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How to become a Certified Management Accountant (CMA)?

Step 1: Earn a Bachelor's Degree (Optional):

Consider completing an undergraduate degree in accounting, economics, or finance. However, this step is optional. Some candidates choose to pursue their CMA certification first and then earn a degree later.

Step 2: Get IMA Membership:

Join the Institute of Management Accountants (IMA). Membership is mandatory for CMA certification. You can choose between professional, student, and academic memberships. If you're just starting, a student membership is the best option.

Step 3: Enroll in a CMA Exam Prep Course:

Although the IMA provides a course included in your fee, many students prefer additional courses for better preparation. Our CMA Exam Prep Course includes videos, study materials, mock exams, simulations, flashcards and personalized mentoring tailored to your goals!

Step 4: Register for the CMA Exam:

Pay and register for the CMA exam, which is offered three times a year: in January/February, May/June, and September/October. Visit the IMA's official website to register.

Step 5: Take the CMA Exam:

The exam consists of two parts, each lasting 4 hours. You can take both parts in the same window or in different ones.

Step 6: Verify Your Professional Experience:

To qualify for the certification, you must demonstrate two years of professional experience. You have up to 7 years from the exam date to fulfill this requirement.

Step 7: Apply for Your CMA Designation

Once you've met all the requirements, you can apply for your CMA certificate. Log in to your account on the IMA's official website for all the necessary information.

Eligibility Criteria

To qualify for CMA certification, you must meet these criter

• Hold an active membership in IMA.
• Pay the active CMA entrance fee.
• Meet the educational qualification.
• Meet the experience qualification.
• Pass all required examination parts.
• Adhere to the IMA Statement of Ethical Professional Practice.

CMA Entrance Fee

Candidates must pay the CMA entrance fee before beginning the certification exams. They are required to complete the entire CMA program within three years of enrollment. If both exam parts are not passed within this period, any parts that were passed will expire, and candidates will need to repay the entrance fee. The CMA entrance fee covers:

• Access to the CMA support package starting from the enrollment date*
• Performance feedback reports
• Final score report upon completion of exams
• Review of educational and experience credentials
• Personalized, numbered certificate upon meeting all requirements
• Inclusion in the IMA website's list of CMAs in good standing for employer verification

*Please note: The exam support package should be supplemented with a formal study plan.

Education Qualification

To qualify for CMA certification, candidates must meet one of the following education requirements and submit proof of education to ICMA within seven years of completing the CMA exam:

1. Bachelor’s degree from an accredited college or university.

• Candidates must hold a bachelor’s degree from an accredited college or university.
• A list of accredited institutions, both international and U.S., can be found at Worldwide: World Listing except United States.
• Degrees from non-accredited institutions must be evaluated by an independent agency listed at Home or NACES | Credentials Evaluations Provided by NACES Members.
• If the candidate's institution is not listed, they should contact CMAEducationdocuments@imanet.org for further guidance.
• Verification: All transcripts should be emailed directly from your college or university to the email address below.

2. Professional certifications

• Verification: An official letter from an approved certifying organization confirming you are a qualified member should be emailed directly from the certifying organization to the email address below.

CMA candidates are required to submit all necessary educational documents translated into English in PDF format to CMAEducationdocuments@imanet.org, along with their IMA membership number. ICMA will directly contact candidates if original documents are needed.

Note: Documents are shredded six months after your CMA profile has been updated.

Experience Qualification

Candidates pursuing CMA certification must accumulate two consecutive years of professional experience in management accounting and/or financial management. This requirement can be fulfilled either before or within seven years of passing the examination. The experience should be gained through full-time employment. However, continuous part-time roles of at least 20 hours per week that meet the criteria of qualified experience count as one year for every two years worked. Internships, trainee positions, and clerical roles do not qualify as appropriate experience for meeting this requirement. Qualified experience encompasses roles involving regular decision-making utilizing principles of management accounting and financial management. Examples include:

• Preparation of financial statements
• Financial planning and analysis
• Monthly, quarterly, and year-end closing activities
• Auditing (internal or external)
• Forensic accounting
• Budget preparation and reporting
• General ledger and balance sheet management
• Forecasting
• Corporate investment decision-making
• Financial management within organizations
• Cost accounting and analysis
• Risk assessment
• Supply chain management
• Cost management
• Data analytics
• Analysis of management information systems
• Development and implementation of financial systems
• Management and oversight of financial technologies
• Tax accounting, analysis, and planning
• Reporting to regulatory bodies such as the SEC
• Strategic planning and management
• Sustainability reporting
• Teaching management accounting or financial management at the university level

Candidates are encouraged to submit documentation of their education and work experience, before completing both parts of the CMA exam.

Exam Structure

The CMA (Certified Management Accountant) exam, administered by the Institute of Management Accountants (IMA), is divided into two parts, each with a specific focus and question format:

Part 1: Financial Planning, Performance, and Analytics

• The exam consists of two parts: the first part includes 100 multiple-choice questions, which account for 75% of the total score and lasts for 3 hours. The second part requires writing two essays, each to be completed within 30 minutes. This section contributes 25% to the overall score. The entire exam lasts for 4 hours.
• Topics covered include external financial reporting decisions, planning, budgeting, forecasting, performance management, cost management, internal controls, technology and analytics.
• To be eligible to receive the essay questions, candidates must achieve a minimum score of 50% on the MCQ section of Part 1.
• Once the MCQ section is completed, candidates cannot go back to review or change their answers.

Part 2: Strategic Financial Management

• The exam consists of two parts: the first part includes 100 multiple-choice questions, which account for 75% of the total score and lasts for 3 hours. The second part requires writing two essays, each to be completed within 30 minutes. This section contributes 25% to the overall score. The entire exam lasts for 4 hours.
• Topics covered include financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, and professional ethics.
• Candidates must achieve a minimum score of 50% on the MCQ section of Part 2 to be eligible for the essay questions.
• Like in Part 1, once the MCQ section is completed, candidates cannot go back to review or change their answers.

To pass each part of the exam, candidates must achieve a scaled score of at least 360 out of 500. The exam is computer-based and is administered at Prometric testing centers. Candidates are required to pass both parts within three years of entering the CMA program.

Examination Administration

The CMA examination is administered in a computer-based format and is offered at Prometric Testing Centers located throughout the world. An up-to-date listing of all Prometric Testing Centers can be found at Prometric’s website Link.

Parts 1 and 2 are offered during the following three testing windows:

• January/February
• May/June
• September/October

Registrations for Parts 1 and 2 will close after the 15th of February, June, and October.

Scheduling an Appointment for an Exam

Once you have received authorization from ICMA, it is your responsibility to schedule your appointment. Log onto Link to schedule, confirm, reschedule, or cancel your appointment 24 hours, seven days a week. You will be given a confirmation number at the time you schedule an appointment; you should make note of this number.

ICMA is not responsible if you delay scheduling and there are no appointments available within your authorization period.

If you do not schedule an appointment or you do not appear for a scheduled appointment in the selected testing window, you will forfeit your exam fee.

The Day of the Exam

At a Prometric Test Center

Arrive at the Prometric Testing Center 30 minutes before the time of your appointment. If you are more than 15 minutes late for your scheduled appointment, you will lose your scheduled sitting and be required to reregister at full cost.

• You will be required to sign the Prometric Log Book and provide a fingerprint.
• Bring valid forms of identification.
• Bring an approved calculator.
• Prometric will provide paper and a pencil.

You may be scanned prior to each entry into the test room to ensure you do not have any prohibited electronic devices. If you decline to be scanned, the test center administrator will be required to submit a report to Prometric and ICMA.

License and Renewal

All About Licenses and Renewal

• Certified Management Accountants (CMAs) must renew their licenses every year
• CMAs are also obligated to meet Continuing Professional Education(CPE) requirements set by the IMA, which mandates the completion of 30 hours of Continuing Professional Education (CPE) every year, including two hours of ethics.
• MYCPE ONE offers personalized subscription packages tailored to help CMAs fulfill their Continuing Professional Education obligations effectively. Subscribe now to access these resources and stay compliant with your licensing requirements.

Job Opportunities

Earning Potential

The earning potential for Certified Management Accountants (CMA) is significant, often surpassing that of non-certified peers. CMAs typically command higher salaries due to their specialized expertise in financial management, strategic planning, and decision support within organizations. This credential opens doors to lucrative career opportunities in various industries, making it a valuable investment in one's professional development.The average salary across all positions is approximately $126,243. Source - Link

Job Opportunities

Disclaimer: The information provides an overview based on general industry insights and average salary data for Certified Management Accountants (CMA). Actual earnings and job opportunities can vary significantly based on factors such as location, industry, qualifications, and employer policies.