Frequently Asked Questions About CMA
1. Why pursue the CMA (Certified Management Accountant) designation?
The CMA credential is the advanced professional certification specifically designed to measure skills that drive business performance. Earning the CMA designation demonstrates your mastery of financial planning, analysis, control, and decision support, as well as professional ethics, all necessary to manage finance functions within an organization and enable candidates to deliver value in today’s complex business environment.
2. How do I benefit if I become a CMA?
The CMA credential is focused on the critical skills used in business. It expands your opportunity in your current business or your future career. Leading employers, from multinational corporations to private firms, seek out CMAs to fill positions requiring critical accounting and financial management skills.
With this respect and recognition comes higher remuneration and pay compared to those who are non-certified.
3. What are the basic steps to earning the CMA certificate?
Candidates intending to pursue the CMA designation must:
- Apply for membership in the Institute of Management Accountants (IMA)
- Register in the CMA certification program
- Pass the 2-Part examinations within 3 years from the date of enrollment
- Submit proof of educational qualification
- Comply with the 2-year work experience requirement
- Maintain good standing with the IMA by staying up-to-date on one’s CPE
4. I am not a U.S. citizen, and I don’t have U.S. education. What are my chances of passing the examinations?
Passing the CMA exams may be tough, but international candidates do not require U.S. education to pass these tests. Insights’ roster of CMA instructors knows the right formula which, if combined with the candidates’ hard work and determination, will enable candidates to pass the exams on their first try.
5. What is the minimum educational requirement to be eligible to qualify as a CMA (Certified Management Accountant)?
A CMA needs a bachelor’s degree (not necessarily in accounting) from an accredited college or university. A listing of International and U.S. institutions accepted without evaluation is available at univ.cc/world.php.
6. I have more than two years work experience in external audit and management advisory services. Would this qualify?
Qualifying experience is obtained in positions that require regularly made judgments employing the principles of management accounting and financial management. Such practices include financial analysis; budget preparation; management information systems analysis; management accounting and auditing in government, finance and industry; management consulting; auditing in public accounting; and full time college level teaching.
A template nominated as “Confirmation of CMA Experience Requirement” is available online.
7. How much will it cost me to complete the CMA Program? What is my ROI?
The effective cost of completing the CMA program will be between US$ 2,500 – US$ 3,000, all inclusive, over a span of one year. This already includes program enrollment and exam registration, IMA/Wiley test preparation materials, extensive and live CMA course tutorial, and other fees.
Candidates recover their investment in less than a year from the time they complete the program.
8. What is the format of the exam? Do I have to travel outside the country to take the exam? When can I take it?
The 2-Part computer-based examination is analysis-oriented consisting of 100 multiple-choice questions and two essays or long problems. The exam parts may be taken in any order. A total of four hours is allotted to complete the examination. The two essay parts normally have about 4-5 subset of questions each. The passing mark is 360 out of the possible 500 points.
Exams are administered through the worldwide network of Prometric Testing Centers. Testing sites are located throughout the U.S. and internationally.
To locate a Testing Center, visit www.prometric.com/ICMA.
Exams are offered according to the following schedule:
- January and February
- May and June
- September and October
9. When do I receive my exam performance report?
Immediate results for the two part CMA examinations will not be provided because the essay questions will be graded offline. The scores for the multiple choice section will be added to the scores of the essay section for a total weighted score of pass/fail reflected in a scaled score for the entire part.
Results are normally posted to the candidates’ transcripts in the IMA website after 6 weeks from the month-end of taking the exam. However, Performance Reports are sent via postal mail only to candidates who fail an exam part.
10. Can I retake the exam?
Yes, you can schedule a retake, although an exam part may be taken only once in a testing window and no more than three times in a 12-month period. All exam retakes require a new registration along with payment of appropriate fees.
11. How do I send my education and work credentials?
All documents can be mailed to: ICMA, 10 Paragon Drive, Suite 1, Montvale, NJ 07645-1759
12. How do I check my certification status?
- Log into the IMA website.
- Click on the “My Profile” link in the upper right hand corner.
- From your profile you will see your certification information on the right-hand side of the page.
For complete details about the CMA Program, visit www.imanet.org.