The Certified Management Accounting exam certifies accountants in financial management and includes topics like cost management, economics, corporate finance, and ethics. The Institute of Certified Management Accountants (ICMA) awards the certification to accountants all over the world. Some exam preparation methods are optional, while others are required, such as signing up for the exam and knowing what to bring on test day — test takers can find requirements on the Institute of Management Accountants (IMA) website. To aid in exam preparation, the site also provides handbooks, test content descriptions, recommended study material, and practice exams.
Signing up for the Certified Management Accounting exam is the first step in preparing for it. Those interested in taking the exam should contact the IMA or go to their website to learn about the current membership requirements. The Certified Management Accounting exam is proctored by the IMA, and those who wish to take it must first be IMA members. Once the fees are paid and the candidate has proven that he or she meets the IMA’s education and experience requirements, an applicant can register for the Certified Management Accounting exam on the IMA’s website. A form can be mailed or faxed in addition to this method, or the applicant can call the IMA to register.
In May 2010, the Certified Management Accounting exam was reduced from four to two parts. The first section deals with financial planning, performance, and control, while the second section focuses solely on financial decision-making. The IMA website lists specific topics under these two broad categories. Exam resource guides and answers to frequently asked questions, such as whether it’s better to guess at a question or leave an answer blank, are also available on the site.
The Certified Management Accounting exam has its own set of preparation courses. One of the most well-known is Boston University’s exam preparation course, which offers both self-study and on-site exam preparation. The Boston Institute of Finance is in charge of the classes.
People who have taken the Certified Management Accounting exam before them can help those studying for it. Successful test takers can advise exam candidates on how to prepare for the exam and what to bring. Proper study and preparation should result in a confident test taker and certification.