Practical experience in a management accounting environment, concurrent with the Combined Master’s Program, is an essential component of the process of becoming a CMA. This Practical Experience Requirement provides assurance that candidates have demonstrated their competency in the profession of management accounting.
As candidates progress through the Combined Master’s Program, they are expected to expand their responsibilities: moving from a role where they are providers of information, to a role where they are identifying and evaluating possible courses of action and providing business advice. Examples of duties and responsibilities that fall within the first level of experience include:
- Analyze budget variances.
- Prepare cash flow projections and monitor variances.
- Analyze gross profit, accounts receivable, accounts payable and inventory.
- Prepare quarterly earnings and expense reports.
- Assist in the development of management information systems.
- Prepare internal income statement for profit centers and business units.
- Maintain inventory and fixed asset records.
- Prepare financial statements.
- Provide financial and cost/benefit analysis projects.
- Prepare government regulatory reports.
- Prepare working papers, account analyses, and account reconciliations.
Examples of duties and responsibilities that fall within the second higher level of experience include:
- Develop standards to measure ongoing activities and monitor internal control procedures.
- Design management reports for cost control and profit analysis.
- Develop and implement a management information system.
- Analyze new business opportunities, making recommendations to management.
- Provide advice to senior management on financial and management matters.
- Analyze information systems, recommending improvements.
- Work with senior management in the development and updating of the company’s business plan.
- Develop internal audit programs, including determining the scope of the audit and the allocation of resources.
- Provide corporate tax advice on the interpretation of the income tax act, minimizing tax liabilities and developing internal tax policy.
One of the exciting aspects of the CMA program is that this practical experience can be gained in a broad range of organizations. Once a candidate’s practical experience report is submitted it will be sent directly to their validator through the online PE tool. A validator is typically a candidate’s immediate supervisor and validators have the option of rejecting a candidate’s PE report if they do not agree with what is being presented. CMA Ontario will review the logic of a validator’s email address (ensure that the email is company based and not personal or from a different company) and the validator’s role. Random phone calls may be made to the validator for confirmation purposes.
For further information, please contact firstname.lastname@example.org.