What does a Certified Management Accountant do?
Posted at 11/12/2020
The CMA designation is highly sought after by employers in the finance and accounting sector. For accountants in training, pursuing a career as a CMA could be an interesting path that allows them to develop an expertise that is highly valuable for many businesses.
Learn more about the Certified Management Accountant job!
Main duties and functions of a Certified Management Accountant
The Certified Management Accountant profession refers to a very specific field of expertise in accounting.
CMAs have extensive expertise in corporate strategic and financial management, combined with the skills of a CPA.
Their many years of training give them the ability to actively participate in a company's decision-making process. Moreover, this entails participating in the elaboration of different investment strategies for companies using the accounting analyses they conduct.
Their duties and functions are consequently more management, business and strategy-focused than the more technical tasks performed by accountants in general.
The competencies of a good Certified Management Accountant
According to CPA Canada, candidates for CMA employment should develop certain key competencies during their professional training in order to get a job in accounting. These competencies are classified into the following categories:
1. Enabling competencies
A CMA requires excellent personal skills to fulfill the role effectively. An employer will therefore seek to hire a CMA who masters the following points:
- Effective decision making and problem solving
- Leadership and group dynamics
- Professionalism and ethical behaviour
- Excellent communication
2. Core competencies
Core competencies are essentially basic qualities that an accountant should possess.
This includes excellent math skills, knowledge of IT applications used in accounting, basic knowledge of economics and business law, and so on.
3. Skills related to small and medium-sized organizations
Many CMAs practice their profession in small and medium-sized businesses. As a result, they are often required to perform a wide variety of tasks and hold several responsibilities. They need to be versatile and have the ability to adapt to different situations.
4. Competencies related to public sector and not-for-profit organizations
CMAs may also work for public or non-profit organizations. They should therefore be familiar with the different funding methods used by these organizations in order to effectively do their job.
Training and conditions required to practice as a CMA
Previously, there were 3 accounting orders in Quebec: the Ordre des comptables agréés (CA), the Ordre des comptables généraux licenciés (CGA) and the Ordre des comptables en management accrédité (CMA).
However, in 2012, these three orders unified to form the Ordre des comptables professionnels agréés du Québec (CPA).
Consequently, to work in management accounting, you are required to follow the training curriculum defined by the Ordre des CPA du Québec:
- Obtain a recognized undergraduate university degree,
- Register with the Ordre,
- Successful completion of the CPA Professional Training Program,
- Complete an internship of at least 24 months,
- Pass the Common Final Examination (CFE),
- Apply for a permit from the College.
During this process, you can focus your training in order to develop your skills as an expert in strategic and financial management.
Job prospects for aspiring CMAs in Quebec
Employment prospects for CMAs in 2020 are very good. The CMA designation is among the most sought-after by employers in the finance and accounting sectors.
In fact, the accounting profession in general has excellent prospects for the future. This type of work is increasingly in demand since accounting is an essential part of any business or organization.
If you want to work in accounting in the next few years, your chances of landing a position are very good.
Get a job as a Certified Management Accountant with Fed Finance
In summary, Certified Management Accountants are business accountants who specialize in strategic and financial management. Their rigorous training allows them to perform many functions, mainly related to business administration.
Are you looking for a job placement as a Certified Management Accountant in Quebec? At Fed Finance, we help each candidate who uses our services to find a job that meets their expectations and moves their career in the right direction.