Are you looking for a new career? Your choices are virtually endless, especially when you already have a bachelor’s degree and/or a master’s degree. Even if you don’t hold a degree, it’s not hard to get what you need. The hardest part is deciding on a career.
If you haven’t settled on a career yet, and you love finances, consider becoming a certified management accountant (CMA). Becoming a CMA is a rewarding career path that will benefit you and your family for years to come.
CMAs have a high earning potential
When you become a certified management accountant, you can expect to earn between $63k and $148k per year. Your salary will depend on the exact position you hold, but on average, an entry-level position as an accounting manager can generate around $75,000 per year.
What does it take to become a CMA?
To become a CMA in the United States, you’ll need to hold a bachelor’s degree in a related field as determined by the IMA, or you must hold a certification in one of the following areas:
- Chartered Financial Analyst (CFA) from the CFA Institute
- Certified Internal Auditor (CIA) from the Institute of Internal Auditors
- Certified Fraud Examiner (CFE) from the Association of Certified Fraud Examiners
- Certified Treasury Professional (CTP) from the Association of Financial Professionals
Meeting the educational requirements will allow you to take the CMA exam, which is how you’ll get certified. In addition to passing the exam, to obtain your certification you’ll need a minimum of two years of professional experience working in financial management or accounting. However, you don’t need this experience prior to taking the exam.
Unlike other financial certifications, you need to hold an active IMA membership to maintain your certification.
CMA positions are abundant
Every organization needs a CMA. Certified management accountants provide valuable financial insight and wisdom to organizations with a focus on strategic decision-making. You won’t have a problem finding a CMA position, although you might have competition.
CMA jobs are becoming remote
If you’re trying to raise your kids and pursue a career at the same time, you’ll be happy to learn that many CMA positions are now remote. The world is moving rapidly toward a remote-centered workforce in nearly every industry imaginable, including finance.
If you search for remote CMA positions, you’ll find plenty of job postings across all the main online job boards. Taking a remote CMA position can really help you keep your focus on your family first without sacrificing your need to earn an income.
You can start your own business as a CMA
Would you like to work for yourself without having to answer to anyone? One of the best reasons to become a CMA is the opportunity to start your own business. Once you’re certified, you’re qualified to work as an independent contractor if that’s what you prefer. There’s no rule that says you must work for a corporation.
As a contracted CMA, you might find it best to work as a consultant for organizations for a set period of time and then move on to another company. This will give you some variety, as it can feel kind of stale working for the same company for a long period of time.
If working as a contractor isn’t your idea of fun, you can start a consulting or financial management business and hire several employees to handle the clients. You don’t need an office – you can hire remote workers from anywhere in the world. Just make sure you properly classify them as employees or contractors, depending on how you run your business.
Becoming a CMA will make you a better investor
When you study to become a CMA and gain experience in the field, you’ll naturally become a better investor. If you gain enough wisdom, you could become one of the top wealthiest female investors in finance.
CMAs get freedom and a high salary
When you have a family to take care of, it’s important for you to have freedom and a high salary. You need to make as much money as possible within the limits of your available time. That might mean taking on a part-time job as a consultant or working remotely full-time.
Either way, becoming a CMA is a rewarding career choice that will require overcoming many challenges. It’s not an easy profession and you’ll need to spend hundreds of hours studying to prepare for your certification. However, once you get your certification, if you love learning and aren’t afraid to make mistakes, you’ll enjoy the many perks of being a certified management accountant.