Management accounting is a more specific domain in the accounting field. The CMA Certification (Certified Management Accountant) is a focused course where all the aspects of management accounting are covered, and candidates are trained to develop the required skills. It is one of the professional courses that offer maximum ROI on time as well as money.
The CMA certification is offered by the Institute of Management Accountants (IMA), USA. IMA is the only organization that offers a CMA Certification and operates in 140 countries with over 10,000 members. IMA trains the candidate on technologies like eXtensible Business Reporting Language (XBRL) to conduct the accounting process.
Here are all the details you need, to get started with a career in Management Accounting with CMA Certification.
Eligibility for CMA Certification
Here is the list of criteria one needs to fulfill to earn the CMA Certification:
Should be a Member of IMA
Should have a Bachelor’s degree from an accredited university
Should have two years of relevant experience
Should have passed both the parts of CMA Exams
CMA examination consists of two parts and the topics covered under each part is as follows:
Syllabus for CMA Part 1 Examination
External Financial Reporting Decisions
Planning, Budgeting, and Forecasting
Syllabus for CMA Part 2 Examination
Financial Statement Analysis
Each part is of four hours duration and each exam consists of 100 MCQs and two essays. The subjects and its weightage are as follows:
Duration and Month of Examination
The candidate gets a total of 3 years of time frame to clear both the examination from the date of registration.
The candidate can appear for the exam in January and February, May and June, September and October.
The candidate needs to schedule the exam at least 72 hours before appearing for the exam in the months mentioned above. To avail a desirable slot, it is advisable to book a slot at least 4 weeks in advance.
Prometric administers all the examination process for CMA Certifications. They have centers all over the world, hence one can appear for an examination from anywhere.
Career opportunities for CMA Certification holders
CMA course trains the candidate on several aspects of management accounting like cost management, advanced accounting technology and analysis, financial reporting, forecasting, budgeting, risk management, and decision-making and analysis.
Here are the career opportunities a CMA certification holder can opt for in the field of management accounting:
Financial Risk Manager
Chief Financial Officer
Learn more about the job roles to be pursued after CMA
The IMA reported a global mean base CMA salary of $74,344 for 2018 and a global median base CMA salary of $66,000.
Procedure to enroll for CMA Certification program:
The candidate needs to fulfill certain criteria to enroll for the CMA Certification. Here is the process:
Register with IMA
Candidate needs to register with IMA by paying a nominal fee. Students also need to apply for the IMA membership.
Pay the examination fee
After registering with IMA, the candidate needs to pay the examination fee. This fee includes the cost of both the parts of examination which the candidate is expected to clear within 3 years. In case the candidate is unable to clear both the examination within 3 years from the date of registration, the candidate needs to repay the examination fee.
Enroll with a premiere training institute
Since CMA is a professional course, it requires a deep understanding of the subject and concepts. It is advisable to enroll for coaching sessions with a premier institute. Training under the guidance of a professional trainer ensures you clear the exams without much hassle and difficulty.
Schedule & appear for the exam
The candidate needs to schedule the examination slot at least 72 hours before the examination date and time. Once confident with the preparation, the candidate can schedule and appear for the examination at a center of his choice.
Obtain FCCA designation
Once the candidate has cleared both the parts of the CMA exam, they can claim the FCCA designation provided they have 2 years of relevant work experience. To retain the designation the candidate needs to be an active member of IMA and should pay the annual maintenance fee.