Achieving the Certified Management Accountant (CMA) certification involves several key steps designed to ensure candidates acquire the necessary knowledge, pass rigorous examinations, and maintain professional competence. Here’s a detailed guide on how to achieve CMA certification:
Eligibility requirements:
Before pursuing the CMA certification, candidates must ensure they meet the eligibility criteria set by the Institute of Management Accountants (IMA). This typically includes a bachelor’s degree from an accredited institution and two years of relevant work experience in management accounting or financial management. Alternatively, candidates can qualify with a relevant professional certification.
Enroll in the CMA program:
Once eligible, candidates should enroll in the CMA program administered by the IMA. Enrollment involves paying the program fee and gaining access to study materials, exam resources, and membership benefits with the IMA.
Prepare for the CMA exam:
Preparation for the CMA exam is vital and typically involves several steps:
- Review the CMA content specifications: Familiarize yourself with the exam content outlines provided by the IMA. This helps in understanding the topics and weightage for each exam part.
- Select study materials: Utilize CMA review courses, textbooks, practice questions, and online resources approved by the IMA. These materials help in inclusively covering exam topics and practicing exam-style questions.
- Create a study plan: Develop a structured study plan based on your schedule and exam date. Allocate time for each exam part, review sessions, and practice exams to gauge readiness.
- Take practice exams: Complete practice exams to assess your knowledge, identify weak areas, and improve exam-taking strategies. Mock exams simulate actual exam conditions and aid in building confidence.
Schedule and take the CMA exam:
Once adequately prepared, schedule your CMA exam through the IMA’s testing partner, Prometric. The CMA exam consists of two parts, each lasting four hours, covering financial reporting, planning, performance, and control, as well as financial decision-making.
Pass both exam parts:
To earn the CMA certification, candidates must achieve a minimum scaled score of 360 on each part of the exam. Successful completion of both exam parts demonstrates proficiency in management accounting and financial management as per the IMA’s standards.
Upon passing the CMA exam, fulfill the professional experience requirement mandated by the IMA. This involves documenting two continuous years of relevant work experience in management accounting or financial management.
