Businesses are essential for the economy and stability of any nation. But, as businesses grow, they need more financial experts to ensure their financial health and compliance. Everything needs to be in order, from the financial aspects of a business to tax preparation and filings. This is where accountants come in – they ensure the company’s financial statements are accurate and up to date.
Financial professionals have always been in high demand, but the field has grown even more recently. The BLS projects that the employment of accountants and auditors will grow by 11 percent by 2026, which is faster than the average for all occupations.
There are plenty of lucrative options for financial professionals with the right training and credentials. Here are some of the best career opportunities for certified management accountants (CMAs).
- Accounting Manager
Accountants are responsible for maintaining and preparing an organization’s financial statements. They also oversee the work of other accountants, bookkeepers, and auditing clerks. As an accounting manager, you would be responsible for all these activities and supervising the accounting staff.
The average salary for an accounting manager is $119,000 per year.
There are several opportunities for professional accountants to move up the ladder. With experience, you could become a financial controller or a Chief Financial Officer (CFO). But it would help if you had the skills and qualifications to get there. Professional platforms allow you to learn from the best in the field and earn the globally recognized CMA designation. Like the Wiley CMA program aims to help you develop the skills you need to succeed in this competitive field.
- Financial Analyst
A financial analyst is responsible for providing recommendations to businesses and organizations. They conduct financial analyses of past trends to help businesses make better investments, pricing, and operations decisions.
The average salary for a financial analyst is $85,660 per year.
To move into a more senior role, you need to stand out from the crowd. The CMA designation can help you do that. It shows you have the necessary skills and knowledge to succeed in this field. With experience, you could become a senior financial analyst or a financial analyst manager.
- Tax Accountant
Tax accountants prepare tax returns and advise businesses on tax planning. They use their knowledge of tax laws to help businesses minimize their tax liability.
The average salary for a tax accountant is $63,550 per year.
If you have experience in public accounting, you could become a tax manager or a tax partner. You could also move into a role in the corporate world, such as a tax director. However, it would be best if you had the qualifications to get there. The CMA designation is a great way to show that you have the skills and knowledge to succeed in this field.
- Internal Auditor
Internal auditors are responsible for evaluating a company’s financial and operational procedures. They make sure that the company is following internal controls and regulations.
The average salary for an internal auditor is $67,880 per year. The best part about this career is that there are plenty of opportunities for advancement. With experience, you could become a senior internal auditor or an audit manager.
There are many challenges in the field of internal auditing. But with the right qualifications, you can overcome them and succeed in this rewarding career. The right way to get started is with the CMA designation.
- Management Consultant
Management consultants advise organizations on how to improve their performance. They conduct research and analysis to help organizations make better strategy, operations, and marketing decisions.
As a consultant, you can help businesses in various industries, from small businesses to Fortune 500 companies. And with experience, you could move up to become a partner in a consulting firm. The average salary for a management consultant is $81,330 per year.
- Forensic Accountant
Forensic accountants use their investigative skills to uncover financial fraud. They work with law enforcement agencies and attorneys to prosecute white-collar criminals. The average salary for a forensic accountant is $75,000 per year.
Forensic accountants need to have strong analytical and problem-solving skills. They also need to be able to work well under pressure. Also, they must be able to communicate complex information clearly and concisely. If you have these skills, you could succeed in this field.
- Investment Banker
As an investment banker, you will work with clients to raise capital by issuing and selling securities. You will advise clients on mergers and acquisitions and provide other financial services.
The average salary for an investment banker is $106,870 per year. With experience, you could become a managing director or a partner in an investment bank. There are plenty of opportunities for advancement in this field. With experience, you could become a managing director or a partner in an investment bank. But to get there, you need to have the right qualifications.
- Financial Planner
Financial planners help individuals and businesses meet their financial goals. They develop financial plans and advise investment, insurance, and retirement planning. The average salary for a financial planner is $90,530 per year. Although this field has many challenges, it’s also a gratifying career. The job requires strong analytical and problem-solving skills.
An actuary is a risk management specialist. They use their knowledge of mathematics, statistics, and finance to assess the risks of financial events. The average salary for an actuary is $102,880 per year.
This is a challenging but rewarding career. Actuaries are the most in-demand professionals in the insurance industry. They need to have a strong educational background in mathematics and statistics. And they must be able to think creatively to solve complex problems.
The Bottom Line
There are many different career opportunities available for CMA professionals. With the right qualifications, you can find a rewarding and challenging career in this field. There are plenty of opportunities for advancement, and with experience, you could move up to become a senior manager or partner in a consulting firm. So if you’re looking for a new career, consider becoming a CMA.