What is Management Accounting and Why CMA?
Management Accounting refers to the presentation, analysis, and interpretation of financial statements, departmental reports, insights, etc for internal use in an organization to help make key business decisions and meet its goals and objectives. They aim at improving the efficiency and productivity of a company by looking at the ‘meaning’ behind company finances and numbers. Management Accounting is a fundamental part of corporate governance and therefore is needed in companies of all sizes and in all industries. The CMA US or Certified Management Accountant is a certification for accounting and financial professionals by the Institute of Management Accountants and is considered the gold standard in management accounting. While this certification is recognized all over the world it is especially best suited for those who want to work in the Middle East, UAE, USA, or China due to its widespread demand and popularity among employers.
The UAE and especially Dubai has been a financial, commercial, and hospitality hub for the last several decades, however, post-pandemic, the financial sector along with a few other industries in the UAE has been struggling to recover. In this unstable work environment, Financial and Accounting professionals alike have found it a struggle to find good-paying jobs or maintain existing jobs. Unemployment rates have increased and people have been forced to go back home, struggling to find career advancement opportunities. In this environment, can a certification such as CMA help?
Importance of CMA for working professionals in the UAE Better Salary and Job Security
Professional certifications are one of the best ways to increase job security and get better job prospects as they show your dedication towards your career by upgrading your skills. Showing your employer that you are a skilled individual who has updated knowledge of their profession goes a long way towards keeping your job in uncertain times. Advancements in IT have led to huge changes in traditional accounting and an increased number of automated processes. As a result, knowledge of the changes in the accounting and finance fields with respect to tax, legislation, and technology is important. Pursuing a CMA qualification keeps you up to date with new financial practices and models within the business and accounting world. As a result, it doesn’t just help increase job security even in the UAE’s volatile job market but it’s also globally recognized in more than 150 countries thereby increasing chances of career advancement to other parts of the world. Additionally, surveys conducted in the UAE suggest that the annual salary increment of CMA’s is 20% – 40% compared to non-CMA’s which is 5% – 10%. The more skilled an individual is, the higher the salary they can demand.
Provides an entrance into the management world.
The CMA certification has been designed in such a way that it blends accounting practices with business acumen. It helps professionals understand the ‘why’ behind the numbers thus improving the efficiency and productivity of any business. In this way, the CMA qualification provides a crucial understanding of the management of an organization’s finances. It provides accounting and financial professionals with the skills to understand corporate governance and take on more managerial roles. The Chief Financial Officer, Corporate Controller, and Accounting Manager are just some of the positions available to CMA certification holders. This is why with their deep grasp of both finance and business concepts, many CMAs rise through the ranks until they lead companies.
Not only for Accountants
Even though this certification is done by many accounts and finance professionals, it is not necessary to be a specialist in accounts. Anyone with a Bachelor’s degree from an accredited university is eligible to pursue CMA provided they fulfill the work experience requirements within 7 years of attempting and passing the exam. This is also a great opportunity for anyone looking to change professions and enter the accounts or business fields since there aren’t many requirements for additional qualifications.
The CMA qualification also has a less time duration compared to other Accounting or Financial certifications and can be completed within 6-12 months depending on the choice of the candidate. In addition, it is less costly than other qualifications and it can be argued that it takes less time to pass. Through the CMA certifications, candidates can also get access to a wide network of Accounting and Financial professionals thereby increasing their opportunities for career advancement and a better work life.
Professional qualifications are necessary in today’s world to expand your skillset and show your commitment towards your career and employer. As discussed above, the benefits of getting the CMA qualification are huge and provide opportunities for everyone from graduates to professionals without asking for too much in terms of time and money. So, take advantage of Delphi’s Certified Management Accountant course, gain certification, and upgrade your career and CV.