Everything you want to know about the CMA certification
CMA Full Form: Certified Management Accountant. Going for the CMA certification is a great career move, especially when you aspire to make it big in the field of management accounting. But before getting into it, it is important that you know every details about CMA, eligibility, exam structure, salaries and the opportunities it will offer. You need not go anywhere else to find all these information, just sit back and continue reading and I am sure that by the end of it you’ ll have answers to all your questions related to the details about CMA certification.
Eligibility for CMA
To get the certification, you must have:
- Membership of IMA
- A Bachelor’s degree from an accredited university
- Two years of relevant experience
- Passed both the parts of CMA Exams
Exams are divided into two parts (four hours for each part) the syllabus of which is as below:
Syllabus for CMA Exam Part 1
- External Financial Reporting Decisions
- Planning, Budgeting and Forecasting
- Performance Management
- Cost Management
- Internal Controls
Syllabus for CMA Exam Part 2
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decisions
- Professional Ethics
The candidates have to clear both these parts within 3 years of registering for CMA.
When can you appear for the exam?
The candidate can appear for the exam in the following months
- January and February
- May and June
- September and October
Exams are administered by Prometric which has centres all over the world. You’ll have to schedule your exams atleast 72 hours prior (It is advisable to schedule atleast 4 week in advance)
Career Prospects after completing CMA
Obtaining the certification will open a lot of opportunities for you in the domestic as well as the global market. It will help you enhance your financial, accounting, and management skills that will expand your career potential and which will help you to stand out from the rest. Some of the job roles that you expect after completing CMA USA are:
- Finance Manager
- Financial Analyst
- Financial Risk Manager
- Financial Controller
- Cost Accountant
- Chief Financial Officer
- Cost Manager
- Relationship Manager
Learn more about the job roles to be pursued after CMA
Salary after CMA
Now comes the most important question, “How much will you earn after CMA?”. Well, that depends on various factors like company size, your position in the company, experience level, etc. Listed below are the salary of CMAs in India from different perspectives.
CMA Salary by Age & Years of Experience
Like every other certification and field, the salary of a CMA increases with experience. If you have just started out, you might not be able to draw a big amount, but after completing a few years, there’s no looking back.
CMA salaries by Job Role
Finance Managers and Financial Controller are the positions that you must look out for as they are the highest earning positions, but if you are starting out, it is quite possible that you might have to work at entry level.
CMA Salary by Region
No matter where you are in the world, if you are a CMA you don’t have to worry about anything because you’ll be earning the most competitive and growth-oriented salary.
CMA Salary by Company Size
Bigger the company, higher will be the salary. However, there could be some exceptions with companies that have more than 2000 employees.
The US CMA salary in India is high, and not just in India, CMAs earn a very good salary across the globe. You can check the same by going through the Global Salary Survey Report by IMA. It specifically states that CMAs have a 57% higher median base salary and 55% higher median total compensation than non-CMAs.
Why pursue CMA?
According to a survey published on Times of India, the most preferred industries by business/commerce graduates is the Auditing & Accounting industry, which makes it important for you to have an added edge to your qualification. In this case, CMA gives you the required edge and makes you eligible for organizations and MNCs in India and globally.
How to become a US CMA:
Becoming a CMA requires you to have a bachelor’s degree from any stream except arts. A student who is in the final year of the bachelor’s program may also pursue CMA, however, he/she will require to then get a degree along with two years of relevant experience to attain the certification.
If you fulfil the minimum criterion mentioned above, here are the steps to be followed:
Register with IMA
Both professionals and students can register with IMA (it is a crucial step), where they have to pay a nominal fee. Students membership are beneficial and comparatively inexpensive.
Pay the examination fee
You have to pay an examination fee which will be valid for three years. You have to clear both parts of the exam in this tenure. If, somehow you are unable to pass the exam in the given tenure, you’ll need to repay the fees which will again be valid for three years.
Enroll with a premiere training institute
Since you have a limited time after registering for the exam, you must take full advantage of the time you have. Studying under the guidance of professional experts is always beneficial in cracking the exams. EduPristine has been the market leader in Accounts training with an alumni network of 50000+ students and practice-oriented training programs especially designed for you.
Schedule & take the exam
After the training program, when you feel that you are ready to take the exam, schedule the exam as per your convenience.
After clearing both parts of the CMA exam, you are eligible to add Chartered Certified Accountant to their name given that they have maintained an active membership with IMA and have paid the annual maintenance fee.
Note: If you already have two years of relevant work experience, you can immediately avail the FCCA from IMA after clearing both parts of the exam. If you are a fresher, you need to complete two years as a finance or accounts professional to attain the membership.
IMA full form: Institute of Management Accountants
The Institute of Management Accountants (IMA) is a global association of Accounts and Finance professionals. With a mission to educate and develop professionals to advocate the highest standard of ethics under management accounting and finance, and follow best business practices, IMA has been one of the top associations focused on advancing the management accounting profession.
IMA, founded in 1919, is the body that offers the prestigious designation of Certified Management Accountant. IMA was named the Professional Body of the year in 2017 and 2018 by The International Accounting Bulletin. They have a global network of more than 100,000 members with 300 professional and student chapters in around 140 countries. With a vision to be the leading resource for connecting, certifying, supporting and developing the best accounts and finance professionals in the world, IMA associates itself with integrity, innovation, passion, respect and trust.
So, are all your doubts regarding the CMA certification solved? If you have any other queries, then mention them in the comments below and it will be solved at the earliest. You can also call on our Toll-Free numbers to get the CMA course details.
If you have already made the decision of going for CMA and are looking for a training institute then Bharadwaj is an institute that provides CMA training online and offline and the 360-degree training approach will help you clear your exams easily. Check the CMA course details and enroll now.