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RP - Thread
Benefits of Holding CMA
RP - Thread posted July 1, 2009 by Haleema Mohammed
14426 Views, 42 Comment
Title:
Benefits of Holding CMA
Content:
I would like to invite you all to discuss all the benefits earned holding CMA certificate.
Its an open discussion, I hope CMA holders can join us and share with us their actual experience.
What are the main changes they experienced after gaining CMA designation in term of knowledge, change in salary or position and any other benefits?
What are the incentives to be a CMA holder? Does it meet their expectations?
In which fields you think CMA is most beneficial?
Do you think CMA qualification is well known in the world or we need more publicity?
Regards,
Haleema
Comment
AFTER I GET THE CERTIFICATE I WILL TELL YOU MY FEEL \\
NOW I AM VERY SAD
Hello Haleema
i just passed part 4, the CMA has developed the way i think, maximized my knowledge, and expanded my ability on solving problems..
on the other hand from the career point of view, nothing new for me. iam still the same where i was 2 years ago.
CMA adds great value in any field .. but i think its more appropriate for people who are more involved in finance, accounting , and economice fields.
CMA is well known and at the same time needs more publicity.
here in middle-east the CPA is more demanded even its so different, For example for a cheif accountant or financial managers vacants sometime they ask for the CPA!!! which is a great mistake as the CPA's problem solving abilities, financial reporting and cost analsys still limited compared to CMA's..
publicity must be more focused on the rule of the CMA , and where it fits the most in any firm, so decision makers, would give greater attention.
Thanks Haleema
p.s i started a discussion about how to generate ideas for the CMA, try to write some of your ideas there
Dear All,
this ideas were stormed my mind, in fact, the IMA promoting for a CMA certificate as being holding by the professionals, hence, our mission is how to be a Professional because a CMA certificate is not a magic, it must be a value adding for our experience and professionalism.
Please more shares and comments on this critical issue.
Hi All,
This is the question i have been asking myself time and again that i am pursuing CMA and still it does not hold that value as CFA or CPA even for internal managment positions....just because the IMA has not been able to sell itself in a proper fashion as other intitutes and professional bodies have...(my opinion)..you might have a different opinion but this make me a little demoralize when i think in terms of market value of CMA...
Do let me know if i am wrong...i would love to see the other side of this coin.
Cheers,
Amit
I have CMA certificate No. 733 (1977) so I have a personal interest in the value of the CMA.
I am not sure how it happened, but the terms "accountant" and particularly "management accountant" are no longer popular. Hopwood's comment in the current issue of Management Accounting Research makes the point, "In the United States virtually no one now calls him- or herself a "Management Accountant" - the knowledge that was once formally associated with that title now being linked with a variety of job titles in and outside of the specifically accounting and finance functions." Most practicing accountants in organizations now say they work in finance. As a result, in 1999 the IMA changed the title of it's main publication from Management Accounting to Strategic Finance. (See the history of this change at http://maaw.info/IMAMain.htm). IMA does still use the term for Manangement Accounting Quarterly, but these changes did not help the image of the CMA. I think they shot themselves in the foot with the term "Strategic Finance", two popular terms placed together to form a vague term at best. On the bright side, many people who go through accounting programs oriented towards financial accounting and auditing eventually find themselves in positions where they need a working knowledge of management control, and many other concepts and topics covered in the area of management accounting. Many of those people find the MAAW web site very useful (http:maaw.info). I believe the CMA will become more valuable in the future, but the fight for recognition is not getting any easier. University accounting programs still emphasize financial accounting, and more recently accounting information systems. The best approach for young people is to learn as much about management and accounting as you can. You never know what you are going to need and when you are going to need it.
I am in preperation for the CMA 4th part and I couldnt agree more with earlier posts, CMA is still not recognized or rather given the recognition that it deserves, most compaines especially in the mideast simply arnt aware of the beneifts/Value that a CMA professional adds to the company which in my opinion is quite significant, especially in an environment of intense competition, CMAs are better placed to make decisions taking into account both financial and non financial variables, dare i say even better placed then the CPAs. I do belive that CMA has not been marketed too well in this part of the world, which i agree is not just the responsibility of IMA but also the CMAs them-selves. but in an increasingly crowded market place with several certifications and degree (both british, american or what have you) out there, we really need to create a strong CMA brand.
The truth of the matter is, it boils down to the employers if they arnt interested in CMAs, no ones going to want to become a CMA, if you remmember this had been the case with CFM which IMA consequently stopped last year, I would hate to see all our hardwork and dedication that earned the CMA be worth, less in the marketplace than its true intrinsic value.
Ultimately, it is the responsibility of CMA holders to promote the status of CMA. According to my knowledge, one of the requirements of joining the finance department of HSBC is a member of CIMA (UK). The finance director (CFO) of HSBC is a CIMA. If the CMA holders cherish the standing of CMA in their organisations, then its value in the marketplace can be enhanced further.
I like that idea.
Ask not what the CMA can do for you, but what you can do for the CMA.
I have a professional exams section on MAAW, but I haven't done much to promote the CMA other than links to IMA's related web pages. Perhaps I can do more.
http://maaw.info/ProfessionalExamsMain.htm
http://maaw.info/ProfessionalExamsLinks.htm
Certainly, I believe the CPA holds greater recognition than the CMA in the minds of most business professionals. Most finance professionals are probably aware of the CMA, but might not know what it entails. I believe the content of the CMA is much more relevant to the current (and future) business environment than many other certifications because of its broad and cross-functional nature. While CMA holders probably know this, it's just not highly publicized in the business community. There are a number of certificates in other non-accounting business functions that finance personnel are unaware of, as well. Each has its own value proposition.
The benefits of the CMA are numerous. For those looking for a finance/accounting "base" skill set, it is a great way to supplement that base to move into more managerial roles.
It is interesting to note that the status of a management accounting body in different countries is somewhat different:
(1) UK - CIMA is an accounting body with a royal charter. Its status is the same as ACCA, ICAEW etc.
(2) Canada - CMA Canada was established by law. Its status is the at par with that of the Institute of Chartered Accountants, Canada and CGA.
(3) India - The Institute of Cost and Works Accountants was established by law. I guess its status is close to the Institute of Charterd Accountants, India.
(4) Austrlia - ICMA is a young organisation with a history of around 12 -13 years. Its status cannot match that of CPA Australia, etc.
Another factor that is mildly negative for IMA is that there are few management accounting bodies outside the English speaking world (for example, China, Hong Kong, Singapore,etc).
Personally, as a resident of Hong Kong, the first time I learnt about IMA was from the Management Accounting text book by Horngren. I got further knowledge of IMA by attending the 2002 World Congress of Accountants held in Hong Kong.
Anyway, I think IMA has potential to get a higher reputation and recognition, due to the relevance of its course scope to the business world and its standard.
Hi All,
Nobody but we have to make it happen for IMA.
I would like to take this discussion to its next level by summarizing it. Would like to draw some conclusions from these discussions and i would appreicate if all who wants to give their comments give it some numbering as a conclusion (actions needs to be taken to take CMA to its deserving level). So going forward, please mention your conclusions (after your comments) with numbering.
My summary from all comments above
The actions that needs to be taken are:-
1. More publicity by "conscious use of CMA certification" by its members in their public/professional interactions. Use of CMA on business cards etc.
2. Use the knowledge earned thru CMA, and giving due credit/share of their success to CMA certification while promoting their individual achievements.
3.Institute needs to get in touch with more and more professional bodies for better stature on global fianance platform.
4. More use of key selling points, "phrases" signifiying the importance of CMA in finance and accounting (eg. as given in example of Martin "use of Strategic Finance instead of Management Accounting in main publication of IMA is a nice step). Most of the time better cover is an essential to bring reader to a good book.
5. Patience and persistance.
Add more.....
Appreciate your inputs.
Thanks
Amit K Bhola
Perfect Amit,,, ,,, my recommendations are the following:
1) IMA needs to be officially accredited by the U.S government ( get the same status of the CPA). IMA has to be accepted in the eyes of its own government to be accepted by the eyes of the rest of the world.
2) IMA needs to strengthen its Financial Reporting curriculum (one public misunderstanding is that CPAs are better qualified accountants than CMA-- This needs to be revised ).
3) IMA needs to be FIRST at endorsing the International Financial Reporting Standards ( IFRS ). IF the IMA was able to convert its Financial Reporting curriculum, before ACPIA, from FASB to IAS/IFRS: THIS WILL BE A MAJOR IMPROVMENT as it could have a future advantage for CMA over the CPA. Currently employers in both the U.S and CANADA are in desperate need for Accountants with strong IFRS background.
4) Marketing is important, but the marketing efforts needs to focused in addressing the existing gaps and misunderstandings.
These are my two cents,,,, i hope IMA offecials could read these suggustion.
Cheers,
RAMY
IMA has an excellent research capability (as demonstrated by the fact that IMA has produced many papers of merit selected by IFAC). This is its edge over many professional bodies. Overtime, its status will be raised as ite publicity grows (even though currently IMA is alreadywell known both inside and outside the US).
I share the view that financial reporting curriculum should be strengthened, because as a finance manager inside an organization, the knowledge of financial accounting is the groundwork upon which analytics and recommendations are built.
Dear All,
I believe that CMA qualification is highly undervalued. IMA should market CMA qualification and brand more intensively specially to the job market. CMA is much broader than CPA and covers more business related area but CPA is more famous and recognized due to the brand name and being older.
It is the joint responsibility of IMA, candidates, certificate holders, job market, institutions and organization to better market the CMA qualification. One big enhancement will be for the IMA to align the curriculum with the modern finance functions and activities in the organizations in the job market. IMA should advertise the CMA brand more and more including sponsorship of different events. Each CMA holder and candidate should market the qualifications among his colleagues in his job and among his friends to increase awareness and popularity of CMA qualification. We all should not give up for the lower CMA recognition and awarness but work harder to bring it to it’s real value and respect that it deserves.
Regards,
Haleema
Dear Friends,
I am preparing for CMA Part-2 and I have also the same idea that IMA must concentrate more on the publicity of CMA because I expereinced three management level authorities that took CMA as CIMA.
So all the members, certificate holders, and working people has the responsibility to promote CMA as it will promote us all.
Thanks
Muhammad Sajid
The list of international accredited institutions as shown in IMA's website is outdated.
Not a university in PRC is on the list , although IMA is aiming to expand into China.
I am from Hong Kong. I find that only one univeristy (University of Hong Kong) is on the list. The Chinese University of Hong Kong and University of Science and Technology of Hong Kong have world class accounting schools, and both are not on the list. As a matter of fact, there are eight government recongized universities in Hong Kong, and ACCA grants exemptions to their accounting graduates from all parts except the last one.
The same happens to Japanese universities, with only one on the list.
If IMA can enlarge the list, I think it will attract more people to join. I strongly suggest updating the list as soon as possible.
Hi All,
I want to urge IMA for making global partnerships with recognized universities and colleges, to create such programs which enable CMA's and students of those colleges and universities to share their knowledge and avail benefits of expanded recognition.
Many other professional accounting bodies are already working on these lines (ACCA-Oxford Brooks university, ICWAI-IGNOU).
This step will also enbale CMA for getting more recognition and there will be more students in future who will try to get this prestegious designation.
Regards,
Sohail Siddique, CMA
Hi
I'm preparing now for CMA part 3 , I would appreciate if any one can share with me his experience in passing this exam.
Thanks
Talal
According to my own experiences:
(1) Many questions involved calculation, and they are quite time consuming. So the candidate must practice more before taking the Part 3 (say, 500 to 1,000 questions).
(2) Bring the Texas Instrument calculator for NPV or IRR calculation, otherwise it is impossible to work out the answer in just 2 minutes or so.
(3) Understand and memorize the basic concepts/principles thorougly, otherwise the candidate may get mixed in a rush.
(4) Read Cost Accounting by Horngren. This is a very enjoyable reading and is a must for a management accountant.
Man Wah LAW, CMA, from Hong Kong
I was in a dream that I would be some where in New York at the top profile of Finance after I achieved CMA.But 15 months passed... after I was awarded CMA, I am still in the Middle East; still in the same office for more than a decade, but I feel I have achieved a great thing; When I told my family members, friends, colleagues, superiors and owners about my CMA award,they really appreciated me.I feel that I get much respect and recognition than before.Although monetarily not much increase, I am getting on par with a CA holder.My profile came in Strategic Finance is really a great recognition for me.
As some one told(Mr.James Martin,CMA),
"Ask not what CMA can do for you, but what you can do for the CMA"
I like this quote and I would do my best for the CMA.
Babu I Razack CMA
Babu,,,, CMA/CPA/CA/CFA,,etc Will not be enough to set you or me in the top office in New York,, trust me, even if you had a PHD from Harvard or MIT, still will not be enough to set you there,,,, do you think the Titans of Wall St have an educational background better than mine or yours ??? its the working experience and HARDWORK of these people that made them what they are,,,,, for God sake,, Bill Gates is a school dropout !!! But he become what he is with his hard-work,,,,,,,,, do not get me wrong,, education is important, but education without hard-work is useless......
Yes, I realized Mr.Ramy.
Thanks Mr.Man WAN Law
If we are not satisfied on how the IMA markets the CMA then why are we setting some time, money and effort in earning it? That's because the IMA is doing its job well and we, the targets, responded to it. It had a good appeal, it's challenging so we took the exams and passed them. Now we are CMAs, it feels good. But now we want more. Now we want global recognition so we are assured that the title would take us far (promotions and salary increases of course!). We get a bit concerned because we still feel the CMA is an underdog compared to the CPA. While that's not true it feels that way because the CPA has been around since time can remember. The CMA will get there. We just need to show what we can do and little by little companies will recognize that and sooner than we think we are right there with the CPA. Yes, we still have to help the IMA for the CMA to get its proper recognition. Now that the IMA helped us in earning the title, we have to show the world what we're made of. Each and everyone of us is a reflection of the IMA and what it stands for. Earning the CMA doesn't end there. Everything is still a work in progress. If you are still not convinced then why not take a crack at the CPA exams and earn the title so you cover all the bases?
That is a good point Dominic, I was talking to my father about the CMA and CPA and showed him the PDF file that IMA provides to help give some points about the differences. He was very impressed with the CMA and could see the distinctions and stated that the CPA seems more popular becuase of the length of time it has been around.
My boss told me that the CMA is more practical (than the CPA) for the work I am doing, but that the CPA is seen on more job/help wanted listings, and would help me get a job. I however think that savy business executives know and recognize the certification even if the CPA designation dominates the job postings. Having both would be twice as beneficial.
As to the benefits of holding the CMA, (I have yet to get my results from part 4 but so far) the biggest benefit for me was my tremendous increase in knowledge and confidence that came from studying for the exams. I use the knowledge and information everyday from budgeting and financial statement analysis, to marcoeconomics and marketing. Reading the Strategic Finance magazine gets me and keeps me thinking about business and how to improve my company's processes and profitability. The confidence I have due to my expanded body of knowledge has also increased and I am sure this same confidence will be there if I go on a job interview. The sense of accomplishment after each exam is also a huge benefit as this also improves my confidence. I could go on and on about these benefits!
When I was at Uni in the UK, CIMA got involved with the colleges/universities to the point where some of the universities split their BA Accounting course in second year to focus on Management Accounting and Financial Accouting.
So if you were thinking of a carrer in mgmt accounting you could take the Mgmt Accounting verision instead of the Financial Accounting version. It also allowed the university to gain more exemptions from the CIMA/ACCA exams.
The IMA should get involved more with the college & university systems to spread the word about it.
Members of the IMA who are in the positin to hire people should also have their HR departments specifically call out CMA in the job description, the more it pops up on job descriptions the more people will see it and wonder what it is and head to the website to research it.
That is what I have been doing -specify the requirement for a CMA, or CIMA.
I have been actively searching for a new job for some time now. I live in the Boston area which is filled with Financial Services companies as you may or may not know. There are plenty of other companies here (Bio, Gov Contract, etc.) but FS is huge.
I have noted that as time goes by more and more job ads are asking for the CMA by name. It used to be the CPA only, then the CPA with X amount of Public time - Now more and more jobs are looking for "Professional certifications" and the CMA, CIA, CFA and CPA are all noted as well as the CTP for treasury related functions. And of course the almighty MBA...
Thus, honestly, I think the CPA is loosing ground. If not the requests for people who are certified in other areas of accounting besides auditing would not be happening.
I also say this from a decade of corporate finance and accounting experience - CPA's out of the public arena don't know what one needs to in the corporate world; they know how to look at things but they have no idea how to actually create them; build a process to calculate something, run any operational type accounting team, etc. This is not to say they are not capable or intelligent - but essentially they are switching industries; auditing is not the same as corporate accounting; this is a driving factor in the changes I beleive. It Takes them about 2-3 years to adapt. There are of course exceptions.
Now that has nothing to due with the actual value of the certifications themselves but it does have to do with how they are viewed; no longer is a CPA mean your a hero or a genius. Companies need people who can help them run their business - people trained in that field can do just that out the door.
After all in countries outside the U.S. the CPA is not necessarily the king of accounting like it is currently in the U.S.; that should say something.
Dear All,
As a CMA and CFM, I understand the importance of the certification. CMA designation can help professionals develop their on the job skills, and ultimetly help improve thier company's performance.
Accounting and finanace professionals who have earned the CMA certification are not only relied on for their business experise, but for the strategic planning skills.
by the end I encourage all of you to share your positive experience as a CMA or the reasons why you chose to pursue this prestigious designaion.
dear all,
As a cma holder,master in economics and auditor i think that the cma give us a great leverage in our skills and we need to explode them around the world as we think we are great and have good thinking in addition to our creativity we gain from the extra-depth information we learned. i think that no one can stop us now . i have a groups that are studying cpa, cia but they are not as us, not creative as we learn from cma and its technical studies.
but to leverage our dreams to be number one around the world we need to be with each other as a greater team around the world, seeking help,searching opportunities,exchange information,exchange experience and manage ourselves. by reaching this we can be what we need to be. our success will let us reach our dreams but with each other as the teams leverage and enhance capapilities and skills and make more creativity and new ideas which are needed everywhere.
I read this long thread of comments regarding CMA benefits and I decided to chime in with my opinion. As for me, I am an MBA and soon-to-be CMA (waiting for part 4 exam result).
Before I decided to register for CMA exams, I researched all the professional certifications that appealed to me including CFA and CPA. I confess, I knew nothing about CMA. In fact, I had not even heard about CMA before. Though, after reading more about the CMA curriculum I felt it has an edge compared to other professional certifications. The curriculum, although mostly cost accounting, covers wide range of topics that is only taught in MBA programs. Strategic Planning and Marketing, organizational behavior, information systems are some of the topics covered along with accounting topics such as cost accounting, capital budgeting, financial reporting, etc. This is an impressive list of topics that are absolutely necessary in today's workplace.
There is absolutely no questions that CMA is a valuable certificate that teaches the knowledge and skills we need in the finance and accounting world. However, the superior curriculum and the rigorous testing process alone can not guaranty the praise and recognition we deserve in the business community. How can anyone appreciate the value of CMA when they don't even know what it is? It's been a year since I've been studying for CMA exams and almost all my friends and relatives inquired about CMA. I can guaranty you that after explaining to them what CMA is, majority of them are still under the impression that I'm studying for "CPA or something like that". I met a recruiter a while ago and I explained to him that I am in the process of obtaining my CMA certification. I figured an MBA coupled with CMA would make me a potential candidate for any finance and accounting related positions given that I have 15 years of work experience 9 years of which was at financial services industry. Despite my qualifications, he said if I had CPA he would consider me for a position as Controller! As you can see, recruiters and the business community in general are so sold on CPA that they even value it higher than MBA. Other recruiters have repeatedly told me that employers are looking for CPA's with experience at big 4 accounting firms. A simple search for finance and accounting related jobs on online job boards (i.e. Monster.com) also proves the point that most employers require CPA for positions that CMA's are better suited such as Controller, financial reporting, risk management, etc.
I understand CMA certificate holders have a responsibility to promote the designation in the business community. In fact, the self-promotion takes its own course whether you are CMA, CPA, or CFA. Trust me, anyone who goes through such rigorous testing and earns the designation will speak highly of his/her accomplishment without a doubt. However, I believe that would not guaranty a successful name recognition since certificate holders' resources are very limited to bring the national (or global) name recognition we deserve especially when other certifications are way ahead in terms of name recognition. We nee a more powerful and effective strategy to capture market share, mind share, and heart share among the business community.
This brings us to the comment made earlier "ask not what CMA can do for you, ask what you can do for CMA". I think it's a two-way street and if you put it on a scale, most of the weight would be on IMA's side to promote the certification aggressively among business circles, academia, and even in government nationally and around the world. The congressman who is representing my district, Jim Sherman D-CA, is a CPA and he is often asked to comment about issues related to the economy, rules and regulations, and laws protecting businesses on TV. How many congressmen do you know who are CMA's?
Perhaps it would be politically incorrect to express my opinion about IMA on IMA's discussion board, but I feel someone needs to be brave enough to notify decision makers at IMA about our impression and the perception. Based on what I observed, I get the feeling IMA does not practice what they teach to CMA candidates. Some of the valuable things we learn during the course of CMA (or MBA for that matter), is the concept of Strategic Planning, Marketing, Decision Making, Execution, and Evaluation. The order in which we go through this is pretty important as well. If we look at IMA from the perspective of an organization that offers a product or service, we expect them to go through these strategic steps in order to offer a product or service that position itself in the mind and heart of customers (business community, academia, public, etc.). This is where strategic marketing comes to play. Let me be the brave one to count some of the failed attempts by IMA:
I don't know how to conclude my long rambling but I'd summarize it this way. IMA has to step up and promote the certification much more aggressively. I would hate to see IMA pull CMA off the market and leave so many of us in dismay just like CFM's. They really need to go back to their mission statement, refine their mission then plan, execute, and market their product strategically.
I share Albert's view that IMA needs more promotion efforts.
IMA is a professional body in a big country. It should not pale against its peers in the UK, canada....
Man Wah LAW, CMA
It seems to me I see more job postings requiring EITHER a CPA or CMA.
In my area, the CPA certification seems to be the most important. There is NEVER any mention of the CMA in any job posting. I earned the CMA/CFM first because my focus was on the private sector, and public accounting was not my goal. However, a highly regarded peer who is a public accountant and has been for some time urged me to complete the CPA as well. I finally finished that in September of last year.
I cannot say in particular if any of the certifications have helped. I left a job in 2005, gaining a client which I have been working for on their payroll ever since, part time from home. Additionally, I have a full time job in state government. If anything I would have to say the completion of my education and certifications have given me more confidence in my abilities, a greater knowledge base from which to draw on, and more often a foot in the door for interviews.
Where I would have had to work hard to find jobs in tough times, here in Springfield, IL, I know now that I can rely on myself and work from home. This is a great relief to me. I will always be able to have some source of income.
In-fact my view is that Government bestow the power to CPA holder. CPA holder are recognized by law. Every company must be audited by the CPA holder. But i must say in case of decision making, forecasting and business value adding activities CMA holder are far more ahead than the CPA holder. Definitely, now we are passing very hard time compare to CPA holder but the change will come when Government as well as Business people will realize the important of CMA and we will be leader in future. I am Qualified CMA from Bangladesh. I am newly join in IMA certification program. Thank you all. Kazi,CMA(ICMAB)
i am newly joined cma , i belive cma will give good scope to the holders, now mostly focussing in finance area
I am a fresh graduate of AUB and I am currently preparing for CMA. In my case, I noticed that all business students aknowledge the importance of CFA and CPA from the first week of their undergraduate studies. IMA needs to promote itself in the eyes of the young students and graduates.
It is not acceptable for CMA to be undervalued compared to the amount of knowledge it carries. IMA did the hard part of formatting and building the CMA, what is left now is the easy part of just marketing it !!
Farah
Please find attached all press releases and publications dated April 26, 2011 which announce my CMA designation and IMA Award. Such publications add to the positive image of IMA worldwide and declare its beneficial outcome in the financial market which at the end leads to more future IMA members and CMA holders.
Is it is an amazing feeling of distinction.
Appreciate your words Ramy; hope I always hear from you and read your comments.
Thank you for your prayers, I wish peace for the whole universe.
Congradulations! It is hearterning to all CMAs.
LAW Man-wah, from Hong Kong
Find below my success story which was written in CMA Connection Issue No.23, July 21, 2011.