Accounting professionals are in high demand as this highly skilled profession is required in almost every organisation worldwide. A wide variety of accounting certifications can help you get an edge in the competitive field of accounting, and many employers will even help cover the cost of the certifications.
There are many management accounting certifications that can help you stay a step ahead of the competition in this ever-challenging and demanding field, such as the CGMA, AAT, or ACCA, but the certified management accountant (CMA) gives you the edge in corporate financial accounting and strategic management.
Learn more about the CMA and other certificates below. If you have any questions or would like to begin your application, arrange a free consultation with SI-UK London today.
Management Accounting Certification Overview
Accounting certifications for managers and executives are essential because of the gravity and relevance they hold and the lucrative job opportunities available. A certified management accountant carries an enormous amount of esteem.
What is a Management Accounting Certification?
This certification is awarded to finance professionals who take care of the end-to-end financial needs of a firm. These people are the stakeholders in decision-making based on the nitty-gritty of the field they learn during the accounting certifications they qualify. They acquire skills which allow them to manage roles sustainably administering business growth.
Qualifications to be a Certified Management Accounting
Certified Management Accounting certification is a key skill that focuses on financial planning, analysis, risk assessment, and other crucial areas. Qualifications required to be an accountant include:
- A bachelor's degree from a reputed college showcasing your understanding of subjects like finance
- A minimum of two years of work experience in any firm in an equivalent role
If you satisfy the above requirements, you can sit for the two-part Certified Management Accountant certification exam.
Core Evaluation Subjects in CMA
During the CMA examination, the examinees are evaluated on the following subjects:
Part 1
- External Financial Reporting Decisions
- Planning, Budgeting and Forecasting
- Performance Management
- Cost Management
- Internal Controls
Part 2
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decisions
- Professional Ethics
Job Opportunities for CMA Professionals
CMA professionals can apply for managerial positions at accounting and finance firms, such as:
- Management and Cost Accountant
- Financial Accountant
- Financial Risk Manager
- Management Consulting & Performance Management
What is the average salary for a CMA in the UK?
According to PayScale, the average salary for a Certified Management Accountant (CMA) is £56,000 per year. This figure represents the average base salary in GBP. It's important to note that salary ranges can vary based on experience, industry, geographic location, and company size. The CMA designation is highly regarded in management accounting and can contribute to higher earning potential.
CMA Fees
The CMA has fees that depend on whether you are a professional or a student/academic member. Professionals have a fee of $280 to join the programme, and each part of the exam costs $460. Additionally, professional members must pay the IMA an annual membership fee of $260. For students/academics, the programme entrance fee is $210, and each exam part costs $345. Students/academics also need to pay an IMA membership fee of either $45 or $135 per year, depending on the membership level. Regardless of membership status, everyone must pay a one-time application processing fee of $15.
These fees cover the expenses associated with joining the CMA programme, taking the exams, and maintaining membership with the IMA, which is required to participate in the CMA programme.
Other Accounting Certifications
Aside from CMA, alternative accounting certifications such as the ACCA and AAT are available. The AAT qualification is the first step to getting into this field, whereas ACCA qualifications help you with a more rigorous and rewarding career due to its technical relevance.
The AAT qualification can help you skip a year of ACCA, allowing you to climb the ladder quickly. The AAT is the technical and foundational aspect of financial accounting, whereas ACCA is the advanced level accounting qualification for managers and other professionals.
Alternatively, the Chartered Global Management Accountant (CGMA) is a relatively newer examination model gaining popularity amongst finance experts.
Study Accounting in the UK
If you have been thinking of taking the management accounting certification exam and becoming a qualified professional, contact SI-UK today for a free consultation about your future. We can also help you study in the UK.
Certified Management Accountant FAQ
How long does becoming a certified management accountant in the UK take?
Becoming a certified management accountant (CMA) in the UK can take 3-4 years. It involves completing a relevant degree or equivalent qualification, gaining practical work experience, and passing the CMA exams.
What is the difference between a CMA and a CPA?
A Certified Management Accountant specialises in management accounting, providing financial analysis and strategic insights for internal decision-making within organisations. A Certified Public Accountant (CPA) has a broader scope, handling tasks such as financial statement preparation, tax planning, and external audits. CMAs focus on internal operations, while CPAs have a wider range of responsibilities, often working with clients or in public accounting.
What is the job outlook for CMAs in the UK?
The job outlook for CMAs in the UK is generally positive. CMAs have opportunities in various industries, including finance, manufacturing, and consulting. They can work as management accountants, financial analysts, or finance managers. The demand for CMAs depends on economic conditions, industry trends, and individual skills and experience.
What qualifications do you need to become a management accountant in the UK?
To become a management accountant in the UK, you typically need a relevant bachelor's degree in accounting, finance, or a related field. Additionally, pursuing professional qualifications like CIMA or the Association of Chartered Certified Accountants (ACCA) is highly recommended. Gaining practical experience through internships or entry-level accounting roles is also beneficial.
How much does a certified management accountant earn in the UK?
On average, CMAs in the UK can earn between £30,000 to £60,000 per year, but this can increase significantly for those in senior positions or with extensive experience.
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