A certified management accountant (CMA) works within a company supplying advice on financial matters including cost analysis corporate spending budgeting financial planning marketing general accounting and tax compliance.
Usually certified management accountants are employed directly by a company or corporation as part of its management team so they actually serve as an in-house source of guidance on budgets planning and strategies for handling financial issues relevant to the corporation in general.
Certified management accountants strive to keep company costs low and maximize profits but at the same time they determine what costs will maintain the quality of whatever the company produces. Certified management accountants have four-year degrees in business finance or economics and many have a Masters in Business Administration (MBA). In addition they must pass a state administered exam and complete a certain number of hours of on-the-job training before becoming certified.
In some states they are required to take specific classes prior to sitting for the four-part certification exam. This exam covers knowledge of both certified management accountant and certified public accountant (CPA) matters. For individuals who already have degrees in business or finance some schools now offer online courses that cover the type of questions asked on the certification exam.
Payscale.com reports that annual salaries for certified management accountants depend upon location company and years of experience but can range from approximately $69000 to $100000. However certified management accountants in director positions can earn more than $150000 per year.