How to Become a Certified Management Accountant (CMA)

The job market is filled with capable and educated job seekers searching for work in the areas of financial planning and organizational accounting. To distinguish yourself from the rest of the applicants, you might consider becoming a Certified Management Accountant. The CMA credential is managed by the Institute of Certified Management Accountants and identifies people with skills in the areas of risk analysis, internal controls and financial decision making. According to an annual survey conducted by the Institute of Management Accountants in 2010, CMA professionals average almost $25,000 more annually their than non-certified peers.

Instructions

Preparation

1. Join the Institute of Management Accountants. Candidates for the CMA exam must be members of the IMA. Memberships start at $39 for students and go as high as $210 for a professional membership.

2. Complete the education requirement. Candidates for the CMA must obtain a bachelor's degree, in any subject, from an accredited university or college.

3. Complete a total of two years, full-time work experience in financial management or management accounting. Jobs that require the candidate to regularly use principles of financial management or accounting, such as budget preparation, auditing and consulting, will qualify. This requirement can be completed before the candidate takes the test or within seven years after the exam is successfully passed.

Certification Process

1. Enter the CMA program by paying the $200 entrance fee. Once the entrance fee is paid, the candidate has three years to complete the CMA program. Entrance fees are payable through the shopping cart at the IMA website. The entrance fee allows the candidate access to sample test questions and answers, peer-to-peer networking and electronic access to the CMA Resource Guide.

2. Send the Institute of Certified Management Accountants an official transcript from your college or university. Transcripts must be sent directly from the school to the ICMA. ICMA contact information is contained in the CMA Handbook available for download from the IMA website.

3. Complete an Experience Verification Form. Forms are available from the IMA website and must contain a chronological listing of your qualified work experience starting with the most recent job.

4. Study for a CMA exam. The certification test is a two-part exam. Each part may be taken at different times and in any order. IMA offers its members discounted electronic and webinar products for self-study and test review from its website.

5. Purchase a CMA certification test. CMA exams are purchased through the IMA website shopping cart and managed by Prometric Testing Centers, a third-party testing service. At least one exam, of the two exam certification, must be taken within the first year of entering the CMA program or the entrance fee will need to be paid again to continue the program.

6. Schedule and pass both tests. When you purchase an exam, your records will be reviewed for eligibility. ICMA sends an authorization letter via regular mail stating that you are eligible to test. You are then responsible for scheduling and taking the test through Prometric. Each part of the exam is $350.

7. Maintain the certification. Certification maintenance requires 30 hours of annual continuing education courses, compliance with the IMA Statement of Ethical Professional Practice, current membership in the IMA and an annual certification maintenance fee of $200.

References

• Institute of Management Accountants: The Association of Accountants and Financial Professionals in Business; CMA Certification
• Institute of Management Accountants: The Association of Accountants and Financial Professionals in Business; CMA Handbook

Resources

• Institute of Management Accountants: Home