A Step by Step Guide to Becoming a CMA
So, have you been thinking about becoming a Certified Management Accountant? But you’re not quite sure where to start. Well, you’ve come to the right place, it’s all here, a step by step guide on what it takes and what you should consider.
CMA Exam Outline
Part 1 – Financial Planning, Performance, and Analytics
- 15% External Financial Reporting Decisions
- 30% Planning, Budgeting, and Forecasting
- 20% Performance Management
- 20% Cost Management
- 15% Internal Controls
Part 2 – Strategic Financial Management
- 25% Financial Statement Analysis
- 20% Corporate Finance
- 20% Decision Analysis
- 10% Risk Management
- 15% Investment Decisions
- 10% Professional Ethics
Become a member of the Institute of Management Accountants (IMA)
If you’re considering taking the CMA the first step is to become an active IMA member.
Visit the IMA website to learn more about membership options.
You must provide educational requirements such as a bachelor’s degree from an accredited college or university or have attained an IMA approved professional certification
For more information, refer to the Education Qualification Section of the CMA Handbook.
Show at least 2 years of experience in the field of management accounting or financial management.
You can sit for the CMA exam even if you don’t have the 2 years of experience or bachelor’s degree. The IMA grants you 7 years from time of sitting for the exam to gain the educational requirements and 2 years of experience. For further details, refer to the Experience Qualification section of the CMA Handbook.
Enroll in the CMA program
Pay the CMA program entrance fees. The fees differ between professionals and students and academic members. Check the IMA website for more details.
Register for the CMA Exam
Register for the CMA Exam Testing window HERE
Take the Exam
After selecting the right study material, you will need to sit for and successfully pass parts 1 and parts 2 of the CMA exam.
Becoming a CMA means abiding by a set of standards referred to as The IMA’s Statement of Ethical Professional Practice.
Choose the Right Study Partner for the CMA
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More about the CMA Exams
Where can you take the exam?
The CMA exams are available all around the world through Prometric’s testing centers.
Visit Prometric for more details about exam locations.
When can you take the exam?
The CMA exams are available during the following testing windows:
- January – February
- May – June
- September – October
How much time do you have to finish the CMA program?
From the date of joining the CMA program (paying the entrance fees) you have 3 years to finish the two exams.
Do you have to take the parts in order?
No. You don’t have to take the exams in any specific order.
What is the exam passing score?
In order to pass the exam you need to achieve 360 points out of 500.
The exam is made up of two sections, multiple choice questions (MCQs) and essay questions. You need to answer 50% of the MCQ section correctly to be able to continue to the essay section.
When can you retake an exam?
You can retake an exam in the next testing window. You cannot retake an exam in the same testing window even you you know that you haven’t passed the exam.
How do you send required documents?
Education documents must be mailed directly to the below address. The experience verification form can be e-mailed to the following address: email@example.com or mailed to the following address:
10 Paragon Drive, Suite 1
Montvale, NJ 07645-1759