To gain an edge, modern finance professionals require knowledge and understanding of finances that go beyond traditional accounting practices. The Certified Management Accountant certification, offered by the Institute of Management Accountants (IMA) in the USA is the foremost credential for management accounting professionals.
The course perfectly combines financial knowledge with decision-making skills, and CMA USA certification holders can drive business growth and improve organizational performance.
In this article, we’ll look at different aspects of the CMA USA certification including syllabus, eligibility criteria, and career opportunities.
What is the CMA USA Course?
The Certified Management Accountant or CMA USA course is a professional certification for accounting and financial professionals. The course is administered by the Institute of Management Accountants (IMA) in the US.
The CMA course is different from degree programs in accounting or finance. It’s not a full-time study program, but rather a course, followed by a certification.
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Why opt for the CMA USA Course?
The CMA USA course focuses on management accounting. Management accountants provide financial analysis to businesses and help them make informed decisions.
CMA USA course makes you an expert in various areas of budgeting and cost control such as:
- Cash Flow Management
- Budgeting and Forecasting
- Standard Costing
- Marginal Costing
- Capital Budgeting
- Cost Control
- Financial Analysis
and much more.
Here are the key benefits to earning a CMA USA certification:
Career advancement
The certification offers you unique knowledge about accounting from a managerial aspect. A CMA certification makes your resume stand out and shows employers that you understand the skills and techniques in cost and management accounting.
Global opportunities
A degree in accountancy from a top college is not sufficient if you want to work at MNCs across the world. CMA USA offers you exposure to global accounting practices and teaches you far more than a graduate course.
It has wide acceptance and according to the IMA, the CMA USA certification is recognized in over 150 countries globally.
Higher-income potential
According to the IMA’s 2023 Global Salary Survey, Certified Management Accountants (CMAs) earn approximately 21% more compared to their peers who do not hold the CMA certification. If you want to maximize your earning potential in accounting and finance, a CMA USA degree will help you achieve it faster.
Networking opportunities
Earning a CMA certification automatically makes you a member of the IMA, which spans numerous countries. You gain access to the Institute of Management Accountants (IMA)’s global network of 140,000 accounting and finance professionals worldwide.
Here is a side-by-side comparison of the CMA USA course with the other popular accounting certification in the USA, the Certified Public Accountant (CPA) course.
| Feature | CMA USA | CPA USA |
| Focus Area | Management Accounting and Financial Strategy | Public Accounting and Auditing |
| Global Recognition | High | Primarily U.S.-focused |
| Exam Structure | Two-part exam | Four-part exam |
| Preparation Time | Typically 12-18 months | Typically 18-24 months |
| Career Opportunities | CFO, Financial Analyst, Controller | Auditor, Tax Advisor, Public Accountant |
| Continuing Education | Required for certification maintenance | Required for license renewal |
| Cost of Certification | Moderate | Higher, due to additional licensing costs |
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CMA USA Course: Eligibility Criteria
Before you start the course, it is essential to understand the strict eligibility criteria set by the Institute of Management Accountants (IMA). This ensures every student is capable of tackling the rigorous coursework.
Educational Qualifications
Candidates must have a bachelor’s degree from a recognized university. While a graduate from any discipline can enroll, it is natural that someone with a background in accountancy and financial courses will be able to learn faster.
Professional Experience
Those who wish to pursue the course must have a minimum of two years of professional experience in management accounting or financial management.
IMA Membership
Candidates must be members of the Institute of Management Accountants (IMA) and adhere to its Statement of Ethical Professional Practice.
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CMA USA Course: Fees
The CMA USA certification involves various costs and fees such as membership dues, examination fees, and study materials.
Here’s a table summarizing the CMA program fees for both Professional Members and Student/Academic Members:
| CMA Program Fees | Professional Members | Student/Academic Members |
| CMA Entrance Fee | $300 (₹25,680) | $225 (₹19,230) |
| Exam Fee (per part) | $495 (₹42,327) | $370 (₹31,652) |
| IMA Membership Fee | $295 (₹25,232) | $160 (₹13,696) |
Besides, on average, candidates spend between $1,000 and $2,500 (₹85,600 – ₹214,000) on study materials and test prep.
Considering various factors like study materials, exam fees, and membership expenses, the total cost to complete the CMA certification can vary from around $2,000 to $4,000 or a little higher (₹171,200 – ₹342,400).
CMA USA Course: Syllabus
The CMA curriculum is divided into two parts. Each part focuses on different areas of management accounting and financial management. Here is the information organized into a table:
| Part | Topic | Weight | Subtopics |
| Part 1: Financial Planning, Performance, and Analytics | External Financial Reporting Decisions | 15% | • Financial statements preparation and reporting• Recognition, measurement, valuation, and disclosure |
| Planning, Budgeting, and Forecasting | 20% | • Strategic planning• Budget preparation• Forecasting techniques | |
| Performance Management | 20% | • Variance analysis• Key performance indicators (KPIs) | |
| Cost Management | 15% | • Costing methods and systems• Overhead costs• Cost analysis and reporting | |
| Internal Controls | 15% | • Governance, risk, and compliance• Internal audit | |
| Technology and Analytics | 15% | • Data governance• Analytics tools | |
| Part 2: Strategic Financial Management | Financial Statement Analysis | 20% | • Ratio analysis• Earnings management |
| Corporate Finance | 20% | • Capital budgeting• Risk and return• Working capital management | |
| Decision Analysis | 25% | • Cost-volume-profit analysis• Pricing decisions• Capital investment analysis | |
| Risk Management | 10% | • Enterprise risk management• Financial risk | |
| Investment Decisions | 10% | • Valuation methods• Mergers and acquisitions | |
| Professional Ethics | 15% | • Ethical decision-making• IMA’s Statement of Ethical Professional Practice |
Exam Format of CMA USA
The CMA USA exam perfectly measures a test taker’s understanding of management accounting principles. Below is a detailed overview of the exam format:
| Aspect | Details |
| Exam Parts | Two parts: Part 1 and Part 2 |
| Total Duration | 4 hours per part |
| Multiple Choice Questions (MCQs) | 100 MCQs per part |
| Essay Questions | 2 essay questions per part |
| Weightage of Scores | MCQs: 75% of total scoreEssays: 25% of total score |
| Passing Score | Minimum of 360 out of 500 per part |
| Additional Information | Each MCQ is worth 4 points, while each essay question is valued at 50 points.To access the essay section, candidates must correctly answer at least 50% of the MCQs in the first section.Candidates cannot return to the MCQ section once they have started the essay section. |
CMA USA Exam Dates
The CMA exam can be taken during specific testing windows around the year. Here are the details regarding the testing windows for the CMA exam:
| Testing Window | Exam Dates | Last Date to Register |
| January/February | January 1 – February 28 | February 15 |
| May/June | May 1 – June 30 | June 15 |
| September/October | September 1 – October 31 | October 15 |
How to apply for CMA in the USA?
To apply for the CMA (Certified Management Accountant) certification in the USA, follow these steps:
- Understand the CMA Certification process by reading the CMA Handbook thoroughly.
- Meet the eligibility requirements we have outlined above.
- Create an account on the IMA website and become a member after paying requisite fees.
- The CMA exams are administered at Prometric testing centers. You can find a list of exam centers here.
- You can appear in CMA USA Part 1 and 2 exams in any order.
How to prepare for CMA in the USA?
How to prepare for the CMA USA exam? Let us dive into the details and learn more about the process.
Know the Exam Syllabus
When you prepare for CMA USA, start by going through the syllabus and understanding how the exam is structured. The two parts cover financial planning and strategic management. It is best if you take the exams a few months apart such as January and September or September and May.
Understand the Exam Weightage
The next step is to know the weight of each topic and the question types, including multiple-choice and essays. The twelve topics are divided into three levels of coverage A, B, and C. You have to learn accordingly with some requiring more granular sturdy than others. You can find the details on the CMA Content Specification Outlines webpage.
Create a Detailed Study Plan
You must set up a study schedule that covers all the topics within a set time. You can use the suggested study materials or find your own. The CMA course has a lot of overlap with the Chartered Accountancy course offered by ICAI and plenty of educational material is available.
Focus on Conceptual Understanding
Don’t just memorize when you study but strive to understand the underlying logic behind each concept. If you find it difficult to learn on your own, enroll in online classes that offer practice questions, success slides, and other resources.
Stay Consistent and Maintain Focus
Studying for a top-notch global certification means you have to be mentally fit. Believe in your ability to succeed and maintain a positive mindset throughout your preparation. Nutrition and sleep coupled with adequate exercise and self-confidence is your secret weapon at acing the CMA USA exams.
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CMA USA Course: Career Opportunities
The CMA USA certification opens up a wide range of career opportunities in various finance and accounting roles.
Here’s an overview of the career paths available to CMA holders:
- Financial Analyst
- Management Accountant
- Cost Accountant
- Financial Risk Manager
- Corporate Controller
- Chief Financial Officer
- Internal Auditor
- Budget Analyst
- Business Analyst
These are the diverse career opportunities available to CMA professionals across various industries.
Top Recruiters for CMA in the USA
CMA USA certification holders are in huge demand in the USA. The top recruiters include the Big 4 in accounting – Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG).
Besides, CMA USA holders are also routinely recruited by large American banks and corporations such as:
- JPMorgan Chase
- Bank of America
- Wells Fargo
- Citigroup
- Goldman Sachs
- General Electric
- Amazon
- Walmart
- John Deere
- Marriott International
With their understanding of the management perspective, CMA USA certified professionals are able to progress to the highest levels of banks and corporates.
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FAQs
The average salary of a CMA is approximately $110,000 per year (₹9,416,000). At entry level, the salary is $79,000 per year (₹6,742,000) which rises to $141,000 per year (₹12,064,000) after a decade of experience. Many CMA USA holders rise to the top echelons of companies where pay is very high.
The course is very reasonably priced and the exam fee for each part is $495 (₹42,320). The total fee varies between $1,200 and $2,500 (₹102,720 – ₹214,000) depending on the type of test prep chosen. You have to renew IMA membership every year for a small fee.
To be eligible for the US Certified Management Accountant (CMA) certification, you must meet the following requirements:
– Have a bachelor’s degree from an accredited college or university.
– Have at least two years of professional experience in management accounting or financial management.
– Be a member of the Institute of Management Accountants.
Ideally, students can complete it in a year. If you begin in the fall, you can appear in one set of exams the following May and the remaining set in the coming September. At the most you will require eighteen months to complete the course.
Yes, a CMA USA certification is considered very good for career advancement. It provides a globally recognized credential that opens doors to a wide range of career opportunities in finance.
