Do you want to enjoy a senior management role in finance and accounting management? If yes, then here we are presenting a most demanding certification CMA presented by IMA. The Certified Management Planning (CMA) certification assists you in opening doors for career advancement. The Institute of Management Accountants (IMA) has launched a diverse range of certifications for those who want a successful career in the finance department. This institute acts as a real presenter of the Finance Certification. They understand the need for professionals to demonstrate exceptional expertise and gain an advanced understanding of updated topics.
So in this blog, we have crafted a plot for you regarding the most renowned credential named CMA certification. You will find detailed information such as their exam details, target audience, the amount needed to get enrolled in the exam, future prospects, their associated benefits, and much more. Let’s dive into the details:
Overview of CMA Certification:
The Certified Management Accountant (CMA) Certification is one of the most demanding certifications and it is being launched by the Institute of Management Accountants (IMA). This certification is particularly designed to deliver advanced mastering expertise and a proper understanding of accounting, business development, and financial management. A professional deployed advanced principles and techniques for making effective financial decisions while demonstrating leadership qualities for performing diverse business operations. When a candidate acquires this particular certification, this will help them obtain a competitive edge career in the market.
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Exam Outline:
The CMA exam is divided into two different parts. Below is the table of the CMA Exam outline.
Certified Management Accountant (CMA) Certification Exam | |||||
Exam Parts | Part 1: Financial Planning, Performance, and Analytics | Part 2: Strategic Financial Management | |||
Question Type | Multiple Choice Questions & Essay | ||||
No of Questions | 100 MCQ’s & 2 thirty minutes Essay | ||||
Time Required | 4 hours | ||||
Passing Score | 360 (From a Scale of 0 to 500) | ||||
Test Center | Prometric Test Center | ||||
Domain Syllabus:
The CMA Exam divides the syllabus into two different parts. Following are the detailed description of the syllabus outline and their associated weights:
Part 1:Financial Planning, Performance, and Analytics | Part 2 Strategic Financial Management | ||
Content Syllabus | Weightage | Content Syllabus | Weightage |
External Financial Reporting Decisions | 15% | Financial Statement Analysis | 20% |
Planning, Budgeting, & Forecasting | 20% | Enterprise Risk Management | 10% |
Performance Management | 20% | Business Decision Analysis | 25% |
Cost Management | 15% | Corporate Finance | 20% |
Internal Controls | 15% | Capital Investment Decisions | 10% |
Technology & Analytics | 15% | Professional Ethics | 15% |
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Prerequisite:
Below mentioned table includes some major requirements for getting enrolled for the CMA certification exam:
Eligibility Criteria for CMA Certification | |
Active membership in IMA | Satisfy the Education Qualification |
Complete all Required Examination Parts | |
Satisfy the Experience Qualification | Active CMA Entrance Fee |
Target Audience:
A candidate who wants to pursue his career as a successful professional in the fields of finance, accounting, and other relevant industries.
Exam Cost for CMA
The real examination cost for the CMA Exam for professionals is $495 per part while for students and academic professionals, they are $370 per part.
Entrance Fees
The entrance fees for the CMA exam are not refundable. Following are the tables that describe enrollment fees.
Membership | Professionals | Student/Academic |
Entrance Fee | $300 | $225 |
Exam Fee
The following table is a detailed description of CMA Exam Fees:
Membership | Professionals | Student/Academic |
Exam Fee | $495 Per Part | $370 Per Part |
Membership Fee
Although a candidate can purchase an IMA membership. You can be a member as a professional, student, and academic employee. So following is the price list of this membership.
Membership | Professionals | Student/Academic | Academic |
Member | $295 | $49 | $160 |
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Future Job Outlook for CMA Certifier
When the professional conquers the Certified Management Accountant (CMA) Certification Exam, they will get the chance to chase the following position in the desired department.
- Financial & Account Management
- Senior Position in the Accounting Department
- Chief Financial Officer (CFO)
- Financial Risk Management
- Internal Auditing Department
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Salary Prospects for Getting Enrolled with CMA Credential
The average annual salary expectation of a Certified Management Accountant (CMA) Credential is $106,000(USD). If a professional has expert knowledge in CMA Certification, he will get almost $170,000(USD). Moreover, candidates will make almost $51 per hour.
According to Location
Following is the list of salaries according to different states.
Locations | Average Salary Per Year |
Berkeley, CA | $131,300 |
Renton, WA | $126,800 |
Santa Monica, CA | $125,900 |
Bailey's Crossroads, VA | $124,100 |
Wausau, WI | $122,160 |
According to Job Position
Below mentioned are the tables defining the salary associated with the job position a professional will attain after acquiring this CMA certification.
Job Occupations | Associated Payscale |
$173,600 | |
$117,180 | |
$88,120 | |
$86,510 | |
$125,100 |
Associated Benefits of Taking CMA Certification
Following are some benefits a professional will chase after getting this specific CMA certification;
1. Upgrading Demand of Highly Skilled Professionals.
After getting this specific certification, a professional will acquire highly qualified occupations. Recruiters and management teams of any company always value professionals who know how to demonstrate industry proficiencies and upgraded knowledge of the associated problems. Moreover, managers know that when the professional acquires this certification, he can implement the advanced and tailored strategies that will help candidates and organizations achieve the most promising career paths.
2. Able to Receive the Highest Paying Salary Opportunities
As we all know, a person who has a specific certification according to the specific industry will get the highest salary. Similarly, a professional who has this CMA certification will get the highest pay than the other one who doesn’t have this certification. According to IMA’s 2023 Global Salary Survey, the Certified Management Accountant (CMA) Certifier will get 18% more basic salary and experience a 21% increase in reimbursement value than those who are non-qualifiers of the CMA exam.
3. Recognized Worldwide
The skilled professionals who have passed the CMA Certification will get the chance to get recognition internationally. The diverse multinational companies usually offer the highest rank jobs to those who have CMA Certification.
4. Get a Chance to Develop Strong Networking Unit:
Almost 140K professionals have successful careers in accounting and financial fields. As being a qualified CMA certifier, one can increase and add more professional and expert people to your group.
5. Experiencing Complete Job Satisfaction:
Most of the certified professionals are very satisfied with the job occupation they have. The same is the case with CMA Qualified Professionals, when they enter into the market, they feel a difference in their job performance. Almost 90% of the CMA certifiers are fully satisfied with their performance and they can direct all the operations effectively.
6. Demonstrating Excellent Mastering Proficiencies:
This certification has its impact at the global level. When a professional aces this exam, they will get the chance to showcase their industry expertise in developing effective strategic plans, perform all professional accounting and financial activities, and troubleshoot all the existing and advanced business problems. This is how a professional will get their desired job position.
How Professional will get enrolled for Certified Management Accounting (CMA) Credentials
Every second professionals who want to be a successful certifier. For getting enrolled for the CMA exam, one needs to follow the below-mentioned steps.
1. Obtained bachelor’s degree or have taken relevant credentials
Professionals should complete their bachelor’s degree from a prestigious university or they can get themselves enrolled with some certifications. They should have these certifications which have equal importance like a graduation degree.
2. Have some prior years of industry experience
The professional can have 2 to 7 years of prior experience in the financial and accounting management department, so they can earn the CMA credentials. Getting this certification will give you predictable success in this role.
3. Get Connected with IMA Institute
To fulfill the above-mentioned certification, one needs to be a member of the IMA Institute. This is a basic eligibility criteria that one person needs to have before getting enrolled for the CMA certification exam.
4. Register oneself for the CMA Program
After becoming a part of the IMA institute, a person can get himself registered with CMA programs. This program charges differently for members whether they are professionals or be a part of an academic program. For this, you can make yourself a part of the IMA website. While doing this, you need to provide educational and professional experience. As a result of this, you will get some guides and materials. You need to have at least three years to complete this program.
5. Ace Both Sections of the CMA Exam
Once you get enrolled in the CMA program, you need to pass both levels of exams. For this, you need to sign in at the portal and explore the most suitable dates on the IMA website. There is a specific time limit on the portal, after paying the exam fees, you can take the exam online or by working remotely. You can check the exam pattern available at the top of this blog, you will get the test date before six weeks of the exam date. This exam consists of MCQs and an essay portion.
6. Retained the CMA Certification
A professional needs to complete at least 30 hours of Continuing Professional Education (CPE) credits. The 2 credit hours from them are fully dedicated to ethics implementation. These credits include some online courses, associated programs, and self-study initiatives. When you complete and pass the CMA exam, your name will be displayed on the IMA website.
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Preparation Tips for Earning the CMA Certification
To achieve the Certified Management Accounting (CMA) Certification, you need to be organized and promising with your schedule. To help you, we are going to share some preparation tips.
1. Best Resources for Exam Preparation:
IMA provides a relevant handbook, tailored exam outline, and future outcome of this certification, so you get proper guidance on exam requirements, rules, policy, and domain topics covered in this exam. This will help you to exhibit knowledge and relevant expertise.
2. Tailored Practice Question:
The provided tailored practice questions contain test stimulation, quizzes, and helpful resources. In test stimulation, you will get approximately 25 questions that are associated with the Prometric testing center. There are almost 10 questions in their quiz section and this will give you an idea of how questions are constructed. In their practice questions, you get samples consisting of MCQs and essay questions.
3. Designed explanative study plan
If you have decided to take this exam, you need to make a proper schedule for your exam preparation. And over there, you need to give yourself an estimated deadline. This will assist you in effectively preparing for the exam in a limited time.
4. Take Assistance from specially designed customized features at the CMA Platform
The CMA certification arranges different webinars, videos, and peer support services. Their webinars help you make a specified timetable to make an organized plan for studying and acing the exam. There you will get chances to collaboration with multiple field experts. It will open up your mind.
The detailed videos also give you the chance to meet different instructors, so get the proper guidance about exam preparation. Last but not least their peer support group, will help you connect with talented professionals and candidates like you, so if you have any queries or questions, you can easily ask them immediately.
5. Create short and long notes, and place special bookmarks
When you start your preparation for this exam, you must start up by making detailed long and short notes. This will help you understand and memorize the concepts easily. Moreover, you can highlight the important keywords and statements, so you can cram them whenever you feel the need for revision.
6. Make attractive flashcards
The smaller and more attractive flashcards help you examine your CMA certification preparation. You can place the special and easy terminologies, so at the time of the exam, you won’t forget.
Conclusion
To conclude the overall CMA Credential is specially designed for those who want to stand out in their financial and accounting management. The detailed explanation of the exam outline, cost ranges, potential outcomes, and preparation strategies helps you to ace the CMA exam in a limited period. So, make your decision wisely regarding taking the exam, you need to get the fully informed details.
Frequently Asked Questions
What is CMA Certification all about?
The CMA Certification is known as the Certified Management Accounting Certification. It was a collaborative creation of the IMA Institute and its team members. This certification develops specific industry skills in accounting, finance, and business management. When a candidate puts all of his efforts with complete guidance, he will get a strong grip on exhibiting their industry expertise and knowledge in the practical world of finance and accounting
What are the procedures for getting enrolled for Certified Management Accounting (CMA) Certification?
A professional who wants to ace this exam needs to follow the below-mentioned steps to get enrolled for CMA Credential:
- Be a part of IMA institution by purchasing their membership (you can choose their professional, academic, or student one)
- Then choose the CMA program, after selecting the program, you need to practice the exam questions and conquer the exam.
- Fulfill the educational or interlinked certification and industry experience form.
- Adhere to all the requirements set by IMA.
- Successfully ace both parts of the exam to become a Certified CMA Professional
How much time is required for preparation for the CMA Exam?
Generally, the time required for the CMA exam preparation is almost 12-18 months. But the average and suitable one is around 6 to 9 months at least.
Which Degree is required to qualify for the CMA Exam?
A professional needs at least a bachelor’s degree in the financial, accounting, and economics departments. Or they need at least a specific certification for pursuing your career in the CMA Exam.
