If you’ve been thinking about getting your Certified Management Accountant (CMA) license, you can build a profitable career that will help you build your financial future. With a CMA license, you can capitalize on a high earning potential and earn the money required to build your financial future.
CMA certification can provide multiple sources of income
If you want to secure your financial future, you need multiple sources of reliable, passive income. There are endless ways to achieve this goal. For example, you can invest in real estate, build a successful business in a growing industry, or invest your money in the stock market just to name a few options.
The good news is you can build a profitable career around a CMA certification and generate money to invest in real estate or the stock market. Of course, you can invest your money in other ways according to your preferences.
You probably won’t become a millionaire by working as a CMA, but you can certainly invest your income to work for you so that by the time you reach retirement age, you can comfortably retire. In other words, CMA certification can help build your financial future when you view it as a resource for generating investment money.
You can earn an average of $91,220 as a CMA
According to PayScale, the average CMA earns $91,220 annually. Financial Controllers earn around $90k per year, Corporate Controllers earn around $105k per year, and Chief Financial Officers earn around $148k per year.
Other CMA jobs with a high earning potential include:
· Senior Financial Analyst – $82k/year
· Accounting Manager – $75k/year
· Senior Accountant – $71k/year
· Financial Analyst – $63k/year
If you strictly save and invest just a small percentage of your income as any of the above positions, you’ll be doing well by the time you retire.
What does it take to become a CMA?
According to the Institute of Management Accountants, to become a CMA, you’ll need to:
· Hold an active membership with the Institute of Management Accountants (IMA)
· Complete a two-part exam
· Hold a bachelor’s degree from an accredited college or university (or hold a related professional certification)
· Abide by the IMA’s ethics code
· Have two years of continuous professional experience in management accounting or financial management
You’ll need to study between 200 to 300 hours total to pass the exam. Most people choose to take a prep course to focus on the areas they need to learn most. The best part about taking a prep course is getting predictive scoring so you’ll have an idea about how well you’ll do on the exam.
The cost to become a CMA is affordable and a worthy investment in your future
To complete the CMA program from the IMA, you’ll need to first become a member. As of 2021, membership fees are $250 for professional members and $188 for students. For exam fees, professional members pay $415 per part ($830 total), and students pay $311 per part ($622 total).
If you don’t pass one or both of the exam sections, you’ll need to pay the exam fee to retake the test. That’s why it’s important to study hard and take a prep course beforehand, so you’ll know you’re ready to pass the exam.
Unlike some professional certifications, the CMA offers a scholarship with multiple awardees each year. Only students are eligible and must be nominated by a professor.
As a CMA, you’ll have plenty of career options
Holding a CMA license will give you a variety of options in the corporate world. You could work as a financial controller or corporate controller for a while and then decide to start your own business.
When you choose to work in a specific industry, that niche experience can be your ticket to becoming an independent specialist who works with corporations on a case-by-case basis. In other words, if you build niche expertise, that expertise will allow you to provide more value. Providing more value will allow you to charge high consultation fees.
No matter which path you follow, becoming a CMA will be a solid foundation in setting yourself up for a positive financial future.