Update on 23 Mar, 23
5 minutes read
CMA or Certified Management Accountant is a professional certification in management accounting offered by the Institute of Management Accountants (IMA) in the United States. The CMA designation is globally recognized and indicates proficiency in financial planning, analysis, control, decision support, and professional ethics.
In this article, we will discuss the course details, duration, eligibility, exam dates, exam pattern, fees, syllabus, study materials, results, and job opportunities for CMA.
CMA, which stands for Certified Management Accountant, is a professional certification offered by the Institute of Management Accountants (IMA). It is a globally recognized credential that demonstrates the mastery of management accounting knowledge and skills needed for financial management and strategic decision making in a business organization.
The CMA certification program comprises of two parts, CMA Part 1 and CMA Part 2, and covers a wide range of topics, including financial planning, analysis, control, and decision support.
The course is designed to provide professionals with the knowledge and skills needed to succeed in a management accounting role and is ideal for those who aspire to become financial managers, accountants, budget analysts, or financial analysts.
|Course Name||Certified Management Accounting|
|Offered by||Institute of Cost Accountants of India (ICAI)|
|Eligibility Criteria||Passed 12th with a minimum of 50% marks or have a bachelor’s degree|
|Course Levels||Foundation, Intermediate and Final|
|Total No. of Papers||20|
|Cousr Fees||INR 1,00,000 - INR 2,00,000|
|Average salary||INR 6 LPA|
|Job Profiles||Financial analyst, cost accountant, budget analyst, cost controller, financial officer, and accountant|
The CMA course is known for its rigor and comprehensiveness, as it covers various aspects of management accounting, including internal controls, financial statement analysis, risk management, performance management, cost management, and more. The course also emphasizes the importance of ethical and professional conduct, which is crucial for professionals in finance and accounting roles.
The CMA program is ideal for professionals who want to enhance their skills and knowledge in management accounting, gain a globally recognized certification, and advance their career in the finance and accounting domain.
The course is also suitable for recent graduates or students who want to build a career in management accounting and finance.
Overall, the CMA course is an excellent opportunity for professionals to demonstrate their mastery of management accounting knowledge and skills and stay ahead in their careers in the ever-evolving field of finance and accounting.
The duration of the CMA course depends on the individual's pace of learning and preparation for the certification exam. Typically, the course can be completed within 6-12 months, with dedicated study and preparation.
CMA Part 1 and Part 2 are both 4-hour exams that can be taken separately or together, based on the individual's preference and convenience. Candidates have up to 3 years from the date of registration to complete both parts of the exam.
It's important to note that the CMA certification program also requires candidates to have at least 2 years of professional experience in management accounting or financial management. This experience can be obtained either before or after taking the CMA exam, but it must be completed within 7 years of passing the exam.
Overall, the CMA course duration depends on various factors such as the individual's background, experience, and study schedule. It's essential to plan and prepare well in advance to ensure success in the certification exam and achieve the CMA certification.
To be eligible for the CMA (Certified Management Accountant) certification program, candidates must meet the following criteria:
Education: Candidates must have a bachelor's degree from an accredited college or university. The degree can be in any discipline, but it must be from an accredited institution.
Professional Experience: Candidates must have at least 2 years of professional experience in management accounting or financial management. This experience can be obtained either before or after taking the CMA exam, but it must be completed within 7 years of passing the exam.
CMA Exam: Candidates must pass both parts of the CMA exam. The CMA exam consists of two parts: Part 1 and Part 2.
Membership: Candidates must become a member of the Institute of Management Accountants (IMA). Membership is required to receive the CMA certification.
Overall, the eligibility criteria for the CMA certification program ensure that candidates have a strong academic background and practical experience in the field of management accounting or financial management.
It's important to meet all eligibility requirements before registering for the CMA exam to avoid any issues during the certification process.
The CMA exam is offered in three testing windows each year: January/February, May/June, and September/October. The exact dates of the exam are announced by the Institute of Management Accountants (IMA) on their official website.
The CMA exam comprises of two parts: CMA Part 1 and CMA Part 2. Each part has 100 multiple-choice questions and two essay questions. The exam is computer-based and can be taken in any order. The exam is scored on a scale of 0-500 with a passing score of 360.
The fees for the CMA course vary depending on the candidate's location and membership status with the Institute of Management Accountants (IMA). The fees for non-members are $415 per part, while members pay $311 per part. Additionally, there is a one-time entrance fee of $250 for non-members.
The details for CMA Foundation, Intermediate, and Final courses:
|Examination||Application Fees (India)||Application Fees (Overseas)|
|Intermediate Course (Single Group)||1200/-||$90|
|Intermediate Course (Both Groups)||2400/-|
|Final Course (Single Group)||1400/-||$100|
|Final Course (Both Groups)||2800/-|
The CMA course covers various topics related to management accounting, financial management, and professional ethics. The syllabus for CMA Part 1 includes Financial Planning, Performance, and Analytics; Cost Management; and Internal Controls. The syllabus for CMA Part 2 includes Financial Statement Analysis, Corporate Finance, Decision Analysis, Risk Management, Investment Decisions, and Professional Ethics.
The Institute of Management Accountants (IMA) offers various study materials, including textbooks, online courses, and practice questions, to help candidates prepare for the CMA exam. Additionally, there are several third-party study materials available in the market.
The results for the CMA exam are usually released within six weeks of the testing window. Candidates can view their results on the Institute of Management Accountants (IMA) website.
The CMA certification opens up several job opportunities in the field of management accounting and financial management. Some of the job roles that a CMA can take up include Financial Analyst, Cost Accountant, Budget Analyst, Controller, Treasurer, and Chief Financial Officer.
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