CMA full form is Certified Management Accounting. CMA certification is provided by Institute of Management Accountants (IMA), USA. CMA Course is the highest credential in Management Accounting and requires professional training.
The US CMA course syllabus has 12 subjects which are divided into Part 1 and Part 2. CMA syllabus consists of subjects like Budgeting, Financial Reporting, costing, internal controls and advanced decision-making areas like Financial Statement Analysis, Risk Management, Marginal Costing, Corporate Finance, Capital Budgeting.
CMA Exams has already taken place this year.CMA Foundation exam took place on July 8, 2022. Intermediate and Final Exams took place betweenAug 31, 2022 to August 7,2022.
CMA duration is 6-18 months where students can complete both parts of CMA Course. The maximum CMA duration is 3 years. 4000 CMAs are granted certificates each year with a pass percentage of 50% globally.
A Bachelor’s degree from a recognized university along with 2 years of experience is the minimum eligibility for a CMA course. Top CMA Colleges in India are GCEC Jaipur,Evolve Business School,Jettwings Business School,Khandelwal Vaish Girls Institute of Technology
Table of Contents
- About CMA Course
1.1 What is CMA?
1.2 Why Study?
1.3 CMA Duration
- CMA Online Admission
2.1 CMA Eligibility
- CMA Syllabus
- CMA Exam
- CMA Institute
- CMA Fees
- US CMA Course
- CMA Salary in India
- CMA Course: FAQs
CMA Course Details
Check outthe CMA course detailsin the table below.
|Course Level||Certificate Course|
|Full Form||Certified Management Accounting|
|Eligibility||Bachelor Degree along with 2 years of Experience|
|CMA Colleges in India||GCEC Jaipur, EBS Navi Mumbai, Jettwings Group of Institutes|
|Course Fees||INR 100,000|
|Average Salary||INR 7 lakhs|
|Top Job Profiles||Finance Manager, Budget Analyst, Internal Auditor, Financial Analyst, Cost Accountant, Senior Accountant, etc.|
|Top Recruiting Companies||AT&T, Alcoa, Cargill, Boeing, Bank of America, etc.|
What is CMA?
CMA full form is Certified Management Accounting. It is a certificate course provided by the Institute of Management Accountants or IMA in the USA. The Certified Management Accounting course helps to get specialize in Management and Executive level duties.
See also:CFA Course
Candidates pursuing the Certified Management Accounting course explore a good knowledge in the fields of financial planning, financial analysis, cost planning, cost control, cost analysis, decision support, etc.
As per the eligibility of the CMA course, candidates need to have an active membership in the IMA Institute, and also have satisfactory educational as well as experience qualifications. Also they need to come through the CMA entrance exams, and comply with the Institute of Management Accountants concerning the ethical professional practice statement.
See Also:Chartered Accountancy Course
Why Study CMA?
There are various reasons to pursue the Certificate Management Accounting course. Check them in the points below.
- Good Compensation -Candidates having the CMA degree with them earn a good amount of money. According to the Payscale the average salary that Certified Management Accountants earn in India is near INR 7.90 lakhs per annum.
- Explore the field of Finance, Accounting and Management -Candidates pursuing the CMA course, gain in-depth knowledge in the field of management, finance, as well as accounting. It is one of the globally recognized designations, which opens the door towards the business world.
- Plenty of Opportunities -There are plenty of opportunities after completing the CMA Certification Management Accounting course. Candidates can either start a job and work for various renowned companies in top job positions, or they can also pursue higher studies in the accounting field, and strengthen their resume.
- Renowned Job Profiles -Candidates being a Certificate Management Accounting degree holder can work in renowned job positions including Finance Manager, Budget Analyst, Cost Accountant, Senior Accountant, Internal Auditor, Financial Analyst, Corporate or division planner, etc.
IMA releases the CMA USA certificate once the aspirants successfully satisfy the minimum eligibility criteria. Ideally the CMA USA course takes 7-8 months to complete which is much less when compared to other similar courses. However, the duration might vary from one person to the other since it entirely depends on the particular meeting the minimum eligibility requirements.
|How to become a CA?||CA Salary|
CMA Online Admission
Check out the online admission process for the CMA course in the points below.
- Register yourself on the official website of the IMA (Institute of Management Accounting) first.
- Apply for the CMA entrance exams, fill out the application form, upload the necessary documents, complete the process by paying the application fees.
- Upon receiving the registration confirmation, you receive the authorization numbers, testing windows and information bulletin.
- At www.prometrric.com/ICMA, the exam appointment with Prometric can be scheduled.
Note:Ensure that the required documents are with you during the exams. It is recommended to schedule your exams fast as the authorization number of the candidates is only valid for the testing window that they selected and can’t be postponed. However, the date of the test can be changed within the same two-month window.
See Also:CFA Admission 2021
The details of CertifiedManagement Accounting eligibility criteria are given below:
- Membership of the Institute of Management Accountants(IMA).
- Students who have completed Bachelor’s degree from an accredited college or university can apply for CMA course and exam
- Two Years of professional experience in Management Accounting or Financial Management.
- Successful completion of Parts 1 and 2 of the exam.
|CFA Level 1||CFA Level 2|
Candidates pursuing the CMA course from the USA, will explore the syllabus of the program in 2 parts. Check the Certified Management Accountingsubjects in the table below.
|CMA USA Part 1||CMA USA Part 2|
|Financial Reporting||Risk Management|
|Planning and Budgeting||Professional Ethics|
|Cost Management||Investment Decisions|
|Performance Management||Corporate Finance|
|Internal Controls||Financial Statement Analysis|
|Technology and Analytics||Decision Analysis|
There are two parts of the US CMAcourse, hence there are two exams of the respective parts. Both the exams consist of 75% of objective questions, i.e., MCQs, and 25% of the subjective questions i.e., essay type questions.
The 6 month testing time frame offered by IMA is divided into 3 testing windows i.e., January-February, May-June and September-October. Candidates have the flexibility to schedule the examinations in the mentioned testing windows.
The CMA exam has the time limit of 4 hours for part 1 and 2 where 3 hours is given for the objective section and 1 hour to attend the essay questions. Prometric administers the exam with different centres all across the globe. The aspirant must schedule the exam a minimum of 72 hours before. Best option is to schedule it for at least 4 weeks.
|Financial Planning, Performance, and Analytics||100 multiple-choice questions, two essay questions||4 hours|
|Strategic Financial Management||100 multiple-choice questions, two essay questions||4 hours|
The Association of Accountants and Financial Professionals in Business, the IMA, is a dedicated institute that aims for excellence within the profession of management accounting.. CMA designation was developed in 1972 to provide an objective measure of an individual’s knowledge and competence in the field of management accounting.
Check:What does a CA do?
|CMA Membership Fees|
|CMA Entrance Fees|
|CMA Examination Fees|
|Professional||USD 415 per part|
|Students||USD 311 per part|
US CMA Courses
The United States of America is one of the best countries in offering high quality CMA (Certified Management Accounting) certification. Having your CMA degree from the USA gives you multiple benefits including career avenues, global qualification, international recognition, Elite network of CPAs and CMAs, etc.
Also candidates here, gain in-depth knowledge regarding Finance, Management Accounting, Business Economics and explore various management concepts which are required to know for a business professional. The US CMA courses durationranges from 6 months to 3 years. According to the IMA guidelines, candidates must complete the CMA exams within 3 years from their date of registration.
As per the Certificate Management Accounting course eligibility in the USA, candidates need to fulfill certain educational needs. Candidates need to successfully clear the 2 CMA exams conducted by the IMA. Also they need to come through their 12th standards or have an associate degree outside India. Candidates having a graduation degree are also eligiblefor the US CMA courses credential.
CMA Salary in India
Certified Management Accountants earn a good amount of salary in India. Check out the salary structure of different job profiles holding the CMA degree in the table below.
|Job Profiles||Salary (per annum)|
|Finance Manager||INR 1,086,304|
|Financial Analyst||INR 514,291|
|Senior Financial Analyst||INR 817,036|
|Chief Financial Officer (CFO)||INR 3,698,416|
|Certified Management Accountant||INR 500,000|
|Cost Accountant||INR 705,889|
CMA Course: FAQ
Ques. What is a CMA accounting certification?
Ans.Individuals who desire to contribute to the corporate financial accounting and strategic management settings, opt for the Certified Management Accountant certification programme.
Ques. Is a CMA the same as a CPA?
Ans.The major difference between CMA and CPA is that the former is better suited for public accounting while the latter is perfectly suited for the industry. The best credential in the industry is surely CPA and looks good in the resume.
Ques.Is CMA a degree or a certificate?
Ans.In the management accounting and financial management field, Certified Management Accountant is a professional certification programme.
Ques. Is CMA harder than the CPA?
Ans.Pursuing any of the certification will need the aspirant to hold a bachelor’s degree, work experience and getting through a licensing examination. Both the certifications are unique and open the door to lots of opportunities before the candidate. However, CPA is usually granted to be harder between the two.
Ques. Is the CMA exam hard?
Ans.There is a supreme level of difficulty in the CMA exam. However, candidates can crack it with staunch hard work and willpower.
Ques. Why is CMA so hard?
Ans.Though there are adequate study materials available for the CMA exam, students might find it difficult to cope with the pressure and might have problems with the time management.
Ques. Is CMA accounting worth it?
Ans.Passing the CMA exam is definitely worth it as it gives the aspirants a bigger boost in the job market.
Ques. What kind of jobs can a CMA get?
Ans.After CMA, the candidate can get ahead with different career paths like a financial analyst, Financial Risk Manager or Cost Accountant.
What is the salary of a CMA in India? Average salary for a CMA in India is 6.4 Lakhs per year (₹53.3k per month). Salary estimates are based on 50 salaries received from various CMAs across industries.How much is the salary of CMA? ›
Certified Management Accountant Salary.
|Entry Level CMA||$80,000|
- chief financial officer - ₹40lakhs per year.
- financial controller - ₹33lakhs per year.
- dgm - ₹29lakhs per year.
- general manager - ₹28lakhs per year.
- finance controller - ₹27lakhs per year.
The CMA is an advanced professional certification specifically designed to measure the critical accounting and financial management skills. This is especially relevant for success in a business environment. This means you will be a prime candidate for job positions when you hold this distinction.Can CMA get government job? ›
CMAs can get government jobs for sure. Several Ministries of the Indian Government have authorized US CMA professionals. They can work for Indian Cost Accounts Service. They can also apply for all central Govt Services like UPSC.Is CMA job stressful? ›
So it is a full of responsibility job not stressful where you need to take care all the things carefully. You may advance to higher-level positions within the management accounting world, such as accounting manager, budget director, chief cost accountant or internal auditing manager.