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  • CMA is a designation that accounts for brighter prospects

    Being a CMA sends a clear message that you have mastery of advanced financial and accounting skills, a high level of competence and serious commitment. A Certified Management Accountant excels at:

    • Budgeting
    • Forecasting
    • Managing costs
    • Financial planning
    • Analysis
    • Control
    • Decision support

     

    These areas of expertise come together to empower CMAs to effectively evaluate investment opportunities and support strategic financial decisions based on solid analysis and sound ethics. Today employers value the CMA because it drives long-term growth and represents comprehensive and thorough financial analysis and financial reporting. CMAs fill positions at multinational corporations, private firms, academic institutions and non-profit organizations.

     

    CMA’s Importance

    CMAs have promising job prospects. The outlook forecasts an 18% increase in demand between 2006 and 2016, which is significant in these challenging times. Increasingly complex corporate tax laws mean employers will have to seek accountants with the solid knowledge in corporate accounting that the CMA provides. Being a CMA also means you are part of a network of international elites through the Institute of Management Accountants (IMA) that connects over 30,000 CMAs. Today CMAs can look forward to:

    • Job opportunities
    • Recognition
    • Great pay and benefits
    • CMAs earn on average $30,000 more per year than non-certified accountants
    • Mobility
    • Career advancement
    • A bright future
    • Membership in a professional network

     

    Since the CMA is a highly respected professional designation, it sets you above the competition in the sphere of corporate accounting.

     

    Benefits of the CMA Program

    Becoming a CMA means you have to pass a two-part exam. But the time and effort are well worth it because of the rewards of being a CMA. The CMA program sharpens skills and useful competencies that are essential to your career’s success:

    • Superior corporate accounting knowledge base (theoretical and practical)
    • Critical skills you use in business
    • Financial planning, performance, control and financial decision making
    • Risk analysis expertise
    • Technologically up-to-date
    • High ethical standards
    • Personal skills
    • Communication skills
    • Significant know-how

     

    In addition to nurturing all these indispensible skills, the IMA’s CMA program gives you the insider’s edge.

  • Accounting Real World Relevance

    Take a closer look at the content the CMA covers. With such rich material and pertinent topics, the CMA really symbolizes the height of corporate accounting.

     

    PART 1- Financial Planning, Performance and Control

    • CMA 1A

    Planning, Budgeting and Forecasting: Budgeting Concepts; Forecasting Techniques; Budget Methodologies; Annual Profit Plan and Supporting Schedules; Top-Level Planning and Analysis.

    • CMA 1B

    Performance Management: Cost and Variance Measures; Responsibility Centers and Reporting Segments; Performance Measures.

    • CMA 1C

    Cost Management: Measurement Concepts; Costing Systems; Overhead Costs; Operational Efficiency; Business Process Performance.

    • CMA 1D

    Internal Controls: Risk Assessment, Controls and Risk Management; Internal Auditing; Systems Controls and Security Measures.

    • CMA 1E

    Professional Ethics: Ethical considerations for management accounting and financial management professionals.

     
    PART 2- Financial Decision Making

    • CMA 2A

    Financial Statement Analysis: Basic Financial Statement Analysis; Financial Performance Metrics – Financial Ratios; Profitability Analysis; Analytical Issues in Financial Accounting.

    • CMA 2B

    Corporate Finance: Risk and Return; Managing Financial Risk; Financial Instruments; Cost of Capital; Managing Current Assets; Raising Capital; Corporate Restructuring; International Finance

    • CMA 2C

    Decision Analysis and Risk Management: Cost/Volume/Profit Analysis; Marginal Analysis; Pricing; Risk Assessment.

    • CMA 2D

    Investment Decisions: Capital Budgeting Process; Discounted Cash Flow Analysis; Payback and Discounted Payback; Ranking Investment Projects; Risk Analysis in Capital Investment; Valuation.

    • CMA 2E

    Professional Ethics: Ethical Considerations for the Organization.

  • CMA Certification Basic Requirements

    To maintain your CMA credential you need to maintain your membership with IMA, pay the CMA maintenance fee, and fulfill your annual CPE requirement. Certified CMAs are also required to complete 30 hours of continuing education annually, including a minimum of two hours in the area of ethics.
     

    CMA Exam Basic Requirements

    Not just anyone can become a CMA. Why? Because the CMA is a very specific professional designation and a badge of excellence in the field of accounting and finance. And so to qualify to take the CMA exam and become a CMA, you need to:

    • Hold a Bachelor’s degree from an accredited university
    • Have at least 2 consecutive years of professional experience in management accounting or financial management
    • Become a member of the Institute of Management Accountants (IMA)
    • Pay the Certification Entrance Fee
    • Comply with the IMA Statement of Ethical Professional Practice
    • Pass all required examination parts
    •  

    About the CMA Exam

    To best prepare for the CMA Exam, it’s important to know what to expect:

    • An exam designed specifically to validate mastery of the advanced skills required to manage finance functions within an organization, enabling you to deliver value in today’s complex business environment
    • A computer-based exam divided into two parts consisting of four hours each (three hours to complete 100 multiple-choice questions and one hour to complete two essays), which can be taken in any order
    •  

    CMA Exam Content and Structure:

    PART I: Financial Planning, Performance & Control

    • Planning, budgeting, and forecasting
    • Performance measurement
    • Cost management
    • Internal controls
    • Professional ethics

    PART II: Financial Decision Making

    • Financial statement analysis
    • Corporate finance
    • Decision analysis and risk management
    • Investment decisions
    • Professional ethics
    •  

    CMA Exam Schedule and Locations

    • Three exam windows each year mean you can schedule exams at a time and electronic exam center convenient for you: January-February; May-June; September-October.
    • Since CMAs are sought after, the CMA exam can be taken in several locations around the world. This is great news for candidates. Exams are administered through the worldwide network of Prometric Testing Centers. There are many locations throughout the U.S and internationally. To locate a Testing Center and to schedule exam appointments, visit prometric.com/ICMA
    •  

    Application Steps

    Once you’ve met all the requirements, you can start applying so you can take the official exam. The application process is easy:

    • You must be a member of IMA to be eligible for the CMA program
    • Create an account on the IMA website
    • Apply for the International membership
    • Enroll in the CMA Program by paying the Entrance Fee for the certification program. It must be paid before taking the examinations.
    • Register for the Exam Part 1 and Part 2.
    • Receive the Authorization to Test from IMA.
    • Go on the Prometric website, and schedule the exam date and location accordingly
    •  

    Important Information

    • You will not receive immediate pass/fail results because the essay questions will be graded off-line. 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 mailed approximately six weeks from the end of the month in which you tested; ICMA will mail your exam results to you.
    • Parts one and two of the CMA exam are scored on a scale of 0-500. Candidates are given different “forms” of the exam, and it is necessary to establish a passing score for each form. This takes into consideration the relative difficulty of the questions contained in each form. In order to equate all scores for all forms of the exam, the scores for each part are placed along a scale from 0 to 500. On this scale, a score of 360 represents the minimum passing scaled score. The scaled score allows candidates to know how they performed in relation to the passing standard of 360.

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