How to Become a CMA in 2024
Become a CMA in 2024; a step-by-step guide covering Pre-exam requirements, registration, Complete syllabus, Exam prep strategies, Post Exam Plans, and the benefits of CMA certification, including higher earning potential and global recognition.
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The CMA designation is globally recognized and highly reputed, offering a diversified knowledge portfolio and a wide range of employment opportunities. With a growing global shortage of accounting and financial professionals, the demand for CMA certification is on the rise.
In fact, according to a 2023 global survey, the average salary of a CMA in the U.S. ranges from $120,000 to $129,961 per year, making it an attractive career choice to pursue. If you want to pursue a professional career in financial management as a CMA, then start preparing now!
Wait, don’t you know where to start? Don't Werry we will help you out.
This is a step-by-step guide for your professional journey and will lead you through the path of CMA certification journey.
Complete your undergrad degree, or a bachelor's degree from any accredited college/university. Though, it is not mandatory to appear for the CMA exam.
But to receive your CMA Certification, you require a bachelor's degree from the accredited university list. But if your degree is not from the accredited university list, it can be independently evaluated.
Before signing up for the exam, enroll for CMA candidateship and become an Active IMA member, just by paying a nominal annual fee. For more information visit IMA membership page here.
| Student Member Fees | $49 (discounted for students only) |
|---|---|
| Academic membership Fees | $160 |
| Professional Member Fees | $295 |
When you become an active member, it's time to enroll for the exam by paying a nonrefundable CMA Program entrance fee. This registration gives you access to appear in CMA Exams for upcoming three year.
| Student/Academic Member Fees | $225 (discounted for students only) |
|---|---|
| Professional Member Fees | $300 |
Now you are all set to start your learning and prepare for the CMA exam. But before this what you should know is your Exam Syllabus.
If you are still confused, we have an Indepth comparison of the top CMA Prep course providers. Get a true comparison of leaders and make your decision, why MY-CPE exam Prep course is best.
To become a CMA, online exams are conducted into two parts each you need to register and pass independently.
Exam conducted into two parts (Part – 1 and Part – 2)
Each part consists of 100 MCQ and 2 Essay Questions
Total four hours of Paper (3 hours for MCQ, 1 hour for essay)
You are free to choose to take part 2 before part 1.
Exam conducted into two separate parts each covering different subject areas.
CMA Part 1: Financial Planning, Performance, and Analytics
CMA Part 2: Strategic Financial Management
The core topics covered and the contribution of subject percentage in both parts of exam varies ----
Keep reading the blog to know the professional's tips and strategies to concur your CMA exam on first attempt.
Exams are usually conducted triennially, and you are allowed to choose your potential testing centers globally.
| January - February | |
|---|---|
| May - June | |
| September - October |
Submit proof of at least two years of full-time work experience in Financial Management or Management Accounting. If taken part-time, at least 20 hours per week will be required, and two years of part-time work will be counted as one year of full-time work.
Submit your application for CMA certification after you pass the exam and gain relevant work experience. Pay the certification fee, get your educational and professional document verified. Now you are all set to be a CMA.
The certified management accountant CMA course duration is about 6 to 18 months. However, with the registration to CMA program, you can complete both parts of your CMA exam in three years.
Create an effective learning plan and Active Learning Methodology, utilize your learning resources and schedule exam at the right time and convenience.
Be mindful, keep your learning milestone set and manage your stress. Be mindful and keep pushing yourself to achieve your study goal.
Your exam question pattern is a combination of 100 MCQ and 2 essays, to be completed within 4 hours. Exam hours break down into two parts Three hours for MCQ and One hour for both of essays.
Note: - It's a completely digital, computer-based exam having testing centers worldwide. Only after completing MCQ, you are allowed to access the essay section. Well, you must score 50% in MCQ to be eligible for essay section.
We recommend CMA aspirants to give at least 80 hours – 120 hours for the preparation of each part of the exam.
Take an easy to digest CMA Exam Prep course for smooth learning. Do not stretch preparation of each part longer than 12 weeks (about 3 months) or say a quarter.
So, keep an average of 8 hours to 10 hours a week including Prep Course, Self-study, reading, practice questions and other sessions.
The essays on the CMA exam are more like short answer questions. You won't have to write a lot—just a few sentences to explain a calculation or concept will do the trick.
As a CMA, your day-to-day tasks would include budget development, preparing financial reports for your firm, and advising the firm on its ideal strategic decisions. The certification gives a more promising career opportunity with a highly valuable position in any organization.
With the increasing market demand, and serving for more prominent roles in an organization, CMAs as per IMA earn somewhere around 21% to 43% more compared to those without certification.
Looking at the Global Salary Survey 2023 average Salary of a CMA in USA is around $120,000 to $129,961 per annum.
CMAs are in demand and with mastery in diversified subject areas of risk management, decision-making, planning and budgeting you become more demanding and relevant in the business world.
Reorganized and respected credential across globe gives a vast opportunity and choice of career.
As soon as the last day of testing month ends you can expect to wait for 6 weeks for CMA score results.
When the exam ends it's not the actual time to rest, it's the time when things start, the very next move. As soon as your Part - 1 is over start preparing for Part - 2.
Becoming a CMA is a rewarding journey and opens doors to numerous career opportunities. By following a structured approach—from academic requirement to IMA Membership and from MY-CPE Exam Prep Course to appropriate Study Planning —you can enhance your chances of passing the CMA exam.
The certification not only promises higher earning potential and global recognition but also equips you with diverse skills essential for leadership roles in finance. With the right preparation and dedication, the path to becoming a CMA can be a gamechanger step in your professional career.
Yes, The certification doesn’t cost you the course price only. what it cost you dedication, time and a valuable finance expenditure.
For two years of mandatory work experience you must have the right experience required prior to your CMA certification. Working for the task such as Prepare financial statements, financial planning and analysis, Budgeting and reporting, financial forecasting, risk management etc.
Research conducted by IMA in 2020, with a participant of more than 5,000 the worldwide passing percentage rate is 45 percent in both groups.
Nicholas Branson, CPA
