5 Types Of A Certified Management Accountant
One of the primary benefits of becoming a Certified Management Accountant is that you can choose from numerous institutes offering CMA coaching classes. If you think that you are skilled in financial analysis, planning, decision support, control and professional ethics, CMA is the right career for you. There is a high demand for these professionals in organisations of every type, size and industry. The Institute of Management Accountant issues the certification for a management accountant based on their proficiency in financial accounting. But before you start looking for a reputed institute offering CMA coaching classes, know the types of CMA so that you can choose one according to your skills and knowledge
Types Of A CMA
The primary responsibility of a Management Accountant is to budget, plan and strategise the finance of an organisation. He helps the top managers and executives of a company make risk-assessed decisions regarding their financial future. The professional working as a Management Accountant should not only excel in accounting but also know how to use financial data in a way so that non-experts can even understand the information easily. He must possess excellent communication skills.
The primary task of a Financial Analyst is to analyse the financial condition of an organisation and decide whether an investment has the necessary potential. He might also have to perform some financial research and analysis so that they can provide accurate information about the business’s stability, profitability, solvency and liquidity. In some organisations, they are even expected to advise on how to issue split stock or corporate bonds.
Cost Accountants are responsible for recording and analysing every cost which has incurred while running a business. The data is used to identify the various areas where the organisation is losing money. It also helps in analysing the various ways the financial condition of a company can be improved. Few other vital tasks undertaken by a cost accountant are preparing liability, asset, capital account entries, analyse financial history to make financial recommendations and document business transactions.
If you want to work as an Accounting Manager, you will have to develop and maintain various accounting systems and procedures which an accountant uses for collecting and assessing data. Your job responsibility will include monitoring and analysing financial data, managing strict accounting principle and policies, creating financial statements and reports and overseeing daily operations. If you are working in a large organisation or industry where numerous accountants are employed, you might have to monitor how they are working.
Chief Financial Officer
If you want to work as a Chief Financial Officer, make sure you choose a reputed institute offering CMA coaching classes as CFO is a top position. You will have to work as the CEO’s right hand. Not only do you have to make major financial business decisions and forecast the investments a company is making but also help in financial reporting. In some organisations, a CFO has to analyse the financial strength and weaknesses of the company and suggest corrective actions when necessary. It sometimes takes years for a certified management accountant to develop the unique skills and become a Chief Financial Officer.
Since you are aware of the various types of Certified Management Accountant, it’s time you enrol in a reputed CMA coaching centre and start preparing for your exam.