An understanding of the exam syllabus and the CMA course curriculum does not prepare you for what your role as a Certified Management Accountant entails. It is better to understand your work profile before you spend months preparing for this rigorous exam. In this article, we enlist the responsibilities of a CMA in a professional set-up.
Accounting Meets Management
As the title Certified Management Accountant implies, a holder of this prestigious degree oversees the management aspects of accountancy. The emphasis here is not on handling current financial issues, but in assessing present situations to chart out the future financial course of the company. In this sense, a CMA is involved with the fiscal planning for a company with a goal of ensuring financial security.
Areas Of Expertise
As a CMA for a company, your functions would touch upon the facets of budgeting, handling taxes, aiding in strategic planning and handling risk management and overseeing the company’s investments.
Budgeting is a crucial aspect that you will be in-charge of in a company. As part of designing a sustainable budget, you will also be collecting, recording and analyzing financial data from various departments and crunching these numbers to draft a suitable budget. The decisions for final allocation of funds within the company would be taken based on your budgetary plan and inputs. If you are employed in a big organization, you will also have a supervisory role over the company’s bookkeepers and accountants who prepare the financial data.
It is also your duty to identify favorable financial opportunities for the company and contribute to the important investment decisions. As a strategist, you will also be required to drive the company’s growth by pointing to the appropriate trends and promising prospects.
A Financial Wizard
In a nutshell, depending on which level you are at, you will be a major component in improving and accelerating the financial development and health of the company. This would require you to have an updated knowledge of the markets, synchronization with the various units within the company and a deep affinity with numbers.
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