Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. The CMA is a U.S.-based, globally recognized certification offered by the Institute of Management Accountants.
CMA-certified professionals work inside organizations of all sizes, industries, and types, including manufacturing and services, public and private enterprises, not-for-profit organizations, academic institutions, Government entities (USA), and multinational corporations worldwide. CMA has better Career in Management Accounting Globally than Cost Accountants.
To date, more than 70,000 CMAs have been certified in more than 140 countries. To obtain certification, candidates must pass two parts of a rigorous exam, meet an educational requirement, 2 years’ experience requirement, and demonstrate a commitment to continuous learning through continuing professional education (CPE).
US CMA gives you everything you need to know by covering 12 competencies in its two parts exams:
Part 1: Financial Planning, Performance, and Analytics
- External Financial Reporting Decisions 15%
- Planning, Budgeting, and Forecasting 20%
- Performance Management 20%
- Cost Management 15%
- Internal Controls 15%
- Technology and Analytics 15%
Part 2: Strategic Financial Management
- Financial Statement Analysis 20%
- Corporate Finance 20%
- Decision Analysis 25%
- Risk Management 10%
- Investment Decisions 10%
- Professional Ethics 15%
The US CMA Exam
The exam is arranged into two four-hour parts, covering twelve competencies listed above. Each exam consists of multiple choice 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.
Education and Experience Requirements
In addition to successfully passing the exams, CMA candidates must fulfil following education and experience requirements in order to be certified:
1. Bachelor’s degree from an accredited college or university
2. Two continuous years of professional experience employing the principles of management accounting and financial management including:
- Preparation of financial statements
- Financial planning & analysis
- Monthly, quarterly, and year end close
- Auditing (external or internal)
- Budget preparation & reporting
- Manage general ledger and balance sheets
- Company investment decision making
- Costing analysis
- Risk evaluation
3. For certified CMAs, 30 hours of CPE credits, including two hours of ethics, and annual IMA Membership are required to maintain active status.
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Who may join study?
- Intermediate and A Level (any discipline)
- HEC recognised university graduates and post-graduate (any discipline)
- Qualified and/ or Part-qualified Professionals
IMA Fee Structure (Payable to IMA)
|IMA Membership Fee||$235/-||$145/-||$39/-|
|CMA Entrance Fee||$250/-||$188/-||$188/-|
|Part 1 Exam Registration||$415/-||$311/-||$311/-|
|Part 2 Exam Registration||$415/-||$311/-||$311/-|
Becker Comprehensive Study Package Cost
|LSAF Registration Fee (One Time)||RS. 5,000/-|
|Part 1 Study Package & Coaching Fee||RS. 38,000/-|
|Part 2 Study Package & Coaching Fee||RS. 38,000/-|
US CMA qualified graduates are eligible for number of exemptions in various professional bodies programs. Some of them which are relevant to Pakistan are as follows: