CMA - Certified Management Accountant
Information and Requirements for CMA Certification
Welcome to the CMA Program!
IMA® (Institute of Management Accountants) is dedicated to excellence within the management accounting profession. The CMA® (Certified Management Accountant) designation was developed in 1972 to provide an objective measure of an individual’s knowledge and competence in the field of management accounting. Only the CMA program recognizes the unique proficiencies required for success in this challenging profession.
ICMA® (Institute of Certified Management Accountants) regularly reviews the content of the CMA exam to ensure that current topics are appropriately updated and relevant to business practice. Connectivity of a practical Body of Knowledge to the workplace is important. The CMA exam aligns with the knowledge, skills, and abilities that an accountant or finance professional in business uses on the job today—financial planning, analytics, control, and decision support.These skills are critical to the success of finance teams.
The CMA program has been designed to meet the evolving needs of business—today and tomorrow. We look forward to helping you achieve excellence as a professional. Certification will confirm your proficiency in your chosen field and your dedication to personal and
professional growth.
If you have any questions, please contact us at: 9246884200
Introduction
The purpose of this handbook is to provide information on the requirements for CMA certification. It also includes an overview of CMA exam content, registration procedures, scheduling exams, and the examination process itself. Candidates should familiarize themselves with the information in this handbook. As the information in this handbook is subject to change, we urge candidates to consult the online version regularly.
Eligibility Criteria
To be eligible for CMA certification, you must fulfill all of the following requirements:
• Active membership in IMA
• Active CMA entrance fee
• Satisfy the education qualification
• Satisfy the experience qualification
• Complete all required examination parts
• Comply with the IMA Statement of Ethical Professional Practice
CMA Entrance Fee
The CMA entrance fee for the certification program must be paid before taking the examinations. Candidates must complete the CMA program within three years from the date of entry into the program. If both exam parts are not successfully completed within three years of entering the certification program, any passed part will expire, and the CMA entrance fee will have to be repaid.
The CMA entrance fee includes:
• Access to the CMA support package beginning on the date of entry into the CMA program*
• Performance feedback reports
• Review of educational and experience credentials
• Personalized, numbered certificate upon completion of all requirements
• Employer notification of CMA designation by request
• Listing of all CMAs in good standing on the IMA website for employer verification of status
• Final score report upon completion of exams
*Please note: The exam support package should be supplemented with a formal plan of study.
Education Qualification
To become a certified CMA, candidates must satisfy one of the following education requirements and submit verification of education to ICMA within seven years of completing the CMA examination.
Bachelor’s degree from an accredited college or university.
• A partial listing of accredited international and U.S. institutions is available at: http://univ.cc/world.php.
• Degrees that are not accredited must be evaluated by an independent agency. A listing of these agencies can be found at www.aice-eval.org or www.naces.org/members.php.
• If you cannot locate your college or university on the accredited listing, please contact to IMA at ima@imanet.org.
• Verification: All transcripts should be emailed directly from your college or university to the email address below.
Professional certifications
• A listing of approved certifications can be found here.
• Verification: An official letter from an approved certifying organization confirming you are a qualified member should be emailed directly from the certifying organization to the email address below.
CMA candidates must submit all required educational documents translated in English in a PDF format to aleuc@imanet.org along with your IMA membership number. In the event we require the original, you will be contacted by ICMA directly.
Note: Documents are shredded six months after your CMA profile has been updated.
Experience Qualification
Candidates for the CMA certification must complete two continuous years of professional experience in management accounting and/or financial management. This requirement may be completed prior to or within seven years of passing the examination. Teaching qualifies as related professional experience when it is full-time and at least 60% of the course load taught is accounting or finance above the introductory level over a two-year period. Professional experience is expected to be gained in full-time
employment. However, continuous part-time positions of 20 hours per week meeting the definition of qualified experience will count toward this requirement at a rate of one year of experience for every two years of part-time employment. Experience will be evaluated on a case-by-case basis. On a random basis, information provided on the work experience form will be verified by ICMA; you will be notified if your form has been selected for verification.
Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. Such employment includes, but is not limited to, the following:
• Preparation of financial statements
• Financial planning and analysis
• Monthly, quarterly, and year-end close
• Auditing (external or internal)
• Forensic accounting
• Budget preparation and reporting
• Managing general ledger and balance sheets
• Forecasting
• Company investment decision making
• Corporate financial management
• Cost accounting and analysis
• Risk evaluation
• Management information systems analysis
• Development and delivery of financial systems
• Implementation and management of financial technologies
• Tax accounting, analysis, and planning
• Reporting to the SEC or other governmental regulators
• Strategic planning and strategic management
• Sustainability reporting
• Teaching management accounting or financial management at the college/university level
Employment requiring the occasional application of management accounting principles such as in computer operations, sales and marketing, manufacturing, engineering, personnel, and general management will not satisfy this requirement. Internships and trainee, clerical, or nontechnical positions do not provide appropriate experience to fulfill this requirement.
CMA Examination
Candidates for CMA certification must complete all required examination parts.
• Part 1: Financial Planning, Performance, and Analytics (4 hours – 100 multiple-choice questions and two 30-minute essays)
• Part 2: Strategic Financial Management (4 hours – 100 multiple-choice questions and two 30-minute essays)
Each exam part will consist of 100 multiple-choice questions and two 30-minute essay questions. You will have three hours to complete the multiple-choice section and one hour to complete the essays. The essays will be presented after you have completed the multiple-choice section of the exam or after three hours, whichever comes first. Once you complete and exit the multiple-choice section of the exam, you cannot go back. You must remain in the essay section to complete the exam. The essay section consists of approximately 10-12 written response or calculation questions based on two scenarios, describing a typical business situation.
Note: You must answer at least 50% of the multiple-choice questions correctly to be eligible to take the essay section.
You will not receive immediate pass/fail results because the essay questions will be graded off-line. This is a time-consuming and labor-intensive process. In order to assure consistency, accuracy, and fairness, all papers are graded at the same time. Sample grading is performed first to ensure all alternative solutions have been accounted for. Reviewers check the grading throughout the grading
process. Once grading is completed, there is an additional review of papers on the borderline of passing. The scores for the multiple-choice section will be added to the scores of the essay section for a total weighted score of pass/fail reflected in a scaled score for the entire part. Candidates are not required to “pass” both sections; the total score determines pass/fail status. Exam results will be
emailed and posted to your online profile approximately six weeks from the end of the month in which you tested.
Examination Administration
The CMA examination is given in a computer-based format and is offered at Prometric Testing Centers located throughout the world. An up-to-date listing of all Prometric Testing Centers can be found at Prometric’s website, www.prometric.com/ICMA.
Parts 1 and 2 are offered during the following three testing windows:
• January/February
• May/June
• September/October
Registrations for Parts 1 and 2 will close after the 15th of February, June, and October.
Register for an exam: • Online at the online store.
Scheduling an Appointment for an Exam
Once you have received authorization from ICMA, it is your responsibility to schedule your appointment at a Prometric Testing Center. Log onto www.prometric.com/ICMA to locate a testing center, schedule, confirm, reschedule, or cancel your appointment 24 hours, seven days a week. Instructions are provided by ICMA at the time your authorization letter is emailed that provides further options for scheduling. You will be given a confirmation number at the time you schedule an appointment; you should make note of this number.
ICMA is not responsible if you delay scheduling and there are no appointments available within your authorization period.
If you do not schedule an appointment or you do not appear for a scheduled appointment in the selected testing window, you will forfeit your exam fee.
Scaled Scores
All scores on the CMA exams are expressed as scaled scores, ranging from 0 to 500, with the passing score set at 360. The raw scores on the test (i.e., the number of items correct) are transformed to this scale for the purpose of maintaining uniformity and consistency in the way scores are reported, regardless of which test form a candidate may take.
Examination Awards
Candidates for the CMA are eligible for examination awards based on the total score of Parts 1 and 2. To qualify for an award, you must pass each of the two parts on the first attempt and complete both parts within two months (January/February, May/June, or September/October).