10 Facts You Should Know About US Certified Management Accountant

 

The US Certified Management Accountant (CMA) is a professional certification for management accountants. A graduate with a bachelor’s degree who has at least two years of experience in the field and can pass both an exam and peer evaluation may apply for this designation.

1.The CMA credential was established by the Institute of Management Accountants (IMA) in 1960. The CMA is recognized by the American Institute of Certified Public Accountants (AICPA) and can be used as a management accountant designation by CPAs.

2.A candidate must pass an exam that consists of 150 multiple-choice questions and lasts for four hours. The content on the exam includes business analysis and planning; financial decision making; performance measurement and control systems; cost accumulation, analysis, and reporting; budgeting, forecasting, and strategic planning; human resource information systems; customer relationship management; technology applications; professional ethics & global economy.

3.Prior to applying for this certification, candidates should have at least two years of experience working in accounting or finance, including desktop support experiences such as computerized accounting and reporting systems.

4.The fee for the initial application is $415, which includes an issued “certificate of the designation” or proof of achieving US Certified Management Accountant status. Also included are four three-hour computer-based exams, two study manuals, a code of professional ethics handbook, an official seal logo to place on resumes and business cards, access to CMA self-study webinars, and online software for desktop support.

5.There are five steps towards attaining this certification: pass one exam; achieve “candidate” status by completing two additional exams with at least 60% score each with no more than three attempts within 24 months; achieve candidate standing by passing the final exam with a minimum score of 70%; achieve “certified” status by completing two years of qualified work experience; and, maintain “certified” status by completing 120 hours of continuing professional education (CPE) every three years.

6.To maintain this certification, the US CMA designation requires at least 120 hours of CPE every three years. A minimum of 33 hours must be earned in each area: financial management, internal control/risk management; performance management; strategic planning; taxation; auditing/ attestation services. Also required are 20 hours of ethics & communications with 10 hours in professional conduct and 10 hours in global economic issues.

7.The Institute for Management Accountants (IMA) is an international association for accounting, financial management, internal audit, performance management, and strategic planning services.

8.The IMA has over 30,000 members in 110 countries, including 180+ chapters across the US with 400+ student chapters. Over 10,000 students are enrolled in CMA certification programs.

9.The CMA exam can be taken at Prometric test centers around the world during designated testing windows that are open throughout the year except for about five weeks in December/ January when they are closed for the holiday break.

10.The average pass rate for first-time takers is 56%, with a range of 44%-69%. For second time takers, it’s 58%, with a range of 27%-87%. On average, one retake study guide is offered each year. Once a CMA begins working in the field, they will earn an average of $17,500/year more than a non-CMA. In order to maintain this certification, the CMA designation requires at least 120 hours of CPE every three years. In addition, a minimum of 33 hours must be earned in each area: financial management, internal control/risk management; performance management; strategic planning; taxation; auditing/ attestation services. Also required are 20 hours of ethics & communications with 10 hours in professional conduct and 10 hours in global economic issues.

The CMA exam can be taken at Prometric test centers worldwide during designated testing windows that are open throughout the year except for about five weeks in December/ January when they are closed for the holiday break.

The average pass rate for first-time takers is 56%, with a range of 44%-69%. For second time takers, it’s 58%, with a range of 27%-87%. On average, one retake study guide is offered each year. Once a CMA begins working in the field, they will earn an average of $17,500/year more than a non-CMA. 

Prior to applying for this certification, candidates should have at least two years of experience working in accounting or finance, including desktop support experiences such as computerized accounting and reporting systems. The fee for the initial application is $415, which includes an issued “certificate of the designation” or proof of achieving US Certified Management Accountant status.

What are the Benefits of the US Certified Management Accountant?

Several benefits accrue to those who have obtained the CMA designation. A US Certified Management Accountant is also known as a management accountant or comptroller. Here’s why being one is so beneficial:

It increases your credibility and helps you land a job – Having the CMA designation on your resume will make hiring managers sit up and take notice of you immediately. It certifies that you have the expertise of handling complex financial matters, which means you’ll be equipped for strategic decision-making in an organization of any size. If someone wants to get noticed by senior managers quickly, having this credential will help him/her do just that! In addition, it distinguishes you from other candidates vying for top positions because the CMA designation is not easy to get.

Average Salary of US CPA:

It helps you increase your pay – The average annual salary of US CMA with five years of experience is $77,000 (source: PayScale). Your pay can be even higher if you work in accounting/finance industries like investment banking or asset management. 

The average salary for these financial professionals starts at $90,000 per year! If you’re already employed and want to increase your pay quickly by getting the CMA designation, know that employers are willing to reimburse candidates who want to study for this exam. Some companies will even give you time off so that you can pursue it. You also stand to gain enormously if you wish to start a business venture of your own.

It helps you stand out from other job applicants. The US Certified Management Accountant (CMA) is a respected certification that proves to employers that you possess the skills essential for financial professionals. Having this credential also means that you’ve achieved the highest level of education in accounting and finance, which makes you ready to work with internationally renowned companies here in America. If getting an MBA isn’t feasible for you right now, at least get the CMA designation so hiring managers will know how dedicated and serious you are about pursuing careers in finance!

If you intend to pursue the US CMA course, call our mentor, 

Mr.Haresh (founder, Hi-Educare).

CPA,CMA,CFM,CISA,CRISC,FCA,ACMA (UK) , CGMA , ACMA (India)

 He can guide you through the complete process of attaining the right US CPA certification.

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