The CMA certification is a great way to enhance ones career and stand out from the crowd of conventional applicants vying for accounting job profiles. However, before going head on into the world of CMA it is important to understand the skills a CMA needs. This article will take you through the essential skills a CMA needs and the CMA job profiles that are open to the candidates on successful completion of the course.

skills a CMA needs

Skills a CMA needs:

To get a better understanding of the skillsets required to be a CMA, we need to understand what a CMA does. Here’s a summary of some of the financial and accounting duties that Morgan International says real world CMAs perform:

  • External Financial Reporting
  • Planning and Budgeting
  • Performance Management
  • Cost Management
  • Internal Controls
  • Profitability Analysis
  • Risk Management
  • Investment Decision

Therefore, to undertake the CMA certification, it is essential that the candidate must have completed a bachelor degree. The skills a CMA needs to augment his pursuit of the much coveted profiles of CMA are:

  • Knowledge of basic accounting, generally accepted accounting principles (GAAP) and basic tax principles
  • Clear theoretical conception and practical applicability of cost accounting
  • Good grasp on finance tools, such as discounted cash flow
  • A good grounding in economics
  • Knowledge in both human capital management and financial capital management
  • Well-versed in areas such as capital investment, operational structuring and foundational risk assessments
  • Softer skills such as communication and presentation skills, writing, persuasion and interpersonal skills

CMA job profiles:

Profiles for CMA are available across all areas of an organization, in decision support, planning, and control functions. The CMA job profiles that are widely known are- CFO, CTO, Treasurer, VP (Finance) ,Controller, Finance Manager, Internal Auditor, Budget Analyst, Financial Analyst, Corporate or division planner, Senior Accountant, Cost Accountant, Staff Accountant.
Here is a list of common CMA job profiles:

Entry Level:

Common profiles for CMA: Staff accountant, cost accountant, junior internal auditor

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Education & Skills: Bachelor degree in finance or accounting

Common CMA Job Profiles:

  • The person would work under a senior accountant or manager
  • Would be employed in the budget department
  • Would be involved in preparing reports for the controller’s department

Mid-Level:

Common profiles for CMA: Accounting manager or senior accountant, senior internal auditor

Education & Skills:

  • All entry-level requirements
  • Strong communication and analytical skills

Common CMA Job Profiles:

  • Oversee and help in preparation of financial statements
  • Actively assess internal controls
  • Analyse and/or prepare monthly financial information
  • Create and analyse comprehensive company budgets

Senior Level:

Common profiles for CMA: Controller, Chief Financial Officer, Director of accounting or finance
Education & Skills:

  •  All mid-level requirements
  • Responsible for tracking and creating company benchmarks for record of excellence and leadership
  • Must possess solid management skills
  • Must have in depth knowledge and insights of the relevant industry
  • Responsible for all or part of a company’s financial status, actions and transactions
  • Hire, train and oversee staff
  • Responsible for performing financial analysis
  • Highly instrumental in building business strategy
  • Responsible for managing relationships with investors and auditors

Thus it can be clearly observed that the necessary skills a CMA needs is quite diverse, but so is the available CMA job roles and profiles. Moreover, the salary of a CMA ranges from Rs. 500000 p.a (for entry level jobs) to 30, 00,000-50, 00,000 p.a (for senior level CMA job profiles). Thus it is worthwhile to invest time and energy to gain these skillsets and gain that extra edge.

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Share this article ” What skills a CMA needs? | Become a management accountant ” to your friends who are preparing for writing their CMA exams!!

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