US CMA | CMA USA Plan to Complete Certification Requirements


US CMA | CMA USA Plan to Complete Certification Requirements

US CMA | CMA USA Plan to Complete Certification Requirements : CMA exam requirements are straightforward and easy to fulfil when compared to other accounting qualifications.

US CMA | CMA USA Plan to Complete Certification Requirements

US CMA | CMA USA Plan to Complete Certification Requirements : CMA Exam Requirements on Education

As long as you have a Bachelor degree in a “decent” university in your country, you are qualified.

What does it mean? Go through the steps below, and you will know exactly whether you can proceed with the application.

1. Is Your School on this List?

(a) US candidates

If you study in the US and your school is an accredited educational institution, you are all set.

(b) Non-US candidates

IMA refers to this list of accredited international institution . You can select your country and locate your university.

What if my school isn’t on the list?

If your school is not on the list, don’t worry as you can still get qualified with an extra step of getting your transcript evaluated. You can choose any agencies that is a member of NACES or AICE. Then, ask them to send an evaluation to IMA. You will also have to send an official transcript (in English) to IMA for their reference.

What if my school is not willing to provide an official transcript?

You can mail a notarised copy of your transcript to IMA. Please note that faxed or emailed documents are not acceptable as the documents must be originals with the raised seal of the college or university or the notary.

2. Is Your Bachelor Degree a 3-Year or 4-Year Program?

IMA accepts bachelor degree that runs a minimum of 3 years. If you graduated from a 2-year program, please check with IMA directly and see if there are exemptions. I understand that 2-year programs are prevalent in some parts of the world.

3. Are You an Active Student or Have Your Graduated?

Students may sit for the exam before they complete their degree, provided they’re registered for at least 6 credits per semester during the academic year.

4. What if I Don’t Have a Bachelor Degree?

(a) ACCA full member

If you are a full member, you are automatically qualified under the mutual agreement between http://ipassthecmaexam.com/acca-exemptions-from-cma/MA and ACCA. In other words, it is okay for you not to have a bachelor degree.

You can mail your ACCA qualified membership confirmation to:

ICMA
10 Paragon Drive, Suite 1
Montvale, NJ 07645
USA

(b) Holder of other professional qualifications

The latest version of the CMA handbook includes a list of approved certifications that can either waive the bachelor degree, or be counted as partial credits. Major ones include:

  • CFA
  • CIA
  • CA (UK, India and Pakistan)
  • CIMA
  • CPA (Canada)

(c) Other candidates

If you are serious about taking the CMA exam, you may write to IMA for a possible exemption. IMA states that exemptions may be considered in their CMA Handbook.

You may want to explain the reason of not getting a bachelor degree (e.g. it is not common in your home country) and how your experience, local certifications or other credentials can be seen as equivalent to that.

US CMA | CMA USA Plan to Complete Certification Requirements

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CMA Exam Requirements on Experience

You don’t need to fulfill the experience requirements in order to sit for the exam. However, this is necessary for the certification.

To ensure that you can complete all requirements and hold yourself out as a Certified Management Accountant, I encourage that you check out the experience requirements sooner rather than later.

US CMA | CMA USA Plan to Complete Certification Requirements

CMA Experience Requirements: 3 Tests to Check Eligibility

Many of you have questions on the CMA experience requirements, and whether your own job is deemed eligible for the certification.

I will start by highlighting the official guidance from IMA, followed by stories and anecdotes shared by readers. I will also list out different ways for you to confirm with IMA before the application process.

3 Tests on CMA Experience Requirements

The standard requirement is 2 consecutive years of relevant experience.

Test 1: Is Your Work Relevant?

Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. Such employment includes:

  • Preparation of financial statements
  • Financial planning and analysis
  • Monthly, quarterly and year end close
  • Auditing (external or internal)
  • Budget preparation and reporting
  • Manage general ledger and balance sheets
  • Forecasting
  • Company investment decision making
  • Costing analysis
  • Risk evaluation

As you can see, the definition is quite broad.

It can be in the capacity of external/internal audit or financial analysis in a corporation. As long as you are dealing with analyzing the financial statement and its impact on the company, or analysis and reporting that will help in the management and decision making of investments, your experience can be counted.

Test 2: Does Your Work Involve Analysis?

If you are working on repetitive tasks such as preparing and uploading journal entries, I don’t think this is considered as it does not involve analysis.

Also, if it is not accounting related, such as sales, marketing, HR and clerical work, it can’t be counted either.

Test 3: Are You a Permanent Hire?

Whether you are considered a permanent employee in your company is important in the eyes of IMA as well. For example, internships and trainee programs are not considered, and experience has to be two consecutive years.

Part-time is okay as long as it is at least 20 hours per week. Two years of part-time work is equivalent to one year of full time.

Is IMA Strict in Approving CMA Experience Requirements?

From sharing of readers, I find the IMA among the most flexible administrator in terms of approving work experience requirements.

First, the definition of relevance is broad. Other niche accounting qualifications such as Certified Internal Auditors (CIA) and Certified Information System Analysts (CISA) require applicants to accumulate work in internal audit and IT auditor specifically.

Second, there isn’t a restriction as to what you need to do within your role in the organization. In comparison, for the CFA work experience requirements state that one must spend 50% of work in investment decision making.

Third, there is little restriction on the verifier. This person’s background is not considered as long as he or she is your supervisor. In comparison, for the CPA licensing, most state board requires that the verifier to be your supervisor AND an active CPA licensee.

Special Cases

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The IMA is even quite flexible in handling special cases. For example, I have a reader who has been running her company for 16 years. She sent in her job description and IMA approved her experience as relevant.

I encourage that you check with the IMA directly if you aren’t sure whether your experience can be counted.

More Questions on CMA Experience Requirements?

There is a work verification form you have to fill out and email to IMA.

You can also email them at ima[@]imanet.org, or call at 800-638-4427 and ask to speak to the exam certification assistant and she can help you with any info you need.

Common Questions on Experience

a) Is there a “deadline” when I need to fulfill the experience? How about experience gained before the exam?

This requirement may be completed prior to or within seven years after completing the examination. There is no such limitation on experience gained before the exam. Teaching experience can be counted as well.

b) Is part-time work counted?

For part-timers (minimum 20 hours per week), each 2 years of part-time experience can be used to substitute for 1 year of full-time experience.

c) How about internships and trainee programs?

I am afraid they cannot be counted.

d) I work in an accounting firm but have a supporting / administrative role. Can it be counted?

Non-technical positions in sales & marketing, IT, HR and administration is not be considered relevant. If you have multiple roles, e.g. a manager with both administrative and also technical job responsibilities, focus on your technical side in your work verification form.

US CMA | CMA USA Plan to Complete Certification Requirements

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