US CMA is a globally recognised Certification. It stands as a benchmark for Management Accountants and Finance Professionals. Securing US CMA bears ample testimony to the skillset in :
- Quantitative analysis
- Logical reasoning
- Decision-making capabilities
US CMA assumes special importance in countries like India where offshore activities are in full swing. A large number of companies of USA in India are investing and hiring professionals with profound knowledge of US GAAP and IFRS.
US CMA connotes an accounting designation signifying expertise in the realm of :p0 OP
- Financial Accounting
- Strategic Management
The Institute of Management Accountants (IMA) awards the
CMA CERTIFICATION
FINANCIAL ACCOUNTING
Financial Accounting involves a process of:
- recording
- summarizing
- reporting
the myriad of transactions of business operations over a period of time.
A Summary of these transactions is narrated in the form of:
- balance sheet
- income statement
- cash flow statement
STRATEGIC MANAGEMENT
Strategic Management involves management of organization’s resources to achieve its goals and objectives. It encompasses:
- setting objectives
- analysis of the competitive environment
- evaluation of strategies
- formulation of strategies for the management to pursue.
HOW TO JOIN US CMA: ELIGIBILITY CRITERIA
A candidate with the qualification of class 12 or above is eligible to join US CMA subject to fulfilment of certain criteria:
- Membership of IMA.
- A bachelor’s degree from an accredited university.
- 2 years of relevant practical experience.
- Pass both parts of CMA exams.
Pursuit of US CMA is advantageous for the Graduates with work experience but not having professional qualification which can be completed in a span of 6 to 8 months.
The range of job functions of US CMA covers Accounting, Corporate Finance and Corporate Strategy.
JOB DESCRIPTION OF US CMA
- Crunch numbers for internal review.
- Budget analysis.
- Acquire insights into financials and working of the company.
- Co-ordinate with managers for improvement of the financial health of the company.
DIVERSE ROLES AND FUNCTIONAL CAPACITY ENJOYED BY CMAS
- Cost Accountants
- Risk Managers
- Budgeting
- Corporate Accounts
- Management Accounts
- FP&A Management
- Financial Strategist
- Executive Decision-makers
FUNCTIONS OF CMAs
- Identify opportunities for investments.
- Prepare financial statements – income statements, balance sheets and cash flow statements.
- Make presentations to senior management.
- Create strategies to meet and manage a variety of internal and external risks.
- Arrange funding options.
- Monitor and administer compliance.
WORK DOMAIN OF US CMA
CMAs are required in private and public establishments, as also in government agencies as:
- Cost Accountants
- Management Accountants, Industrial Accountants and Corporate Accountants.
OPPORTUNITIES GALORE FOR CMAs
Leading Functional Areas:
- Cost Management
- Performance Management
- Profitability Analysis
- Investment Decision making
- Internal Controls
- Financial Reporting
- Planning and Budgetary Controls
EMPLOYMENT AVENUES FOR CMAs
VITAL ROLE OF CMAs
Skills and expertise of CMAs are essential in granting practical applications to theoretical concepts in finance and accounting. Their skills can be effectively deployed for strategic decision -making for performance overhaul.
As COOs and Financial Controllers, CMAs identify loopholes and leakages in a corporate structure. Moreover, they devise formulae and policies for requisite course correction.
CMA A CREDENTIAL TO BE PROUD OF
Acquiring CMA credential in a relatively short span of 300 study hours renders the qualification much sought after. Particularly so, owing to the versatile professional qualities they gain in acquiring the qualification.
SIGNIFICANCE OF US CMA IN BIG 4s
Big 4s cater to the requirements of diverse MNCs. They render a wide spectrum of services to MNC clients in different countries.
Big 4s always require services of US CMAs to advise large companies on :
- Restructuring Process
- Potential Tax-Saving Opportunities
CMAs with Big 4 enjoy positions in multiple areas :
- Risk Management – Advisory Manager
- Accounting And Reporting – Transformation Senior Consultant
- Government and Public Sector – Strategy Management
- Risk Assurance Advisor
- International Tax Services Manager
EMPHASIS OF US CMA EXAM
CMA Exam places heavy emphasis on the following concepts of Management Accounting and Financial Management:
- Preparation of financial statements.
- Business economics.
- Time-value of money concepts.
- Statistics and probability.
US CMA EXAM PASS RATES: TRENDS
DEPTH OF US CMA EXAMS
CMA exams seek to examine the candidates on three specific areas:
- Exam Structure.
- Content Coverage.
- Levels of Skill Testing.
EXAM STRUCTURE
US CMA Exam is divided into two parts:
- Part 1: Financial Reporting, Planning, Performance, and Control.
- Part 2: Financial Decision Making.
Each part contains 100 MCQs and 2 Essays.
Multiple-choice questions: MCQs consist of a stem (the question) and four answer choices. One answer choice is correct (the best response), and three answer choices are incorrect.
Essays: Essays feature a scenario with multiple questions that must be answered.
A total testing time for each part is four hours:
- 3 hours for the multiple-choice questions.
- 1 hour for the essays.
Content Covered
- US CMA Exam addresses a wide range of accounting topics.
- Each part covers an immense amount of content.
SKILL LEVEL TESTED
CSO denotes Content Specifical Outlines.
EASE OF SECURING CMA QUALIFICATION
CMA grants a comfortable time span of three years to pass the exam in both Part 1 and Part 2.
3 TESTING WINDOWS
In case the candidate fails in an exam section, he has to wait until the next Testing Window to finish that Section.
PRINCIPAL CONSIDERATIONS FOR PURSUIT OF US CMA
1. HIGH Benchmark Credential
US CMA equips the aspirants with:
- Knowledge for analysis.
- Aids in decision making.
- Control the processes.
- Laying a strong foundation for ethics.
These attributes help CMAs to gauge the volatility of the market.
These traits attract the employers towards CMA professionals.
2 Handsome Compensation and Perks
Involvement in specialized domains of budget, corporate finance and corporate accounting entitles CMA professionals to handsome perks – going up to over 67% over other accountants.
3. Fast Forwarding Career Graph
CMA professionals enjoy the advantage of fast-forwarding career graph vis-a-vis the unqualified accountants who are simple Graduates.
4. Convenience
CMAs have only 2 exams to be completed in 6 to 8 months.
It gives flexible study options suiting personal and professional commitments without compromising on personal lifestyle.
5. Creation of Network
CMA credentials make it possible to create durable network for professional relationships to utilize skills and grab opportunities to bolster career graph.
COMMON REASONS FOR FAILURE TO SUCCEED IN US CMA EXAM
1. Paucity of Time at Disposal
A majority of CMA aspirants are working professionals. Hence, they are not able to devote adequate time to their studies with commitment.
2.Penny Wise, Pound Foolish
CMA aspirants do not invest in study materials, videos, books, question banks, mock tests and so on. It is worth noting that these are the most essential and critical inputs for exam success.
3. Weak Foundation
More often than not, the aspirants for CMAs lack the requisite fundamental acumen. They are, therefore, unable to grasp advance concepts albeit having work experience.
STATUS OF US CMAs IN ACCOUNTING INDUSTRY
- CMAs are adept at the supervision and management of projects. Large companies value high-level decision-making capabilities of CMAs.
- CMAs are excellent in exploring diverse business opportunities. They are equally at home in challenging work of risk management. They can rise to the position of Financial Advisers in the corporates.
- By virtue of their unique skills, CMAs are welcomed in big companies of any dimension-even major Fortune 500 Companies.
BRIGHTEN YOUR CAREER PATH WITH US CMA
Acquiring CMA Certification entails certain remarkable benefits:
- Mobility of CMAs to various industries and businesses gives more experience in a professional career.
- Internationally recognized CMA Certification substantially aids the process of exploring professional avenues within the country and abroad.
- Depth of business knowledge imparted by US CMA helps in negotiating for higher management positions – thereby climbing to top executive positions becomes smooth.
- CMA affords valuable specialized expertise in both management and cost accounting.
- BIG 4s are always on the lookout for CMA credentials.
CRAFTING EFFECTIVE EXAM STRATEGY FOR US CMA
SUCCESS MANTRAS
- Attitudinal changes from day 1 till exam necessitating re-orientation and re-invention of your own self.
- Mastery of study methodology.
- Assimilation of the curriculum.
Say Goodbye To
Diffidence, Fear, Anxiety and Simply embark upon one-point agenda of cracking US CMA Exam at any cost.
SPECTACULAR SUCCESS IN CMA EXAM WARRANT A COMPOUND OF INPUTS CONTAINING:
3 Cs:
1. Confidence
2. Concentration
3. Conviction
3 Ds:
1. Determination
2. Diligence
3. Discipline
ATTITUDINAL RECAST: RE-ORIENT YOUR DAILY REGIMEN
- Wake up early morning.
- Continue with normal routine sleep.
- Do workouts, exercise, yoga and meditation.
- Maintain good health, hygiene and take nutritious diet full of fresh fruits and vegetables, carbohydrates and vitamins.
- Relax and take periodic breaks to concentrate and rejuvenate.
- Plan routine for better time management.
- Learn something new every day.
- Strictly avoid all distractions like – TV, Mobile, Facebook, Parties – at least three months prior to exams.
- Believe in yourself.
- Prepare overnight for tomorrow.
OPERATIONAL GUIDELINES TO EXCEL IN EXAM
(1) Prepare study time table and ensure strict compliance without any excuses.
(2) Comprehend and assimilate rather than resorting to cramming.
(3) Highlight key ideas, especially unfamiliar ones.
(4) Master keywords, terms, equations and formulae.
(5) Resort to mnemonics to memorise key details.
(6) Create study aids like Flashcards.
(7) Earmark easy and difficult questions and concepts for presentation in exams.
(8) Ensure regular knowledge checks and re-checks to sustain memory.
(9) Attempt all the questions in the exam without fail.
(10) Access the Online Test Bank, MCQs and Essay Questions.
(11) Continuously Practice MCQs.
(12) Enjoy Mock Tests.
TIPS, TRICKS & TACTICS FOR EXAM SUCCESS
(1) SMART TECHNIQUE
Prepare a viable and practical plan for studies under SMART TECHNIQUE which denotes
S – Specific
M – Mesaurable
A – Attainable
R – Relevant
T – Time Bound
(2) Create Exam Simulation Environment
Master the accounting principles and concepts in toto. Create an exam simulation environment to ensure you do what you are supposed to do during exam in the exam hall holding exam paper on hand.
(3) Exam-oriented Concentration
- Highlight important parts of the book.
- Jot down notes in the margin.
- Identify which method of studies suits you the most.
- Visual
- Auditory
- Kinesthetic
(4) Devote Time for Key Definition and Terms
MCQs test essential concepts, definitions and terms. It is imperative to understand important terms and differentiate them to avoid any confusion or misunderstanding.
It is essential that you do not select an answer quickly and rephrase it to suit your understanding.
(5) Educated Guesswork is Permitted
You may confront the question not seen before. In such a situation craft of “educated guessing” should be mastered during a practice session.
- Identify the correct answer through the process of eliminating or relating to a similar concept.
HOW TO KICK-START YOUR JOURNEY FOR US CMA
Chanakya Edu-Culture, in assocaition with its Franchise Partners, Navkar Institute, Ahemdabad – established in 1997.
Conducts Coaching For US CMA
FEE STRUCTURE
For Students / Academic Members
- CMA Entrance Fee ( Non- Refundable) – US $188
- Exam Fee US $311 per Part – Total US $622
- Navkar Fees RS 1, 19, 000 ( includes Registration for IMA, Exam Fees, Navkar Material and Lectures)
IN RETROSPECT
Securing US CMA Certification is replete with challenges as also opportunities. If you are aspiring to be a future proof Finance Professional, US CMA is the destination. This global benchmark shall help you in substantial measure to earn greater credibility, grab an attractive compensation package and a seat of leadership. In a way, you will finally arrive at “greener pastures” which you have hitherto visualised and dreamt of. It shall definitely place you on an elevated pedestal of self-actualization.
No more time to wait. Just kickstart your journey!
Always remember “ when we strive to become better than we are, everything around us becomes better too”.