What is Managerial Accounting and How Does it Differ from Financial?

the main purpose of managerial accounting is

Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies, and tax authorities. There are no legal standards or requirements involved with managerial accounting, which can be used by businesses as they wish. However, it’s important to remember that routine tasks such as creating an invoice or tracking accounts receivable balances are also part of the financial accounting process.

What is net income formula?

Net income is calculated by subtracting all expenses from total revenue/sales: Net income = Total revenue – total expenses.

Need to create a capital budget plan for expanding a business? This is also something you would learn in your managerial accounting course. Fortunately, managerial accounting is very different from financial accounting. I have had a number of students in the past who hated financial accounting but really liked managerial accounting.

Statistical Techniques

This indicates to the public and to potential employers that graduates meet the high professional standards established by CSWE in its Educational Policy and Accreditation Standards . Please refer to a complete list of Educational Policy and Accreditation Standards. The university’s MSW program has been accredited by CSWE since 1991. Prepare summary journal entries for August using JIT costing, including the entryto adjust the Conversion Costs account. Explain the difference between a direct cost and an indirect cost.

The goal is to use the budget to help make short-term operational decisions that will help to increase the company’s performance. The process involves calculating the net present value and internal rate of return . Managerial accounting is a process through which financial information is communicated to managers. Also referred to as cost accounting, it is performed so as to assist the managers to achieve organizational goals. According to managerial accounting pdf, this type of bookkeeping uses elements such as budgets, performance reports and margin analysis to communicate business operation metrics. As a matter of fact, managerial accounting includes all fields of accounting so as to accomplish its objective.

Advance Your Accounting Career with a MAcc from the University of Nevada, Reno

Her first assignment is to suggest and evaluate ways the company can increase the revenue from shipping contracts by 10 percent for the year. Can she get it from a basic income statement and balance sheet? How will she know if her suggestions for pricing are creating more shipping contracts and helping to meet the company’s goal? Managerial accounting, aimed at helping managers make informed decisions, generally includes both historical information as well as projections about the future. In contrast, financial accounting only includes information regarding a firm’s past performance. Additionally, managerial accounting tends to include details like non-financial information in addition to financial information.

the main purpose of managerial accounting is

Thanks to Information Technology , we can now perform managerial accounting much quicker and more accurately. https://www.bookstime.com/ This is a Cloud-based software tool that can be used to perform various accounting activities.

Types of methods for managerial accounting

Financial accounting requires us to look at each company as a whole. Many companies are made up of a number of different brands but all of those brands are reported together in one set of financial statements. GAP not only owns all the GAP branded stores, but also Banana Republic, Old Navy, Piperlime, Athleta, and Intermix. All of these brands are lumped together into a single set of financial statements. The analysis of the production lines of a business identifies principal bottlenecks, the inefficiencies created by these bottlenecks, and their impact on the company’s ability to generate revenues and profits. Because it is not mandatory to follow GAAP in management accounting, managers can set their own rules concerning the content and form of internal reports.

  • A deep analysis is essential so that you can understand your financial statement and predict how to act in the upcoming days.
  • In order to do this, management accounting uses several techniques of statistics.
  • Managerial accounting concentrates on information in the reports which can be useful for the future.
  • So that they can identify all the alternatives and pick the right one that aligns with the business goal better than others.
  • Because it is not mandatory to follow GAAP in management accounting, managers can set their own rules concerning the content and form of internal reports.

This term is used to denote the methods employed for overcoming the problems connect with fixed asset replacement in a period of rising prices. financial and managerial accounting Management accounting provides a means of communicating management plans upward, downward, and outward through the organization.

Business Operations

When there are deviations from the stated objectives, managers must decide what modifications are needed. Managers must ultimately determine whether the company has met the goals set in the planning phase. Involves the monitoring of the planning objectives that were put into place. For example, if you have a retail store and you have a plan to minimize shoplifting, you can implement a control, such as antitheft tags that trigger an alarm when someone removes them from the store. You could also install in the ceilings cameras that provide a different view of customers shopping and therefore may catch a thief more easily or clearly. The antitheft tags and cameras serve as your controls against shoplifting.

Which of the following does not describe accounting?

The answer is option C – is an end rather than a mean to end. Explanation: Accounting : it is the tactic of recording financial transactions per business.

Managerial accounting reports are only used internally within the organization; so they are not subject to the legal requirements that financial accounts are. Reporting frequency and duration Defined – annually, semi-annually, quarterly, yearly. Unlike other branches of accounting, this role is focused on internal data gathering and reporting, meaning professionals do not typically work with or advise external clients. Instead, managerial accountants focus on understanding their company’s cash flows, financial transactions, operating costs and internal rate of return.

The MAcc degree program is designed to both reinforce accounting fundamentals and educate students about complex financial reporting techniques, including cost accounting, margin analysis and capital budgeting. Managerial accounting also involves reviewing the constraints within a production line or sales process.

  • On top of that, managerial accounting focuses on dedicating resources to achieve those targets.
  • Without controls, it is very unlikely a plan would be successful, and it would be difficult to know if your plan was a success.
  • For example, managers periodically compare actual results with planned results.
  • Control is achieved through effective feedback, or information that is used to assess a process.
  • Financial accounting, on the other hand, serves to inform the business’s external stakeholders and must comply with accounting regulations, including GAAP.
  • Budgetary control is a system that resorts to budget as a means of planning and controlling and coordinating different types of activities, like the production and distribution of goods and services as designed.
  • Compare top brands offering free accounting software, including ZipBooks, Expesify, Harvest, and more.

Risk mitigation and assessment are also aspects of cost accounting that depend on strong problem-solving skills. From identifying areas of spending that need improvement to evaluating new approaches to revenue generation, your ability to solve challenges is important in this field.

How managerial and financial accounting differ

These rules must be followed when companies are filing reports for external users. It becomes pretty evident that financial and managerial accounting define the process of collecting financial information and presenting it to the target audience in the form of financial reports. The target audience for managerial accounting is small business owners themselves who help to establish a more profitable environment within a company. In contrast, financial accounting orientates itself toward potential investors and lenders.

the main purpose of managerial accounting is

This statement provides standards and guidelines that assist accountants in choosing an ethically acceptable course of action. The statement includes four core responsibilities for every accountant. These are competence, confidentiality, integrity, and credibility. The statement also provides guidelines on how to resolve ethical conflicts. Conversely, financial accounting practices must comply with federal and general regulations, including for tax reporting purposes. Additionally, financial reporting is necessary for many applications, including sharing public information about financial positions, so investors and shareholders have access to important data. Many companies employ budgets to regulate the operations and spending of a company, along with its fellow departments.

They meet for lunch and discuss what each of their jobs entails. Alex has taken a position as a market analyst for a Fortune 500 company that operates in the shipping industry.

Accounting Assistant Bookkeeper Certificate

bookkeeping certification

A bookkeeper certification tells employers that you have all the skills and expertise required for advanced bookkeeping. To earn your AIPB Certified Bookkeeper designation, you must pass the AIPB certification exam and be able to submit proof of at least two years of full-time or 3,000 hours of part-time experience. Explore state-of-the-art residence halls, dining options, student organizations, health services, campus recreation and other activities. Our service-learning program and leadership opportunities will help you grow as a person.

What skills should a bookkeeper have?

  • Attention to detail. Attention to detail helps bookkeepers be accurate when handling their company's financial data.
  • Invoicing.
  • Critical thinking.
  • Organization.
  • Excellent communication.
  • Accounts payable.
  • Numeracy.
  • Time management.

Additionally, some students may qualify for financial assistance when they enroll, if they meet certain requirements. Professionals in the accounting field who add a certification to their professional qualifications can appeal to more potential employers. Microcredential programs allow professionals to attain new skills without pursuing collegiate study. The programs are often entirely online, providing easy and convenient access to educational materials, testing platforms, and more. “While bookkeepers don’t necessarily need advanced degrees, they do need to learn the tools and technologies that make bookkeeping possible,” said Hoelzer.

Bachelor’s Degree in Accounting

Dealing with bookkeeping documents such as checks from customers, bank and credit card statements, purchase invoices, etc. As mentioned above, a professional bookkeeper should be detail-oriented, enjoy working with data, be comfortable with routine procedures, and be comfortable with numbers. We allow you up to one year from the date of your enrollment to graduate from your Bookkeeping course online. A self-paced, flexible study schedule is one of the many advantages of pursuing your education at Ashworth College. Once you’re done with the introductory level course, you can move on to the free intermediate bookkeeping course covering topics such as reconciling control accounts and the cashbook. The free option gives you access to the text version of topic explanations and a handy quiz to test what you’ve just learned.

How long does it take to learn bookkeeping?

According to the US Bureau of Labor Statistics (BLS), most bookkeepers can learn the profession's basics in about six months [1]. Once you become a qualified bookkeeper, you can work as a permanent employee or freelancer.

Prior bookkeeping experience does not exempt you from these preparatory courses. Completing courses and workbooks can help you prepare for and pass your bookkeeping exam. For preparatory courses and workbooks, AIPB charges $254 for members and $324 for members. Annual renewal applications cost $25 for NACPB members and $50 for nonmembers. Membership also gives you access to resources that can help you prepare to become a CPB. The cost to become a CPB includes four courses and their respective exams. CPB licensure lasts one year, after which you must demonstrate that you completed all necessary continuing education credits and pay an annual membership fee.

What Does a Bookkeeping Class Include?

Employers seek the best talent, and certification signals a commitment to the profession and continuing excellence. The total cost of the program is $589 if the tuition is paid in full upfront. You can also opt for automatic monthly payments of $639 total or mail-in payments of $689. The program can be completed at your own pace, and you can email or call your instructor with any questions. She has owned a bookkeeping and payroll service that specializes in small business, for over twenty years. Once you complete this course, you will understand how to get your finances in order and be prepared for the QuickBooks Certified User Exam.

Tri-C also grants short-term certificates, certificates of proficiency and post-degree professional certificates. A bookkeeping certification not only adds value to your skill set but also helps you stay on top of the latest trends and technological advances in the industry. Read on to learn what you need to know about becoming a certified bookkeeper.

Is a bookkeeping certificate worth it?

Bookkeepers can complete this experience before taking the bookkeeping exam or up to three years after passing the exam. Candidates must meet similar eligibility requirements for the CPB license and the CB credential. To earn either certification, bookkeepers must successfully pass a four-part multiple-choice exam, verify their bookkeeping education and experience, and agree to follow a professional code of conduct. If you’re wondering whether to earn CB certification or CPB licensure, keep in mind that a professional designation can help boost your earning potential.

  • Follow these five best practice tips to improve your bookkeeper certification exam performance.
  • It’s a smart investment in professional development, and what’s more, it can be completed in less than one year.
  • Online and traditional college courses differ in terms of their requirements for education and experience.
  • Their finances, stay on top of invoices, pay bills on time and track expenses efficiently.
  • But experienced bookkeepers with certification can make more and find themselves in higher demand.
  • Unlike the AIPB and NACPB certifications, you won’t earn the certified bookkeeper or certified public bookkeeper distinction when you complete these courses.
  • The QuickBooks comprehensive training program gets users comfortable with using QuickBooks software in just two days.

According to the Bureau of Labor Statistics, bookkeepers work in every industry and make and average of over $40,000 per year. But experienced bookkeepers with certification can make more and find themselves in higher demand. This 100% online course will prepare you for the American Institute of Professional Bookkeepers certification exam. Tri-C’s Workforce Training provides both non-credit and credit training for individuals and businesses to assist individuals with skills leading to employment.

More Resources on Small Business Accounting

Continue reading to learn what to expect from bookkeping certificate programs, including application requirements, costs, and common courses. Updated annually, our list below ranks the nation’s best bookkeeping certificate programs. This certificate prepares students for entry-level positions in bookkeeping. Students will gain an understanding of accounting principles and practices, financial markets, banking, and analysis and reporting of financial data. The program prepares students for certification exams required for the NACPB’s Certified Public Bookkeeper license. The members of the NBA typically include bookkeeping employees of small business and non-profit organizations. Such an association helps bookkeepers develop knowledge and skill via bookkeeping education and accreditation.

bookkeeping certification

Plan to invest at least 12 to 16 hours of study time to prepare for the exam, which consists of 80 questions. You must receive a passing score of 80 percent or better, and you can take it up to three times if you don’t pass on your initial attempt. For more information, read our article about how to become certified as a QuickBooks ProAdvisor. Once you have successfully met all certification requirements, you’ll receive a certificate of completion, and you also can put the letters “CB,” which stands for certified bookkeeper, after your name. You can then use this in your email signature, on your business cards, social media sites, and other marketing materials. This will let potential clients know that you’re qualified, which will generate new leads and allow you to negotiate higher billing rates. As a financial professional, your credibility is key and a major factor in attracting or retaining clients.

Bookkeeping Course Online: How to Become a Bookkeeper?

Top bookkeeping programs have an excellent reputation with students, alumni, accrediting agencies, and faculty. High retention and graduation rates also factor into a school’s reputation. Green is a certified QuickBooks consultant, educator and trainer in the Greater Atlanta area. Green has taught various courses in accounting, computer applications, business and interpersonal communications. More than 1,000 credit courses are offered each semester in more than 200 career and technical programs.

At the end of the program, students should expect to have a full understanding of the main tasks of a bookkeeper and can start applying for jobs in the field. The total cost of the program is $799 if you pay the full amount upon registration, $949 with monthly auto-pay and $1 down, and $989 if you choose to mail a monthly payment with $39 down. AccountingCoach, LLC is our pick for best overall because it offers students the chance to learn the basics of bookkeeping for free.

The ideal way to graduate, prep for college, qualify for a better job, or finish what you started. While the class is free if completed within the seven-day free trial period, Coursera charges a $59 monthly fee beyond the trial period. The program’s list price of $89.99 frequently is discounted substantially, though the amount of those discounts varies from time to time.

bookkeeping certification

Their finances, stay on top of invoices, pay bills on time and track expenses efficiently. Furthermore, every member contributes to the community in order to build a collective knowledge base. Individuals who are members of the community answer the queries posted by Quickbooks account holders around the world. This includes creating invoices, categorizing expenses, setting up charts of accounts, and much more. Quickbooks also provides a webinar held by expert QBO accountant Hector Garcia. In this webinar, the QBO accountant covers how to set up Quickbooks online and provides guidelines on some of the useful features of the product. In case you are unable to find a class near your location, you can even attend a webinar from the comfort of your home or office.

Master Of Accounting Degree Online

Is a Master’s Degree in Accounting Worth It?

It’s no more difficult than any business degree, provided you can pay attention to detail and have basic math skills. These organizations are great sources of training, news, and support for fellow accountants in the field. Maintaining your membership in one of them may help keep you up to date in your field. Whether it’s the right path for you will be a personal decision, but if it is, you may have a bright future. A degree in Accounting may open doors to a diverse range of careers, all of which are in demand and pay well. Studies show that accountants have very high rates of job satisfaction.

Upon activating your course, you will have an initial 36 months of access. You can then renew your subscription as many times as you need to pass your exams—for FREE. Simply click the “renew” option in your student account and you can continue studying your high-quality course materials without losing any of your data and course progress. There will be instances where having a MAcc will definitely benefit you going into a particular area of accounting. For example, being able to assist government sectors with policies that affect the environment or impact public taxes. Students pay an affordable $20,564-$27,200 for the iMSA depending on elective courses. Enrollees pay the same tuition rate regardless of in-state or out-of-state residency.

Associates Or Bachelors Degree?

If you’re already working in the accounting field with a bachelor’s degree (or a bachelor’s plus CPA certification), you might feel a bit stuck. You want to further enhance your career prospects and earning potential by earning a master’s degree, but you don’t want to put your career on pause to do it. Some students pursue the master’s in accounting primarily as a tool to prepare for the CPA exam. Many CPAs excel in general public accounting, becoming masters of audit procedures. Obtaining a master of accounting requires substantial focus and commitment, but you must also weigh the potential rewards. Achartered financial analyst is another position within the field of finance. There are many requirements and tests one must complete in order to become a CFA.

  • With a bachelor’s in accounting online degree, many students take their first steps into the world of finance and accounting.
  • Take your passion for data analysis and become the solution today’s businesses are looking for with Liberty University’s master’s in accounting online.
  • As a student, you will gain 150 hours that equips you to take the CPA exam and begin an accounting career.
  • Founded in 1956, the University of Michigan – Flint is one of the regional campuses of the University of Michigan.
  • Some schools offer accelerated programs for individuals who want to graduate earlier, which can take anywhere between 12 to 18 months.

These advanced skills can help you stand out when applying for accounting positions, and may even allow you to bypass entry-level jobs in favor of more mid-tier positions. An MBA can be useful for accounting professionals in two particular ways. Secondly, an MBA may help you satisfy the work requirements needed to prepare to take the CPA Exam or pursue another professional certification1.

Transform Businesses Through Data Analysis With A Masters In Accounting Online Degree

These options for accounting school accreditation both have advantages. It’s important to choose a college or university with the appropriate accreditation at the national or regional level. You can verify school https://accountingcoaching.online/ accreditation through the Department of Education’s DAPIP database, which holds national and regional accreditation information. There are also specific accrediting boards related to accounting programs.

  • However, you need a CPA license to move beyond the manager level in any reputable CPA firm.
  • This on-campus MS program entails 30 credit hours and can be completed in one year.
  • Fisher College of Business evaluates each applicant holistically, so if you are interested in this program but don’t have an accounting background, you can still apply.
  • For example, its community economic development program received the Robert L. McKenna award, a New England Higher Education Excellence Award.
  • An MBA is a great way for accountants to stand out, meet the minimum requirements for a CPA degree, and move from an accountant role to a leadership role in an organization.

PayScale also reports that those working within one year of earning their master’s degree in accounting make an average starting salary of $60,000. Grand Canyon University is in Phoenix, Arizona and was the first private, for-profit Christian institution in the United States. It has also been the largest Christian institution, with more than 96,000 students enrolled each year, most of whom attend through distance learning and are undergraduates. The school provides these students with access to certificates at every level, bachelor’s, master’s, and doctor’s degrees. A master’s degree in accounting can help you get the qualifications you need to sit for the CPA exam, and can translate to higher pay and better positions in the field. For example, WGU graduates from the master’s of accounting program see an average of $18,700 salary raise after graduation. For those who want to pursue a career in accounting, a master’s degree is an important credential to have.

What Are The Benefits Of A Master Of Accounting?

Founded in 1906, the University of West Georgia is a doctoral-granting university based in Carrollton, Georgia. It is the 6thlargest public university in the state of Georgia, with a total enrollment of 13,733 students in the fall of 2018. In the late 1800s, the institution was turned from a vocational school into a university. It uses the motto “Small Campus with Big Degree” to highlight its small environment and the excellent teaching capabilities of its faculty. This institution had a total enrollment of over 1,800 students – about 900 on-campus and 900 online.

Today, this non-profit institution is a recognized leader in preparing students for lifetime career success, and it has over 10,000 students enrolled in various undergraduate and graduate programs. After you decide on a concentration and start narrowing down which universities you’d like to apply to, the next step is to check the schools’ accreditation. When a university or college is accredited, an independent third-party has verified that the school follows best practices and offers a high-quality educational experience. With an ACBSP-accredited master’s in accounting online from Liberty University, you can be confident that your degree can meet the standards set by exclusive business organizations and public roles. Liberty University’s master’s degree in accounting can help equip you with the critical knowledge and skills you can use to excel in the accounting field. With this shift, there comes increased laws and regulations, a greater risk of fraud, and heightened challenges in managing business assets.

What Can You Do With An Accounting Degree?

The ACBSP was created in 1989 and has accredited more than 3,000 programs so far. The schools with this distinction pass a rigorous vetting process and must be active with the local community. Schools within a CPSP accreditation go through a comprehensive review every two years.

Is a Master’s Degree in Accounting Worth It?

No background in accounting is required, although you will need at least a 3.0 GPA from undergraduate work. To apply, submit transcripts, recommendation letters, a personal statement, and a resume. Michigan State Spartans continuously demonstrate excellence and not only in the 200+ academic programs, but through research, service, and athletics. MSU Spartan NCAA men’s basketball team continuously ranks in the final fours! MSU’s Broad College of Business features a Master of Science in accounting, highly ranked including #8 Best Master’s Program in the Midwest from Public Accounting Report, 2019. McCombs Business School graduates are highly sought after by top companies, such as Edward Jones, GM Financial, Apple, and Google. To apply, you need two admission essays, official transcripts, GMAT or GRE scores, two recommendation letters, and a professional resume.

One of the chief reasons people choose to pursue an online master’s in accounting programs or a Master of Accountancy is that they almost immediately find new opportunities for employment. Not only might your current employer consider you for a promotion, but you might find that recruiters start buzzing around your door, as well.

Sumit Our Cpa Guest Blogger Decided To Do Both

Master’s degree programs in management accounting might focus instead on topics like corporate financial management, advanced auditing and controllership. Students in a master’s degree program in taxation might take classes focusing on taxation for corporations, partnerships and individuals as well as more general courses on tax practice and procedures. Having a master’s degree is also important if you want to move into management roles.

Financial analysts assist their clients in spending money in order to garner profit. They do this by constantly assessing the performance of investments such as stocks and bonds. Financial analysts work for a variety of employers including banks, insurance companies, businesses big and small, and individuals. PayScale reports that the average annual salary for an auditor is $57,853. Entry-level auditors typically bring in about $53,000, while the most experienced auditors can make as much as $76,000. Auditors are accounting specialists tasked with reviewing the accounts of companies, organizations, and sometimes even individuals. When employed by a company or organization, their role includes advising on things like cost savings and risk aversion.

The CFA, a crucial certification for investment professionals, requires at least 48 months of relevant work experience as well as passing a rigorous exam. The essential responsibility of an accountant is to keep track of every dollar a company spends and why. As part of the position, accountants prepare financial records, including internal Is a Master’s Degree in Accounting Worth It? corporate statements regarding income, balance and cash flow. Online peers in these accountancy programs communicate through a portal where they can access lectures and complete assignments. They can watch video lectures whenever you’re free, and from any location. Students can also take part in online forums to discuss accounting topics.

Most graduate programs entail credit hours, divided into core courses, concentration courses, and electives. Note that online programs may last longer compared to traditional master’s degree programs. This depends on how you arrange your daily life so you can watch lectures and prepare for your exams. A number of students choose online programs if they want to graduate faster than in traditional on-campus master degrees. The Bureau of Labor Statistics is projecting 8% job growth in business and financial occupations over the next 10 years.

However, a master’s degree gives you the opportunity to deepen your skillset to pursue specialized opportunities in the accounting profession. First, prospective students must choose between an MS accounting vs MBA program. Often, the first decision is deciding whether to pursue a master’s in accounting or CPA courses. Both CPA or masters in accounting credentials can help students land well-paying mid-to high-level jobs in the field. UNC’s MAcc can be completed either on campus or online in as quickly as one year. Through core courses, concentration courses, and electives, you will gain expertise in financial analysis, quantitative methods, and behavioral sciences. Concentrations include tax, audit, or financial analysis and reporting.

Is a Master’s Degree in Accounting Worth It?

A Master’s in Accounting also directly feature the word “Accounting” on the diploma itself, which may not be the case with an MBA. However, as you would likely place “MBA – Accounting Specialization” or a similar note on your resume, this issue can be bypassed. Additionally, should you choose to work toward a CPA certification at some point in your career, that can help demonstrate your accounting abilities to employers. There are several advantages that an MBA in accounting may bring that other accounting-focused graduate degrees do not. The biggest advantage is that the degree has the potential to be more versatile due to its more general business focus.

Advanced accounting subjects, including finance and cost accounting, auditing, and information systems. Students pursuing a bachelor’s degree in accounting prepare for careers in public accounting, management, consulting, and public or non-profit accounting.

Individuals should also consider accreditation, reputation, cost, and location when vetting online programs. MS accounting, MAcc, and MPAcc programs prepare students to succeed as accountants in a range of professional positions. In addition to technical accounting knowledge, students also gain skills in critical thinking and communication. And an MBA is a general business master’s program, but you can take extra accounting classes. That said, other career paths with growth potential are available to graduates of master’s-level accounting programs as well.

According to a survey by theJournal of Accountancy, the majority said that they were satisfied with their salary and the flexibility of their jobs. Founded in 1795, UNC Chapel hill boasts the title of the nation’s very first public university and is known for preparing “creators, explorers, innovators, and leaders” throughout the world. Among a variety of awards, the UNC Kenan-Flagler Master of Accounting program is ranked #1 on LinkedIn’s Best Graduate Universities for Accounting Professionals.

How Can I Qualify To Get A Masters Degree In Accounting?

Unemployment rates for those in this career field have historically run much lower than the general population, and this trend appears to have continued throughout the COVID-19 pandemic. The Bureau of Labor Statistics predicts consistent growthin the career field, about 4% over the coming decade. Consider pursuing a CMA credential if you would like to do industry work and see yourself in a management role. The certification equips you with the skills to manage and make financially strategic decisions. Increasingly, business leaders are consulting with accountants on financial decisions to gain their expertise and insights.