What Do CMAs Do? Certified Management Accountant Career Guide

The average certified public accountant makes roughly $92,000 a year. However, the average certified management accountant makes around 50% more at $137,000. How do management accountants command this drastically higher salary?

It’s simple. Whereas the typical accountant is a number-cruncher and advisor for individuals, management accountants guide corporate finances and become integral decision-makers for companies. Read: more money and higher stakes.

Sound intriguing? Then you’re in the right place. By the end of this guide, you’ll have a clear picture of whether a CMA career is your perfect match—or if it’s time to keep exploring.

Is a CMA Career Right for You?

If these sound like you, then becoming a CMA could be your perfect fit:

• If you love solving problems and making data-driven decisions, you’ll thrive as a CMA, where you’re at the center of strategic planning and analytics.
• If you enjoy working in a variety of industries, from tech to healthcare to manufacturing, a CMA career offers the flexibility you crave.
• If you want leadership roles like CFO or Corporate Controller, the CMA certification is a direct path to those positions.
• If you value a high salary and strong career growth opportunities, the CMA designation delivers above-average earning potential.

But if any of these sound like you, a CMA career might not be the best choice:

• If you dislike analyzing numbers or financial data, this role’s heavy focus on metrics and reporting might feel overwhelming.
• If you prefer highly creative or client-facing work, then the behind-the-scenes nature of management accounting may not align with your strengths.

What Does a CMA Actually Do?

A Certified Management Accountant is like the Swiss Army knife of the financial world. While CPAs (Certified Public Accountants) often focus on taxes and audits, CMAs are all about strategic financial management. In simpler terms, they help companies make big-picture financial decisions. Think of them as the masterminds behind a company’s profitability, efficiency, and long-term success.

Here’s a snapshot of what CMAs typically handle:

• Financial Planning: Helping businesses map out their budgets and long-term goals.
• Cost Management: Identifying ways to cut unnecessary costs without sacrificing quality.
• Performance Management: Measuring and analyzing how well a business (or department) performs.
• Decision Analysis: Providing data-driven advice on whether to launch new products, expand operations, or invest in new markets.
• Internal Controls: Ensuring financial processes are airtight to avoid fraud or mistakes.
• Risk Management: Spotting potential problems before they happen and creating strategies to mitigate them.

If you’re wondering, “Is this the kind of work I’d enjoy?” think about whether you’d like blending accounting (read: numbers, calculations, and spreadsheets) with problem-solving and big-picture strategy.

A Day in the Life of a CMA

Curious about what a typical workday looks like? CMAs work in an eclectic range of industries—corporate accounting, healthcare, tech, government, and more—so their tasks can vary. However, here’s a general breakdown:

• Morning: Review financial reports from the previous day. Are there any trends or red flags? Prepare data for upcoming meetings.
• Midday: Attend strategy meetings with department heads. You might discuss budgets, cost-saving initiatives, or revenue projections.
• Afternoon: Dive into analytics, like evaluating the financial viability of a new project. Then, wrap up with emails, creating reports, or fine-tuning performance metrics.

🕒 Work hours: Most CMAs work standard 9-to-5 schedules, but busy seasons (like year-end financial planning) might require longer hours.

What’s the Salary Like for CMAs? 💰

One of the biggest perks of becoming a CMA is the higher-than-average salary. According to the Institute of Management Accountants, CMAs in the U.S. earn an average salary of $137,137 annually, with bonuses often boosting that number.

Here’s how it stacks up:

Salary Sources: IMA Global Salary Survey 2023, UWorld, Surgent

Of course, salaries vary based on location, industry, and experience, but CMAs consistently earn more than their non-certified counterparts.

How Do You Become a CMA?

Getting your CMA designation requires a mix of education, experience, and passing a rigorous certification exam. Here are the CMA certification requirements you need to know:

1. Education Requirements:
   • The most common path is earning a bachelor’s degree in accounting, finance, or a related field from an accredited institution.
   • Alternatively, you can fulfill the requirement with certain professional certifications approved by the Institute of Management Accountants (IMA).
   • You don’t need to finish your education before taking the exam, but you must verify it with the IMA within seven years of passing.
2. Work Experience:
   • You’ll need two years of continuous professional experience in management accounting or financial management.
   • This can also be completed within seven years of passing the CMA exam, offering flexibility.
   • Note: Internships and nontechnical roles won’t count, but part-time work may qualify if it meets IMA standards.
3. The CMA Exam:
   • The exam has two parts:
     • Part 1: Financial Planning, Performance, and Analytics.
     • Part 2: Strategic Financial Management.
   • Each part is four hours long and includes 100 multiple-choice questions and two essay scenarios.
   • You’ll need to get at least 50% of the multiple-choice questions correct to unlock the essay section, and your combined score must be 360 out of 500 to pass.
4. CMA Exam Costs:
   • Exam Fees: Around $1,200–$1,500 (depending on membership status with IMA).
   • Prep Courses: Most often between $1,000 and $2,000.
5. Ongoing Professional Development:
   • To maintain your CMA, you must complete 30 hours of Continuing Professional Education (CPE) annually, including 2 hours of ethics training.

The IMA offers significant flexibility, so you can work on your education, experience, and exam preparation all at once or take them one at a time—whatever works best for you!

Why Choose a CMA Over Other Certifications?

If you’re debating between the CMA and other certifications, like the CPA or CFA, here are some key differences:

• CPA: Focuses on auditing, taxation, and external reporting. Great if you love public accounting or tax prep.
• CFA®: Focuses on investments, portfolio management, and equity research. Ideal if you’re interested in Wall Street or financial analysis.
• CMA: Focuses on corporate finance, decision-making, and strategy. Perfect if you see yourself helping businesses grow and improve.

In short: The CMA is for future CFOs, controllers, and business strategists.

Is Being a CMA Worth It?

Here’s why many accounting professionals decide to pursue CMA certification:

• Job Satisfaction: CMAs often report high job satisfaction because they’re not just crunching numbers—they’re making decisions that shape a company’s future.
• Career Advancement: A CMA qualifies you for leadership roles like Chief Financial Officer (CFO) or Corporate Controller.
• Flexibility: CMAs can work in virtually any industry, from tech to healthcare to manufacturing.
• Higher Salaries: Remember that median salary we talked about earlier? It’s consistently higher than non-certified counterparts—24% higher, in fact.

Conclusion

So, what does a CMA do? In short, a lot! CMAs are at the heart of every company’s financial strategy, from financial planning and cost management to decision analysis and beyond. If you love analyzing data, solving problems, and influencing big decisions, this could be the career of your dreams.

And the best part? The CMA designation opens doors to higher salaries, exciting job titles, and long-term career growth. Sure, becoming a CMA takes effort (hello, exam prep!), but it’s a rewarding journey for those ready to invest in themselves.

Ready to take the next step? Whether you’re fresh out of school or mid-career, there’s never been a better time to pursue CMA certification and build the career you’ve always dreamed of.

Curious about your next steps? Check out our CMA promo codes! It’s packed full of the top CMA exam prep courses and major ways to save.

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