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.
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.
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.