The US CMA (Certified Management Accountant) designation distinguishes certified accounting professionals, who are committed to design and develop financial strategies that will help their organization.
What sets them apart from normal accountants is that US Certified Management Accountants must make use of their decision-making, planning, and performance management abilities, to provide competent guidance and reports. The future financial and developmental strategies of the organization often hinges on the reports provided by the Management Accountants.
A US CMA is an accredited professional who specializes Management Accounting and Financial Management and provide services such as costing, pricing of goods and services, cost record verification or certification, and taxation. In contrast to pure accounting experts, professions with US CMA are in demand across all organizational functions.
These professionals need to hone and develop certain skill sets in addition to securing their US CMA certifications.
The skill sets honed by a US CMA aspirant are listed below for easy reference:
1. Creating Accounting Plans and Budgeting:
The act of creating a budget and then utilizing it to keep a firm operating efficiently is known as budgetary planning. Budgeting is done to limit the possibility that an organization’s finances would be worse than projected. Making a budget is the first stage in budget planning. This is accomplished by performing the following actions, which are stated in roughly the sequence in which they should be performed.
2. Cost Management:
Cost management is a type of management accounting that helps business owners predict how much they will have to spend on their business. The goal of this type of accounting is to keep companies from spending more than they have budgeted for, so they can keep as much of their money as possible. If you want to work in management accounting and want to know more about cost management and budget planning, keep reading to find out what you need to know about cost management strategies within the overall company model.
3. Profitability Analysis:
Profitability analysis can help a business find its least profitable clients and the products or services that bring in the least money. It can also help find reliable sources of data and information, come up with an efficient and effective strategy that can adapt to changing customer needs, come up with better and new products to keep up with market trends. It can also offer concrete solutions to parts of the business that don’t bring in enough money or even cause problems.
4. Risk Management:
The process of identifying, analyzing, and accepting or minimizing the consequences of uncertainty on investment decisions is known as risk management. Risk management is the process through which an investor or fund manager examines and attempts to determine the potential for losses in an investment, such as moral hazard, and then takes the appropriate action (or does nothing) depending on the fund’s investment objectives and risk tolerance.
5. Exposure to Investment Decision making:
Investment decisions are made in consideration of the various factors that can affect the long run of the business. The ability to assess and predict the future trends becomes important in investment decision making.
Long term investments are a way to pay for long-term projects. The key is to buy things that don’t move, as they may become the assets of the company.
Short term investing is the process of putting money into things that can be sold quickly, usually in less than five years. CDs, money market accounts, high-yield savings accounts, and government bonds are all types of short-term investments. These are often high-quality assets or investments that sell quickly.
Developing these skill sets will distinguish the US CMA aspirants and give them a winning edge over the other competitors. There is an ever growing array of opportunities and an increasing demand for qualified US CMA’s, as they enjoy global recognition with employment options available in more than 130 countries worldwide.
The fast growing Indian economy is attracting a lot of foreign investors and multinational corporations. There is an increasing demand for qualified Accounting and Finance professionals with specialized certifications. Simultaneously, Indian conglomerates who are competing to be listed on NASDAQ http://www.nasdaq.com, are adopting International standards.
You can now prepare for the US CMA exams from within the confines of your home through online courses and can appear for the exams either from home using the remote option or at any one of the approved Pro-metric testing centers in India.
FINSPIRE Academy, http://www.finspireacademy.com in Chennai are experts in providing online coaching for US CMA aspirants to achieve their dreams. For more details & guidance, visit us at www.finspireacademy.com or contact us on +91 86 8006 2000 / info@finspireacademy.com
