In today’s business world, the title of Certified Management Accountant (CMA) is a highly sought after professional title. The Institute of Management Accountants (IMA) in the United States is in charge of overseeing CMA certification and establishing qualification standards. Before taking the exam to become a CMA, candidates must meet stringent education and experience requirements. CMA certification is an important step for anyone interested in pursuing a career in accounting. Those who have the certification earn significantly more on average than those who do not.
Candidates must meet the IMA’s educational requirements to become a CMA. To be eligible for CMA certification testing, you must have a bachelor’s degree from an accredited US university or the equivalent education and experience. On a case-by-case basis, the IMA accepts education and experience credits from non-US universities. The IMA may accept a GMAT or GRE test score in the top 50th percentile or proof of certifications equivalent to the CMA, CPA, or CFM certifications for those who do not have a bachelor’s degree.
Candidates must also have a minimum of two years of experience in management accounting and financial management to be eligible for CMA testing, according to the IMA. While the IMA does not establish strict guidelines for what experience qualifies a candidate for CMA exam testing, this requirement does entail actual field experience. Working in a position where the prospective CMA is regularly responsible for making financial decisions is one example of this experience.
To be eligible for testing to become a CMA, prospective CMAs must first meet the educational and experience requirements. Prospective CMA candidates can submit their education and experience information to the review board and request the opportunity to sit for testing after paying the annual fees and becoming an IMA member. Before being allowed to test, CMA candidates must pay an additional registration fee for each section of the exam. The IMA will invite the candidate to take the multi-part exams to become a CMA after receiving the fees and verifying the candidate’s education and experience information.
The CMA candidate must complete all exams within three years of starting the program and register for at least one part of the exams within the first twelve months. It’s also worth noting that after passing the exam, you’ll need to renew your IMA membership every year to keep your CMA certification valid.