Friday, 1 June 2012

A Beginner’s Guide on Becoming a CMA

This article is intended to professionals who would like to improve their career with a CMA certification.

If you would like to know what a CMA (Certified Management Accountant) is all about and the benefits of becoming a CMA, please click on the corresponding links.
How To Become A CMA
There are 6 steps to tackle to become a CMA in the US:
1.    Become member of IMA
2.    Pay entrance fee
3.    Fulfill the educational requirements
4.    Satisfy the experience requirements
5.    Take the CMA exam
6.    Comply with the IMA’s ethical practice
1. IMA Membership
This is very easy — just complete an application form and pay the membership fee to resolve the course.
The normal membership fee is $250 but if you are a student, a “young professional” (i.e. before you 33rd birthday) or work in the university in the related subject, you can get a absolute deduction.
2. Entrance Fee
Once you are ready to enroll the CMA program (i.e. to get the CMA qualification), you can pay the admission fee.
Please note that from now on you will have to note the following deadline:
§  must take the CMA exam within 12 months
§  must complete the CMA program within 3 years
Otherwise you will have to pay the entrance fees.
3. CMA Educational Requirements
Not like CPA exam, pretty much any person with a bachelor degree anywhere around the world can take the CMA exam. Your degree is recognized as long as your school / university is on this list.
In the event that your school is not listed, you can still get your record evaluated by one of the credential evaluation agencies under the membership of NACES or AICE and send an official transcript (in English) to IMA (the CMA exam administrator) for reference.
4. CMA Working Experience Requirements
§  The candidate must have two continuous years of professional experience in management accounting or financial management.
§  The requirement can be finished prior to or within 7 years of passing the exam.
§  Teaching experience can be counted as long as the courses are related to accounting or corporate financial management above introductory level.
§  Part-time (defined as 20 hours per week) can be counted at a rate of 1 year of full-time for every 2 years of part-time employment.

Definition of Relevant Work Experience

The nature of work can include the following:
§  Financial analysis
§  Budget preparation
§  Management information systems analysis
§  Financial management
§  Management accounting
§  Auditing in Government, Corporation and Public Accounting
§  Management consulting
§  Research, teaching and consulting in related field

Please note the internships, trainee programs as well as non-technical positions in sales & marketing, IT, HR and administration will not be measured as important.
5. The CMA Exam
The examination itself consists of 2 parts:
§  Financial Planning, Performance and Control – 4 hours
§  Financial Decision Making – 4 hours

For information of the content and format of the exam, please refer to this page onCMA entrance exam.

You can sign up the exam online of by phone with credit card information. You can also choose to register by mailing or faxing the registration form. The examination fee (which is different from the entrance fee) is $350 for each part but if you are taking the two parts in the same testing window, it would be $300 per part.
Candidates can take the exam in any prometric centers in US and around the world. For US, the center is open every weekday during the following testing window.
§  January and February
§  May and June
§  September and October
You can normally  call off an appointment within 72 hours. A refund (minus $25 administrative fee) is available within 30 days of registration.
6. Compliance Of Ethical Standard
After completing the two parts of the CMA exam, applicants  will be required to take 30 hours of CPE (continuing professional education), 2 of which has to be in the area of Ethics.

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