Practical experience in a management accounting environment, concurrent with the Strategic Leadership 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. Accordingly, public accounting experience (audit, non-audit reviews and compilations) does not qualify.

As candidates progress through the Strategic Leadership 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 centres 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.
  

• 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.
  
• Analyse 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.

For further information, please contact Ashni Sira.

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