There are those who have it all figured out. The ones who know they are going to become a pilot even before they cross 5th grade. And start prepping themselves to reach their goal. And then there are people like us who need a little help, a bit of prodding and some unbiased information, to help us make the right choice.
Now if you’ve made up your mind that you want to pursue a career in finance but don’t know whether to study CMA or SAP FICO, here’s some guidance.
Let us unbox the CMA course first…
The CMA is an advanced, professional certification for accounting professionals.The Certified Management Accountant (CMA) exam is a two-part exam. It is a rigorous examination that is certainly a tough nut to crack. Candidates are given just three years to pass both parts of the exam. Students learn about the preparation of financial statements, how to conduct external and internal audits, prepare budgets, make financial forecasts and more.
The pass rates for the CMA exam are shockingly low! But don’t let that deter you. Once you pass this tough and mind-bending exam job opportunities at top industries, corporates and government departments will start pouring in. To get credentialed you need to have a Bachelor’s degree from an accredited institution and 2 continuous years of relevant work experience. One should have a proven knowledge of management accounting and financial management.
CMA professional cam work on the following job functions.
Chief internal auditor
Financial Risk Manager
Chief Financial Officer
Now let’s look at SAP FICO
Have an interest towards tech? Now you don’t have to make the difficult choice of choosing between a tech career and a financial one. SAP FICO offers both. Now first what does this alphabet soup mean? SAP stands for Systems, applications and products in data processing. FICO stands for Financial accounting and controlling. SAP financial accounting, upgrades the finance management in enterprises. The SAP FI module enables organizations across various domains to handle their financial data management and accounting activities better.
It is one of the most implemented SAP modules and hence there is never a dearth of job opportunities for SAP FICO professionals. Candidates who study SAP FICO gain extensive knowledge in the efficient utilization and management of different controlling components and external reports. In-depth knowledge of basic ERP systems is a must for becoming a successful SAP professional.
SAP FICO pros manage and enhance various business functionalities and are responsible for the design, implementation, administration, and testing of all FI/CO modules. One can be a SAP consultant, delivery management professional or get into the technical side of SAP. There are several opportunities in IT and non-IT organizations. There are also career ops in auditing firms for auditing SAP systems.
Conclusion: Make a choice based on your strengths. If you have a head for numbers go down the CMA path. If software modules and tech environments are your forte select SAP FICO. You are assured of a fabulous career no matter what choice you make.