including acquisitions, expansion, and mergers

Accounting Consultant 

National Average Salary: $89,240 per year 

Accounting consultants provide auditing, financial management, and forecasting consultancy to companies and businesses. As an accounting consultant, the main duties are following:

  • Assess financial records and documents
  • Assist in improving performance and profits
  • Forecast revenues and costs
  • Ensure the company complies with financial requirements set by regulatory agencies 
  • Create financial reports and other tax documents
  • Coordinate with business executives of a company 
  • Provide recommendations to improve methods of financial reporting 

Senior Accountant 

National Average Salary: $83,990 per year 

Senior accountant controls and supervises all the business transactions in a company. You have a chance to serve as a senior accountant after getting a CMA. The main duties of a senior accountant include: 

  • Collects and verifies financial data and record
  • Supervises and manages other accounting staff
  • Provides the solution to financial challenges and performs audits 
  • Assesses profits and losses
  • Manages payroll for all company employees
  • Maintain a ledger for recording all financial transactions daily
  • Creates financial statements and accounting reports while ensuring they are accurate 

Risk Manager 

National Average Salary: $116,819 per year 

The job of a risk manager is highly demanding as your main duty is to inform organizations about potential risks threatening their existence, security, safety, or profitability. In addition, you are responsible for risk management to a company, its reputation, customers, and assets. Other duties may include: 

  • Develops and enforce risk management system in an organization
  • Assesses current and potential risks to the company 
  • Establishes the threshold of the risk level that the company can afford
  • Examines record of risks survival and handling of a company 
  • Conducts compliance and policy audits
  • Implements health and safety protocols and practices  

Corporate Controller 

National Average Salary: $153,403 per year 

Being a CMA qualified professional, you can join the financial and accounting workforce as a corporate controller. The main duties of a corporate controller include: 

  • Performs risk assessments and internal audits 
  • Records investments and maintains information on fixed assets
  • Monitors expenses, payroll, billing, invoicing, and reimbursements
  • Evaluates and interprets important financial documents including balance sheets, cash flows, income statements, and liabilities
  • Prepares annual reports, budgets, and forecasts
  • Maintains documentation under compliance with financial and accounting regulations

Conclusion 

It is always essential to make the most out of your education and skills based on competitive job and market trends. Conduct proper research and fine-tune your final selections regarding the career prospects. It would help you stay on track and relevant with your desirable professional goals.