CMA is the US Certified Management Accountant, one of the most desired designations, and also globally recognized. The accounting profession is expected to gain employment growth by 10% within 2026. The career scope of us cma around these in-depth international opportunities in 2024 lies both in India and in the USA.
The U.S. CMA Certification: A Hallmark of Financial Acuity
The U.S. CMA program is designed globally by the IMA to grant its candidates an understanding of financial management principles. The CMA credential is a form of professional pursuit tag, including various scope of us cma in india, which opens the world of career options.
Demand for US CMA in India: A Booming Market for Financial Expertise
A survey conducted by Asia Inc shows that the CMAs in the Americas draw a median salary that is 20% higher and a median total compensation that is 24% higher than the non-CMAs. This trend is very much established for the following reasons:
Rise of Multinational Corporations (MNCs): With the growth of MNCs in India, the requirement of professionals with global financial skill sets like the US CMAs.
Changing Financial Landscape: The financial reforms currently being implemented in India will put CMAs at the helm of handling the new scenario through their experience and competencies in economic analysis and risk management.
Demand in Critical Industries: Critical sectors in India, including manufacturing, FMCG, IT, technology, etc., are now looking for US CMAs to get the most out of their financial gauging to drive the strategic decision-making process.
Professionals from India with a US CMA certificate understand well that cma us scope in india is an area where they can develop their careers in a few ways. A few of them are as follows:
- Financial Analyst: Analyzing financial information and preparing reports to determine or maintain a record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Management Accountant: Office conducting budgets, forecasting, and handling costs.
- Finance Manager: He is responsible for managing the financial teams and the financial risks and thus aids in the betterment of economic growth for the company.
- Corporate Controller: This is the top post in financial management, for one person responsible for handling all the works of the economy and directly reports to the CEO.
Demand for US CMA in the USA: A Path towards Success in a Dynamic Economy
According to the U.S. Bureau of Labor Statistics, employment of accountants and auditors is projected to grow 7 percent from 2020 to 2030.
- Healthcare: Healthcare financing is a pretty complicated area, so there is a need for expertise among CMAs in cost management and strategic planning.
- Financial Services: Investment banks, insurance companies, and other financial houses appreciate the analytical approach US CMAs have and the tremendous financial expertise present in them.
- Technology and Startups: in this highly dynamic environment, recruited CMAs help manage the financial risk to maximize resources.
- Government and Non-Profit Organizations: US CMAs would now be capable of applying skills in budgeting, forecasting, and risk management for the enhancement of public sector financial soundness.
Some of the most in-demand career options of the US CMAs are the following:
- Chief financial officer: Execute the financial corporate strategy successfully and be responsible for overseeing and directing operations and activities of the budgeting, financial reporting, and investor relations.
- Financial planner: Helps organizations and individuals make the proper investment planning, estate, and retirement planning and gives professional advice in all other matters regarding finance.
- Budget analyst: Prepare and implement budgets, review programs to determine spending, and present recommendations for making cuts in the budget.
- Internal Auditor: Analyze internal controls to ensure command over control and review and assess connected risks and compliance with financial regulations
Salary Expectations of U.S. CMAs in 2024
IMA CMA U.S. also offers excellent salary packages for business professionals in India and in the U.S. Let us do a comparative analysis:
- India: Career-starting US CMAs in India can avail of a package in the range of ₹6-10 lakh per annum. With experience, the salary can get pretty high. Senior CMAs earn over ₹20 lakh per annum.
- USA: In the USA, the typical starting salary of the CMA is around $60,000 annually. With the increase in the number of years, an experienced CMA can be offered $150,000 or more per year.
Career Growth and Charting Your Path to Success:
- Advanced Certifications: Carry your qualifications a step further with supplementary certifications in areas, for example, CPA or CFA, pointing out your professional competence and marketability.
- Continuing Professional Education (CPE): You must carry on your education as a professional for the entire period of your career. The agreed number of hours of completion of CPE credit informs your employer that you are on par with current trends.
- Networking and Professional Societies: Join and be an active member of professional societies, such as IMA or regional financial management organizations, to network, exchange information, and keep learning.
Benefits of US CMA Certification
Here are the primary benefits associated with earning the US CMA designation for both young and experienced finance professionals:
- Global Relevance and Recognition: US CMA is a passport to a successful, recognized profession in a globally acclaimed business arena.
- Competitive Advantage in the Job Market: CMA marks excellence and identification in job markets over other applicants.
- Marketable Knowledge and Skills: The CMA program provides the individual with the highest relevant skills in planning, developing financial plans, and strategic decision-making.
Challenges and Considerations
Although the US CMA has many advantages to offer, yet there are some challenges to be faced:
- Getting adjusted to the Changes in Environments: Working in the USA or India, by default, the US CMA has to adapt to the two different regulatory environments and also the organizational structures of the two countries.
- World of Continuous Learning: The financial services world is constantly evolving. CMAs from in the US need to continue learning relative to the times.
Overcoming the Challenges and Keeping Up with the Career
Below are a few tips through which a US CMA can overcome those challenges and become successful in the career:
- Cultural sensitivity: One needs to be open-minded and needs to be well-acquainted with the business practices and the accompanying cultural practices of other countries.
- Keep learning: Attend courses, attend several industry conferences, and be current with all the financial management trends.
- Make a good network: Interact with mentors, and professionals in the domain for knowledge sharing and critical insights.
Future Trends and Predictions for US CMA
The future of the accounting and finance industry will be guided by a few very vital trends:
- Use of the latest technologies: Leverage cutting-edge technologies such as AI and Blockchain to drive process efficiencies and financial analysis.
- Focus on Sustainability and ESG: Environmental, social, and governance issues are getting much more critical than ever, and US CMAs specialized in sustainable finance will be very much in demand.
- Data Analytics and Cybersecurity: Analytical ability and data protection will again place the US CMAs at the front train of the present and future financial world.
Supporting Your US CMA Journey: SOE Global
SOE Global an institute in Chennai is one of the many institutes in India that most strongly supports its students. SOE Global is aware of the unique needs of each student and seeks to provide the coaching needed to take their exams and pass the US CMA exams easily.
Conclusion
As for the year 2024 and beyond, the US CMA certification will always have a good positive image for the financial professional who seeks career elevation. Thus, an exciting career opportunity stays reserved for CMAs and has various scope of us cma both in India and the USA.
Ready to pursue your US CMA certification? Visit the IMA website for information on the programs and other valuable tools. Augment your success through the coaching centers of SOE Global and reach the pinnacle of your career now.