Specialized knowledge of value creation and business strategy has become a must for many companies in 2020. The damage caused by the pandemic is not easy to rectify, and the need for CMAs is higher than ever. This is mostly due to their specialized training and overall ubiquitous placement in any financial firm.
If you’re in the Middle East, then you are probably considering CMA certification to enhance your career. Well, you’re not wrong about that because CMAs are in high demand right about now. This article will discuss the scope of this certification in the Middle Eastern market.
Value of CMA
CMAs are highly valued in the Middle East, and this can be seen from the large number of applicants, which only increases each year. This is because the designation alone helps create career opportunities for individuals.
The high demand is because CMAs can operate across all business forms, whether it is the government or private sectors. It is probably why over 90% of non-CMA professionals are pursuing the course or intend to immediately.
Higher Salaries
On average, CMAs tend to make more than their non-CMA counterparts. An IMA salary survey also noted that CMAs have better salaries and enjoy more benefits than others. Having a certification also changes your bargaining position when negotiating for salaries in the Middle East, especially in Dubai. Furthermore, the annual increments for CMAs are entirely different compared to other professionals due to their vast expertise.
Representation
It may surprise you to know that IMA members are highly represented in the Middle East. Countries like the UAE, Egypt, and Saudi Arabia have the highest number of IMA members in the Middle East, indicating existing CMAs and certification hopefuls.
This might be due to financial hubs like Dubai and Qatar and their constant need for multi-faceted individuals in the corporate sector. Due to the Middle East having a robust financial sector, it favors CMA professionals more than accountants.
Competition
CMAs are in a different league than accountants. This is probably because their training is more rigorous than the usual finance courses. The exams have a meager pass percentage, and that piece of knowledge is embedded in the minds of top companies in the Middle East. So, the term CMA itself lends to credibility and skill when compared with an accountant. It is also why CMAs tend to get top management positions relatively easier.
Job Security
CMAs are among the least laid-off individuals in both the private and public sectors. The reason behind this is the high level of knowledge and expertise a management accountant comes with.
Accountants in companies are generally allocated simple tracking and monitoring of the company’s finances. Still, for a certified accountant, financial reporting is just one of the many tasks they can do for the company. This is why firing one is looked at as a poor choice by most companies.
To Conclude
CMAs are in high demand worldwide, but their scope in the Middle East is just being realized. Search on any job portal, and you’ll see the high number of available positions. If you are not a CMA and want to pursue a high paying job with a top company, then it may be time for you to get the certification.