The CMA - Bringing Great Value to Organizations - 2016 Spring Spectrum

THE CMABringing Great Value to Organizations Marc Palker, CMA, vice chair of do or may be asked to do in the future is a tremendous the Institute of Management value to your employer.”But make sure that you are going Accountants (IMA), believes that for the certification that will advance your career. “If you of all the accounting certifica- start your career as a CPA working for a CPA firm, then tions, the CMA (certified manage- you’re going to get your CPA,” Palker said. “But then you ment accounting) credential is the move into corporate accounting. So now you’re keeping “gold standard in management up your CPE alignment with a certification that is not accounting.” designed for management accounting. The challengePalker explained that the CMA, which has been in Don’t let yourself become professionallyexistence for a little over 40 years, is different because ofits field of study and knowledge base and the fact that obsolete. As long as you’re working in thenobody has been grandfathered in the exam. “Everysingle CMA has passed the rigorous exam to achieve profession, you need to seek out educationthat certification so that’s what makes it so special.” Inaddition, Palker said that there are CMAs in 120 different every single day. There is so much to know.countries and that the CMA is transferable from countryto country. “For example if you’re in China, and you pass is to understand where you are in an organization andthe CMA exam, you pass the same CMA as someone in the skill set you need, but also understanding the skill setTennessee. And then if your company transfers you to its that you are going to need to advance your career.”U.S. parent or affiliate, you come to the U.S., and you havestudied and passed and get continuing education in the With respect to whether to pursue your CPA or CMA,same knowledge base of any other person who is a CMA Palker says it depends on your career path. “If you’velocated here in the United States. So it’s very consistent, chosen out of college public accounting, then you shouldit’s very rigorous and it’s recognized worldwide.” pursue the CPA. But the moment you get the CPA you should think about the CMA because if you think of it asOne of the most pressing issues facing the accounting a car ride, the CPA gets you started on the road and givesprofession, Palker believes, is the talent gap and the you knowledge and training, but now you have to lookcompetency crisis. “You have people in industry who at your destination. And for most people who go intohave not kept up on their skill set during their tenure public accounting, their ultimate destination is insidein the accounting profession,” he said. “So, what we an organization or inside a business [management] andneed to do is to continue our differentiators. The first that’s where the CMA becomes the most valuable.”differentiator is going to be that college degree. Thesecond differentiator is going to be the certification that Palker’s final words of advice: “Don’t let yourself becomeapplies to the career that you’ve chosen.” professionally obsolete. As long as you’re working in the profession, you need to seek out education every singlePalker stresses that certifications are extremely important day. There is so much to know.” ▲“because showing that you have the skill set and theability to pass a rigorous exam, and then continuing youreducation in line with the job functions that you currently12 SPECTRUM | SPRING 2016