Certified Management Accountant (CMA)
Certified Management Accountant (CMA) is a professional certification factor in the management and financial accounting category. The certification shows that the person skilled in the areas of financial planning, analysis, control, decision support and professional ethics. The CMA is a worldwide recognized certification based in the United States.
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CMA certified professionals work within all types of industries, and types of organizations, including manufacturing and services, public and private companies, non-profit organizations, academic institutions, government entities and multinational corporations. To obtain certification, candidates must pass a rigorous exam, meet an educational requirement, experience requirement and demonstrate a commitment to continuous learning through continuing professional education (CPE).
The CMA is a two-part examination that must be approved as a prerequisite to obtaining the CMA designation. Candidates have three years since they sign up to pass both parts of the exam. The exams take place during three test periods: January / February, May / June and September / October at the Prometric centres.
Before 2010, the CMA exam was organized in four parts: Business Analysis, Management Accounting and Reports, Strategic Management.
Each exam consists of descriptive questions and two 30-minute essay questions. Candidates have 3 hours to complete the multiple-choice section and one hour to complete the essays. Candidates must show their work for essay questions in order to receive credit. Parts 1 and 2 of the CMA exam are scored on a scale of 0-500 with the raw score of one candidate converted to a uniform scale score against all the exam candidates. On this scale, a score of 360 represents the minimum approved minimum score.
Additional certification requirements
In addition to successfully passing exams, CMA candidates must meet the education and experience requirements to be certified:
- Bachelor’s degree from an accredited college or university
- Two continuous years of professional experience using the principles of accounting and financial management, which include:
- Preparation of financial statements.
- Planning and financial analysis
- Monthly, quarterly and annual closing.
- Audit (external or internal)
- Budget preparation and reporting
- Manage the general ledger and balance sheets.
- Investment decisions of the company.
- Cost analysis
- Risk evaluation
- 3. For certified CMAs, 30 hours of CPE credits, including two hours of ethics, and the IMA’s annual
- membership to maintain active status are required.