Are you a new Certified Management Accountant? Avoid these 4 mistakes at all costs

Are you a new CMA? Avoid these 4 mistakes at all costs

October 13, 2022 11:18 AM

Did you recently accomplish your dream of getting your Certified Management Accountant designation? Congratulations! Getting your CMA certification is a huge step in moving your accounting career forward, as it will open so many more doors for you.

Now that you are an official CMA, you likely want to make the most of your new designation and go full speed ahead in all the new career opportunities you have. However, it would be in your best interest to be aware of the common mistakes that plague many new CMAs. To maximize your success as a new CMA, avoid these blunders at all costs:

Not making your CMA designation known

You worked so hard to become a CMA, so shout it from the rooftops — not literally, unless you want to! Rather, after you get the designation, it's important that you showcase it in your LinkedIn profile and let your department and executive team know as well. It will build your credibility as a management accountant and open the doors to new opportunities. You may be scouted on LinkedIn for a position at your dream firm, or it can be the deciding factor in you getting a promotion in your company over others who don't have their CMA certification.

Not implementing what you’ve learned in your current job

You likely learned so much while studying for and taking the CMA exam — so don't just go back to business as usual! You now have such highly specialized skills and knowledge, and any company can greatly benefit from having a CMA in their team. Therefore, it is paramount that you find ways to implement what you've learned to help your organization thrive. Studying to only pass the exams, nothing more, is wasted time and effort. You can take on new projects, become the go-to person for a new business client, and much more.

Not negotiating a salary raise

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A 2020 survey by the Institute of Management Accountants of its members found those who hold the CMA certification earn 30% more than those without the certification. That is a huge difference in earning potential!

CMAs command high salaries due to their highly specialized knowledge and leadership skills. They have the ability to work with certain business clients and take on intricate projects that non-CMAs can't. That said, after earning your CMA designation, it's a fantastic opportunity for you to negotiate a raise with your company instead of having to wait for your yearly review. Not doing so would be a huge missed opportunity for you.

Not encouraging fellow accountants to get the CMA

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The CMA certification is invaluable in the workplace, and not advocating for other accountants in your company to get it is a missed opportunity to upskill your whole department. In my own experience, I have found that more CMAs working in the same organization will only accelerate the growth of the entire company. For example, if your teammates became CMAs, your firm could then have the manpower to take on even bigger business clients or start offering new services it couldn't before. This could ultimately lead to bigger opportunities for you.