Steps to Become a CMA
The steps to become a Certified Management Accountant(CMA) are as follows:
1. Check Eligibility: The Institute of Management Accountants has set the eligibility criteria for Certified Management Accounting which is,
- A Bachelor’s degree from a recognized institution.
- Two years of relevant experience in management accounting or financial management.
2. Take Membership: A person is required to join the Institute of Management Accountants as a member and then enroll as a CMA candidate with the institute. Membership in IMA can be taken by visiting the official IMA website of the institute and filling in the registration form which depends on the career status that includes student membership, professional membership, etc. The candidate has to pay the requisite fee for the membership.
- Professional Membership Fee: $295.00
- Academic Membership Fee: $160.00
- One-year Student Membership Fee: $49.00
- Two-year Student Membership Fee: $98.00
3. Examination Process: After getting membership from the Institute, the candidate has to enroll for the examinations by paying the required fees. The CMA exam is divided into two parts- “Financial Planning, Performance and Analytics” and “Strategic Financial Management”. Since the CMA course has two parts, the candidate has to pay the fees twice. If the person fails in the first attempt of the examination, he is required to pay some additional fees for further sitting in the examination.
4. Fee Structure
|
Members |
Who are They? |
Entrance Fees |
Exam Fees |
|---|---|---|---|
|
Professional Members |
Professional members are those who have already chosen their career as an accountant or financial manager in business. |
$300 |
$495 per part |
|
Student Members |
Student members are those members who want to explore their career options and learn about the role of financial manager and accountant. |
$225 |
$370 per part |
5. Gain Experience: After passing the exam, the candidate has to fulfil the work experience requirement. It involves two years of professional experience in management accounting or financial management. The work experience can be obtained before, during, or after taking the exam.
6. Certification: Once the candidate meets the exam and experience requirements, they may apply for CMA certification through the institute. They needs to submit various documents for the verification of their education and work experience. After the documents have been verified, the institute shall issue CMA certification.
7. Continuing Professional Education: It is an ongoing education and training that CMA professionals must undertake to maintain their certification and stay updated with developments in their industry. The purpose is to ensure that professionals remain knowledgeable and competent with changes in regulations, standards, technology, and best practices. For a CMA professional, thirty hours of CMA CPE credits are required in each calendar year which must be within approved topics. However, if a person exceeds the requirement, he can carry ten hours over into the next calendar year.
8. Code of Ethics: IMA has introduced the code of ethics which outlines the ethical principles and standards of conduct expected of CMAs. Candidates must strictly follow the code of ethics. It includes maintaining confidentiality, integrity, competence, and professionalism in their work
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