career choice :)

Job Destination
Accounting can be split into two major fields: finance and management. Financial accounting deals mostly with taxes and auditing. Chartered accountants (CAs) and certified general accountants (CGAs) tend to focus their efforts on financial accounting. Certified management accountants (CMAs) focus more on the analysis of financial records to help manage the day-to-day activities of a company. CMAs use their business, financial, and strategic management skills to help improve the performance of companies. Their expertise helps managers make better decisions. For example, a CMA might study a company’s financial records to determine whether or not it makes sense to buy a new piece of machinery. A CMA may also analyze a factory production line to determine the cost of the products rolling off the end of the line. This analysis could then be used to help management figure out how to reduce production costs and increase profits. In fact, CMAs’ training allows them to play a role in a wide range of business activities including operations, human resources, information technology, finance, strategic planning, and sales and marketing. But this job isn’t all about numbers, communication is just as important. It’s one thing to know what data means, but it’s another thing to explain those findings to other people in a company. If CMAs can’t explain their results to management, they won’t succeed in this line of work. With their training, CMAs are well positioned to start their own business. Their ability to tackle a broad range of business issues often enables them to succeed regardless of the industry.
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Working Conditions

CMAs are employed by companies in all sectors of business and government. Some CMAs are self-employed and hire their services out to organizations on a contract basis. CMAs tend to work in office settings. They usually use computers to keep track of information and write reports. Some travel may be required, depending on the employer. Work hours for people in this career vary depending on their employer and the industry they work in, but there are generally periods in the year when overtime is a necessity (for example, during budget time). Normally, it’s a 40-hour week. The job is not physically demanding, but meeting deadlines and working on multiple projects can be tiring and stressful.
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Earnings

Salaries for certified management accountants vary, depending on their level of experience, education, and the industry in which they work. For example, a CMA employed by a company in the oil industry will likely earn more than one working in the hospitality sector. CMAs with a master’s degree typically earn more than those with only a bachelor’s degree. In general, salaries can range from about $30,000 to more than $150,000 a year. Recent university graduates are generally employed as junior financial analysts or staff accountants while they work toward their CMA designations. These positions generally pay in the vicinity of $34,000 to $60,000 a year. With the CMA designation, income can rise to $75,000 or more a year. After many years, CMAs may become senior financial analysts and finance managers. In these positions, they can earn up to $90,000 a year. Directors of departments often make upwards of $100,000 a year. Chief financial officers (CFOs) and other executives can earn much more. Earnings for CMAs who start their own business depend on the success of their business. Those with a strong client base and a solid reputation often earn $65,000 to $150,000 a year, though they can earn more. CMAs typically receive benefits, such as dental plans, pension plans, and sick days. Many also receive performance bonuses or profit sharing plans. Self-employed CMAs must provide their own benefits.
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Sample Career Path
LEVEL 1
Junior Financial Analyst / Junior Accountant

EARNINGS
$30,000 to $60,000 a year
REQUIREMENTS
• Bachelor’s degree in business or related subject • Enrolled in CMA Strategic Leadership Program • Strong computer skills
RESPONSIBILITIES
Assisting senior analysts with forecasting and budgeting; writing financial reports; organizing data.

LEVEL 2
Financial Analyst
EARNINGS
$50,000 to $80,000 a year
REQUIREMENTS
• Approximately 3 to 6 years of experience • CMA designation • Good analytical skills
RESPONSIBILITIES
Analyzing data; recommending solutions to process problems; writing financial reports.

LEVEL 3
Senior Financial Analyst or Finance Manager
EARNINGS
$65,000 to $110,000 a year
REQUIREMENTS
• Approximately 6 to 8 years of experience • Proven leadership skills • Excellent communication skills
RESPONSIBILITIES
Supervising others; writing and giving financial presentations; following corporate goals; analyzing data; recommending solutions to process problems; writing financial reports.

LEVEL 4
Director
EARNINGS
$85,000 to $140,000 or more a year
REQUIREMENTS
• At least 10 years of experience • Proven ability to drive the company forward and make profits
RESPONSIBILITIES
Optimizing business outcomes; driving the business to good decisions; playing a proactive role; directing department staff.


Other Information

The Institute of Management Accountants' (
) Certified Management Accountant (CMA) certification is a comprehensive credentialing program that assesses mastery of the management accounting and financial management body of knowledge. Subject matter includes economics, corporate finance, cost management, internal controls, performance measurement, financial reporting, decision analysis, organization management, and strategic planning, with a strong emphasis on ethics. To date, the Institute of Certified Management Accountants (ICMA), the certification division of IMA, has awarded more than 30,000 CMA certificates in the U.S. and internationally.

Overall, the CMA accreditation process is designed specifically to support the contemporary role of the CMA as a financial and strategic management professional. There are three distinct steps to earning the CMA designation:
1. Graduate with a bachelor’s degree (or higher) and complete the CMA prerequisite courses.
2. Pass the CMA Entrance Examination. This examination is a 4-hour multiple choice exam focused mainly on management accounting, financial accounting, corporate finance, and corporate tax with some coverage of other related business courses.
3. Complete CMA Canada’s unique management development program, the CMA Strategic Leadership Program, while gaining concurrent practical experience in a management accounting environment. This innovative two-year program focuses on the best of contemporary and emerging strategic management and management accounting practices while developing the communication, interpersonal , leadership and problem-solving skills essential for today’s management professional. Students must also write and pass the 4-hour CMA Case Exam after year 1 of the CMA Strategic Leadership Program. At the end of year 2, candidates will be assigned to teams in order to complete the program’s final evaluation component, the CMA Board Report and Presentation. This dynamic project is the ultimate test of candidates’ CMA competencies and brings the program’s many facets together for a comprehensive application and a truly memorable learning experience. In addition, 24 months of practical experience in a management accounting environment, concurrent with the Strategic Leadership Program, is an essential component in the process of becoming a CMA. This Practical Experience Requirement provides assurance that candidates have demonstrated their competencies in the profession of management accounting. To review the CMA Competency Map, which serves the basis for the CMA Entrance Exam, Strategic Leadership Program and Practical Experience evaluation process, visit www.CreativeAccountants.org and click on "What is a CMA".
In Ontario, alternate channels to become a CMA also exist for certain individuals who take advantage of special "Combined" programs that have been established with some Ontario universities. In addition, there is a CMA Executive program for individuals who possess at least 5 years of senior level management experience.

Source: Wikipedia.ca