The credentials of a Certified Management Accountant (CMA) are becoming increasingly popular among accountants who wish to play a leading role in corporate financial decisions. Earning this credential increases an accountant’s credibility and positions them for higher-level roles. In this article, we discuss the benefits of earning this professional credential. Learn more about how to become a CMA. And get started today! This article is a great resource for anyone seeking a professional accounting credential.
The Institute of Management Accountants (IMA) offers CMA certification, which is widely recognized in the accounting field. These credentials are recognized as the global benchmark of competence, leadership, and credibility. A CMA can work in various industries and may have a variety of job titles, including corporate controller, cost accountant, or financial analyst. IMA membership is required for this professional credential, which is valid for a maximum of five years.
As a management accountant, you can work in various types of firms, from small-scale to large-scale enterprises. You can also pursue specialized positions to earn more money. A career as a certified management accountant can lead to a highly lucrative salary. The IMA Global Salary Survey 2021 also found that CMA holders are more likely to be employed in specific positions than those without the credential. For example, financial analysts help companies make sound decisions by analyzing microeconomic factors and market trends.
A CMA certification requires work experience in the field of management accounting. This requirement is often confusing, but the answer is fairly simple: Any job that utilizes management accounting principles is eligible. Moreover, internships and traineeships do not count, because they do not require enough management accounting principles to satisfy the work experience requirement. Further, full-time teaching positions that involve at least 60% of accounting or finance coursework will be considered as full-time experience.
To earn the CMA certification, an individual must complete a post-graduate program in accounting. The Graduate Management Accountant (GMA) program requires a minimum of three years of experience in a business environment before a student can apply for the post-graduate level. However, students with more than three years of experience can also enroll in a post-graduate program that includes CMA training. However, the education requirements for the CMA are higher for individuals with more business experience.
The CMA exam has two parts, a multiple choice section and an essay section. The multiple choice section is approximately 100 questions long and makes up 75% of the exam. In addition, the exam requires that the applicant answer two essays that are based on real-world business situations. The exam allows for special testing accommodations for those with disabilities. Generally, the exam requires the individual to pass at least 50 percent of the multiple choice questions in order to get the certification.
The CMA examination series is designed by the Institute of Management Accountants. Each exam is made up of four parts, and passing all four is necessary to earn the designation. The first three parts are computer-based multiple choice tests, while the fourth part is a longer essay section. Prometric administers the CMA exam series and has testing centers around the world. The exam format is similar to those of other professional designations, which require passing all four sections.
Cost of certification
The Institute of Management Accountants (IMA) awards the CMA designation. The institute charges an annual fee ranging from $45 to $260 for a membership. Students can waive the processing fee of $15. Generally, a student will pay $311 to $415 for the cost of CMA certification. Taking the exam only once is not recommended. It’s best to prepare thoroughly before sitting for it.
While studying from a textbook is possible, it takes a lot of time and effort. For example, you’ll have to organize your time and buy additional books to study from. Furthermore, the cost is not worth it if you fail the exam because you’ll have to retake questions several times. Investing in time-tested review providers is a better option because they take the guesswork out of preparation and have proven systems to guide you through the exam.