#1 Full Form of CMA
CMA- Accounting Management Certificate/ Certified Management Accountant
Globalization has forced everyone to improve themselves to meet the needs of modern administration. Accountants need to develop their skills at the world level recognized professional financial and strategic management. Therefore, Accounting Management Certificate (CMA) is necessary to evaluate business possibilities, take advantage of opportunities, and shape the future of organizations.
Certified Management Accountant is a public law recognized degree that after successful completion of commercial upgrading training according to the Vocational Training Act will be given.
The nationwide examination is based on a special ordinance before the Examination Board of an Industry and Commerce (IHK), a Chamber of Crafts (HWK) or a Chamber of Commerce (HK) (only in Hamburg), or any other competent body. The IHK further education structure is a master’s degree equivalent to that of a specialist tradesman.
Management Accountant is a professional who is dedicated to managing the accounting of an organization, company or person. In general, a management accountant works in the areas of accounting, law, statistics, finance, audits, among others.
Management accountants are no longer just the annotators of previous results. As they have become members of value-added management teams, creating vital information for improving operational excellence. And formulating and implementing new strategies.
To become a Certified Management Accountant (CMA) is to become a globally recognized professional in Management Accounting.
Accounting Management Certificate ( CMA ) is a professional certification or recognition of credentials in accounting management and financial administration fields. Certification means that the person possesses the knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. The CMA is a certification based in the United States, recognized worldwide that offers the Institute of Management Accountants.
CMA certified professionals operate within organizations of all sizes, industries, and types. Including manufacturing and services, public, private companies, non-profit organizations, academic institutions, government entities, and multinational corporations.
To obtain certificate and recognition, candidates must pass a rigorous exam, meet an educational requirement, experience requirement. And show a commitment to continuous learning through continuing professional education (CPE).
Certified Accountant Management Exam
A certified exam management accountant is part two of the exam, which must be taken as a prerequisite for earning a CMA designation. Candidates are provided with three years of registration to pass both parts of the exam. Examinations are given for three window test periods: January / February, May / June, and September / October at Prometric centers.
Until 2010, the CMA exam was organized into four parts: business analysis, accounting management, and strategic management. Since 2010, the exam has been condensed into two to four-part hours, covering mainly the same material. As the former four-part exam with additional emphasis on financial planning, analysis, control, and decision support.
Each exam consists of descriptive questions and two questions 30 minutes essay. Candidates are provided with 3 hours to complete the multiple choice section and one hour to complete the essay. Candidates must demonstrate their work on the essay questions in order to get a loan. Parts 1 and 2 of the CMA exam are rated on a scale of 0-500 with a raw candidate score converted to a form that scales the score against all exam candidates. On this scale, a score of 360 represents the minimum passing score on the scale.
For the examination the candidates can be admitted who:
- Passing a successfully completed final exam in a recognized commercial (eg assistant tax consultant ). Or administrative training occupation with a prescribed training period of at least three years and thereafter a minimum of three years’ professional experience;
- a successful degree in economics at a university or a business diploma. Or an undergraduate degree from a state or an accredited business education program and then at least two years of professional experience
- a minimum of six years of professional experience
In terms of content, professional practice must be materially related to company finance and accounting.
The exam is divided into a written as well as an oral or a practical part. After successful completion of the exam, the examining body awards the officially recognized degree to the audited accountant.
The DIHK Master Plan recommends a course of 820 lessons for advanced training as a certified accountant. Educational institutions offer exam preparation courses both full-time, part-time between 3½ and 24 months. As well as correspondence courses; for admission to the exam.
However, participation in a preparatory course is not compulsory. Participants can apply for benefits through the Advancement Training Funding Act to promote further education costs and examination fees.
- Part 1 includes Financial reporting, planning, performance and control
- External financial reporting solutions (15%)
- Planning, budgeting, and forecasting (30%)
- Performance Management (20%)
- Cost Management (20%)
- Internal control (15%)
- Part 2 – Financial Decision Making
- Analysis of financial statements (25%)
- Corporate Finance (20%)
- Solution Analysis (20%)
- Risk Management (10%)
- Investment decisions (15%)
- Professional ethics (10%)
The exam is considered to be very strict and the pass rates for the CMA exam have historically been low for both parts. Worldwide, the exam was a passing score of 35% for part 1 and 49% for part 2 in 2014 of the historical pass rate published by the IMA.
The IMA discontinued area breakthrough rate exam passes the 2015 results year.
Additional certification requirements
In addition to passing examinations, CMA candidates must meet the requirements for education and experience in order to be certified:
- Bachelor’s degree from valid college or university
- Two continuous years of professional experience using the principles of management accounting and financial management, including:
- Preparation of financial statements
- Financial planning and analysis
- Monthly, quarterly and at the end of the year close
- Audit (external or internal)
- Budget preparation and reporting
- General Ledger Management and Balances
- Investment investment company
- Cost analysis
- risk assessment
- For CM certified, 30 hours of CPE credits, including two hours of ethics and annual IMA membership are required to maintain active status.
Things you need to know to be an accountant
The professional performance of an accountant is not limited to ensuring the accuracy of the books and financial documents of a client or organization. There is a whole set of things that you need to know to be an accountant and that involve knowledge management beyond simple accounting.
Among this knowledge stand out, of course, accounting in all its variants. But also notions of law, management of statistics, computer skills, mastery of financial mathematics. Administration, economics, human resources management, finance, and audits, among others.
Among the things you need to know to be an accountant, you must first have a bachelor’s degree, which is fundamental in almost all professions worldwide.
Work areas and tasks
Certified accountants are qualified to perform the following cross-sectoral tasks in particular:
- Ensure the organization and function of corporate finance and accounting
- Preparation of interim and annual financial statements and management report in accordance with national law. As well as financial statements in accordance with international standards.
- Reporting, evaluating and interpreting the figures for planning and control decisions,
- Planning and execution of financial transactions as well as company-relevant tasks in consideration of economic contexts
- Supervision and administration of the personnel administration of a company
The audited balance sheet accountant can be proven in a public-law examination in front of a competent authority on the basis of the Federal Decree. In 1990, the existing rules under chamber law were superseded by a federal ordinance of the Ministry of Education.
In 2007, this was replaced by the currently valid ordinance, which, among other things, took additional account of international accounting standards. At present, further education as a certified auditor is being re-amended. In particular, content relating to international accounting is being revised. Tax changes, such as the e-balance sheet, are supplemented.
If accountants are self-employed, they are subject to restrictions and of the Tax Advisory Act. In contrast to tax consultants and independent accountants in Austria and Switzerland, they are not allowed to set up accounting records or prepare financial statements. An accountancy auditor who was initially audited to carry out preliminary VAT returns were not included after interventions by the tax consultant associations.
#2 Full Form of CMA
Chinese Martial Art (CMA)
Chinese martial arts are all martial arts, combat systems and martial arts developed in China. The most common terms used to describe Chinese martial arts are kung fu and wushu. There are a variety of martial arts styles, almost all due to the Shaolin martial arts or the Wudang martial arts. The martial arts tradition is closely linked to philosophical and religious issues.
If you think of China and martial arts, you may think of the heavily staged martial arts films of Bruce Lee, Jackie Chan, Jet Li or Donnie Yen. These actors are fighters with superior abilities in their films. Although the cinematic depiction may appear exaggerated, there is a spark of truth in all these martial arts films: training martial arts can lead to special abilities. These skills were needed in ancient China to defend themselves against enemies and wild animals.
The philosophical and religious world views that shaped China at that time have given martial arts a metaphysical level beyond their practical function. The martial art is thus not only for self-defense and physical culture, but may also include a spiritual development.
Classification of Chinese martial arts
The field of Chinese martial arts is a huge one. And classification of the individual styles is not always possible. This is due to the variety of styles; on the other hand, it also goes back to the developments within the respective styles. At present, Chinese martial arts are spoken in three different paradigms. In addition to the terms Wushu and Kung Fu, the terms Inner Martial Arts and Outer Martial Arts are also used.
Wushu – kung fu
The term Kung Fu is used in the West mostly to designate Chinese martial arts. This is the name of Shaolin Kung Fu or Wing Tsun Kung Fu. However, the term is much wider, taking into account its origin in the Chinese language. Translated, kung fu means something achieved through hard work or something achieved through patient work. That is, anyone who has good skills in any way controls Kung Fu. Thus, the term for martial arts styles is certainly not completely wrong.
The word Wushu comes very close to the term for the martial arts, however, it must be differentiated again. Because since the 1950s, this term in China refers to a system of traditional martial arts, which has been integrated into a modern system and shortened to important aspects.
The aspect of self-defense faded into the background, and elements that attract attention. Such as acrobatics and dynamic movements, came to the fore. In 1959, this wushu was officially recognized by the Chinese government. In this context is also spoken by modern Wushu. If you want to name Chinese martial arts in general, then the term “Wushu” is not wrong.
Internal Martial Arts – Outer Martial Arts
The Chinese martial arts can be classified according to their characteristics in the categories Inner Martial Arts and External Martial Arts. However, this subdivision is controversial, as both so-called outer styles have features of inner styles. And inner styles also have outer features.
For the term inner martial arts the following independent characteristics apply:
- Chinese martial art is considered an inner martial art if and only if its origin can be traced back to the Wudang Mountains and it is close to Taoism.
- Chinese martial art is considered an inner martial art if and only if it originated in China.
- Chinese martial art is considered an inner martial art if and only if the training focus is on the perception and control of bodily processes.
- Chinese martial art is considered as an inner martial art if the motion quality is rather soft.
For the term outer martial arts the following independent characteristics apply:
- Chinese martial art is considered an outer martial art if it originated in Shaolin Monastery and is close to Buddhism.
- Chinese martial art is considered an outer martial art if and only if imported into China.
- Chinese martial art is considered as an outer martial art if and only if the training focus is on the perception and control of bodily processes.
- Chinese martial art is considered an outer martial art if and only if the quality of movement is rather hard.
Weapons in Chinese Martial Arts
Within Chinese martial arts, there are a variety of weapons. In modern times, not only traditional weapons are practiced, but also newer weapons and everyday objects that can serve self-defense. Often the martial arts are practiced with sword, saber, fan, long stick and halberd.
There are also the three-stick, the short stick, the spear, the whip, the nunchaku, and darts. Other weapons that are rarely used are hook swords, a rope with arrowhead, the moon tooth shovel and the meteor hammer. Training with weapons requires good body control in order to practice safely.
Therefore, the focus is often on the unarmed training, which serves as a basis for weapon training.
The history of Chinese martial arts
The history of Chinese martial arts knows no exact starting because many legends and myths wind around the origin of the martial arts. So that a clear historical statement is possible only in rare cases.
Juedi and Jaoli in ancient China
Because Chinese martial arts have not only served self-defense in ancient but have also played a role in health and spiritual aspects. An indication of the beginnings of martial arts in the time of the Emperor Huangdi in the 3rd century BC can be found. At that time, dances were prescribed to the Chinese people for health maintenance.
Furthermore, in this time the old wrestling art Juedi existed. Because in the traditional Chinese view, it is believed that targeted movements can have a healing effect and strengthen vitality, physiotherapeutic movement systems and breathing exercises have been developed. One of these systems goes back to the physician Hua To. And at the same time that Hua To developed his system, the military sport Jaoli was introduced in China.
Bodhidharma and the Chinese martial arts
Approximately In 520, the wandering monk Bodhidharma came to China. He moved to the Shaolin Monastery in Honan Province. There he taught the monks physical exercises to prevent fatigue during long meditations. Because the times were uncertain and the monks had to defend themselves, fighting techniques were also practiced.
Thus, the idea of health has been linked to the idea of self-defense. In the Shaolin Monastery, the fighting techniques and fighting principles have been further developed. The monastery came several times in Chinese power struggles, gained influence, was strangled and finally completely destroyed.
The escaped monks were said to have founded the Chinese secret societies (Triad) and secretly passed on their knowledge of martial arts. Other monks founded a second Shaolin Monastery in Fukien Province.
Zhan San Feng and the Chinese martial arts
The years 960, 1247 and 1279 are given as the birth years of Zhan San Feng. He is considered a legendary figure in China and is regarded as the founder of the Taoist martial arts. According to legend, Zhan San Feng was a monk who lived in the Wudang Mountains and one day watched the fight between a crane and a snake.
The snake managed to dodge the hard and targeted thrusts of the crane repeatedly. So that the crane finally had to finish the fight exhausted. Impressed by this, Zhan San Feng has developed a combat system based on compliance and smooth movements.
Another legend tells how Zhan San Feng, as an old man, should have moved into a Wudang Monastery and devote himself to inner alchemy. There he has the chi for the first time having experienced life and taking it to the foundation of his martial arts style. After dreaming of a battle between a crane and a snake.
Shaolin monk Independent of the two original narratives, martial arts in China has developed under a variety of influences and further differentiated. There were military, political, medical, biological, geographical, regional cultural and religious influences. These and other factors have helped to adapt the different martial arts to very specific conditions. This results in the currently prevalent variety of martial arts styles.
In the Middle Ages – but probably also before – the Chinese styles were exported to Japan, among others, and merged with the experiences that the Japanese have gained in battle.
This is how Okinawa Te developed. In China, martial arts were mainly practiced by soldiers and warrior monks. In addition, there were also practitioners who have secretly practiced martial arts as a family tradition. Only between 1920 and 1930 can a relatively strong spread of the martial arts in the Chinese population be recorded. In 1928, the Institute for the Study of Traditional Martial Arts was opened in Nanchino.
A commission of established martial arts masterminds has also developed a simplified kung fu style at this time: the Lien Pu Chuan – boxing to practice positions. This was to help the schoolchildren gain access to martial arts. Furthermore, the first sports competitions were held and also taught non-Asians in martial arts.
The interest in martial arts grew in the western states mainly through the creative work of Bruce Lee (1940-1973). He wanted to make accessible in his films not only the Chinese culture to a broad public, but also his very own understanding of martial arts wanted to convey.
As the proliferation of Chinese martial arts throughout the world represents a tremendous export of culture. And both Chinese and presumptive peers in other societies and nations are confronted with the question of how best to deal with them.
There are many different ones today Attempt to secure quality standards to prevent dilution of the cultural asset. New sub-systems, new hybrid styles, new competition cultures, and new applications have emerged. In addition, a Chinese good is placed in a different cultural context, which makes a differentiated examination of the culture of origin inevitable.
Chinese martial arts and philosophy
Chinese martial arts are embedded in different philosophical and religious patterns. This is dominated by Buddhism and Taoism. Both worldviews can exist independently of the martial but have significantly influenced them in earlier times.