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Final Step to Becoming CMA USA Certified

Final Step to Becoming CMA USA Certified

Final Step to Becoming CMA USA Certified : All the Steps for Becoming CMA Certified:

Obtain a bachelor’s degree in accounting, finance or economics. The Institute of Management Accountants (IMA) dictates the requirements for CMAs. The website is http://www.imanet.org. Make sure your program of study includes an emphasis on business studies, such business law, management, marketing and taxation.[

Get your necessary work experience. The CMA designation requires 2 years of continuous work experience. Your work needs to be in a CMA-related field. These jobs include accounting, auditing, financial analysis or budgeting.

Apply for membership in the Institute of Management Accountants. The annual membership cost will vary, based on your status as a student or as an employee working in the field. Membership in this professional organization gives you access to exam preparation, employment boards and continuing education courses.

Go over the structure of the CMA exam parts. The CMA requires you to pass two exam parts. Each part has a multiple-choice section and an essay portion. Consider taking a CMA exam prep course through your university or the Institute of Management Accountants. The IMA recommends that you dedicate at least 2 months of study to this exam.

Complete the registration to take your CMA exam. You should review the CMA Handbook to verify that you meet all of the requirements. The handbook is on the website. You will need to take at least one part within the first year of purchasing the CMA exam.

Review you exam results. The multiple-choice section of each part can be graded quickly. The essay portion, however, takes longer to grade. Exam reviewers who work or teach in the field manually grade your essay questions.

Find out exactly what types of jobs and industries need CMAs. Management accounting focuses on internal company decision-making. When a company needs to decide whether to manufacture a component part or outsource the work, they are making a management decision.

Create an effective resume. Think carefully about the work you performed to meet the CMA exam requirement. Also, take into account the exam topics that were the most interesting for you. Keep those ideas in mind as you create your resume.

Use several types of resources to look for a job. Start by networking with people that you know. From there, expand the process by searching the Internet for jobs that may fit your education and experience.

The Certified Management Accountant Exam

The Certified Management Accountant Exam is a two part exam that must be passed as a prerequisite to earning the CMA designation. Prior to 2010, the CMA exam was organized into four parts: Business Analysis, Management Accounting and Reporting, Strategic Management. Since 2010, the exam has been condensed into two four-hour parts, covering largely the same material as the former four part exam with added emphasis on financial planning, analysis, control, and decision support. The CMA exams are given during three testing window periods: January/February, May/June and September/October at Prometric centers. Each exam consists of descriptive questions and two 30-minute essay questions. Candidates are given 3 hours to complete the multiple choice section and one hour to complete the essays. Candidates must show their work for the essay questions in order to receive credit. Parts 1 and 2 of the CMA exam are scored on a scale of 0-500 with a candidate’s raw score converted to a uniform scaled score against all exam candidates. On this scale, a score of 360 represents the minimum passing scaled score. Candidates are given three years from registering to pass both parts of the exam.

Exam Content

Part 1 – Financial Reporting, Planning, Performance, and Control

  • External financial reporting decisions (15%)
  • Planning, budgeting and forecasting (30%)
  • Performance management (20%)
  • Cost management (20%)
  • Internal controls (15%)

Part 2 – Financial Decision Making

  • Financial statement analysis (25%)
  • Corporate finance (20%)
  • Decision analysis (20%)
  • Risk management (10%)
  • Investment decisions (15%)
  • Professional ethics (10%)

Final Step to Becoming CMA USA Certified

Final Step to Becoming CMA USA Certified : The requirements for earning the CMA certificate are as follows:

  • The candidate should have completed a bachelor’s degree course or earned a professional certification from a recognized college/ university/Institute
  • A work experience of at least 2 years in accounting, finance, or any of the related areas
  • Candidates must have successfully completed parts one and two of the CMA exam is held by IMA.

A CMA certification opens the possibilities for having a highly rewarding career in various companies. CMAs are experts in various finance and accounts related areas, and are highly skilled in practical applications as well. Hence, there is a demand for CMAs in a large number of companies. They also grow rapidly, both in terms of position as well as salary. A recent survey by IMA showed that the CMA’s in the USA draw up to 61% more salary than their non-CMA counterparts. Thus, by investing your time, money, and energy in completing the CMA course today, you will reap rich dividends for a lifetime.

Final Step to Becoming CMA USA Certified

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