If you’re early in your accounting career or finishing school, you’re probably curious you’re your career might look like in 10 years. While earning a CPA license puts you on path to working in a public or private accounting firm preparing data for audits, tax filings and financial statements, CMA jobs are much different.
That’s because CMA certification outfits you with in-depth knowledge about financial planning, cost management, and internal controls, but also prepares you to use that knowledge to support strategic decisions regarding corporate finance, risk management, and investments.
Let’s explore some examples of the CMA job you may encounter throughout your career…
Early Career CMA Jobs
Avg. Annual Salary: $58,343
A financial analyst carefully studies market trends and microeconomic factors to help a company make smart investments with its capital. The financial analyst may also provide advice to executives on issuing corporate bonds, splitting stock and other areas of concern.
Mid-Career CMA Jobs
Avg. Annual Salary: $59,522
Management accountant is a CMA job that specifically focuses on delivering financial information in to assist the managerial staff of a company make decisions. A management accountant must not only be an expert in accounting, but they also must be able to present the data in a practical way that addresses management’s challenges.
Avg. Annual Salary: $55,000
How do businesses cut costs while increasing profits? Why, with Cost accountants, of course. Cost accountants analyze a business’s production costs to find ways to minimize financial waste and maximize profit. CMA certification will make you a desirable job candidate because cost accounting is a type of management accounting.
Late-Career CMA Jobs
Avg. Annual Salary: $78,736
This position reports to the Chief Financial 0fficer (CFO) and is responsible for transforming data into information in the form of financial reports, income statements, and future earnings estimates. A CMA is preferred for this position because the corporate controller often oversees other accountants, such as the accounting manager, cost accounting manager, and payroll manager.
Chief Financial Officer (CFO)
Avg. Annual Salary: $129,000+
The CFO oversees financial reporting, company investments, financial forecasting, and makes the final call regarding major business decisions. It’s often a step just below or to the right of CEO of a company. In order to reach high-level management positions in accounting, you must have a CMA or MBA.
All salary averages and figures come from public salary website Payscale.com.