CMA And CPA Careers: Why Their Differences Are So Important

What separates the two? Financejobz.com has the answer.

by Becky Mease 9/1/2009

For those familiar with public and management accounting, it won’t be surprising to learn that the differences between the two are greater in number than their similarities. Knowing and understanding these differences and why they’re so important is what could make a business successful. CPA is the more common acronym for an accountant; however a CMA contributes as much to the working of businesses today as a CPA, but with less familiarity. This is why it is important to become knowledgeable of each working entity and what each facet contributes to the business world.

With public accounting, the task of preparing, auditing, and presenting financial statements in the form of balance sheets, income statements, and cash flow statements are the accountant’s primary focus for a client. They are to ensure the client’s equity accounts, assets, and liabilities are presented on the balance sheets pertaining to a certain period of time. In essence, the balance sheet must represent exactly what its name infers, a balance: Assets = Liabilities + Owners Equities. As for income statements, a client’s expenses and revenues are listed for said period of time. And for maybe the most important financial statement (due to its ability to show how much money a client actually has available) the statement for cash flow will illustrate how much of the client’s cash was spent and received in financial activities, operating, and investing. It also lists where the cash is coming from and if that source of cash is likely to continue. Basically, public- (or financial) - accounting or accountants deal with the public through the objectivity, transparency, and conservativeness of information. Stockholders, creditors, investors are just some of the external users that utilize the services of financial accounting reports and information.

While Managerial accounting is concerned with reports as well, it places less emphasis on the historical aspect like public accounting does. Managerial accountants are more apt to be found in the planning and preparation of cost reports, budgets, modeling, and investment appraisals. In order to successfully execute many of the reports for management to use in their daily decisions, managerial accountants must complete extensive research and utilize databases to predict future costs and revenues, as well as review any historical data compiled. It’s an uncommon practice for outside sources to see or utilize any of the managerial accounting reports or information gathered during the process. Its primary focus is to guide the internal management teams in their decision-making. Business planning, financial analysis, management, and modeling are increasingly becoming a more important aspect of the job for managerial accountants. Ethics, or lack thereof, has also been registering as a higher area of need and of great importance in the post-SOX (Sarbanes-Oxley) business world we live in today.



With both CPA’s and CMA’s completing jobs that are similar yet very different, it’s evident that each entity has a very important job to do if a business is going to be successful.

Contract staffing is becoming more popular than ever with financial employers.

7/3/2009

Contract staffing is becoming more popular than ever with financial employers. This type of employment helps increase a firms bottom line and operational efficiency.
Contract staffing is becoming more popular than ever with financial employers. This type of employment helps increase a firm’s bottom line and operational efficiency. It benefits the employees seeking accounting and finance jobs by increasing the marketable skills, while providing flexibility, sometimes contract jobs even pay benefits.

Accounting industry sources reveal that there is a talent shortage in the accounting and finance industry. This shortage of accounting and finance jobs is due to the decline in students majoring in accounting and finance, and the number of 40-55 year old workers in the field. Also, baby boomers are retiring, and their positions are being left open. Many baby boomers return to work after a few years of ‘retirement’. This accounts for the surge in the financial and accounting contract industry. Many CPAs, former executives, and consultants are employed on a contract basis. They do not want to work full-time and be strapped to one company. Contract staffing provides them with versatility.

An entire industry has opened up in the accounting and finance field since the SOX Act of 2002. Companies are now in need of experts to ascertain compliance of their financial statements. Companies need an independent opinion as to their SEC compliance. Therefore, SOX experts are in desperate need at all levels. Contract staffing, which provides full to part time help, is ideal for this type of position. Many companies simply need someone (SOX expert) to come in for a set time and work on a project. Depending on the industry, firm size, and individual position responsibilities, salaries for finance professionals vary from yearly salary take home amounts to per-hour pay scales.

Talk with your staffing recruiter for more information on the salary ranges for the accounting and finance jobs you're seeking, and what you can expect to earn as a finance professional. www.financejobz.com is a great site to find related financial jobs.

Ashley Ricks

Best Finance Jobs During a Depression- Are There Any Good Finance Jobs in Tough Financial Times?

Working in the finance industry when money isn’t everyone’s favorite subject can prove to be a challenging career choice. For those who work with banks or investments, it might end up being a total loss when companies are going bankrupt and losing their foundations one by one. There are so many capable people out there that have finance training and education that need jobs, though, and they aren’t sure where to look. If you’re looking for the best finance jobs during a depression, you’ve come to the right place. Believe it or not, being in the finance industry during a depression isn’t the worst thing that could happen.


Not to capitalize on other people’s problems, but the #1 job in financial areas during an economic depression is that of a collection agent or working at a debt collection agency. So many people are struggling to pay bills and make ends meet that credit card bills and medical bills have gone by the wayside, leaving room for plenty of debt collection agencies to grow, expand, and offer indefinite job security by attempting to squeeze blood from a turnip in many cases.


It’s terrible that the state of the economy is causing so many people to go into debt, but for those looking for secure finance jobs, it can be a blessing in disguise. You can find work with one of thousands of different collection agencies and related services that are dedicated to debt relief and collection. Even if you’re an accountant, you can likely find a position running the books for one of these companies that can fulfill your career needs. It often doesn’t matter what finance jobs you’ve held in years past, because these companies need help NOW and you have financial experience of some kind.


To debt collectors and financial services companies, your skills are highly useful when compared to the people that they could hire off the street that have no experience. It might not seem like an enjoyable career for many people, but when you’re jobless and need a place to go, you really don’t have many choices. In times like these, it’s every man or woman for themselves, and you have to do what is right for you.


Other jobs that are still secure during a depression include financial advising, public accounting positions, and government finance jobs. However, with the daily rollercoaster of the economy, you might never find a job that is 100% secure, no matter what industry you work in.


To view finance jobs related to credit or debt collection be sure to visit a job board like www.financejobz.com. This site in particular is dedicated to the finance industry and is your best bet in finding a new and rewarding job in finance related fields.

Written by: Ashley RicksDirector of MarketingFinanceJobz.com

What is todays hottest finance degree? We have the answer:

Over the past 6 months we have analyzed the top degrees related to finance and have finally narrowed it down to one! And the answer is... finance is an MS in financial Engineering. With at degree in financial engineering a grad can expect to start at over $100k. For access to degrees in this field be sure to visit www.financejobz.com.

Written by:
Ashley Ricks
Director of Marketing
FinanceJobz.com

Top 5 finance related iphone apps.
A new study from the Consumer Mobile Electronics Group shows that 14.5% of respondents with iphones are using a finance related application.

1. Mint - A free application that allows you to view your mint.com account right on your iPhone. Mint.com is the great way to manage your finances online.

2. iBank3 - A full-feature, award-winning personal finance program for Macs. It syncs with the iPhone, and it�s great.

3. Bloomberg - Another free app that's a must have for investors. Completely customizable homepage so you can read headlines for any market or Bloomberg category of your choice.

4. EZ Loan Calc - Free app that allows you to quickly calculate a mortgage, interest, etc. This the best mortgage calc app for free in our opinion.

5. Save Benjis - A free app that lets you to look up any item you are viewing at a store live and compare the price across multiple stores to see if you really have the best price.

www.financejobz.com
Written by Ashley Ricks

Why Now is a Good Time To Be In a Tax, Treasury, Finance or Accounting Career

New York (April 3, 2009)
By Duke Landon (FinanceJobz.com)

Tax, Treasury, Finance & Accounting are all critical functions for any company to be successful and remain prosperous. 78% of Finance & Accounting professionals feel there are actually more jobs available in a recent survey.

The survey was conducted by Search Firm Capital Consulting Associates (CCA) who operates in 48 major metropolitan areas, Shanghai, Beijing, and Paris. CCA specializes in Finance & Accounting recruiting. Especially noted by 85% of those surveyed (1,500) stated that industry knowledge seemed to be a vital prerequisite versus internal controls which has dominated since 9/11. "Some of the higher demands placed on professionals in the finance field are due to many companies restructuring and looking toward cost optimization. With every cost change there are tax implications, new accounting policy's and treasury amendments as to how cash is handled," said Sherry Brisco, Chief Operating Officer at CCA.

74% of those surveyed said they expect the job demands within Finance & Accounting to continue to grow as the economy turns around.