CMA Certification - An Overview
Join 1000's of Authors at StreetArticles Today!

CMA Certification  -  An Overview

The Certified Management Accountant (CMA) designation is the most prominent certification for management accountants: there are close to 20,000 CMAs worldwide. This article will examine the CMA designation in depth so that you can weigh the costs and benefits of pursuing a CMA.

What Is the CMA Designation?

The Institute of Management Accountants ( IMA) a worldwide association, awards the CMA Certification to accounting and financial professionals who successfully complete its requirements:

1. Complete a bachelor's degree from an accredited college or university

2. Obtain a basic background in economics, statistics and financial accounting

3. Acquire two years of relevant work experience

4. Pass two exams covering advanced financial planning, risk analysis, internal controls and financial decision making

Once you become a CMA, you'll need to accrue 30 hours of continuing professional education credits, two of which must cover ethics, each year. You must also purchase an annual IMA membership to maintain your CMA status.

About Institute of Management Accountants?

The IMA is a global organization of approximately 65,000 accountants and financial professionals who work inside businesses and organizations. The institute helps these professionals to further develop their management accounting skills and knowledge, connect with peers in the field and expand their career opportunities. It also promotes high standards of ethics and best practices in the industry. The IMA was founded in 1919 and it has been offering the CMA designation since 1972.

About the CMA Exam

The CMA exam is divided into two parts, each of which lasts four hours. You can take the two exams in whichever order you prefer; part I is not a prerequisite for part II. Each part is administered during three, two-month exam windows each year: January and February, May and June, and September and October. The exam is administered by Prometric testing centres which has locations throughout the United States and around the world. You must pass both exams within three years of entering the CMA program. Also, you must register for an exam within one year of entering the program.

Part I of the exam covers financial planning, performance and control. It focuses on planning, budgeting and forecasting, performance measurement, cost management, internal controls and professional ethics. Part II covers financial decision making and focuses on financial statement analysis, corporate finance, decision analysis and risk management, investment decisions and, again, professional ethics.

The exam questions are based on real-world scenarios, so textbook studying alone is not enough to pass the tests. Your mandatory two-plus years of relevant work experience will mean the difference between passing and failing. The CMA exam has a global pass rate of about 60%, according to the IMA.

CMA Careers:

There are opportunities for CMAs at a wide range of companies, because all companies need someone to manage their finances. CMAs work for public companies, private businesses and government agencies under a variety of job titles, including: management accountant, cost accountant, managerial accountant, industrial accountant, private accountant or corporate accountant. Many CMAs also hold other designations, such asCertified Public Accountant (CPA), Certified Financial Manager (CFM), Certified Fraud Examiner (CFE) and Certified Internal Auditor (CIA).

What Does the CMA Certification Mean to Employers?

Obtaining a CMA demonstrates a commitment to the profession because of the time and financial costs required. The CMA certification also signals that a job applicant or employee has a minimum level of experience in the profession and a post-graduate-level understanding of management accounting principles and how to apply them in real life.

Because CMAs must meet annual continuing education requirements, employers know that they are always learning, improving their skill sets and staying on top of any new developments in the field. A CMA holder also completes ongoing ethics training and agrees to uphold the IMA Statement of Ethical Professional practice

According to the IMA, the following companies "have CMAs in key management roles:" Accenture, TCS , WRAGY Bank, SAP, Oracle ,3M, Alcoa, AT&T, Bank of America, Boeing, Cargill, Caterpillar, ConAgra, Hewlett-Packard, Johnson & Johnson, Microsoft, Procter & Gamble, KeyCorp, Whirlpool, Saudi Aramco, Verizon and Xerox. This list should not be considered exhaustive, but it offers a snapshot of the calibre of company you may be able to work for as a CMA.

The Bottom Line

Those who earn the CMA designation distinguish themselves as the best management accountants in the business, and they earn the salaries to prove it. According to the IMA's Annual Salary Survey, CMAs on average earn nearly $32,000 more in total annual compensation (defined as salary, bonuses and profit sharing) than non-CMAs. A new designation, the Chartered Global Management Accountant, offered by the American Institute of CPAs, may prove to be equally valuable in the coming years, but for now, the CMA designation is the pre-eminent certification for management accountants. Overall, becoming a CMA shows that you are experienced, skilled and dedicated in advanced financial planning, risk analysis, internal controls and financial decision making.

Invest Like an Expert :

Learn CMA Course with Delphi to get qualified as CMA Certified Consultant. Mainly we focus on quality and continuous support during the course, exam preparation and after the course so that it makes the students to pass the CMA certification in Dubai easier. Our main focus to make the consultant get certified in shorter period and become expertise in CMA and Job market.


Street Talk

No comments present
You May Also Like
Philosophy & Gender - Intro Piece
Does philosophy have a gender? Interestingly enough, this depends on what one believes about knowledge. Throughout history, many in the field felt that abstract reasoning and logic had no relationship with gender. Truths could be revealed and everyone who used the correct methods and the correct information would get correct…
By: Miriam Pia in  Reference and Education  >  Continuing Education   Jun 05, 2016  
0
  Likes: 0

Golden Rules for Making Dissertation on Your Own
The dissertation writing is a task that has to be completed by one but as a start to write on your own can be very much tricky. The dissertation can help you make a better writer and this is only possible if you follow the instructions of supervisors. The supervisors…
By: Albert Barkley in  Reference and Education  >  Continuing Education   May 21, 2016  
0
  Likes: 0

Sunnah And Hadith (saw)
Sunnah: Sunnah is defined as a verbally transmitted record of teachings, deeds and saying, silent permission (or disapproval) of the Islamic prophet Muhammad (PBUH), as well as various reports about Muhammad’s companions. Hadith: Hadith is defined as a collection of tradition containing saying of the prophet Muhammad (PBUH) with accounts…
By: Sara Naeem in  Reference and Education  >  Continuing Education   May 10, 2016  
0
  Likes: 0

Richard Kuklinski Family Life
Normal development arises from a positive social environment that Kuklinski did not have. In addition to the physical abuse, there are no stories of positive social situations in his family, at school or otherwise. When exposed to a real Christmas after marrying, he expressed his amazement. He did not know…
By: Carlos Anderson in  Reference and Education  >  Continuing Education   May 05, 2016  
0
  Likes: 0

4 Cost Effective Ways Of Continuing Your Education
In this era of advanced and fierce competition the cost of living along with accommodation has become so much expensive. As a result people are unable to attain cost effective or inexpensive education because they have to spend lot of money on their other important expenses. For that reason, they…
By: Smith5 in  Reference and Education  >  Continuing Education   Apr 28, 2016  
0
  Likes: 0

Driving Tips for Parents With Teenage Drivers
The leading cause of death for teenagers in the US is car accidents. Teenage drivers are involved in about thousands of vehicular accidents. Drivers and passengers die in car crashes every year. Some are injured and some requires hospitalization. It looks like keeping a teen drivers and passenger’s safe is…
0
  Likes: 0

Innovation In A Dissertation Research Proposal
The research can be very much innovative only if you are aware what to do with your work. While you are dealing with the idea of writing a research paper, it is very much essential that you deal with the idea and make the adjustments accordingly. When there is a…
By: Albert Barkley in  Reference and Education  >  Continuing Education   Mar 18, 2016  
0
  Likes: 0

How to Learn Academic Writing
It is important to a great extend that you try to work with the idea of writing in an academic form at its best and make the idea of writing very much possible for yourself. The academic writing is a must thing to do and you ought to understand that…
By: Albert Barkley in  Reference and Education  >  Continuing Education   Mar 14, 2016  
0
  Likes: 0

How Dissertation Writing Services Provide Best Help for Students
The trend of hiring writing services for coming up with brilliant dissertations for students has grown very fast among the students. Without any doubts, it is a great facility for students in their bustling lives when they have too much to do and very little time to focus on many…
By: Albert Barkley in  Reference and Education  >  Continuing Education   Mar 11, 2016  
0
  Likes: 0

The Five Drivers Distraction
Distracted drivers can always cause a traffic problems and road accidents. There is lots of distraction on the road that includes traffics. Drivers nowadays are struggling with new affordable technologies like smart phones, music players and other electronic devices which can cause as a distraction. A list below of the…
0
  Likes: 0

The Value Of A Gap Year: The Transition to College
The value of a gap year – the year between finishing high school and going to college – can be an important stage of a successful transition to college. Yet, people’s views on the value of a gap year are often conflicted. In the majority of cases across the U.S.…
By: Tobias Casey in  Reference and Education  >  Continuing Education   Mar 02, 2016  
0
  Likes: 0

Fire Officer Test Prep – Preparing To Sit Your Test
So you’re thinking about advancing your career in the Florida Fire services by becoming a Fire Officer. Whilst you’re pretty confident in your technical skills, having spent many years as a frontline fire fighter, you’re not so sure about the human relationship side of things. You’ve also never been very…
By: Vincent Feldman in  Reference and Education  >  Continuing Education   Feb 22, 2016  
0
  Likes: 0

Get Your Exercises Solved Just By Sending A Snap
Getting your homework done by the best tutors is just a click away. The great revolution that you are witnessing in IT is vastly influenced by Smartphone technology and of course internet. Mobile apps have changed the way common people lead their daily life. Right from buying Groceries to delivering…
By: Hugo Finn in  Reference and Education  >  Continuing Education   Jan 27, 2016  
0
  Likes: 0

After School Program In Mckinney Tx Shares Hands On Technology
After School Programs McKinney TXA variety of after school programs in McKinney TX can be found; that’s not the problem. Finding the best one for your child, the one that meets their needs, is the tricky part. Some students are ready to have a break after school, while others want…
By: John M. Carter in  Reference and Education  >  Continuing Education   Aug 18, 2015  
0
  Likes: 0

The Role Of An Education Consultancy for Higher Education In Australia
The main aim of an Educational consultancy is to give comprehensive educational planning for students, parents and organizations. It is the responsibility of an education consultant to assist students and educational organizations with the proper educational planning methodology. An Educational consultant plays an important role in identifying the specific needs…
By: Abeodan Lee in  Reference and Education  >  Continuing Education   Aug 11, 2012  
0
  Likes: 0

Article Views: 689    Report this Article