6 Simple Steps to Becoming a CMA

A great way to advance one's accounting profession is to become a Certified Management Accountant (CMA). The Institute of Management Accountants bestows the CMA title, a widely respected professional credential (IMA). Professionals now have access to a wide range of opportunities in the financial and accounting management sectors that they otherwise would not have had.

CMAs frequently work for government organizations as well as corporate finance divisions of public and private businesses (manufacturing or services). They provide a summary of accounting and financial data that makes it easier to understand the implications of the studied data and, as a result, promotes performance improvement. Additionally, CMAs support or advise the board of directors and senior management of the organization in making decisions.

This certification provides a lot of opportunities to professionals, so let's talk about what it takes to become a CMA through these six steps:

1) Become a Member of the IMA

Applicants who have or want to have a career in accounting or finance should become a member of the IMA. This professional membership makes an individual eligible to use the IMA's cutting-edge resources to further extend and improve their knowledge and abilities in all areas of management accounting.

2) Fulfill the Education Requirements

A bachelor's degree from an accredited university or college is required. In order to qualify, applicants can also get a professional certification. CMA applicants often have a background in accounting, finance, economics, or general business. Applicants need to have their degree from an accredited institution to seek this accounting certification, even if they don’t have a degree in accounting or finance. But they must complete this education requirement either before taking the CMA test or within seven years of taking the test.

3) Fulfill the Required Work Experience

CMA Candidates must have two years of full-time professional experience in a row. The experience requirement must be met either before taking the CMA test or within 7 years after completing the CMA exam.

4) Join the CMA program

After joining the IMA, an applicant can apply to the CMA program and become a CMA candidate. Membership expires three years after one enters the CMA program. And, if both exam sections aren't finished and passed within this timeframe, any passed portions will expire, and one will have to pay the CMA admission fee again. The CMA entrance fee covers credential review for educational and experience qualifications, six months of access to the CMA exam support package, a final score report, performance feedback reports for those who do not pass, a personalized certificate for office display, and congratulatory notifications to employers and others.

5) Pay the CMA Exam Fee and Book an Exam Date

After registering for the CMA program, applicants need to schedule their exams and pay the exam fee.  In order to secure the exam date, applicants must pay the exam fee first.

6) Pass the CMA Exam Part 1 and Part 2

This is a computer-based exam, which is divided into two parts, that is, Financial Reporting, Planning, Performance, and Control (Part 1) and Making Financial Decision Making (Part 2). CMA examinations are four-hour-long and each part is divided into two sections that evaluate one's ability to describe concepts and their applications. Three hours are given to complete 100 multiple-choice questions and one hour to finish two essay questions. To be qualified to write the essay portion, one must correctly answer at least 50% of the multiple-choice questions. But, it is not mandatory to pass both sections at the same time. The total scores for both sections are combined together to determine whether one passes or fails.

The CMA certification is very popular among professionals as financial and accounting management is a massive domain and encompasses important aspects, like financial planning and analysis, including budgeting and forecasting, control, and professional ethics. Professionals after getting certified become eligible for innumerable job opportunities like cost accountants, corporate accountants, management accountants, risk managers, FP&A managers, budgeters, financial strategists, etc. Hence, the CMA certification is in huge need nowadays.

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