Table Of Contents
CMA
The Chartered Management Accountant (CMA) is a prestigious credential awarded by the Institute of Management Accountants (IMA) for accountants and financial professionals to validate their capabilities in management accounting. According to the CMA Global Salary Survey, March 2016, professionals with CMA designation earn 61% more than their non-CMA peers in terms of base salary and total compensation.
It is mandatory to become a member of IMA for anyone willing to earn the designation. However, membership can also be of different types depending on the education, professional work experience, and other relevant factors. A wealth of information is available on various aspects of CMA designation that can help a student or professional build and enhance a great career in finance and management accounting. In addition, it is well-known that management accounting essentially broadens the scope for professionals, making it possible to work in non-finance career roles while benefiting from their knowledge and expertise in management accounting.
In this context, the value and credibility of CMA as a designation are indisputable. However, those well acquainted with the significance and utility of CMA may already have decided to pursue it for all the benefits it can afford. This article is specifically for such individuals who have decided to take up the challenge of CMA to enhance their career and skill set in management accounting. In the course of this article, we would elaborate in a stepwise manner on how can one register themselves as a member of IMA, an important prerequisite to appear in CMA exams, register for the exams, schedule their exam appointment to appear for the exam at one of the authorized testing centers and pass the tests to obtain this coveted certification. In addition, useful information about the entrance fees, exam fees, exam dates, and exam-related policies have also been included for the reader's benefit.
How to Join IMA?
To enroll as a member of IMA, visit this page.
As the first step to CMA, one must register as a member of CMA, but there are several types of membership available. That includes: -
Student Membership
The student membership is open to students willing to acquire IMA members and gain access to useful resources and learn more about the role of accountants and financial professionals. The aspirants must have been enrolled for six or more credit hours in a college or university.
Member Price: $39
Professional Membership & Application Processing Fee
The professional membership and application process membership package is specially designed for experienced professionals working in accountancy and other financial roles. It aims to equip them with cutting-edge support and necessary resources to take their career a rung higher. A one-time-only application fee of $15 is also applicable for these members.
Member Price: $245
Academic Membership & Application Processing Fee:
The academic membership and application processing fee package is specially designed for teachers and researchers and offers users special tools and resources. That includes access to the ethics curriculum, webinars, research grants, case studies, and other materials. A one-time-only application fee of $15 is applicable for them as well. In addition, the full-time faculty of accredited institutions can receive a 50% discount on the membership fee.
Member Price: $135
Two Years Student Membership
The two-year student membership package offers several benefits at a discounted rate, usually available only to professional members. It helps them prepare for a successful career in accounting and finance. To qualify for this membership, one must be enrolled in 6 or more credit hours in a college or university.
Member Price: $78
- Live Online Classes
- 3,000+ multiple-choice questions
- Printed Textbooks
- 5 one-hour 1-on-1 academic tutoring sessions
- Unlimited Access: Yes!
- 500+ digital flashcards
- 70 essay questions
- 2-part review courses
- 1-year CPE subscription - $699 value!
Paying CMA Entrance Fee
After registering as a member of IMA, a candidate must enroll in the CMA certification program offered by IMA, paying the CMA entrance fee. This entrance fee of $250 is non-refundable and should be paid before registering for an exam. Any applicable discounts, including student and academic discounts, would be automatically applied at checkout.
Step 1: Pay the CMA Entrance Fee
A candidate must visit this page (see screenshot below). Here, they can find the fee payment details; click on the "Add to Cart" option below the CMA Entrance Fee, after which a green checkbox appears on top against the words' Product added to the cart. Next, please visit the shopping cart to check out. Then, "Click on the highlighted words” “shopping cart” or “Checkout” on the top right of the page, which will navigate to the next page.
Step 2: Create the New User Account
That is what the next page looks like (see screenshot below). If you are an existing user of IMA, log in with your details or register as a new user. By clicking on the 'Register Now' button, it will direct a candidate to the next page.
Step 3: Provide your Details
See what the next page looks like (see screenshot below).
The candidate is required to provide the following details here: -
- Personal information, including name, gender, and date of birth.
- The details of any Non-IMA Credentials that earlier may have been obtained.
- The details of educational background, including details of degree and major and the start and completion date of a degree, and the educational institution
- The details related to the profession, including the industry, job title, responsibilities, company name, and company details, including the number of employees and current annual revenues.
- The candidate will be required to provide details of the business or home address along with the telephone number.
- Finally, aspirants must provide an email address for registration and choose a username and password.
Next, click on the submit button to navigate to the next page (see screenshot below).
This page would display details of shopping cart items (CMA Entrance Fee in this case), along with the price and the date.
A candidate might see a red bar below "Demographics" with a cross opposite the words "action required to continue," Click on this red bar would take to the next page (see screenshot below), displaying a confidentiality agreement. As a candidate, you are required to read the contract carefully before clicking on the checkbox for 'Do you abide by the confidentiality agreement?'
Next, click on the finish button to complete the formalities and make the payment by choosing a suitable mode of payment.
The CMA Entrance Fee covers
- The credential review for educational qualification.
- The credential review for experience qualification.
- Six months access to the CMA Exam Support package, including printable practice questions.
- The final score reports.
- The performance feedback reports for candidates who do not pass.
- The personalized, numbered certificate for office display.
CMA Exam Fee
We can summarize the information about membership and exam fees as below: -
| Type | Professional Member Fees | Student Member Fees |
|---|---|---|
| IMA membership | $245 | $39 |
| Certification Entrance Fee (non-refundable) | $250 | $188 |
| Exam Fee | $415 per part | $311 per part |
| Total Cost | $1325 | $849 |
How to Register for CMA Exam
To register for CMA exams, visit this page. On this page, choose CMA Program Exam Part 1 or Part 2 for a pre-specified exam window. Then, click on the "Add to Cart" button below the practical exam, which would take candidates to the next page to complete the checkout process (see screenshot below):
If a candidate encounters any issues during checkout, please contact customer service at 1-800-638-4427.
Confirmation:
After completing the registration process, a candidate will receive confirmation, including your authorization number and testing window, along with further instructions for exam candidates.
CMA Exam Format
Before we discuss further details about exam dates and policies, it would be better to get acquainted with the format and content of CMA exams.
It is a single-level certification program consisting of Part 1 and Part 2 exams. In addition, these are multiple-choice online tests administered at hundreds of testing facilities worldwide. Each exam has a 4-hour duration and 100 multiple choice questions with two essays. Candidates must complete the multiple-choice questions in 3 hours and complete two writing articles in the remaining one hour. That leaves 30 minutes to complete each of the essays.
CMA Exam Subjects
CMA Part 1: Financial Planning, Performance, and Analytics: -
- External Financial Reporting Decisions (15%)
- Planning, Budgeting, and Forecasting (20%)
- Performance Management (20%)
- Cost Management (15%)
- Internal Controls (15%)
- Technology and Analytics (15%)
Duration - 4 hours
Marks - 500 (passing percentage 72%)
Question pattern - 3 hours- 100 multiple choice question(weightage 75%) and 1 hour- 2 essay type question(weightage 25%)
CMA Part 2: Strategic Financial Management: -
- Financial Statement Analysis (20%)
- Corporate Finance (20%)
- Decision Analysis (25%)
- Risk Management (10%)
- Investment Decisions (10%)
- Professional Ethics (15%)
Duration - 4 hours
Marks - 500 (passing percentage 72%)
Question pattern – 3 hours for 100 multiple-choice questions (weightage 75%) and 1 hour for two essay-type questions, 30 minutes each (weightage 25%).
CMA Exam Window
CMA exams are available in 3 exam windows every year.
- January and February
- May and June
- September and October
CMA Exam Dates
| Exam Window (Part 1 and 2) | First Exam Date | Last Exam Date | Last Day to Register |
|---|---|---|---|
| January and February 2022 | January 1 | February 28 | February 15 |
| May and June 2022 | May 1 | June 30 | June 15 |
| September and October 2022 | September 1 | October 31 | October 15 |
Important Points to Note
Some of the things worth remembering while pursuing the certification are included here:
- The authorization number issued to a candidate on exam registration is valid only for the testing window selected. It cannot be postponed.
- It is necessary to register for at least one exam part within the first 12 months of enrolling in the program.
- Fees are subject to change at the discretion of the organizing body.
- To avail of the student or academic discounts, one must hold IMA's student or educational membership
How to Schedule Your Exam?
The next step is to schedule the exam appointment with Prometric. Prometric is the testing partner for CMA exams, which administers through a global network of more than 8,000 Prometric Testing Centers spread across 160 countries, including the US and other parts of the world. To find the nearest test center and schedule an exam, visit www.prometric.com/ICMA. In addition, a candidate may also schedule an exam with Prometric by phone. They can find the number specific to the location on the Prometric website.
Registration Deadline, Exam Refund & Rescheduling Policy:
The candidate must schedule exams at least 72 hours before the exam date. CMA entrance fees are non-refundable, and one may seek a refund of exam registration fees within 30 days from the date of registration, including a deduction of $25 as a processing fee from the refund and is possible only if no exam appointments have been scheduled with Prometric.
No postponement of exam parts is allowed, and the candidate must appear in the same exam window for which the registration is sought. Suppose, for any reason, one cannot schedule an exam appointment after registration. In that case, they cannot sit for the exam in that testing window and must re-register for another testing window and pay the exam fee again. However, if, for any reason, after scheduling an exam with Prometric, one needs to reschedule, one must provide a 30-day notice and be liable to pay $50 as rescheduling fees.
Specified Time Limit for Completing CMA
Every CMA candidate must complete both the exam parts in a maximum of 3 years from the date of registration for certification. If not, any completed exam parts will automatically expire, and the candidate is required to repay the CMA entrance fee and retake both of the exam parts.
Conclusion
CMA aspirants can refer to this article as a ready reckoner for key information related to enrolling for the certification program, registration for the exam, and certain useful pointers that may prove to be a help along the way.
However, before choosing CMA as a designation, an individual must consider every aspect carefully to ensure that it can make a valuable addition to their profile and help enhance career prospects in the desired direction.
