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Certified Management Accountant (CMA) is an advanced professional certification that demonstrates a strong knowledge of the critical accounting and financial management skills demanded by today’s dynamic businesses.

According to IMA’s 2020 Global Salary Survey, finance and accounting professionals that have the CMA certification earn upto 92% higher salaries in the Middle East region.

Now that we have established, CMA is a great stepping stone for your career, offers an industry-relevant skillset and excellent job security, let’s find out the career opportunities you can pursue:

Chief Financial Officer (CFO)

A CFO is one of the top positions you can rise to in business, and is often considered a CEO’s right hand. They oversee everything from financial reporting and forecasting to a company’s investments and financial business decisions.

Some of the most critical job duties performed by a CFO include tracking cash flow, analyzing their financial strengths and weaknesses, and proposing corrective actions.

Corporate Controller

A corporate controller is someone who oversees a company’s financial and accounting functions. This includes everything from preparing the annual budget as well as internal and external financial statements, assessing current accounting operations, and coordinating activities for external auditors.

Cost Accountant

Cost accountants are responsible for recording and analyzing each cost incurred by a business. In turn, they use this information to identify where the company is losing money and how to improve its financial management.

Some of the everyday job duties of a cost accountant include preparing asset, liability, and capital account entries, documenting financial transactions, making financial recommendations based on the analysis of financial history.

Accounting Manager

These professionals develop and maintain accounting systems and procedures used by other accountants to collect and analyze data. They also oversee daily operations, monitor and analyze data, create financial statements and reports, as well as ensure the organization is following the essential accounting policies and principles.

Staff & Senior Accountant

Senior accountants are more managerial than junior or staff accountants and do not typically perform administrative tasks. Instead, they are responsible for reporting cost margins, productivity, and expenditures within a company.

The tasks include preparing month-end procedures, reconciling accountant balances, and maintaining a general ledger. In addition to this, senior accountants are expected to mentor junior staff, as well as lead accounting initiatives. Hence, they must also have strong communication and leadership skills.

Financial Analyst

If you like topics such as evaluating market trends and the microeconomic aspects of finances, then this might be the role for you. This role requires careful attention to detail as you will need to assess the financial condition of a potential investment to make sure it is worthwhile.

Some other typical job duties for a financial analyst include advising businesses on how to issue corporate bonds or split stock, as well as perform financial research and analysis to provide information on the business’s profitability, stability, liquidity, and solvency.

Management Accountant

Most CMA careers require you to plan and strategize, but as a management accountant specifically, you will budget, plan and strategize so that your company’s top managers and executives will be able to make risk-assessed decisions about their financial future. Along with being an expert in accounting, you must also possess the skill that allows you to communicate this data in a way that is easy to understand for non-experts. Being able to effectively communicate data is a key aspect.

To know how you can start your CMA journey, click here

March quickly turns into May or September into November if you are appearing for the CFA® Program Level I exam in June or December. Losing precious hours over daylight savings or lack of an effective review strategy can prove to have a greater negative impact than perceived.

The preparation phase should be completed by the end of March and the last three weeks of May should be used for mock exams. Use April and the first weeks of May for question practice and debrief. This does not refer to taking a quiz, marking it, and moving on. It’s important to ensure you spend an average of 90 seconds per question and much more debriefing it.

Strategy to Debrief the CFA Program Exam Level I

You can start your debrief by ensuring that the questions you got right were because of your span of knowledge and not by chance. Strengthen your CFA course material for all the wrong and guessed answers by practicing at least 5 examples of each type of calculation. CFA Program Examiners are known for indirect and tricky questions, therefore practice repeatedly until you are able to perform the question backward (a popular CFA examiners’ trick).

If you were unable to remember lists related to a model or a theory, Tie facts together where you can, your brain is wired to remember stories. Cause and effect relations will stick a lot better than disorganized memorization.

On the other hand, if you are finding difficulty with calculation analysis, go back and find an example of the calculation or change the numbers with hypothetical numbers of your choice if required. For example, always having a simple balance sheet and income statement at hand to help with ratio analysis is a good choice. Put some numbers through your simple statements and calculate the result if you are unable to identify why the answer was an increase, decrease, or neither. This approach can be used when you need to conduct a detailed examination of the elements or structure of something, typically as a basis for discussion.

Understanding the process is key for correct answers

By taking a couple of extra minutes to understand how an answer is derived will ensure that you are able to answer similar questions in the near future as well.  When deciding the amount of time to dedicate to different topics, consider your strong/weak areas and the syllabus weightings. Economics, Derivatives, and Alternatives combined are worth less than Financial Reporting and Analysis. Spending weeks studying derivatives knowing that it’s worth only 5%, isn’t the smartest of choices.

All in all, Focus on improving your understanding of all the topics through question practice and debrief. This will put you in a strong position to hit the mock exams in lay.

Whether you want to grow from your current professional position or want to improve your career potential, the CMA (Certified Management Accountant) program has been designed to help candidates improve and expand their accounting and financial management skills. The CMA certification will not only highlight you as a key employee to drive business performance but will also make you an important part of a worldwide network of over 100,000 peers.

Certification Eligibility:

To be qualified for CMA certification, you must fulfill all the following requirements:

• • Active membership in the IMA
  • Pay the CMA Entrance Fee before taking both Part 1 & Part 2 of the CMA exam (Fee Validity is 3 years)
  • Hold a bachelor’s degree from an accredited university or a related professional certification
  • Must have two continuous years of professional experience in management accounting or financial management
  • Pass both the CMA examination parts
  • Conform with the IMA Statement of Ethical Professional Practice

If you are unable to meet the educational or professional experience requirements and want to get certified, don’t fret. Candidates are offered 7 years by the IMA, within which the candidate can appear for the CMA exam and then complete their bachelor’s degree or two years of professional experience from the date of the exam.

Exam Registration:

In order to fulfill the examination requirement, you must first join the IMA and Pay the entrance fee. Next, you must register for the exam and await the confirmation of your registration, which provides your authorization number, testing window (January/February – May/June – September/October) and  Instructions for Candidates.

Lastly, Schedule your exam appointment with Prometric, IMA’s testing partner with locations worldwide and ensure that you arrive on your scheduled exam date with the required identification documents. Remember that your authorization number is only valid for the testing window selected and therefore the exam can’t be postponed.

Exam Preparation:

You can either choose to self-study or study with a training institute for your CMA Dubai preparation. Past CMA Candidates have stated that an effective technique is to study the content and create notes that ensure key points aren’t missed out during last-minute review. Due to the vast size of the CMA curriculum, it isn’t the most time effective method and can be tedious.

The inability to cover the complete syllabus may lead to gaps in your insight and yield a poor mock exam score. The more you focus on practice, the higher the chances of accomplishment. Hence, it’s always advisable for candidates to opt for a training institute to ensure constant learning and prevent last-minute cramming of content.

Regardless of whether you are a new graduate or a working professional in an accounting and finance role with an aspiration to have career growth, the CMA Program prepares you for the fast-growing field of Management Accounting.

Certified Management Accountant (CMA) is an advanced professional certification that demonstrates a strong knowledge of the critical accounting and financial management skills demanded by today’s dynamic businesses. Here are 5 reasons why you should invest in a CMA certification:

1. Easier Entry Requirements

To begin your CMA qualification, you need a bachelor’s degree or a professional qualification. Although, unlike other qualifications, your degree program doesn’t have to be a specific to accounts, finance, or commerce. This means non-finance professionals can also become CMA. If you are currently pursuing your bachelor’s degree, you can still appear and pass the CMA exams. The certification will only be offered to you once you have achieved your degree.

2. Career Potential

The CMA credential will open a host of career opportunities for you in the UAE such as financial statement analyst, cost control analyst, controller for prevention of frauds and errors, and investment appraisal supervisor. This is due to the qualification is not just comprehensive but also concise and following the latest market trends such as AI and so forth.

3. Global Recognition

Being a gold standard in management accounting and a recognized qualification across the world, the CMA course will open doors to international mobility. Leading employers such as 3M, Caterpillar, ConAgra, Hewlett-Packard, Microsoft, Procter & Gamble, Saudi Aramco, and Verizon seek to hire and promote CMAs in key management roles around the world.

Achieving the CMA qualification offers you the chance to build a lasting network of professional relationships through its local chapters. This could prospectively offer you a chance to expand your skills and enhance your career.

4. Easier Advancement

Among those who have and don’t have a CMA certification, CMA’s are known to achieve higher positions in organizations. People who start their careers with a college degree and no professional certification will find themselves in lower-level positions, as they lack the expertise and knowledge demanded by managerial levels. The CMA course helps bridge this gap by acting as proof of management expertise.

5. Flexibility in the Exam Window

CMA exams are offered in hundreds of locations worldwide and have three exam windows in a year. The advantage of choosing your exam window according to your timeframe and strength of knowledge is one of the many reasons why the CMA is highly sought after. Candidates can also be flexible in deciding which part to appear for first as Part 1 isn’t required to be completed before Part 2 of the CMA exam.

Another distinctive trait of the CMA course is that you can complete the course in almost 6 months whereas other qualifications require a commitment of over 2 years at least.

6. Exam Exemptions

If you pass both parts of the CMA course, you get exempted from Part 4 of the Certified Internal Auditor (CIA) examination and from the following 3 papers of the ACCA (Association of Chartered Certified Accountants) exam:

• F1: Accountant in Business
• F2: Management Accounting
• F3: Financial Accounting

7. IMA’S Global CMA Network

IMA’s worldwide CMA digital network offers access to industry best practices and an opportunity to collaborate with fellow CMA’s and gain insights about advancing your career.

The exclusive members-only network also lets you connect with more targeted audiences through hundreds of sub-groups, including 300 local chapters and councils, special committees, and study groups. Each chapter offers a range of professional education programs and leadership, mentoring, community service, and authorship opportunities.

They also have over 30,000 members in our LinkedIn group, this platform is ideal for posting relevant news, trends, or thoughts about management accounting.

Passing the CFA Level I exam means that you have passed your first milestone on the way to becoming a CFA® charterholder, Congratulations! As we often receive a variety of questions from candidates preparing for the Level II CFA exam, here’s a compiled list of those questions and answers for your reference and understanding.

• How are Level II and Level I CFA course material different from each other?

Level II tests your ability to practically use your financial understanding from Level I while Level I tests your understanding of investment valuation. The Level II exam will present you with real-life scenarios and focus on evaluating your knowledge of investment management and portfolio concepts. Furthermore, the exam is only offered once a year and on different dates in June based on the area, you live in unlike the Level I CFA exam.

• What is the exam schedule for Level II of the CFA exam?

The exam will no longer be offered in June but instead will be offered twice a year. For 2021, it will be offered in May & August while from 2022, it will be offered in February & August. There will also be an additional exam window being offered only in 2021 during the month of November.

The exam windows of up to 10 days instead of one uniform date with the total testing time is reduced from six hours to approximately 4.5 hours. If you would like to reschedule your exam date, a USD 25 fee will be applicable.

In addition to the time reduction, candidates will be free to walk out of the exam session as soon as they finish, even if the exam is still in session.

• What can be expected in terms of the exam format for the Level II of the CFA® Program?

From 2021 onwards, the exam will be offered in a computer-based testing format. The exam will have two 135-minute (2.25 hours) long sessions. The number of questions will be lower than in previous years, but the average of 3 minutes per question will remain the same.

Unlike in Level I, the Level II exam is comprised of item sets, or “mini-cases”. Each item set has a vignette (or case statement) of varying length and either four or six questions related to it. While questions in an item set can be solved independently of each other, they are all based on information provided in the vignette. There will be 44 multiple-choice items in each of the two sessions, for a total of 88 for the entire exam, each worth 3 points.

• What are the topics and weights for the Level II exam?

On a year-to-year basis, the Level II CFA exam topic weights are subject to change, at the discretion of the CFA Institute. For the exam in 2021, topics are weighted as :

• Ethical and Professional Standards: 10 – 15%
• Financial Reporting and Analysis: 10 – 15%
• Fixed Income: 10 – 15%
• Derivatives: 5 – 10%
• Corporate Finance: 5 – 10%
• Alternative Investments: 5 – 10%
• Portfolio Management: 10 – 15%
• Equity Valuation: 10 – 15%
• Quantitative Methods: 5 – 10%
• Economics: 5 – 10%

• What’s the amount of time required to study for Level II?

Candidates stated that they spent an average of 328 hours preparing for the exam when asked in the June 2019 CFA Candidate Survey by the CFA Institute. The time spreads over a 6 month period with 12.5 hours per week. Although, candidates don’t always start studying early and tend to compress their study time into a shorter window. The intensity of your study schedule depends greatly on how early you begin preparing.

• How much does the Level II CFA® exam cost?

Registration plays a huge role in determining the cost of the exam. There are three registration windows called – early, standard, and late. The fees are $700 for early and $1,000 for standard. Registering early will not only help you save $300 which you could invest in a CFA Program exam prep course but will also help you start preparing sooner.

Achieving the CFA charter is not only an essential part of starting your journey towards a successful career but also shows employers your level of commitment and mental discipline. You are required to invest over 300+ hours to study for the program as the knowledge you gain throughout the exam preparation is crucial to make profitable financial decisions.

While some candidates might find the exams easier than the rest, there isn’t a guaranteed way to ensure that a candidate will pass the CFA exam. Although there are many techniques that you may use to strengthen your exam knowledge, certain methods, in particular, can increase the chances of success. Some of those methods are mentioned below:

1. Make the most out of your study resources

After thoroughly learning the CFA Program curriculum, it’s time to test your knowledge through a mock exam. Mock exams not only help you assess your level of understanding but will also help you identify your weak points. Being well versed with the structure and the type of questions in advance will help you prepare and practice successfully. Mock exams are highly recommended by the CFA Institute as they help psychologically prepare you for the exam day.

One method that has proven to be effective is the Prepare > Practice > Perform technique. In the preparation phase, you learn the content through reading and attending training sessions while practice includes recollecting the material and identifying gaps in your learning so that you can perform well during your mock exams. Ensure that you spend 30 – 40% of your time during the preparation stage, 40 – 50% practicing and 20% performing.

2. Study in long intervals

The CFA Institute continually emphasizes the need to prepare at least six months in advance for the upcoming exam. Hence, Candidates are required to study for an average of 300 to 400 hours per exam. If you plan on appearing for the June exam, then you must start studying from January onwards and prepare for the December exam by early June.  Candidates are prone to get confused during the month prior to the exam which is why the longer your preparation phase, the higher your chances of success.

3. Give the CFA Program priority during your day to day tasks

The majority of the CFA candidates are working professionals or university students, therefore being able to balance and prioritize your commitments is essential.  You can prevent being overwhelmed through careful planning. Create a daily, weekly and monthly reading plan and ensure that if your goal is to read for 5 hours a day but couldn’t study on one day, you still end you completing 35 hours for the week.

It’s equally important to prioritize time for relaxation as overexerting your brain can do more harm than benefit. Prevent having a burnout by including a couple of free weekends and fun activities in between.

4. Refresh frequently

One chapter studied and excelled at thoroughly in the beginning, doesn’t guarantee that it will be well remembered before the exam. You need to consistently review the CFA® Program curriculum at least once a month if you have studied it well before. Spend a couple of hours every week reviewing and learning the CFA material until you are through with it. Do some training questions and, on the off chance that you commit any errors, dive into those topics again until you are assured of the content clarity.

5. Cover an ample amount of the material

Don’t get into the game of speculation regarding which topic won’t be crucial and won’t appear in the CFA® exam. At the least, this could lead to leaving the chapter for the end and not being able to study well for it. At most, it could lead to complete ignorance of the CFA topic. Each CFA topic exists for a reason and this is a fair game, therefore predictability and patterns can’t be relied on.

6. Save the last month for self – evaluation

During the last month before the CFA® exam, start to take CFA mock exams in realistic settings such as with actual time limits and difficulty. Take the exam without any prior CFA revision to evaluate how much you remember and then after CFA revision to evaluate how much you have improved and need to re-study. Failures need to be analyzed based on whether it was an issue due to lack of understanding or merely false application of one’s knowledge. Monitor the scores and identify the trend, two weeks prior to the CFA® exam, you must be able to score more than 70% consistently.

7. Lastly, take time out for relaxation

Create plans with your friends and take frequent breaks so that your mind and body have enough time to refresh and focus. Although, ensure that they aren’t time-consuming activities such as binge-watching a show. Balance is key!

Financial models aim to help businesses predict the future financial performance of a company or project depending on its current earnings, revenue, balance sheet accounts, and cash flow. Financial models help test run scenarios to identify the sensitivity of significant outputs and inputs. Here are four reasons as to why financial modelling is a core skill required by top finance professionals:

1. Helps prevent financial losses

By providing instant answers to tasks that may take months or even years to take place, it allows businesses to know what to expect when they make certain decisions. However, if a change is made in the financial model, then automatically all the related values and formulae will also change.

2. Risk Management

Companies lower their financial risks by using financial models to evaluate their projects. Financial models help business owners know that if they do this, then this is what is likely to occur. With these models, businesses can see the impact of marketing campaigns, the cost of entering a new market and the effect of price changes on the industry among many.

3. Monthly assessments

Financial models also help in creating monthly estimates of the actual performance of the company versus what the budget or plan predicted it would. This is crucial feedback, especially for small business owners or start-ups that are not used to the planning or budget process. Advanced financial modeling in excel helps business owners to make adjustments that will ensure the business rakes in profits at the end of the day.

4. Consistent results

Financial modeling exercises provide consistent results. For example, a decision to take up a loan by a business will still increase capital for expanding the market, whether the business owner decides to take the financing today or after ten years. Also, the risks involved in taking the loan will more or less be the same.

Most business owners are not specialists in analyzing their business financials through modeling. This is because some people do not like dealing with numbers. However, if you do not enjoy this, then you should get assistance from financial modeling experts. Financial models are a crucial asset for your company or business and having a skilled expert work for you will make things easier for you. With the right professional, you will be able to scale your business to greater heights.

When planning out your CMA exam preparation schedule, take into consideration your lifestyle, learning style, and comfort with the course curriculum. Here are some tips from past CMA certified candidates to help you pass your CMA exam successfully:

1. Choose the Right Training Provider

Certain institutions have been creating prep notes, question banks and mock exams for quite some time while others have just recently entered the market. The provider’s experience is essential as it guarantees that their content and knowledge has been streamlined and refined through the years. Choosing experienced providers helps you understand the IMA’s exam requirements and prevents studying with a prep provider who is learning about the course requirements themselves.

2. Practice should be your focus

The volume of mock (practice) examinations is crucial as they help highlight your strong and weak areas in the curriculum. Choosing a provider who can offer high-quality mock exams helps ensure that your key and crucial areas are assessed.

3. Learn from a CMA certified trainer

Trainers who have studied and been certified for the course have a student-centric perspective. This serves an important purpose when candidates are unable to understand in-depth or confusing concepts and require tips or hacks for the same. It wouldn’t be wise for you to take the advice of someone who hasn’t mastered the exam disregard of the attempts.

4. Start your study routine early

The majority of CMA certified professionals credit their examination routine for their success during the CMA journey which includes understanding what the content highlights as well as applying to a wide variety of questions that will be tested during the CMA exam. Being confident and well versed with the curriculum and its application requires patience and time which can only be attained through a well thought out and strict study plan.

One method that has proven to be highly effective for the CFA Program and can also be used for the CMA course is the Prepare > Practice > Perform technique. In the preparation phase, you must focus on learning the content through reading and attending training sessions while practice includes identifying the gaps in your learning so that you can score high in your mock exams. Spend an average of 30 – 40% of your time preparing, 40 – 50% practicing and 20% performing.

5. Key Definitions and Terms are defining factors

Essential terms and concepts are commonly tested through multiple-choice questions. Hence, it’s crucial to be able to understand and differentiate among them to prevent confusion. Terms are often used in question statements in the form of least, most and so forth which can make a significant difference towards the correct answer. Therefore, if the question seems confusing or unclear, rephrase the question to your understanding before selecting an answer.

6. Educated Guessing is your good luck charm

Candidates are often caught off guard by complicated questions which makes it exceptionally imperative that candidates develop the habit of “educated guessing” during their practice sessions. One good way to identify the correct answer would be through the process of elimination or relating it to a similar concept.

The CFA Program requires candidates to invest a significant amount of time, money, and effort, which can leave them with the thought of whether it’s truly valuable. Upon reviewing numerous blogs and forums, we found that supporters of the CFA charter outnumbered those against it by around 80% with many claiming that it has helped them climb the corporate ladder and helped enhance their existing skillset.

Furthermore, a fact sheet by the CFA Institute also highlights that the position of a “Chief Level Executive” is among the top 5 jobs held by those with the CFA charter. Such reports by the CFA Institute often leave candidates with the perception that once you earn the charter, you will be heading straight to a C-suite position. However, take note that the CFA charter can indeed help you in your career, but it’s not the silver bullet for success. The CFA charter is just a part of your success journey; you are the defining factor in your journey.

Here are some of the thoughts by CFA® charterholders:

– ‘The program has strengthened my finance knowledge and helped me receive a job as a research analyst in a macro-boutique firm, a position I wouldn’t be in if it wasn’t for the CFA charter. The program deserves major credit as it has opened the door for me to explore better opportunities in the world of finance.’ – Kevin Yulianto, CAIA, PFM

– ‘I received my CFA charter today, and it was worth it! It feels great to see the letters next to my name. Each level in the program helped me receive an edge against the other applicants from helping me make a good impression on my first boss to my current job where being a Level III CFA pass out was a must.’ – A CFA Charterholder and performance analyst on Reddit

– “Completing the CFA program and earning your charter successfully is a worthwhile endeavor. It offers a good base of knowledge to get you on your way as you never know what the future markets hold for you.” – Mike Moran, CFA, in the article Life on the Buy Side

As you can observe, most CFA charterholders believe that the program has paid off in terms of career growth, knowledge, and monetary satisfaction. Although take note that achieving the charter isn’t the easiest. It requires you to make sacrifices such as using your time to practice during weekends instead of relaxing with your friends and more. As Jason A Smith, CFA stated in one of our previous blogs that “The rewards will wait for you at the end if you are willing to pay the cost.”

Is the CFA® charter all you need to climb the ladder?

Charterholders who have landed new finance jobs or moved up in their organizations have applied passion, determination, and a growth mindset for their career goals. They have consistently worked on their profile to ensure that they learn additional skills that will complement their CFA Program such as Financial Modeling.

Candidates during their program also join CFA Societies once they complete their Level I exams, spend time networking with finance professionals and mentors on social media or networking events and improve their soft skills such as presentation, communication, and leadership skills, critical differentiators during a growth opportunity.

So, start the CFA journey and earn the gold standard in the finance industry, a certification that will set you apart.