Your CMA questions answered + Free CPE guide

This week, I'm answering two of the most common questions I get about pursuing the CMA as a CPA, plus sharing my updated free CPE Guide for 2024!

Also, I'm working on my "favorite things" list and don't want to miss any hidden gems! If you have an app, tool, or resource you can't live without—especially in accounting or tech—please message or comment to share it with me!

Ask Megan Q&A: Should I Pursue the CMA if I Already Have My CPA?

"Megan, I already have my CPA. Should I get my CMA, too?"

Yes, and here's why:

While the CPA covers tax, audit, and financial accounting, the CMA focuses on managerial and financial decision-making. If you're considering a move into finance or industry, the CMA offers valuable skills you may have yet to fully develop in your one or two managerial accounting classes.

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Some of My Thoughts:

● The CPA Exam has evolved – With new discipline sections replacing BEC, much of the managerial accounting content has shifted around the exam, keeping the focus on what you'd need to know at entry-level (1-2 years of experience). The depth of cost accounting, budgeting, and variance analysis is now mostly covered in the Business Analysis and Reporting (BAR) CPA exam section.

● Businesses still need these skills – Companies of all sizes rely heavily on managerial accounting for strategic decision-making. The CMA focuses on these critical skills, which remain important even as AI becomes more prevalent in organizations for data mining and computational heavy lifting.

● Complementary skill set – Having both the CPA and CMA shows credibility and versatility. The CPA highlights your financial accounting, audit, and compliance expertise, while the CMA showcases your strength in strategic management and operational decision-making.

● Is it necessary? – No, you don't need the CMA to prove your value. However, it provides in-demand skills for cost analysis, budgeting, and strategic planning roles.

● Global recognition – The CMA is internationally recognized, meaning you don't have to worry about re-licensing when moving across state lines (great for someone who relocates a lot like me!). Plus, with only two exam parts, it's an accessible way to broaden your expertise.

In short: You don't need the CMA to succeed, but it can open doors you didn't even know existed.

Bonus Tip: If you're a mid-career professional aiming for strategic leadership, consider the CGMA. It focuses on long-term strategy and can be another excellent addition to your skill set.

Ask Megan Q&A: Getting Your CMA Early in Your Career

"I passed my CPA exams and am halfway through the CMA. I'll be starting at Big 4 soon—any advice on how to leverage the CMA?"

Starting early is a huge advantage! As I said above, the CMA equips you with critical skills in managerial accounting and finance (FP&A), positioning you for future industry roles like CFO. As you progress in your career, you'll have more demands on your time and less flexibility to study. That said, I completed my CMA while about 7 months pregnant.

Don't forget to take advantage of networking and CPE opportunities that are included with your membership in the IMA while maintaining the credential.

Free CPE Guide for 2024: Now Available!

The Free CPE Guide for 2024 is now updated! Find no-cost CPE credits before the end of the year and stay compliant without the extra cost. Request it here.

You can pick some of your interests — be sure to select "Free CPE List" and it will send it automatically.

Have a Question? Ask Megan!

Got more questions? Submit them on the Ask Megan page—I may feature them in a future podcast, video, or newsletter.

Thanks again for being a part of this community.

Latest "Next Level Accountant" Podcast Episode

In this episode, I break down the essential generative AI skills every accountant should master today, from understanding how it works to using voice tools for efficient brainstorming.

Tune in below for a quick, actionable overview (and press the (+) to save on Spotify.

P.s. I love helping people and don't always charge for my advice. If you feel it's appropriate to show your appreciation with a tip (in lieu of buying me a coffee), I sincerely thank you in advance for your generosity. Your support means a lot and helps me continue creating valuable content!