CMA Course Details, Results, Exam, Syllabus: Certified Management Accounting is known by its full name. The USA’s Institute of Management Accountants (IMA) offers CMA certification. The CMA Course is the top certification in management accounting and calls for formal education.
The 12 subjects in the US CMA course syllabus are split into Parts 1 and 2. Budgeting, financial reporting, costing, internal controls, and advanced decision-making topics like financial statement analysis, risk management, marginal costing, corporate finance, and capital budgeting are all included in the CMA curriculum.
Students have 6 to 18 months to finish the CMA Course, which consists of both parts. Three years is the longest CMA may last. Each year, 4000 CMAs receive certificates with a 50% global pass rate.
The definition of Certified Management Accounting
Certified Management Accounting is known by its full name. In the USA, the Institute of Management Accountants, or IMA, offers this certificate program. The Certified Management Accounting course aids in specializing in managerial and executive-level responsibilities.
Candidates for the Certified Management Accounting program examine their knowledge of decision support, cost analysis, cost planning, cost control, and other related topics.
Candidates must meet certain educational and experience requirements as well as hold an active membership in the IMA Institute in order to be eligible for the CMA course. Additionally, they must pass the CMA entry tests and adhere to the ethical professional practice statement as set forth by the Institute of Management Accountants.
CMA Course Details
| Course Level | Certificate Course |
| CMA Full Form | Certified Management Accounting/Management Accounting Certification |
| CMA Duration | 3-4 years |
| CMA Eligibility | Bachelor’s Degree along with 2 years of Experience |
| CMA Colleges in India | GCEC Jaipur, EBS Navi Mumbai, Jettwings Group of Institutes |
| Course Fees | INR 100,000 |
| Average Salary | INR 7 lakhs |
| Top Job Profiles | Finance Manager, Budget Analyst, Internal Auditor, Financial Analyst, Cost Accountant, Senior Accountant, etc. |
| Top Recruiting Companies | AT&T, Alcoa, Cargill, Boeing, Bank of America, etc. |
Why pursue a career in certified management accounting?
The Certificate in Management Accounting can be pursued for a number of reasons. Verify them in the areas below.
- Good Compensation – Candidates who also possess a CMA degree are paid well. The Payscale estimates that the average annual income for certified management accountants in India is close to INR 7.90 lakhs.
- Discover the fields of finance, accounting, and management – CMA candidates acquire in-depth expertise in the management, finance, and accounting fields. One of the titles that allow access to the corporate world, it is widely recognized.
- Numerous Possibilities – After passing the CMA Certification Management Accounting course, numerous possibilities exist.
- Candidates have two options: they can begin working immediately and hold top positions for numerous reputable firms, or they can further their education in the accounting industry and build their résumé.
- Renowned Job Profiles: Individuals with a Certificate in Management Accounting may hold prestigious jobs such as Finance Manager, Budget Analyst, Senior Accountant, Internal Auditor, Financial Analyst, Corporate or Division Planner, etc.
| CMA SALARY | CHECK IT |
CMA Duration
Once the candidates satisfactorily meet the minimum eligibility requirements, CMA Duration IMA issues the CMA USA certificate. In comparison to other courses of a similar nature, the CMA USA course should be completed in 7-8 months, which is substantially less time. The length of time could, however, differ from one person to the next as long as the individual meets the minimum eligibility standards.
Online Admission for CMA
The CMA course’s online admissions procedure is described in the points below.
- First, create an account on the IMA’s (Institute of Management Accounting) official website.
- Fill out the application form, upload the required files, and finish the procedure by paying the registration costs to register for the CMA admission tests.
- You get the authorization numbers, testing windows, and information bulletin after getting the registration confirmation.
- The exam appointment with Prometric can be made at www.prometrric.com/ICMA.
- Make sure you have the necessary paperwork with you when taking the examinations. It is advised to schedule your exams as soon as possible because candidates’ authorization numbers are only good for the testing window they chose and cannot be extended. But you have the same two-month window to adjust the test’s date.
CMA OF Syllabus
| CMA USA Part 1 | CMA USA Part 2 |
|---|---|
| Financial Reporting | Risk Management |
| Planning and Budgeting | Professional Ethics |
| Cost Management | Investment Decisions |
| Performance Management | Corporate Finance |
| Internal Controls | Financial Statement Analysis |
| Technology and Analytics | Decision Analysis |
Qualifications for Certified Management Accounting
The following list of eligibility requirements for Certified Management Accounting is detailed:
- Institut of Management Accountants membership (IMA).
- Candidates for the CMA course and exam must have a bachelor’s degree from an approved college or university.
- two years of relevant professional experience in financial management or management accounting.
- completing both parts of the exam successfully.
CMA Fees
| CMA Membership Fees | |
|---|---|
| Professional | USD 245 |
| Students | USD 39 |
| CMA Entrance Fees | |
| Professional | USD 250 |
| Students | USD 188 |
| CMA Examination Fees | |
| Professional | USD 415 per part |
| Students | USD 311 per part |
| CFA SALARY | CHECK IT |
Exam CMA
The US CMA course is divided into two parts, and as a result, there are two tests for each portion. Both tests are made up of 25% of subjective, essay-style questions and 75% of subjective, multiple-choice questions.
Three testing periods, namely January-February, May-June, and September-October, make up the six-month testing period provided by IMA. The scheduling of the exams is up to the candidates during the designated testing times.
The time restriction for parts 1 and 2 of the CMA exam is 4 hours, with 3 hours allotted for the objective segment and 1 hour allotted for the essay questions. The exam is administered by Prometric at numerous locations around the world. The candidate must plan the exam at least 72 hours in advance.
| Section | Format | Duration |
|---|---|---|
| Financial Planning, Performance, and Analytics | 100 multiple-choice questions, two essay questions | 4 hours |
| Strategic Financial Management | 100 multiple-choice questions, two essay questions | 4 hours |
Institut CMA
The IMA, an organization committed to excellence in management accounting, is the Association of Accountants and Financial Professionals in Business. The CMA credential was created in 1972 to offer a measure of a person’s knowledge and proficiency in management accounting.
CMA Salary in India
| Job Profiles | Salary (per annum) |
|---|---|
| Finance Manager | INR 1,086,304 |
| Financial Analyst | INR 514,291 |
| Senior Financial Analyst | INR 817,036 |
| Chief Financial Officer (CFO) | INR 3,698,416 |
| Certified Management Accountant | INR 500,000 |
| Accountant | INR 292,774 |
| Cost Accountant | INR 705,889 |
FAQ
A person may choose the Certified Management Accountant certification program if they want to contribute to corporate financial accounting and strategic management settings.
Ans. The primary distinction between a CMA and a CPA is that the former is more suited for public accounting, whereas the latter is ideal for the sector. Unquestionably, the CPA looks nice on a resume and is the greatest credential in the sector.
Ans. A professional certification program called Certified Management Accountant exists in the fields of management accounting and financial management.
Ans. A bachelor’s degree, professional experience, and passing a license test are requirements for pursuing any of the certifications. Both certifications are distinctive and provide the candidate with a wealth of opportunities. But generally speaking, CPA is thought to be the more difficult of the two.
Ans. The CMA test has a very high level of difficulty. Candidates can succeed, nevertheless, if they put in the necessary effort and willpower.
Ans. Despite having access to sufficient study materials, students may struggle to handle the strain and may experience issues with time management.
Ans. Passing the CMA exam is unquestionably worthwhile because it helps candidates stand out more in the job market.
Ans. After earning their CMA, candidates can advance in their careers by becoming cost accountants, financial analysts, or financial risk managers.