CMA Requirements: Certification Checklist You Need to Know
AI was used in the creation of this article. The article was reviewed, fact-checked and edited by a content review team. We might earn a commission if you make a purchase through one of the links. McClatchy newsrooms were not involved in the creation of this content.
In an era where career satisfaction is just as crucial as the paycheck, it’s no wonder many are turning their sights toward becoming Certified Management Accountants (CMAs).
Why, you ask?
According to a recent Institute of Management Accountants (IMA) report, financial managers are topping the charts as some of the most satisfied workers in the finance sector, with a median salary of over $139,000. This revelation is sparking a trend, with more professionals aiming for the CMA designation. This professional certification can set you apart from other finance professionals because of its reputation for rigorous standards and a comprehensive knowledge base in financial management and strategic planning.
But wait, there’s more.
The appeal of the CMA profession is more than just job satisfaction and public recognition. Let’s look at this checklist of CMA requirements and why I, even as a CPA, think the desire to become a CMA might be the next most significant shift in finance.
Key Takeaways
IMA Membership: Becoming a CMA starts with securing an IMA membership, which provides access to professional development resources and networking opportunities.
Educational Requirements: A bachelor’s degree from an accredited institution is mandatory for CMA candidates, with the IMA requiring official transcripts as proof of educational qualifications.
Professional Experience: Candidates must accumulate two years of professional experience in management accounting or financial management, which can be completed before or within seven years of passing the CMA exam.
CMA Exam Structure: The CMA exam is split into two parts, focusing on financial planning, performance, and analytics in the first part and strategic financial management in the second part, which is comprised of multiple-choice and essay questions.
Continuing Education: To maintain the CMA designation, certified professionals must complete 30 hours of Continuing Professional Education (CPE) annually, including two hours in ethics.
CMA Requirements Overview
Understanding the requirements for earning the CMA certification is essential for anyone looking to advance in management accounting.
Here’s a detailed breakdown of what it takes to become a CMA:
Membership
Candidates must hold an active membership with the IMA during the certification process.
Educational CMA Certification Requirements
A bachelor’s degree from an accredited college or university is mandatory.
The IMA requires transcripts as proof of educational qualifications.
Professional Experience CMA Certification Requirements
Two continuous years of professional experience in management accounting or financial management.
This experience can be acquired before or within seven years of passing the CMA exam.
CMA Exam
You must first pay the exam entrance fee
The CMA exam has two parts: Part 1 focuses on financial planning, performance, and analytics; Part 2 covers strategic financial management.
Each part consists of multiple-choice and essay questions, and candidates must pass both parts within three years from the registration date.
Join the IMA
First things first, for CMA, candidates must join the IMA. To be an active CMA (meaning to use the credential publicly), you must maintain membership, even after meeting CMA exam requirements and earning a passing score.
They offer several different tiers with a corresponding IMA membership fee:
Professional Membership: Designed for those actively pursuing a career in accounting or financial management, the Professional Membership is priced at $295.00. This option provides access to leading-edge resources, tools for skill enhancement, and opportunities to become a strategic partner within your organization.
Academic Membership: Aimed at educators and faculty members of accredited institutions, the Academic Membership is available for $160.00, offering a 50% discount for full-time faculty. It includes access to an ethics curriculum, case studies, webinars, research grants, and a mentor program, among other teaching resources.
One-Year Student Membership: For students embarking on their journey into the world of management accounting, the One-Year Student Membership is offered at a significantly reduced price of $49.00. Eligibility requires enrollment in 6 or more credit hours at a college or university, providing access to many benefits for professional members.
Two-Year Student Membership: Similar to the one-year option, the Two-Year Student Membership allows students to plan and save, with a total cost of $98.00 for two years. This membership type is also designed for students enrolled in 6 or more credit hours.
Here’s what members can expect:
Educational Resources and Professional Development
IMA members gain access to cutting-edge research, industry reports, and a wide range of educational resources. These include webinars, online courses, and the latest insights from thought leaders, all aimed at keeping you informed and ahead in your profession.
Networking Opportunities
With a global network of professionals, the IMA provides numerous opportunities for members to connect, share knowledge, and learn from peers worldwide. Whether through local chapter meetings, international conferences, or online forums, members can build valuable relationships that support their career growth.
Certification and Continuing Education
One of the hallmark benefits of IMA membership is the pathway it provides to the CMA certification. The IMA also supports members through this process with study materials, preparation resources, and continuing education opportunities to maintain their certification.
Ethical Guidance and Support
IMA membership underscores a commitment to professional ethics. The organization provides guidelines, resources, and support to help members navigate ethical dilemmas and uphold the highest standards of integrity in their work.
Career Resources
Members have exclusive access to career planning and job search resources. This includes the IMA’s Career Center, where members can find job listings, career advice, and tools to manage their career paths effectively.
CMA Education Requirements
The CMA designation requires passing the examination and fulfilling specific educational prerequisites. Here’s a closer look at the educational criteria and how to submit your verification:
Bachelor’s Degree Validation
Accredited Institutions: Holding a bachelor’s degree from an accredited college or university is a fundamental education requirement. Candidates can refer to a comprehensive listing of globally accredited institutions to verify their school’s accreditation status.
Non-Accredited Degrees: For degrees from institutions not listed as accredited, candidates must seek an evaluation from independent agencies. These evaluations confirm the equivalency of your degree to U.S. educational standards.
Verification Process: It’s essential to have your college or university directly email your transcripts to the ICMA for verification.
Professional Certifications as an Alternative
Approved Certifications: Candidates with professional certifications have an alternate route to meet the education requirements that the ICMA recognizes.
Certification Verification: An official confirmation letter from the certifying organization should be sent directly to the ICMA, verifying your membership status as a qualified member.
One thing I can say is that when it comes to CMA vs. CPA requirements, the Certified Management Accountant requirements are a lot easier to complete.
CMA Certification Requirements for Experience
Becoming a CMA encompasses academic achievements and a significant professional experience component. This aspect of the certification process is designed to ensure that candidates possess practical, hands-on experience in management accounting and financial management.
Here’s an overview of the experience qualifications necessary for CMA certification:
Core Experience Criteria
Duration and Timing: Candidates must accrue two years of professional experience in relevant fields. This experience can be acquired either before the CMA examination or within seven years after passing it.
Teaching as Relevant Experience: Full-time teaching positions qualify when at least 60% of the teaching load covers accounting or finance courses beyond the introductory level, spread over two years.
Part-Time Positions: Part-time employment, requiring at least 20 hours of work per week in a relevant field, is considered at a rate of one year of full-time equivalent experience for every two years of part-time work.
Qualifying Professional Roles
Experience for the CMA certification must involve regular use of management accounting and financial management principles. Qualified roles include, but are not limited to:
Financial statement preparation
Financial planning and analysis
Auditing (both external and internal)
Budget preparation and reporting
Cost accounting and analysis
Corporate financial management and investment decision-making
Risk evaluation and management information systems analysis
Strategic planning and sustainability reporting
Teaching management accounting or financial management at the collegiate level
External financial reporting decisions
Non-Qualifying Experience
It’s important to note that not all experience related to accounting or finance qualifies. Employment that only occasionally requires the application of management accounting principles, including internships, clerical, sales and marketing, and non-technical roles, will not meet the CMA experience requirement.
CMA Exam Requirements
Entrance Fee
Upon payment, candidates are granted access to a suite of resources and supports designed to enhance their preparation and success in the program.
The benefits bundled with the CMA entrance fee are aimed at ensuring candidates are well-prepared and supported throughout their certification process:
CMA Support Package: Candidates can access valuable preparatory materials upon entering the program. This package is a foundation, though candidates are encouraged to complement it with a detailed study plan.
Performance Feedback Reports: These reports provide crucial insights into a candidate’s exam performance, identifying strengths and areas for improvement.
Credential Review: The IMA thoroughly reviews each candidate’s educational and professional experience credentials, ensuring they meet the program’s stringent requirements.
Certification and Recognition: Upon completing the program, candidates receive a personalized, numbered certificate.
Final Score Report: A comprehensive report detailing exam scores is provided upon completion, marking the culmination of the certification process.
As great as these are, I always point out to CMA candidates that the IMA does not consider its resources sufficient to pass the CMA exam. Instead, they encourage candidates to enroll in a CMA review course or program before they take the CMA exam.
Candidates have a three-year window from their program entry date to complete both parts of the exam successfully. Should a candidate not complete the exams within this period, any previously passed sections will expire, necessitating a re-payment of the entrance fee to re-enter the program.
CMA Exam
The CMA exam is divided into two essential parts, each designed to assess a candidate’s mastery of critical areas in management accounting and financial management:
Part 1: Financial Planning, Performance, and Analytics encompasses 100 multiple-choice questions and two 30-minute essays focusing on broad financial analysis and planning skills.
Part 2: Strategic Financial Management mirrors the format of Part 1, with a focus on applying strategic concepts and financial management principles.
Candidates have four hours to complete each part: three hours for the multiple-choice questions and one hour for the essay section. Notably, candidates must answer at least 50% of the multiple-choice questions to progress to the essay questions.
CMA Exam Administration and Scheduling
The CMA exams are administered via computer-based testing at Prometric Testing Centers worldwide. To find a location, visit Prometric’s website. Exams are available during three testing windows each year:
January/February
May/June
September/October
Registration for each part of the exam closes on the 15th of the final month of each testing window. Candidates are responsible for scheduling their exam appointments through the Prometric website after receiving authorization from ICMA.
CPE Requirements for CMA Certification
Maintaining the CMA designation exceeds passing the exam and meeting the experience criteria. You must fulfill the 30-hour annual Continuing Professional Education requirements.
This includes two mandatory hours focused on ethics, emphasizing the profession’s commitment to maintaining high ethical standards.
The scope of activities recognized for CPE credits is broad, reflecting management accountants’ diverse needs and interests. Eligible programs include, but are not limited to:
College courses
Seminars and workshops
Technical meetings
Self-study programs
Online CPE courses
Credits are awarded for programs pertinent to a management accountant’s career growth and are provided by various reputable sources, including educational institutions, employers, business organizations, and professional or trade associations.
Finance Professional Insight: The Importance of CMA Designation
The CMA designation is increasingly recognized as a valuable asset in the finance industry, especially among those specializing in managerial and cost accounting. While passing the CPA exam offers a certain amount of prestige, the CMA offers unique advantages that are particularly beneficial in specific sectors and roles.
Here’s what finance professionals on Reddit have to say about the value of the CMA designation:
One commenter highlights the complementary nature of the CMA to the CPA, noting that “CMA can be beneficial for certain positions and has some material that is more relevant for industry jobs...It can help you stand out if someone on the hiring team is familiar with it.” This suggests that for professionals in industry-specific roles, the CMA provides targeted knowledge and skills that are highly valued.
Pirates915 shares a personal perspective, choosing the CMA path due to an interest in “managerial/cost accounting and/or budgeting forecasting,” emphasizing that career focus should guide certification choices. This sentiment is echoed by many who find the CMA’s focus aligns closely with their career aspirations in the industry sector.
A CMA named Tyler and another finance professional discuss the strategic value of the CMA in the current job market. They note the certification’s growing recognition and ability to stand out on resumes, especially “with how tight the talent pool is and how the AICPA is playing hardball with the CPA license.”
md1993, a controller and former CFO, points out that while the CMA may not be as widely recognized as the CPA, “those that do value it...have seen more and more job postings listing it,” especially in the manufacturing industries. This indicates a growing appreciation for the CMA in the most relevant sectors.
WorkAcctNoTentacles and hockeynerd007 suggest that the choice between CMA and CPA may come down to specific career goals, with the CMA being particularly beneficial for those not planning to work in public accounting. The global recognition of the CMA also makes it an attractive option for those considering careers abroad.
Conclusion
Achieving a CMA through the IMA is a testament to management accounting and financial management expertise. Highlighted by the IMA for its contribution to job satisfaction, the CMA credential is highly valued in the finance sector.
Candidates must first secure membership with the IMA, setting the stage for the certification process. The journey includes meeting educational criteria, typically holding a bachelor’s degree from an accredited school, and acquiring two years of relevant work experience. The CMA examination consists of two parts: financial planning, performance, and analytics, and a second part that covers strategic financial management. CMAs must also complete 30 hours of CPE each year to maintain the designation.
This structured pathway ensures that CMAs have essential skills and knowledge, paving the way for professional growth and success within the finance industry.
FAQs
What are the educational requirements for CMA certification?
CMA candidates must hold a bachelor’s degree from an accredited college or university.
How much professional experience is needed for CMA certification?
Two continuous years of professional experience in management accounting or financial management are required.
What does the CMA exam cover?
The CMA exam consists of two parts: Part 1 focuses on financial planning, performance, and analytics; Part 2 covers strategic financial management.
How long do I have to pass both parts of the CMA exam?
Candidates have three years from the registration date to pass both parts of the CMA exam.
Is IMA membership required for CMA certification?
Yes, active membership in the Institute of Management Accountants is required to maintain the CMA designation during the certification process.
How long can it take to become a CMA?
From getting your bachelor’s degree to preparing for and passing the CMA exam and getting relevant work experience, it can take around six years to get a CMA.
