How to Become a CMA: 10 Steps to Getting Certified
A lot of people ask me about how to become a CMA.
There is a common misconception that becoming a Certified Management Accountant is incredibly difficult. Some even wonder if it's worth it at all.
The truth is, CMAs are in high demand and low supply right now. And the good news is, becoming one is absolutely attainable. By following my plan below you can apply for your CMA Certification in as little as 8 months!
But before I share my step-by-step plan, let's talk about why you should become a CMA in the first place.
There is a common misconception that becoming a Certified Management Accountant is incredibly difficult. Some even wonder if it's worth it at all.
The truth is, CMAs are in high demand and low supply right now. And the good news is, becoming one is absolutely attainable. By following my plan below you can apply for your CMA Certification in as little as 8 months!
But before I share my step-by-step plan, let's talk about why you should become a CMA in the first place.
Why Become a CMA in the First Place?
Becoming a CMA was a game changer for me. It allowed me to travel the world and work remotely, allowing me freedom in my personal and professional life.
What is CMA (Certified Management Accountant)? It's a sub-discipline of accounting that focuses on strategic considerations and management.
And it can be a lucrative option for accounting professionals who want to further their careers and increase their income.
Here are some amazing reasons to consider getting a CMA certification.
What is CMA (Certified Management Accountant)? It's a sub-discipline of accounting that focuses on strategic considerations and management.
And it can be a lucrative option for accounting professionals who want to further their careers and increase their income.
Here are some amazing reasons to consider getting a CMA certification.
According to the 2019 IMA Global Salary Survey, the average CMA salary reported across all regions was $54,401 base salary and $64,451 total compensation.In UAE.....
In High Demand
CMAs are in high demand and relatively low supply, so now is the perfect time to add this designation to your resume. Now is a better time than ever to enter CMA careers.
Well Known Internationally
The CMA designation is well known around the world, so if you're looking for global recognition, this could be right for you.
While you might assume that the majority of CMAs are located in the United States, we actually represent a mere fraction of those certified globally. The CMA has grown immensely over the years, especially in China and the Middle East.
Higher Earning Potential
According to the 2019 IMA Global Salary Survey, the average CMA salary reported across all regions was $54,401 base salary and $64,451 total compensation.
In the United Arab Emirates specifically, the overall median base salary is AED 145,000, and the overall median total compensation is AED162,000.
Pretty impressive when you consider that a Certified Management Accountant salary is 31% more in median salary than their non-CMA counterparts.
CMAs are in high demand and relatively low supply, so now is the perfect time to add this designation to your resume. Now is a better time than ever to enter CMA careers.
Well Known Internationally
The CMA designation is well known around the world, so if you're looking for global recognition, this could be right for you.
While you might assume that the majority of CMAs are located in the United States, we actually represent a mere fraction of those certified globally. The CMA has grown immensely over the years, especially in China and the Middle East.
Higher Earning Potential
According to the 2019 IMA Global Salary Survey, the average CMA salary reported across all regions was $54,401 base salary and $64,451 total compensation.
In the United Arab Emirates specifically, the overall median base salary is AED 145,000, and the overall median total compensation is AED162,000.
Pretty impressive when you consider that a Certified Management Accountant salary is 31% more in median salary than their non-CMA counterparts.
CMA Certification vs Others
Earning your CMA certification requires a lot of consideration, especially since it's not the only management accounting option.
The Chartered Global Management Accountant certification (GCMA) is a direct competitor of the CMA. The CGMA was created in early 2012 and is the brainchild of both the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), so you can earn this designation through either entity.
Both the CMA and CGMA are relatively new designations in the world of accounting. While the CPA has been around since the late 1800s, the CMA was established in 1972. It's goal was to provide individuals with more in depth knowledge and understanding of financial planning and analysis.
CMA certified professionals are greatly valued in large multinational corporations, but can work in private or public sectors of any size. Their expertise can open doors to many amazing opportunities.
On the other hand, the goal of the CGMA is to build upon the global reach of management accounting. But what exactly makes them different?
The Chartered Global Management Accountant certification (GCMA) is a direct competitor of the CMA. The CGMA was created in early 2012 and is the brainchild of both the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), so you can earn this designation through either entity.
Both the CMA and CGMA are relatively new designations in the world of accounting. While the CPA has been around since the late 1800s, the CMA was established in 1972. It's goal was to provide individuals with more in depth knowledge and understanding of financial planning and analysis.
CMA certified professionals are greatly valued in large multinational corporations, but can work in private or public sectors of any size. Their expertise can open doors to many amazing opportunities.
On the other hand, the goal of the CGMA is to build upon the global reach of management accounting. But what exactly makes them different?
Requirements and Eligibility
We will touch-base on exactly how to become a CMA below, but essentially you must earn a bachelor's degree, join the IMA and fulfill their 2-year consecutive work employment requirement. Of course you are also required to pass the CMA exam.
On the other hand, to join the CGMA you must go through the AICPA or CIMA.
The Chartered Institute of Management Accountants (CIMA) pathway is similar to the CMA insofar as candidates must fulfill 3 years of management accounting work experience, be a CIMA member and pass 12 individual CIMA exams.
The American Institute of Chartered Public Accountants (AICPA) route is a much longer process because you must be a member as well as be an active CPA. This means you must have passed all 4 parts of the CPA exam and earned that certificate prior to acquiring 3 years of management accounting work experience and then passing the CGMA exam.
This route is ideal if you already have your CPA certificate and want to add the CMA designation to your resume as well.
On the other hand, to join the CGMA you must go through the AICPA or CIMA.
The Chartered Institute of Management Accountants (CIMA) pathway is similar to the CMA insofar as candidates must fulfill 3 years of management accounting work experience, be a CIMA member and pass 12 individual CIMA exams.
The American Institute of Chartered Public Accountants (AICPA) route is a much longer process because you must be a member as well as be an active CPA. This means you must have passed all 4 parts of the CPA exam and earned that certificate prior to acquiring 3 years of management accounting work experience and then passing the CGMA exam.
This route is ideal if you already have your CPA certificate and want to add the CMA designation to your resume as well.
Which Designation Do Employers Want?
Employers nowadays are looking more and more for the unique skill-set that management accountants possess, and the desire for them is not just located in the United States. The CMA designation, in particular, has grown widely across the globe, especially in the Middle East and China.
With less than a decade of experience, the CGMA designation does not appear to be firmly established just yet. That's not to say that it will not grow in popularity once the certification has had a few more years to establish itself in terms of reputation and execution of knowledge, but for now the CMA is much more widely accepted.
With less than a decade of experience, the CGMA designation does not appear to be firmly established just yet. That's not to say that it will not grow in popularity once the certification has had a few more years to establish itself in terms of reputation and execution of knowledge, but for now the CMA is much more widely accepted.
9 Steps get CMA certified in 6 month.
1
1
In order to become a CMA you must earn a Bachelor's Degree from an accredited university or college. You can also do so by getting a professional certification. CMA candidates often come from varying backgrounds, but the most common degrees include accounting, finance, economics, and general business.
Did you know that you can take the CMA exam before you even earn your degree?
That's right. Even though one of the requirements for how to become a CMA includes earning your degree, you can get the exam out of the way first. Most candidates, however, choose to earn their degree or professional certification first, but the choice is yours.
Did you know that you can take the CMA exam before you even earn your degree?
That's right. Even though one of the requirements for how to become a CMA includes earning your degree, you can get the exam out of the way first. Most candidates, however, choose to earn their degree or professional certification first, but the choice is yours.
2. Pay for an IMA Membership
In order to be eligible for the CMA certification, you must be an active member of the Institute of Management Accountants, or IMA.
Wondering how to join IMA?
It's easy!
Start by choosing the IMA membership best suited for you. Here are your options:
(preffrerebly do it after the course is completed)
Wondering how to join IMA?
It's easy!
Start by choosing the IMA membership best suited for you. Here are your options:
(preffrerebly do it after the course is completed)
IMA Professional Members
The fee to become a professional member is $245 first year, then $230 annually. This membership is geared towards individuals who already have a career in accounting or finance. Think business accountants or financial managers.
The IMA benefits are available worldwide. With a professional membership you can take advantage of the IMA's cutting-edge resources. Use these resources to further expand and hone your knowledge and skills in all areas of management accounting.
The IMA benefits are available worldwide. With a professional membership you can take advantage of the IMA's cutting-edge resources. Use these resources to further expand and hone your knowledge and skills in all areas of management accounting.
IMA Student Members
If you are a current student at an accredited college or university, then this membership is for you. It is perfect for individuals looking to kick-start their career in accounting or financial management.
Students have the option of choosing a One- or Two-Year membership. With a nice, low fee of only $39 per year (or $78 for the two-year option), student members worldwide can gain access to all of the IMA resources. Delve into the world of management accounting and discover potential career options while you're studying at college.
Students have the option of choosing a One- or Two-Year membership. With a nice, low fee of only $39 per year (or $78 for the two-year option), student members worldwide can gain access to all of the IMA resources. Delve into the world of management accounting and discover potential career options while you're studying at college.
IMA Academic Members
Created for full-time faculty members of accredited institutions, this membership is $135 first year, then $120 annually.
Members have access to benefits worldwide. In addition to this, academic members also have access to the IMA's ethics curriculum, webinars, case studies, mentor program, research grants, and various other teaching resources.
Members have access to benefits worldwide. In addition to this, academic members also have access to the IMA's ethics curriculum, webinars, case studies, mentor program, research grants, and various other teaching resources.
Staff Enrollment Discount Program
The IMA offers a discount on the annual fee when your organization signs up 5 or more staff members. This discount program offers a 15% discount on IMA membership rates.
Similar to the other options, members have full access to all IMA amenities, including CMA certification, continuing education, networking and more.
This discount is run under one company organizer name and paid as a lump sum each year. When adding new members to the program, fees are calculated on a pro-rated basis.
If a new employee has already paid their IMA membership for the year, no refund will be provided for unexpired months remaining in their current membership.
For full details on eligibility and pricing, click here.
Similar to the other options, members have full access to all IMA amenities, including CMA certification, continuing education, networking and more.
This discount is run under one company organizer name and paid as a lump sum each year. When adding new members to the program, fees are calculated on a pro-rated basis.
If a new employee has already paid their IMA membership for the year, no refund will be provided for unexpired months remaining in their current membership.
For full details on eligibility and pricing, click here.
3. Join the CMA Program
One of the steps to become a CMA is paying a non-refundable entrance fee for your CMA certification program. This means you must pay this fee in order to even take your exam.
Pricing varies depending on your IMA membership. For example, the cost for professional members is $250, but for Student and Academic members, the fee is only $188.
Once you've paid this fee, you probably want to know how long does it take to get CMA certified?
The answer to this question varies. How long depends on what sort of CMA exam prep you take and how quickly you want to work through the material.
To be clear, you must complete the CMA program and pass both parts of the CMA exam within 3 years of entry. If you fail to do so, you will have to repay the entrance fee and retake any passed exams.
You must also register for one exam part — either CMA Part 1, or CMA Part 2 — within the first 12 months of entry or you'll have to repay the entrance fee. There are several testing windows each year, so plan accordingly.
My advice to you is wait to join until you are 100% sure you are confident you are ready to grow in your career and achieve heights.
Pricing varies depending on your IMA membership. For example, the cost for professional members is $250, but for Student and Academic members, the fee is only $188.
Once you've paid this fee, you probably want to know how long does it take to get CMA certified?
The answer to this question varies. How long depends on what sort of CMA exam prep you take and how quickly you want to work through the material.
To be clear, you must complete the CMA program and pass both parts of the CMA exam within 3 years of entry. If you fail to do so, you will have to repay the entrance fee and retake any passed exams.
You must also register for one exam part — either CMA Part 1, or CMA Part 2 — within the first 12 months of entry or you'll have to repay the entrance fee. There are several testing windows each year, so plan accordingly.
My advice to you is wait to join until you are 100% sure you are confident you are ready to grow in your career and achieve heights.
4. Enroll in a CMA Review Course Program
London International is a cutting-edge CMA exam Course review program. It provides candidates with a complete step-by-step instructor-led format; it provides you with virtually everything you need to be 100% prepared for the exam.
If you're new to London International, let me break down what this program has to offer and why it's a step above the competition.
One-on-One Expert CMA Coaching There is no better way to prepare for the CMA exam than to learn from someone who has experienced it. Our trainer is 14 years experienced.
One-on-one coaching with a certified CMA like myself offers you unparalleled insight into the CMA exam.
One-on-one coaching gives you the opportunity to work directly with someone not only who has taken the exam but also has 15 years of working industry experiance and owns and consults for some of the top US based firms operating worldwide. An experienced CMA understands what material is most important and can answer your most pressing questions.
If you're new to London International, let me break down what this program has to offer and why it's a step above the competition.
One-on-One Expert CMA Coaching There is no better way to prepare for the CMA exam than to learn from someone who has experienced it. Our trainer is 14 years experienced.
One-on-one coaching with a certified CMA like myself offers you unparalleled insight into the CMA exam.
One-on-one coaching gives you the opportunity to work directly with someone not only who has taken the exam but also has 15 years of working industry experiance and owns and consults for some of the top US based firms operating worldwide. An experienced CMA understands what material is most important and can answer your most pressing questions.
5.Register for a CMA Exam Part After Week 12 of Your Study Plan
There is no better way to light a fire under your studying than to register for one part of the exam on an upcoming CMA exam date.
There are three exam windows you can register for each year:
You may register on the IMA online store or by calling 800-638-4427 or (201) 573-9000.
After your registration is complete you will receive your authorization from ICMA. From there you can schedule your testing appointment at a Prometric Testing Center near you by logging onto www.prometric.com/ICMA.
There are three exam windows you can register for each year:
- January/February
- May/June
- September/October
You may register on the IMA online store or by calling 800-638-4427 or (201) 573-9000.
After your registration is complete you will receive your authorization from ICMA. From there you can schedule your testing appointment at a Prometric Testing Center near you by logging onto www.prometric.com/ICMA.
6. Take the CMA Exam
Now that you have studied for weeks and prepared to the best of your ability, it is time to take the CMA exam.
The CMA exam is a computer-based exam and as I mentioned before, consists of two parts. While you certainly have the option to take Part One and Part Two in the same exam window, I strongly recommend taking each part in separate windows. This will allow you ample time to study and focus on each part individually. Consequently, you will be more confident on exam day.
Each part of the CMA exam is 4 hours. The first 3 hours are dedicated to a multiple-choice section, while the final hour consists of an essay section with 2 essay questions.
Here is an in-depth breakdown of each part of the exam:
Part 1 – Financial Planning, Performance, and Analytics Duration: 4 hours
Format: 100 multiple-choice questions and two 30-minute essay scenarios
How is the CMA exam scored?
Key topics are marked differently depending on their category. Here is their breakdown:
Format: 100 multiple-choice questions and two 30-minute essay scenarios
Breakdown of scoring:
But keep in mind that in order to actually pass the exam, you'll need a minimum score of 65% on the multiple-choice questions and a perfect score on the essay section, so definitely aim higher than that!
Once you have submitted your multiple-choice answers for scoring, you cannot go back.
If you do not answer 50% correctly, you automatically fail the exam part and will need to retake that part of the exam. There is no discount for exam re-write meaning you will pay full CMA exam cost to retake that exam part.
The good news is, if you complete and pass the multiple-choice portion before the 3-hour limit, you can use the full remainder of your time to complete the essay portion. This means if you complete the multiple-choice section in 2 hours you now have 2 full hours to complete the essay section instead of just one hour.
A word to the wise – do not rush through the multiple-choice portion just so you have extra time for the essay. You don't want to risk scoring less than 65%.
Think of any additional time as an added bonus IF you finished before the 3-hour limit.
The CMA exam is a computer-based exam and as I mentioned before, consists of two parts. While you certainly have the option to take Part One and Part Two in the same exam window, I strongly recommend taking each part in separate windows. This will allow you ample time to study and focus on each part individually. Consequently, you will be more confident on exam day.
Each part of the CMA exam is 4 hours. The first 3 hours are dedicated to a multiple-choice section, while the final hour consists of an essay section with 2 essay questions.
Here is an in-depth breakdown of each part of the exam:
Part 1 – Financial Planning, Performance, and Analytics Duration: 4 hours
Format: 100 multiple-choice questions and two 30-minute essay scenarios
How is the CMA exam scored?
Key topics are marked differently depending on their category. Here is their breakdown:
- Cost Management – 15%
- Internal Controls – 15%
- Technology and Analytics – 15%
- External Financial Reporting Decisions – 15%
- Planning, Budgeting, and Forecasting – 20%
- Performance Management – 20%
Format: 100 multiple-choice questions and two 30-minute essay scenarios
Breakdown of scoring:
- Risk Management – 10%
- Investment Decisions – 10%
- Professional Ethics – 15%
- Financial Statement Analysis – 20%
- Corporate Finance – 20%
- Decision Analysis – 25%
But keep in mind that in order to actually pass the exam, you'll need a minimum score of 65% on the multiple-choice questions and a perfect score on the essay section, so definitely aim higher than that!
Once you have submitted your multiple-choice answers for scoring, you cannot go back.
If you do not answer 50% correctly, you automatically fail the exam part and will need to retake that part of the exam. There is no discount for exam re-write meaning you will pay full CMA exam cost to retake that exam part.
The good news is, if you complete and pass the multiple-choice portion before the 3-hour limit, you can use the full remainder of your time to complete the essay portion. This means if you complete the multiple-choice section in 2 hours you now have 2 full hours to complete the essay section instead of just one hour.
A word to the wise – do not rush through the multiple-choice portion just so you have extra time for the essay. You don't want to risk scoring less than 65%.
Think of any additional time as an added bonus IF you finished before the 3-hour limit.
7. Fulfill the Experience Qualification
Another prerequisite for becoming a CMA is to complete two years of professional experience. The good news is you have quite a large window in which you can complete this qualification. You must complete your experience qualification either prior to or within 7 years of passing the CMA exam.
Why is this good news?
Because it means college students and professionals looking to make a move into the CMA field can still sit for the exam even if they don't have 2 years of accounting experience yet. Not only does completing the CMA exam look great on your resume, but it's a great way to get ahead of the game.
In order to fulfill the experience requirement, you'll need two years experience in management accounting and/or financial management. You must hold a professional full-time position. Alternatively, you can work part-time at 20 hours per week for 4 consecutive years in the same field.
Qualifying experience may be anything from working as a staff accountant to a CFO in roles such as financial analyst, senior accountant, etc. While the ICMA prefers consecutive years of experience, each CMA membership is evaluated on a case-by-case basis so don't let this hold you back.
If you are an academic and at least 60% of your courses are accounting and corporate financial management courses above the fundamental level, you meet the experience qualification.
Why is this good news?
Because it means college students and professionals looking to make a move into the CMA field can still sit for the exam even if they don't have 2 years of accounting experience yet. Not only does completing the CMA exam look great on your resume, but it's a great way to get ahead of the game.
In order to fulfill the experience requirement, you'll need two years experience in management accounting and/or financial management. You must hold a professional full-time position. Alternatively, you can work part-time at 20 hours per week for 4 consecutive years in the same field.
Qualifying experience may be anything from working as a staff accountant to a CFO in roles such as financial analyst, senior accountant, etc. While the ICMA prefers consecutive years of experience, each CMA membership is evaluated on a case-by-case basis so don't let this hold you back.
If you are an academic and at least 60% of your courses are accounting and corporate financial management courses above the fundamental level, you meet the experience qualification.
8. Apply for your CMA Certificate
Once you complete both parts of the CMA exam and meet the education and work experience requirements, you may apply for your CMA certificate. Woohoo!
To do this, you send your application directly to the IMA. Instructions are available inside your personal IMA account.
To do this, you send your application directly to the IMA. Instructions are available inside your personal IMA account.
9. Comply with Ethical Standard and CPE
In order to maintain your CMA membership, you must fulfill your Continuing Professional Education (CPE) requirement.
Certified Management Accountants are required to complete 30 hours of CPE every year, with at least two of those hours in the area of ethics.
Be sure to keep all CPE certificates for at least two years since reported CPE hours are verified at random.
Certified Management Accountants are required to complete 30 hours of CPE every year, with at least two of those hours in the area of ethics.
Be sure to keep all CPE certificates for at least two years since reported CPE hours are verified at random.
Weighing the Financial and Time Investment
There are several factors that contribute to the cost of becoming a CMA – both financially and time-wise.
Financial Investment
The most basic costs for becoming a CMA include paying for both parts of the CMA exam, the exam entrance fee, and your IMA membership.
Each part of the exam costs $415 however they do offer discounts for students and academics. This does not apply to graduates though.
The one-time entrance fee is anywhere from $188 to $250 depending on your student or professional status.
Your IMA membership is an annual fee and can be as cheap as $39 for students to $135 and $245 for academics and professionals.
In addition to these basic costs, candidates will want to consider the cost of various CMA review courses to help them prepare for the exam. The cost of study materials can range anywhere from $699 to $1800 depending on the course you go with. (See my review course comparison chart above.) Not to mention the cost of earning your undergraduate degree.
Time Investment
In addition to the financial cost of getting your CMA certification, you may want to consider the actual time it will take to earn it.
As one of the CMA prerequisites is having an undergraduate degree, you are looking at a minimum of 3-4 years right off the bat.
Preparation for the exam itself often ranges from 8-12 months depending on your schedule flexibility and study plan.
Another prerequisite is 2 consecutive years of applicable work experience. While they do offer part-time work experience options, this would mean adding even more years. It is worth mentioning that this requirement may be completed prior to or within seven years of passing the examination so you have a little flexibility when it comes to this requirement.
All in all, becoming a CMA can take upwards of 5 years depending on your game plan.
So what now?
Look, I have just hammered a ton of information your way. Taking it all in can feel a bit overwhelming, but the decision to become a CMA should not be taken lightly.
There is no doubt in mind that if you choose to earn your CMA certification, you will crush the prerequisites and earn the highly coveted CMA certificate. I would love to be by your side to help you turn your dream into a reality.
For any and all questions regarding how to become a CMA and the CMA certification, feel free to drop me a your contact details by clicking the button below and i shall get in touch with you.
Financial Investment
The most basic costs for becoming a CMA include paying for both parts of the CMA exam, the exam entrance fee, and your IMA membership.
Each part of the exam costs $415 however they do offer discounts for students and academics. This does not apply to graduates though.
The one-time entrance fee is anywhere from $188 to $250 depending on your student or professional status.
Your IMA membership is an annual fee and can be as cheap as $39 for students to $135 and $245 for academics and professionals.
In addition to these basic costs, candidates will want to consider the cost of various CMA review courses to help them prepare for the exam. The cost of study materials can range anywhere from $699 to $1800 depending on the course you go with. (See my review course comparison chart above.) Not to mention the cost of earning your undergraduate degree.
Time Investment
In addition to the financial cost of getting your CMA certification, you may want to consider the actual time it will take to earn it.
As one of the CMA prerequisites is having an undergraduate degree, you are looking at a minimum of 3-4 years right off the bat.
Preparation for the exam itself often ranges from 8-12 months depending on your schedule flexibility and study plan.
Another prerequisite is 2 consecutive years of applicable work experience. While they do offer part-time work experience options, this would mean adding even more years. It is worth mentioning that this requirement may be completed prior to or within seven years of passing the examination so you have a little flexibility when it comes to this requirement.
All in all, becoming a CMA can take upwards of 5 years depending on your game plan.
So what now?
Look, I have just hammered a ton of information your way. Taking it all in can feel a bit overwhelming, but the decision to become a CMA should not be taken lightly.
There is no doubt in mind that if you choose to earn your CMA certification, you will crush the prerequisites and earn the highly coveted CMA certificate. I would love to be by your side to help you turn your dream into a reality.
For any and all questions regarding how to become a CMA and the CMA certification, feel free to drop me a your contact details by clicking the button below and i shall get in touch with you.
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Cluster W, Jumeirah Lake Towers
Dubai, UAE
+971 4 566 8515
+97158 572 9696