CMA stands for Certified Management Accountant, which is a certification from the Institute of Management Accountants (IMA), an American Institute of Management Accountants founded in 1919. Interestingly, in the same year, the history of another internationally famous professional organization begins - the British Institute CIMA.
The CMA qualification is designed for professionals in financial and management accounting, as well as for middle and senior managers working with financial information in the field of accounting, finance and management. In addition, this qualification is ideal for entrepreneurs and small business managers. The exam syllabus is based on the practical issues of accounting, and many topics in the exam are directly related to the work of an accountant. Companies with such certificates need specialists whose management accounting needs to be raised to a higher level.
The knowledge gained in preparation for the CMA exams is useful in the work of financiers and professional managers: from middle managers to top managers of companies, and will also benefit owners of small and medium-sized businesses. Important! If in the future the holder of the CMA certificate decides to also conquer the ACCA qualification, then 7 of the 13 required exams will be automatically credited to him.
IMA representatives emphasize that accounting experience will help to obtain a CMA certificate, but it is not required. In addition to economists and financiers, students of various undergraduate programs, as well as engineers and specialists in the field of business administration, register for this certificate.
The presence of the CMA certificate serves as a guarantee of professionalism and allows its holders to be successful business partners and claim the highest positions in the financial sector.
Another advantage of the CMA certificate is that its holder is credited with 7 ACCA qualification exams in the following training modules:
To become CMA certified, you need to pass two parts of the exam:
In addition to passing the two parts of the exam, in order to receive the CMA certificate, you must confirm:
If at the time of registration you do not have the required education or experience, the Institute gives seven years after passing the exam to confirm them. You will receive a diploma after submitting supporting documents.
According to the official IMA recommendations, it is necessary to lay down 150-170 hours for preparation for each part of the certification. You can prepare both independently and with the help of accredited providers, a list of which is on the website of the Institute. Three exam windows open every year, inside which you can choose a convenient date for taking the exam: in January-February, May-June and September-October. Parts of the exam can be taken in any order, as well as both at once during one session. But the latter is extremely rare.
To be admitted to the exam, you must complete a two-step online registration:
The selected exam date can be changed no later than three days before it starts, but only within one session. You cannot transfer an already scheduled exam to another session. In this case, you will have to pay a fee of $ 50 for the transfer.
All over the world, exams are held in English in the format of computer testing. The Institute made an exception only for residents of China - they can choose the written format of the exam in Mandarin Chinese. 4 hours are given for one part of the exam, which includes: 100 multiple-choice questions - they must be answered in 3 hours; two questions for writing an essay - 30 minutes each; To gain access to part of the essay, you must answer at least 50% of the questions from the previous section.
Payment for each stage of registration:
The maximum score for one exam is 500 points. For successful delivery, you need to score from 360 points, which is equivalent to 70% of the correct answers to the questions. The results of the exam are published in the online account of the participants approximately 6 weeks after the end of the session. E-mail reports are sent 14 days after the publication of the results on the site. They indicate the result for each of the key topics of the exam, as well as the overall result for the essay. Approximately 50% of candidates pass the exam successfully. Those participants who do not score enough points can register for another session by paying the full cost of the exam again.
For those professionals who do not speak English well enough to take exams, there is an alternative international qualification in management accounting - CIMA with a CIMA Cert PM (rus) certificate. There are periodic discussions in professional forums about which of these certifications is better.