Career Options for a CMA
by Swati, on 10 May, 2019 6:00:00 PM
Time to pick a career.
Time to become a CMA.
If you have a knack for accounting and finance, and an ever-growing love for business and numbers, then, perhaps CMA is the way to go for you. It’s a competitive field where growth and success is certain. All you require is perseverance, dedication and some proactive brain cells.
So, what is a CMA and what does he do, exactly?
A CMA or a Cost and Management Accountant is responsible the allocation, management and regulation of funds in a business, any business. A job as a CMA is a rewarding and a highly paid as well as respectable one. There are a number of reasons why you should pursue a career in CMA, but the most important one is that should really want to, otherwise you won’t be able to work towards it, or enjoy it. And you’d probably want to, if you knew a bit about where you’d be placed if you decided to pursue that path. There are a number of CMA career options within and outside of the country. These job roles are:
- Finance Manager: A Financial Manager, as the name suggests, is someone who manages and regulates the finances of a company. Every corporation, large or small requires a Financial Manager. The roles of a FM include fundraising, allocation of funds, profit-making and analysis of the capital market. A FM must always be in-the-know of all things that are going on in the capital market to keep the company afloat and wary of potential risks.
- Financial Analyst: In a nutshell, a Finance Analyst is responsible for carrying out research of the market and economies and making financial recommendations to the company. You can seek employment in the banking, insurance, KPO or Investment sectors as a FA.
- Financial Controller: A Financial Controller’s main job is to ensure that all accounting allocations are appropriately made and documented rightfully and carefully. He/she is also responsible for proper tax documentation and presentation.
- Financial Risk Manager: A Financial Risk Manager is quite literally someone who advises a company on risk and processes. Risk analysis, evaluation, reporting for every department is also part of the job.
- Cost Accountant: A Cost Accountant is responsible for all business-related costs. This includes capital, inventory, labour, raw materials, manufacturing, etc. A Cost Accountant’s job is to see how all these aspects of business affect costs and report them all to the company management.
- Cost Manager: A Cost Manager has a similar role to a Cost Accountant but with a broader role. A Cost Manager is responsible for the overall accounting of a business. This includes everything right from business-related costs to taxes under various laws and regulations.
- Chief Financial Officer: A Chief Financial Officer is a highly respected job in the world of finance. It is a senior position that guarantees high pay but comes with a lot responsibility. A CFO is responsible for the current and future financial position of a company. This means knowing where to allocate funds, where to invest and report everything accurately. Every other employee of the company works on the basis that the information provided is a 100% correct.
- Relationship Manager: Another CMA career option that you could look into is that of a Relationship Manager. This is a slightly different job from what we’ve seen so far. A RM’s job is to maintain relations with clients and customers, review products with clients from time to time to ensure they’re satisfied and address any problems that they may have. A prerequisite for this job is having excellent communication skills.
Here is a mindmap of the above for easy visualisation:
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If you are convinced about getting into the CMA field, you need find out more about the ICMAI. It is best place to start from.
The Institute of Cost Accountants of India (ICMAI) was established under the Cost and Works Accountants Act way back in 1959. The Act declared the Institute as a statutory professional body (the only licensing body in India operating exclusively in this field) for the regulation of the profession of Cost and Management Accountancy
ICMAI offers potential students, the entire package from beginning to end to kick-start a career in CMA. Here are the courses it offers.
CMA Foundation Course
In order to be eligible for the CMA Foundation course, you will have to:
- Have passed your 10th standard exam (or its equivalent recognized by the Board of Education).
- Have cleared your 10+2 exam (or its equivalent from a recognized Board of Education by the Central Government).
CMA Intermediate Course
In order to be eligible for the CMA Intermediate course, you will have to:
- Have passed your Senior Secondary School Examination (10+2) from a government-recognized Board of Education
- Have passed the Foundation Course of the Institute of Cost Accountants of India(ICAI)
- Have graduated in any discipline other than Fine Arts from a recognized board of education
- Have passed the Foundation (Entry Level) Part I Examination of CAT of the Institute/Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute
- Have passed Foundation of ICSI / Intermediate of ICAI along with your (10+2)
CMA Final Course
In order to be eligible for the CMA Final Course:
- You should have passed your Senior Secondary School Examination (10+2)
- You should have graduated in any discipline except Fine Arts
- You should have cleared the Foundation (Entry Level) Part I Examination of CAT
- You should have cleared the (Competency Level) Part II Examination of CAT
- You should have passed the Intermediate course of ICMAI
Once you’ve cleared these levels, ICMAI offers campus placements for both June and December batches, every year, and has tie-ups with some of the best recruiters in the country. Popular names include – Ashok Leyland, Bata, Castrol India Ltd, IDBI Bank, ICICI bank, Tata Consultancy Services Ltd, among many others.
That’s about all when it comes to CMA career options. Don’t forget, if you have a deep love for Economics and Accounts, this is one of the best career choices for you. We’re sure you’ll make the right decision.
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