Everything you Need to Know about Certified Management Accountant (CMA)

So you aspire to become a Certified Management Accountant (CMA)? Still unsure about how to get started? Here are the details you should know before joining CMA training.

Opting for the CMA program is a great move to make your career successful in management accounting. However, before getting into it, it is advisable to know everything about the course, requirement, eligibility, exam pattern, salary and the career prospects. To know everything about CMA, you need not go anywhere else; just relax and continue reading. By the end of it, you will get answers to all your queries related to CMA certification.

IMA Membership

The very first thing you need to obtain CMA certification is getting the membership in IMA. To acquire CMA certification IMA (Institute of Management Accountants) membership is a must. This is the crucial step every candidate fails to notice assuming that they can just sign up and attend the CMA Exam. The are two types of membership, student and professional. Also, the candidate needs to pay an annual IMA membership fee before entering into the program.

Requirements to get a CMA Certification

Apart from getting the IMA membership, candidates must meet other eligibility requirements including:

  • A bachelor’s degree from an accredited university/college or a related professional certification.
  • Pass the two parts of CMA exam
  • Two years of professional experience in management accounting or financial management.

You are allowed to join IMA and attend and pass the exam before completing these requirements. However, you will get the certification once you complete your bachelor’s degree and two years of professional experience. The CMA program lets you complete the course at your own pace. You may earn the CMA certification in six months or within 3 years of registration for CMA.

CMA Exam

Logic School of Management provides the best CMA USA classes in India to get over the exam hurdles. The two-part CMA Exam is entirely computer-based with four hours for each part. It’s 75 % Objective (100 questions) and 25% descriptive with no negative marks.

The part I of CMA exam focuses on the following syllabus.

  • External financial reporting decisions
  • Planning, budgeting and forecasting
  • Performance management
  • Cost management
  • Internal control

Part 2 of the CMA Exam focuses on the following areas

  • Financial statement analysis
  • Corporate finance
  • Decision analysis
  • Risk management
  • Investment decisions
  • Professional ethics

CMA Exams are computer-assisted and are administered by Prometric facility which has centres all across the world. Though you are supposed to schedule your CMA exams at least 72 hours prior, it would be better to schedule the exams four weeks in advance. The candidates are supposed to attend the exams in the following months.

January and February
May and June
September and October

Career Prospects after CMA Certification

Obtaining a CMA certification requires a substantial amount of effort and time investment. So before entering into the CMA program, take a moment to examine how CMA is going to help you in your career development. Also, check whether this qualification is best suitable for your career, considering your education background and aspiration. However, getting a CMA certification opens a lot of career opportunities both in the domestic as well as the global job market. By enhancing your skills in finance, accounting and management, CMA certification entitles you to expand your career prospects and you can accept job roles including Financial Analyst, Financial Risk Manager, Finance Manager, Financial Controller, Relationship Manager, Cost Accountant, Cost Manager etc.  

Salary of a CMA Professional

Just like any other profession, the salary of CMA also depends on certain factors such as the designation, company size, years of experience etc. Bigger the company, the higher the salary will be. After completing a few years, it’s certain that you will be able to get a big amount as remuneration. No worries! Once you are awarded the CMA certification, you can expand your career and there will be no looking back.

Becoming a CMA will definitely help you increase your earnings and your corporate accounting career with greater prospects. With CMA certification, about 80% of the accounting professionals work in management accounting, financial accounting and various other sectors of accounting jobs.

Thinking about training institutes to help you join CMA and pass the exam? Don’t worry; a lot of institutes in India provide good coaching for CMA candidates. If you are looking for the best CMA training, get in touch with Logic School of Management, the leading training institute which offers training for aspiring candidates who want to pursue CMA, ACCA, CA, CPA and other accounting courses. Logic School is renowned for its best CMA training in Calicut, Cochin and other major cities of Kerala. Don’t be late! Locate your nearest CMA training institute and prepare for the CMA exam in a time-efficient manner.

CA Exams- Mistakes you should Avoid to Pass

Worried about your CA exams? Definitely you will be, we know that; after all passing CA exams is not that simple. To say, there are no shortcuts; only hard work and patience will be paid off in the end. However, the past record shows that only a few students clear CA Final exam and most often the pass percentage lies upto a maximum of 10%.  

Before you go further ahead, keep in mind that CA Final is not just like any other accounting course. You have to be very disciplined and organized to clear the exam in the first try. The higher the level, the greater will be the difficulty. The CA Foundation exam might be easier for you to crack. But that’s not the case with CA Intermediate and CA Final exam; you must be very pre-planned to crack that tough nut. You might have been a school or college topper, but your senior secondary academic performance or score won’t favour you in CA exams. Please don’t lose hope: with hard work and good planning you can clear the CA Final in the first attempt itself. Also, you have to avoid some common mistakes that will weaken your chances to pass the exam.

Given below are some of the few things most CA students fail to address.

Not regular in the class: Being irregular in the classes will drop in a great trouble. Through skipping your classes, you are making a big mistake and it will definitely affect your CA exams badly. It’s a common tendency among the students to procrastinate their studies thinking that let the teachers complete the classes first.  But, it will adversely affect the studies, because if you are skipping the classes regularly, you will definitely miss the core portions and even if you try to study it later, the concept may seem incomprehensible. So, it is advisable to be regular in the class and study the concept within 24 hours so that you with proper revision and practice questioning, you can recall the concept during the exam time.

Fail to Execute Plans: Most of you might be good at planning; however, lack of execution of the plan will get you in trouble. So it would be better to stick to your plan and execute it properly to achieve success. Don’t postpone your studies for tomorrow.

Disregarding the ICAI Practice Manual: Ignoring the practice manual of the ICAI is not a good decision. So, when you complete a particular topic or chapter, start practising the questions in the ICAI manual. Practising a lot of questions will help you get the presentation idea.

Dummy Articleship: This is one of the biggest mistakes committed by many CA students. Articleship also known as the golden period of a CA student, plays a crucial role in the entire CA career. More than just bookish knowledge, practical understanding is very much important. Good involvement in articleship will help the student to get practical knowledge in areas such as Audit & Assurance, Direct Taxes, Indirect Taxes, Internal Audit and more. A dummy training will not help you gather this knowledge. So, it is advisable to be systematic in your Articleship and the practice with the utmost interest.

Lack of practice by writing: It is a common practice among the CA students to depend on calculators for solving the problems, due to the lack of time. However, it is not a good idea to answer the questions using gadgets. Solving the questions using a calculator will get you into confusions while presenting the answers during exams. In theory papers, you will get presentation skills by just reading and comprehending. On the other hand, in practical sections, the students are advised to practise the questions by solving them manually on papers instead of using a calculator.

No Self-analysis: Many students forget to do self-analysis while preparing for the exams. Even though you prepare and perform well in the exam, without self-analysis you cannot identify the drawbacks and pitfalls occurred in your studies.  By doing proper self-analysis, you will be able to know your weaknesses, and what all mistakes you should avoid to manage your CA Final exams in a very successful manner.

Still thinking of clearing the CA Final as a mountain climbing? We will help you out with the most advanced techniques and tips to tackle the exams in a very effective way. We provide the finest CA Final courses in Ernakulam, Kottayam and other major cities of Kerala leveraging our network of experienced teachers and rich amenities.