In today’s time, where the economy is fastest growing, every small business needs a leader who can control risk and use their knowledge to do the planning, make decisions, manage risk, and performance management abilities to offer professional counsel and reporting.
CMA is a good course to pursue those interests in accounting, finance, and related field. The best CA institute in Mumbai, AJ Next Education has come up with more details on CMA benefits in India and more.
What is the CMA examination?
The Certified Management Accountant course (CMA) is one of the prominent courses across the world. It is the upper level of certification in management accounting which also play a role as an international passport as it is recognized by more than 150 countries all around the world.
In India, the CMA course is controlled by the Institute of Cost and management accountants of India (ICMAI). The CMA’s scope and salary are getting popular rapidly amongst students from a commerce background who have a keen interest in the strategic attributes of accounting and finance.
The main purpose of this course is to guide young leaders in effective, and strategic decision-making to contribute to a company’s financial welfare.
CMA benefits in India! Pros of Pursuing CMA certification
Global Opportunities
CMA course has been recognized all over the world. So, If you have a desire to work abroad then CMA certification can give value to your job profile, and apply for jobs in the Middle Eastern, European, and Western countries effortlessly where salary scales are much elevated. Since limited people opt for CMA courses, competition is low compared to the opportunities.
High Growth Opportunities
Students who clear the CMA exam and achieve CMA certification acquire excellent knowledge, abilities, and talent. The top management gives appropriate compensation, authority, and promotions because they are obligated to keep such employees.
Even in entry-level positions, the candidates receive a solid compensation package, and their possibilities of advancement are excellent. Obtaining the CMA certification opens several other opportunities.
The training transforms you into a strong applicant with the ability to negotiate for bigger opportunities at prestigious companies. Due to the abundance of possibilities, available students enroll at CA foundation classes in Mumbai so that they can later pursue CMA certification.
More power and respect
CMA training will give you an improved perception of business, finance, and accounting. As a certified management accountant, you will comprehend the purpose of work, and manage to finish it quickly and efficiently with better outcomes.
Your company will value your opinion and you can be a part of the management team soon. As a result, having a CMA certification will increase your worth as an employee and ensure that you always receive the proper recognition.
Disadvantages of CMA certification
Difficult examination
Even teachers from CA coaching classes agree that the CMA certification examination level is very difficult. As it is one of the most difficult competitive examinations, many students are not able to clear it on the first attempt, and because of that, they might feel demotivated.
High financial cost
The examination fees are a little bit higher, and if you want to join a coaching class or buy extra reading materials, that will cost you more.
How to pursue a CMA course in India?
In order to become CMA, you need to clear three stages of the CMA entrance exam. The foundation course is your first stage, which lasts for approximately 8 months. The minimum age requirement for that is 17 years, and you need to pass 10+2 or equivalent examinations to enroll in the foundation course.
Once you clear the foundation stage or bachelor’s degree, the next stage is the intermediate stage, and the minimum age constraint to enroll in the intermediate stage is 18 years.
After you clear the six examinations of the intermediate stage, you are eligible for the final stage, after clearing which you will be recognized as Certified Management Accountant.
CMA exams are held twofold a year in June and December. Three years of practical training is mandatory in the organization recognized by ICMAI. However, you are eligible to enter the final stage, if you have a minimum of 6 months of work experience.
CMA scope and salary
Since the CMA course is relatively less popular than CA, but equally important and has high opportunities, as well as low competition. On average CMA salary in India ranges from ₹ 3.25 Lakhs to ₹ 36.0 Lakhs with an average annual salary of ₹ 7.0 Lakhs.
Career path for CMA qualified candidates
CMA course is a very versatile course that gives you knowledge on different aspects of accounting and finances. The table below lists some of the job profiles and the duties for each of them.
Chief Financial Officer (CFO)
The Chief Financial Officer, who heads up a company’s financial choices, serves as the C-finance suite’s director and frequently reports directly to the CEO (CEO).
Cost Accountant
Cost accountants compile, evaluate, and summarize the data about a company’s expenses to identify inefficiencies that may be eliminated to reduce costs.
Financial Controller
Financial controllers collaborate closely with chief financial officers.
Finance Analyst
Financial analysts, a more entry-level role for CMAs, keep track of financial records, compile reports, examine outcomes, and make recommendations to boost business productivity.
Financial Risk Manager
Financial risk managers forecast upcoming developments that could have an impact on the business’s finances and develop strategic strategies in response to their projections.
Final Word
Start preparing for the CMA Exam. Believe us obtaining the CMA credential would give your career the boost it needs. Aj Next Education, the top-notch CA final coaching in Mumbai, also provides classes for CMA certification.