Worth of the US CMAs at Big 4 Firms
Our CMA training experts are frequently interrogated with one question?
If I get my CMA certification, will I be recognized in Big 4s like Deloitte, Ernst, and Young (EY), KPMG, or PricewaterhouseCoopers (PwC)?
In reality, the Big Fours not only hire CMAs, but they also are well aware of management accounting qualification — but they consider CMAs as assets for the company’s business growth. We’ll provide some industry insight and explain how earning the CMA can benefit you as an accountant, whether or not you’re a Big 4 employee.
Given the choice that you can get an accounting certification within 6 months, so why not?
The Big 4 does know that the CMA exists (I’ve included the proof below). Its members have places for CMAs within their companies. And while the CPA is still top dog, there are compelling reasons why the CMA is beneficial even if that’s not the loudest message being sent by the leading MNCs and Big 4s.
The Big 4 specializes in public accounting, which is why it employs so many Certified Public Accountants. However, each of the Big 4 companies is also an international firm that provides a variety of services to many different clients, multinational companies among them.
Because the CMA certification is globally recognized, the Big 4 has positions available for CMAs. Big 4 firms turn to their own teams of management accountants to advise large companies on restructuring and potential tax savings opportunities.
The Big 4 offer many positions to CMAs, such as
- Risk Management Advisory Manager
- Accounting & Reporting Transformation Senior Consultant
- Government & Public Sector Strategy Manager
- Risk Assurance Advisor (Manager)
- International Tax Services Senior Manager
- Risk Transformation Advisory Senior Manager
Why would CMA be a big boost to your career?
The CMA isn’t designed specifically for public accounting the same way the CPA is. It’s better for industry accounting. In fact, it’s the leading credential for management accounting. While the CPA is hot within the Big 4, the CMA is in demand at Fortune 500 companies and those with manufacturing facilities requiring cost and inventory management.
Reasons the CMA Is Valuable to You
As you can see, the Big Four and Fortune 500 companies value the CMA. But should you? If you’re looking for more reasons to seek the CMA certification, here are three:
Increased Earning Potential
It’s a fact: CMAs make more than non-CMAs, so becoming a CMA gives you the opportunity to increase your earning potential. On a global scale, CMA-certified accountants have an average salary that is 62% higher than that of non-certified accountants, which equates to about $31,000 more a year. The compensation gap gets wider when you consider incentives like health insurance, retirement accounts, fringe benefits, etc., that are commensurately larger for CMAs.
When you add the CMA and CPA together and hold dual certifications, you can grow your earning potential even more. For years now, the IMA salary survey has reported that accountants with both the CMA and the CPA make a lot more money than accountants with just one.
The most recent survey says accountants with dual certification make an average of 59% more than single-certification accountants (who already out-earn accountants without certification by a fair margin). For more exciting figures, take a look at the median total compensation for dual certification holders by age range:
- 20–29: $78,000
- 30–39: $122,250
- 40–49: $145,000
- 50 and older: $140,500
These numbers more than make up for the expense and effort required to achieve dual certification. Considering the amount of extra money you could make throughout your career, earning the CMA is clearly a wise financial decision.
Better Job Satisfaction
With the CPA certification, you’re eligible for just about any accounting job in the Big 4. But with CMA, you’re in the running for some of the best jobs. On their websites, the Big 4 firms typically list thousands of more job openings for CPAs than for CMAs, and this discrepancy suggests selectivity. The Big 4 specifically requests the CMA for certain upper-level positions, so the CMA is the path to a top-notch spot in the Big 4. You can land one of these management positions by either earning the CMA as a Big 4 CPA or applying to the Big 4 with the CMA already in hand. No matter how you secure a CMA role in the Big 4, you’ll most likely love it. According to the IMA, 64% of CMAs say they’re satisfied with their jobs. Their favorite aspects include their relationships with coworkers, employee benefits, and salary. Clearly, CMAs have a great vocational setup that makes liking their jobs even easier. To experience this same kind of career contentment, earn the CMA.
More Career Options
If you ever plan to leave the Big 4, the CMA can be the ticket to your next dream job. Though the Big 4 are the largest firms in the world, stepping away from them is not uncommon. Statistically, accounting firms bringing in more than $75 million annually have a 17–20% turnover rate.
For those looking to diversify their skill set in a new place, the CMA opens the door to the business world and equips you to excel there. With the business-savvy CMA, you can influence the finance side of the company while still functioning as an important management team member. The CMA can even take you up to the roles of CEO, CFO, VP of Finance, or Controller. The sky’s the limit with the CMA. Don’t let the lack of it hold you back.
For eligibility and information about other criteria contact Miles Education for a free one-on-one consultation.
Miles Education is a premiere skilling & training institute for finance & accounting professionals to earn US CPA/CMA credentials. The focus for Miles Education has always been to up-skill students and professionals to help them be future-ready and enable their career progression through the US CPA/CMA qualification Committed to achieving this goal, today, Miles is India’s largest and #1 CPA review course!
It has been instrumental in building the CPA/CMA ecosystem in India holding offices in 9 cities and partnerships with 100+ MNCs, including all of the Big 4s. Miles Education provides student/professional-centric services while keeping concept-based learning at its core which has helped it climb to the top ranks when it comes to the US CPA/CMA certification in India.
