Certified Management Accountant (CMA) is the globally recognized highest credential in management accounting. It is managed by the Institute for Management Accountants (IMA), USA. The US CMA course is recognized across 170+ countries. It is the most popular accounting and finance certification by companies and recruiters worldwide. Obtaining the prestigious CMA certification from USA will help you gain global exposure. Thus, this blog will provide you with the essential details of CMA USA. syllabus, eligibility, course fees and much more. Let’s first understand why one should study CMA in the US.
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In the field of management and accounts, a CMA from the US is the highest qualification. The benefits of pursuing this course from the United States are endless. Some of them are mentioned below in the image:
Let’s gain a deeper understanding of these points that are mentioned in the image.
These are some of the benefits of pursuing CMA in the USA. In the next section, we will look at the course highlights and basic details.
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The US CMA course curriculum aligns with the information and abilities needed by a management accountant in today’s business environment. Let’s have a look at the table and understand the basic information of this course.
| Feature | CMA Course Details |
|---|---|
| Certifying Body | Institute of Management Accountants (IMA), USA |
| Duration | CMA must be completed within 3 years from the registration date |
| Exam Windows | Three testing windows per year:- January/February- May/June- September/October |
| Pass Rate | 50% globally |
| Success Rate | 4,000 CMA granted each year; 70,000 CMA awarded to date |
| Salary (Annual) | ØMean Salary: $86,924 ØMedian Salary: $67,500 |
Now as you have looked at the basic information about the course, it is also important for every candidate to understand the exam pattern. Here is the CMA exam pattern:
| CMA USA Part | CMA USA Subject | Details |
|---|---|---|
| Part 1 | Financial Planning, Performance, and Analytics | l100 MCQs- 3 hours lTwo 30- minute essays- 1 hour |
| Part 2 | Strategic Financial Management | l100 MCQs- 3 hours lTwo 30- minute essays- 1 hour |
Few more details about the CMA US examination:
1 Essay will come after the MCQ section.
2 At least 50% of the MCQs must be answered correctly to become eligible for the essay section.
3 You can take Part 1 and Part 2 on any order and on the same day too.
4 The exam score range is 0-500 and you must score at least 360 for both parts to pass the exam. Your total score in both sections will determine whether you have passed the CMA or not.
Overall, to earn the CMA certification, students must complete both parts of the examination. Now in our next section, we’ll be discussing the syllabus for the CMA test.
The CMA exam is divided into two parts. Each of the parts has a different syllabus. The following table will help you understand the syllabus and weightage for both the parts of Certified Management Accountant (CMA).
| Topic | Weightage |
|---|---|
| Technology and Analysis | 15% |
| Internal Controls | 15% |
| Cost Management | 15% |
| Performance Management | 20% |
| External Financial Reporting Decisions | 15% |
| Planning, Budgeting, and Forecasting | 20% |
These are some noteworthy updates, but the titles, section titles, and weighting in Part 1 remain the same. Moreover, some courses have been removed from the curriculum, including Activity-Based Management, Theory of Constraints, and Process Costing. Now the next table contains the weightage and syllabus for Part 2 of the exam.
| Topic | Weightage |
|---|---|
| Financial Statement Analysis | 20% |
| Corporate Finance | 20% |
| Decision Analysis | 25% |
| Risk Management | 10% |
| Investment Decisions | 10% |
| Professional Ethics | 15% |
Part 2 maintains the same titles and their respective weightage changes have been introduced. In addition, new subjects like Data Ethics, Sensitivity Analysis, Debt Financing, and Types of Business Fraud have been added to the curriculum. Now let’s discuss the eligibility requirements for the CMA course in the USA.
To enrol in the CMA USA course, candidates must meet specific eligibility criteria set by the Institute of Management Accountants (IMA). This ensures that individuals have the fundamental knowledge and skills necessary for the study of management accounting and financial management. Below are the key eligibility requirements:
Overall, students must fulfil particular entry requirements to enroll in the IMA’s CMA program. The next section of the blog covers how to prepare for CMA in the United States.
Being a certified CMA will surely gives you a lot of opportunities, but becoming one isn’t that simple. In the image below, there are study tips given that will help you better organize and prepare yourself for the US CMA exam.
Let’s understand the above-mentioned tips in the detail:
Choosing a high-quality CMA review course can increase your chances of passing the CMA exam in your first attempt. These courses are designed to take you through all the core concepts and also offer CMA exam tips and coaching support.
Choose a study plan that is flexible to your current lifestyle. It should include all the topics covered in the exam and allocate enough time for each topic. Thus, it’s important to follow a study plan to ensure you cover all the materials before exam day.
SQ3R technique stands for Survey, Question, Read, Recite, and Review.
Survey- Look at the materials/concepts you are going to study. It includes skimming and scanning through the headings and sub-headings of the chapter you will be studying.
Question- Put a question to yourself like what the key points are or what formulas you need to remember. This will help you connect the points as you make your way through the study resources.
Read- Read the material and keep your questions at the forefront of your mind. Highlight or make notes as you go along.
Recite- After reading, close your textbook and try to recall what you studied as much as you can.
Review- Go back to your textbook and put a focus on highlighted points and notes.
Create learning styles that best suit you for the exam. Also, choose the study habits that best fit your learning style.
Invest in high-quality study materials such as textbooks, review courses, and practice exams from reputable providers like the Institute of Management Accountants (IMA) or other well-known test prep companies. These CMA study strategies are essential no matter what stage of your studies you’re in or what topics you’re studying. In the next section of our blog, we’ll be discussing the registration process for CMA in the USA.
The application process for the US CMA course is online. They can proceed further when they pass the CMA eligibility criteria. Thus, the procedure to apply for this course in the USA is as follows:
This is the complete registration process for the CMA exam in the US. If any student fails in any part of the exam, they will have to retake the exam and repay the fees. In our next section, we’ll be discussing about CMA exam fees.
The fee for US CMAvaries for professional members and student or academic members of IMA. The following table makes clear the fee details for this certification:
| Professional Members | Cost |
|---|---|
| CMA Entrance Fee (Nonrefundable) | $280* (INR 21,000-22,000) |
| Exam Fee | $460 per part (INR 35,000- 36,000) |
The following fees are for professional members. Now below in the table, you will find the fees for students/academic members.
| Student/Academic Members | Cost |
|---|---|
| CMA Entrance Fee | $210* (INR 16,000- 17,000) |
| Exam Fee | $345 (INR 25,875- 27,000) |
Overall, there will be separate fees for CMA US associated with each membership. So be careful to know the proper amount before paying any fees. Now in the next section, we have mentioned the types of scholarships for CMA courses in the USA. Let’s have a look:
To help students fulfil their goal of CMA, the IMA organization offers scholarships for potential candidates. CMA is considered to be one of the top courses in the field of Management Accounts. CMA scholarships can help you complete the course without any cost. Thus, there are various types of grants are mentioned below for CMA US.
Overall, 20,000 CMA scholarships have been awarded to the aspirants globally. And nearly, $35 million have been invested in it. The next section talks about the job or career opportunities after pursuing a CMA in the USA.
Pursuing the US CMA course opens up an excess of career opportunities across various industries globally. Below is a table that outlines potential career paths for CMA- certified professionals, along with their salaries.
| Job Title | Approximately Salary Range |
|---|---|
| Financial Analyst | $50,000- $85,000 |
| Management Accountant | $55,000- $100,000 |
| Cost Accountant | $48,000- $75,000 |
| Financial Risk Manager | $70,000- $120,000 |
| Finance Manager | $80,000- $125,000 |
| Chief Financial Officer (CFO) | $120,000- $300,000+ |
| Budget Analyst | $60,000- $90,000 |
| Internal Auditor | $55,000- $85,000 |
| Corporate Controller | $100,000- $200,000 |
| Treasurer | $90,000- $160,000 |
These are some of the high-paying job opportunities after pursuing a CMA in the US. Now let’s understand the difference between CMA in the USA and CMA in India.
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The comparison below aims to highlight the key differences and similarities between these two prestigious management accounting certifications. Through this, students and professionals make informed choices based on their career goals and preferences.
| Criteria | CMA USA | CMA India |
|---|---|---|
| Administering Body | Institute of Management Accountants (IMA), USA | Institute of Cost Accountants of India (ICAI) |
| Global Recognition | Recognized in over 170 countries | Primarily recognized in India, and in a few other countries. |
| Eligibility | Bachelor’s degree from a renowned college or university or 2 years of professional experience | Passed Senior Secondary School Examination and Foundation Course of the ICAI or graduation in any discipline other than Fine Arts |
| Exam Structure | Two Parts: Part 1- Financial Planning Performance, and Analytics; Part 2- Strategic Financial Management | Three levels; Foundation, Intermediate, and Final with multiple subjects at each level |
| Duration | Can be completed within 6 to 18 months (IMA allows up to 3 years) | 3 to 4 years including the required practical learning |
| Exam Windows | Three testing windows per year: January/February, May/June, and September/October | Twice a year, in June and December |
| Salary Potential | CMA USA can expect high salary packages globally. | CMA India also has good salary packages, but there is competition within the Indian market. |
Overall, both are equally recognized, but there are some differences between both the courses contains. In our next section, we will understand the dissimilarities between CMA in the US and CIMA in the UK.
The US CMA full formis (Certified Management Accountant) which is the advanced professional certification designed to measure accounting and financial management skills. On the other hand, CIMA in the UK stands for (Chartered Institute of Management Accountants) and is a globally recognized qualification for careers in Business and Finance. However, listed below are the key differences between CMA USA and CIMA UK:
| Details | US CMA | CIMA UK |
|---|---|---|
| Board | Institute for Management Accountants | Chartered Institute of Management Accountants |
| Duration | 6 months | 2-4 years |
| Papers | 2 papers | 16 papers |
| Cost to Pursue | INR 70,000 | INR 2.5-3 lakhs |
| Recognition | Globally | UK |
These are some of the basic differences between US CMA and CIMA UK. Now the last section of the blog covers the exam dates for CMA in USA 2024.
The CMA exam is offered in three testing windows in a year, providing flexibility to students to schedule their exams at a convenient time. Below in the table, the dates are mentioned for the CMA test.
| Examination Period for CMA | Exam Dates |
|---|---|
| May-June | 1stMay to 30thJune |
| September-October | 1stSeptember to 31stOctober |
Candidates must register for the exam parts within these months and can plan their exam dates directly. Moreover, it is recommended to schedule your exam at least four weeks before securing your preferred date and location.
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To conclude, the CMA full form(Certified Management Accountant) course by the IMA is very valuable in career. It is more than just adding letters to your title and unlocking a world of opportunities. The CMA of USA is proof of your expertise in management accounting, with a simple exam structure and an appealing salary. Through this certification, students prepare themselves for impactful roles in the world of corporate finance. Moreover, if you want to pursue a US CMA course then connect with our experts at Gradding.com for professional guidance on your journey.
For becoming a CMA in the US, you must have a bachelor’s degree, two years of professional experience in financial management, and must pass both parts of the CMA exam
You can start your journey on the CMA exam after completing your 12th grade, but achieving certification requires more than just studying. However, there is no mandatory educational conditions initially, obtaining a bachelor’s degree and justifiable experience is necessary to become certified.
Students who want to pursue CMA in India or the United States will be provided with the necessary information and potential to succeed in the fields of financial accounting and strategic management. Thus, there are a number of ways where the two courses differ from one another.
However, CA is seen as being a superior option in comparison of CMA. This includes, current financial conditions, job availability, scope, and skills, as well as opportunities. But as everyone is aware, time will change one day, and as a result, CMA's earning capability will be lower than CA's.
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