A Certified Management Accountant (CMA) is a professional with a specialized certification for accounting. People who have this certification have demonstrated that they have proficiency in strategic management and financial accounting on a level above your typical accountant. This certification requires a college degree and is issued by the Institute of Management Accountants. A Certified Management Accountant is uniquely qualified to provide money coaching and debt counseling for a number of reasons. This article will break down some of the reasons why a Certified Management Accountant can help you with your financial problems.
What Makes a Certified Management Accountant Ideal for Money Coaching?
It is possible to be a money coach without being a Certified Management Accountant. However, having the certification gives a degree of legitimacy and quality assurance that cannot be guaranteed otherwise. Being a CMA means understanding the mechanics of how to run a business. This includes being able to properly allocate limited resources, which translates nicely to the needs of a personal household. The skills required to become certified make a CMA a great fit for dealing with your money concerns.
Professional Experience Required
To become a CMA you need:
- At least a bachelor’s degree from an accredited college or university
- At least two years of experience in accounting fields
Just a few of the many principles that are crucial in this field are:
- Budgeting
- Financial Planning & Analysis
- Auditing
- Cost Analysis
- Risk Evaluation
Aside from the experience required, there is a rigorous certification exam that has two parts. Each part has around a 50% pass rate, so getting certified requires a great depth of knowledge in the profession.
Interested in Money Coaching from a CMA?
Diane Nissen, the owner and principal money coach at The Alexandrite Group, is a designated CMA prepared to help you deal with your money issues and get you back on track. Schedule your free discovery session today.