CMA Worth it???

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  • #157227 Reply
    Sampled
    Participant

    So I realize this is a CPA forum but I figured I would get better answers here than somewhere else. I passed all the CPA exams with pretty higher scores over the last 6 months or so. I'm currently working at a big four accounting firm doing audit work, which is something that I'm probably not going to stay in for an extended period. I'm interested in taking the CMA exam because I feel like it would help in making the transition to finance a little while down the road. Does anyone have any opinions on this? If so, do you have any opinion on what the best study guide would be?

    #217697 Reply

    This idea has actually crossed my mind too at times, expect I have no idea how to approach it. I'm hoping to be done with the CPA exam as of tomorrow night's BEC release. Maybe I could take on a new challenge.

    #217698 Reply

    Will it matter tangibly matter in a corporate environment if you're already a CPA? No.

    Will it be highly rewarding on a personal level and challenging? Yes – probably so.

    Do the CPA for your career – do the CMA for yourself is how I look at it.

     
    Jeff Elliott, CPA (KS)
    NINJA CPA Review
    #217699 Reply
    Anonymous
    Inactive

    Great advice Jeff. The CPA is the most important designation an accountant can get, no matter what specific field they work in or what type of accounting they will do. However I too have thought of moving onto other areas of accounting and attaining other designations such as Certified Fraud Examiner. CPA first, then I'll move onto other things as my career and life allow.

    #217700 Reply
    Patrick909
    Participant

    “Do the CPA for your career – do the CMA for yourself is how I look at it.”

    I agree. I may do the same. Believe it or not, I kinda miss having something to study…….and the CMA will cover most of the same topics I already studied for the CPA anyway, minus most of the boring topics I hate, like tax, pensions and consolidations.

    Best of all, whenever I do choose to give the CMA a go, there won't be much pressure. That's the best kind of studying and learning; actually makes it fun.

    #217701 Reply
    Sampled
    Participant

    Patrick, I definately agree. I felt like I learned more studying for the CPA exam than I did in my college classes. Do you have any idea what review course you would use? Are you aware that the exam is changing for 2010?

    #217702 Reply
    Patrick909
    Participant

    I don't know. I studied on my own for the CPA and would probably just purchase some CMA books and go from there. How is the exam changing?

    I'm sure it would get a bit more in-depth with the finance and cost accounting than the CPA exam did, but I can handle that.

    I found the actual process of lugging big books to Starbucks and sitting there running through multiple choice questions kinda fun, believe it or not. I actually miss it. To me it was the pressure that made the CPA exam unbearable, not the actual work.

    #217703 Reply

    I should follow up on my comment about the CMA not tangibly helping you in your corporate accounting gig…

    I meant that the passing the CPA Exam is the quickest way to tangibly impact your current job.

    However, more people than ever are taking the CPA Exam, so pretty soon, it will take more than a CPA after your name to nail your next job if you are fighting among several qualified candidates for the same position.

    In this instance, the CMA is the next logical choice and trumps an MBA (in my opinion) in value.

    I plan on taking up the CMA sometime in the future, but my initial interest in it was to sharpen my skills on CMA-related items, with the career-enhancing benefits being an added bonus.

    With fewer jobs out there and more competition, you need to continue to differentiate yourself from the pack.

    You're currently taking the CPA Exam to differentiate yourself from the non-CPAs in the workforce.

    After the CPA Exam is over, you will want to consider adding on a CMA to differentiate yourself from your peers that are CPAs.

    I have a good friend who is a CPA, CMA, CIA, and is now attacking his MBA.

    Oh yeah – he's under 30 years old.

    The days of passing the CPA Exam and then cruising for the rest of your career are over if you want to stay competitive.

    Just my opinion…

     
    Jeff Elliott, CPA (KS)
    NINJA CPA Review
    #217704 Reply
    Sampled
    Participant

    Jeff, I appreciate your comments on this topic. Since you seem to know a lot about this type of stuff, do you have any suggestions on a study program for this exam? I used Becker for the CPA exam and had found it to be a very good program, but I haven't found anything that seems like it would as good as Becker. From what I've been able to find, there appears to be 3 CMA study courses that get much recognition: 1) The IMA materials 2) Gleim 3) HOCK International. Do you have any opinion on any of these?

    #2050403 Reply
    Drew
    Participant

    Hi, I'm not yet done with passing the CPA exam yet, but I want to add more designations. I'm in the tax department with some audit work, but I want to be a partner or land a corporate executive position someday. Also, I think having another designation would make me more attractive to serve on the board of directors somewhere. I already have an MBA, I am close to having a CPA, and I am considering a CMA or CGMA. Am I right to think that these will help or is it just a waste of money if you don't specialize in audit? I think if I choose to take on another designation, it would be better to start working towards it sooner than later after I pass the CPA.

    #2050427 Reply
    Skynet
    Participant

    Of the Country Music Awards is worth it!

    AUD - 90
    BEC - 78
    FAR - 84
    REG - 87
    World Domination Plan

    Phase I : Pass CPA Exams - Complete
    Phase II : Megan Fox - In Progress
    Phase III : Megan Fox & Scarlett Johansson Lingerie Pillow Fight
    Phase IV : Form the new Charlie's Angels with Megan Fox, Scarlett Johansson, & Gal Gadot
    Phase V : TBD

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