Accounting and finance professionals are seeking more and more specialized certifications to distinguish themselves and advance their careers. The first and most prominent certification in the field is the CMA® (Certified Management Accountant) offered by the IMA® (Institute of Management Accountants). This January, the IMA is introducing the FMAA, a new certification tailored to a variety of profiles; fresh graduates, non-bachelor’s degree holders, entry-level accountants, working business professionals, and many more! What do they all have in common you might ask? They all aspire to enter the field strongly!

The FMAA is tailored to help you gain knowledge and skills, demonstrate your proficiency in advance to your peers, advance in your career, and stand out globally as a certification holder!

But what exactly is the FMAA, and how does it set itself apart from the CMA?

Worry no more, all your questions are answered in the blog below! 

Understanding the FMAA | Start with Impact

The FMAA™ (Financial & Managerial Accounting Associate) certification is the perfect first and steady step in your accounting and finance career. Designed to provide a basic understanding of financial and managerial accounting principles, the FMAA is geared toward aspiring accountants of the future. The material covers a broad spectrum of accounting topics, including general financial and accounting management, reporting, budgeting, planning, cost, performance evaluation, and professional ethics.

Key Features of FMAA

1. 🧠Foundational Knowledge

FMAA focuses on building a solid foundation in both basic financial and managerial accounting concepts. This includes understanding financial statements, cost behavior, and budgeting techniques.

2. 🎯Entry-Level Target

The FMAA is an excellent choice for individuals starting their careers in accounting or those seeking to broaden their knowledge in both financial and managerial aspects.

3. ⭐Career Differentiation

The FMAA is tailored to help you stand out from your peers at an early stage in your career by becoming a certified professional who meets global accounting and finance standards.

Choosing the Right Certification

The decision between pursuing an FMAA or a CMA Certification depends on one's career goals, current position, and desired areas of expertise. If an individual seeks a well-rounded understanding of both financial and managerial accounting at an entry or mid-level position, the FMAA may be the ideal choice. On the other hand, for those aiming to advance in managerial finance and accounting and take on strategic and decision-making financial roles, the CMA is a more targeted and specialized certification. Here's a comparison table to help you see the difference.

Conclusion

Choosing the right professional certification is crucial for any career growth. In the field of management accounting, the CMA is a leading certification giving its global recognition, strategic focus, and portfolio of impact on its holders. The FMAA on the other hand, is the perfect starting point in your certification journey. Whether one opts for an essential understanding with the FMAA or a specialized focus with the CMA, both certifications enhance one's credibility in the competitive world of accounting and finance and introduce you to its elite community.