Certified Management Accountant, abbreviated as CMA, is a distinctive professional certificate which is awarded by the Institute of Management Accountants (IMA). In order to attain this certification, CMA candidates need to demonstrate ability in financial planning, financial analysis, organizational decision support, and professional ethics. Once it is done, then they are competent accounting professionals who are suitable for various rewarding roles and positions that necessitate these advanced financial management skills. Professionals with CMA certification can work in corporate financial accounting and strategic management. CMAs also specialize in management and executive-level duties. They are also responsible for analyzing budgets and assisting companies in making conversant strategic business decisions.
CMA Requirements
It is very important that the prospective CMA candidates follow the regulations set by the IMA. The CMA certification course must be completed through IMA and you also need to fulfill all the CMA requirements. The candidates aspiring to take the CMA Certification Course must hold an active IMA membership. Note that all CMA program enrollees are eligible for IMA membership. Aspiring candidates for CMA also need to pass a two-part exam and follow IMA’s code of professional ethics.
Education and training requirements
An aspiring CMA candidate should hold a bachelor’s degree from an accredited college or a professional certification approved by IMA. Any non-accredited degrees will be evaluated by an independent agency.
Those CMA candidates who hold bachelor’s degrees should get their official transcripts emailed directly to IMA. Those who have completed professional certifications may submit a request to the certifying organizations to email official letters to IMA directly.
Professional requirements
CMA candidates should have work experience for at least two straight years in management accounting or financial management. It would be an added advantage if the professional experience was full-time. Also, those candidates who have worked at least 20 hours per week in continuous, part-time roles can apply their experience to the certified management accountant requirements. When it comes to part-time experience, it is counted at a rate of one year for every two years worked.
Candidates attending the CMA exam can attempt parts one and two in any order. Find each part and break them down as follows:
- Part One: financial planning, performance, and analytics
- External financial reporting decisions (15%)
- Planning, budgeting, and forecasting (20%)
- Performance management (20%)
- Cost management (15%)
- Internal controls (15%)
- Technology and analytics (15%)
- Part Two: strategic financial management
- Financial statement analysis (20%)
- Corporate finance (20%)
- Decision analysis (25%)
- Risk management (10%)Investment
- decisions (10%)
- Professional ethics (15%)
It takes 4 hours to complete each exam part, which includes 100 multiple-choice questions and two 30-minute essays. The test-takers cannot go back after completing and exiting the multiple-choice section. The essay questions are accessed by the candidates either after completing the multiple-choice section or after three hours, depending on which comes first.
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