Certified Management Accountant or CMA is a certification course where graduates specialise in management and executive-level duties. Certified Management Accountants also analyse budgets and help companies make informed strategic business decisions. Some of the job roles that the graduates can start with include Chairman cum Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, and Marketing Manager.
About Certified Management Accountant
A Certified Management Accountant is a professional certification credential in the management accounting and financial management fields. Certified Management Accountant certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics.
There are primarily only three bodies that provides Certified Management Accountant certification. These three are:
- Institute of Management Accountants USA;
- Institute of Certified Management Accountants (Australia)
- Certified Management Accountants of Canada.
Table of Contents
- Certified Management Accountant Eligibility Criteria
- Who Should Do Certified Management Accountant?
- Certified Management Accountant Admission Process
- Certified Management Accountant Exams
- Top Certified Management Accountant Colleges
- Study Certified Management Accountant Abroad
- Certified Management Accountant Fees Structure
- Certified Management Accountant Syllabus and Subjects
- Why Choose a Certified Management Accountant Course?
- Certified Management Accountant Course Comparison
- Scope of Higher Education for Certified Management Accountant Course
- Preparation Tips for Certified Management Accountant Course
- Salary of a Certified Management Accountant Graduate
- Career Options after Certified Management Accountant
- Skills to Excel
Eligibility Criteria for Certified Management Accountant
Aspiring Certified Management Accountants should hold either a bachelor's degree from an accredited college or an IMA-approved professional certification as part of the Certified Management Accountant eligibility. An independent agency must evaluate any non-accredited degrees. For Certified Management Accountant course admission, the students need to know the eligibility criteria and all the Certified Management Accountant course details.
Certified Management Accountant candidates with bachelor's degrees should have their schools email official transcripts directly to IMA. Those who completed professional certifications may ask their certifying organisations to email official letters to IMA. Prospective enrollees must verify their education within seven years of taking the CMA exam.
Who Should Pursue a Certified Management Accountant Course?
The Certified Management Accountant is ideal for those who would like to pursue a career in the finance and accounting field. Aspirants can choose from a variety of specialisations in Certified Management Accountant courses, based on their interests.
When To Do Certified Management Accountant Course?
Students who have completed a Bachelor's degree from an accredited college or university can apply for the Certified Management Accountant course and exam. Two Years of professional experience in Management Accountant or Financial Management.
How To Get Admission for Certified Management Accountant Course?
Check out the online admission process for the Certified Management Accountant course in the points below.
- Register on the official website of the IMA (Institute of Management Accounting) first.
- Apply for the Certified Management Accountant entrance exams, fill out the application form, upload the necessary documents, and complete the process by paying the application fees.
- Upon receiving the registration confirmation, you receive the authorization numbers, testing windows and information bulletin.
- At www.prometrric.com/ICMA, the exam appointment with Prometric can be scheduled.
Certified Management Accountant Exam
There are two parts of the US CMA course, hence there are two exams of the respective parts. Both exams consist of 75% of objective questions, i.e., MCQs, and 25% of subjective questions i.e., essay-type questions. Students must ensure that they are aware of the certified management accountant exam syllabus.
Listed below is the general syllabus that is asked in the CMA exam:
Part 1: Financial Planning, Performance, and Analytics
- 15% External Financial Reporting Decisions
- 20% Planning, Budgeting, and Forecasting
- 20% Performance Management
- 15% Cost Management
- 15% Internal Controls
- 15% Technology and Analytics
Part 2: Strategic Financial Management
- 20%Financial Statement Analysis
- 20% Corporate Finance
- 25% Decision Analysis
- 10% Risk Management
- 10% Investment Decisions
- 15% Professional Ethics
Read More: CMA Exam
Top Certified Management Accountant Colleges in India
Below is the list of the best Certified Management Accountant coaching institutes in the country:
Name of the College
Average Fees (INR)
Chanakya Business School
Sri Medha Junior College
Jivkaran Institute of Business Administration
Gandhi Shanti Niketan Maha Vidyalaya
Annapurna Memorial Modern Degree College
Study Certified Management Accountant Abroad
The Certified Management Accountant In India is not the only option that students have. They can also obtain their certifications from abroad. They would be required to study online or distance learning, and give the required exam. The aspirants can pursue Certified Management Accountant Australia, or Certified Management Accountant UK or USA, depending on their preference.
USA CMA Courses
USA is one of the greatest nations for providing a Certified Management Accountant certification of the highest calibre. Numerous advantages come with having a Certified Management Accountant degree from the USA, including professional opportunities, a global credential, global recognition, access to an elite network of CPAs and CMAs, etc.
Candidates can also learn more about numerous management principles that are important for business professionals to understand, as well as finance, management accounting, and business economics. The length of the US Certified Management Accountant programmes varies from six months to three years. The IMA regulations state that candidates must pass the CMA exams three years after registering.
The Association of Accountants and Financial Professionals in Business, the IMA, is a dedicated institute that aims for excellence within the profession of management accounting. Students can give the official certificate exam through them.
Fee Structure for Certified Management Accountant
The Certified Management Accountant course duration can take up to a year for the students to obtain the certification. The Certified Management Accountant qualifications are not chief to obtain, owing to the prestigious nature of the certificate. When applying for the Certified Management Accountant admission, it is recommended that the students research the fee structure to ensure that they have the financial aid they need to complete the entire certification.
Given below are the Certified Management Accountant course fees for different scenarios:
CMA Membership Fees
Total Fee Structure
Given below are CMA entrance fees:
CMA Entrance Fees
Total Fee Structure
Given below are CMA exam fees:
CMA Examination Fees
Total Fee Structure
USD 415 per part
USD 311 per part
Syllabus and Subjects for Certified Management Accountant
The 12 subjects in the US Certified Management Accountant course syllabus are split into Parts 1 and 2. Students have between 6 and 18 months to finish the two portions of the Certified Management Accountant course. Three years is the longest CMA may last. Each year, 4000 Certified Management Accountants receive certificates with a 50% global pass rate.
Certified Management Accountant syllabus consists of subjects like:
- Financial Reporting
- Internal Controls
- Financial Statement Analysis
- Risk Management
- Marginal Costing
- Corporate Finance
- Capital Budgeting
Read More: Certified Management Accountant Syllabus and Subjects
Why Choose a Certified Management Accountant Course?
When students decide to pursue the Certified Management Accountant qualification, they should research Certified Management Accountant course details to ensure that they know the course they are enrolled in. Some of the common queries that students encounter are, "What is Certified Management Accountant" and "Why Certified Management Accountant?". To understand the answer to these questions, we can make it simpler by breaking it down into the following three short questions:
What is Certified Management Accountant All About?
CMA full form is Certified Management Accounting. It is a certificate course provided by the Institute of Management Accountants or IMA in the USA. The Certified Management Accounting course helps to specialise in Management and Executive level duties.
What Does a Certified Management Accountant Graduate Do?
Depending on their interest in employment opportunities in a particular field, students can choose the subjects of their choice. Bachelor of Arts degree holders can get employment in a variety of sectors because they are skilled in a variety of subjects. Additionally, this profession is particularly dynamic and diverse because of the wide range of responsibilities that graduates must take on.
Accountant: One of the popular roles undertaken by graduates of the Certified Management Accountant course is Accountant. For their department or organisation as a whole, accountants compile, examine, confirm, and produce financial records.
Reasons Why Certified Management Accountant Can Fetch You a Rewarding Career?
The Certified Management Accountant programme is an engaging and thought-provoking area of study. Since Certified Management Accountant offers more employment options than any other programme, students can evaluate its intrinsic value. As a result, the employment scope for a Certified Management Accountant is constantly expanding and enticing.
Rewarding Salary: Graduates can expect a very rewarding and promising salary post-completion of Certified Management Accountants. This is due to the demand and relevance of the course. There is a diverse range of job roles available for the graduates of this course.
Read More: Certified Management Accountant Jobs and Scope
Certified Management Accountant Course Comparison
Certified Management Accountant is typically catered to students interested in and inclined towards finance and statistics. Below is a comparison of the Certified Management Accountant course with other courses:
Certified Management Accountant vs Cost Management Accountant
The table below showcases the differences between Certified Management Accountant and Cost Management Accountant:
Certified Management Accountant
Cost Management Accountant
1 - 3 years
Bachelor’s degree with minimum 50% marks
Bachelor’s degree with minimum 50% marks
INR 5 - 10 Lakhs
INR 5 Lakhs
Certified Management Accountant Vs CPA
The table below showcases the differences between Certified Management Accountant and CPA:
Certified Management Accountant
Certified Public Accountant
1 - 3 years
Bachelor’s degree with minimum 50% marks
Bachelor’s degree with minimum 50% marks
INR 5-10 Lakhs
INR 5 Lakhs
Preparation Tips for Certified Management Accountant Course
When selecting whether to pursue a Certified Management Accountant degree, students should consider a number of important considerations. The following list of crucial study recommendations will help students successfully complete the course and the tests.
Gain Experience: Gaining experience through internships or open-day events can help students build their resumes while gauging an idea regarding the industry and what to expect in the future. This will also help them understand how they should implement their learnings in the workplace.
Have Intrinsic Knowledge and Interest in Subjects: The student will remain motivated to learn more than what is on the syllabus if they have intrinsic knowledge about the subject and have the same interest.
Revise Methodically: To perform well on the final exam, periodic review is advised. Continue to revise frequently and comprehend the material completely. The secret to getting good grades is revision.
Scope of Certified Management Accountant For Higher Education
Under Certified Management Accountant, students can study a wide range of specialisations. After earning a degree in Certified Management Accountant, graduate students have access to a wide range of advanced study options that might aid in their comprehension of the subject. Additionally, if students are interested in pursuing a career in research, further education can assist them. Some of the well-liked higher education options for students are listed below:
Salary of a Certified Management Accountant Graduate
The Certified Management Accountant salary for the graduates can differ according to the specialisation that the aspirants decide to pursue. Other factors that can affect Certified Management Accountant Salary in India include experience, geography, and the industry they are working in.
Graduates can increase their salary by doing internships and work placements as it would add to their experiences. The average Certified Management Accountant job salary for graduates is around INR 6-15- LPA [Source: PayScale].
Read More: Certified Management Accountant Salary
Career Options After Certified Management Accountant Graduation
Students who want to work in finance and statistics can choose from a wide variety of positions. Depending on the specialisation one has chosen, the employment roles will vary. Graduates with certification in management accounting have many work options with competitive pay in the following industries:
- Accountant Firms
- Business Law
- Business Process Outsourcing Units
- International Relations
- Social Work
Skills That Make You The Best Certified Management Accountant Graduate
Graduates of the Certified Management Accountant programme must possess a variety of complex and soft skills in order to excel in their employment. Students may not always be able to learn these abilities in a traditional classroom setting. Instead, these are abilities that can only be discovered via practice.
Therefore, students should always put in the effort to go out of their comfort zone and gain as much experience as possible. Some of these skills include:
- Quantitative Skills
- Logical Thinking
- Analytical Skills
- The Ability to Work Under Pressure
- Interpersonal Skills
The CMA exam score is a scaled score between 0-500, 500 being a perfect score and 360 being the minimum passing score. Parts 1 and 2 of the CMA exam are split between multiple-choice questions (MCQs) and essay questions.What is cost and management accountant CMA course? ›
CMA qualification signifies that the person possesses expert knowledge in the areas of financial management, Taxation, Corporate Laws and Financial Reporting. CMA as a professional offer to perform services involving but not limited to the areas of costing, strategic planning and decision making.Is passing CMA easy? ›
The CMA exam is very difficult and it will test your intellectual limits. The industry average CMA pass rate for both sections is only 45%, meaning less than half of the people taking the test will pass. The CMA exam is notorious for its rigor and difficulty, and if you want to pass, you need to prepare.How can I pass my CMA in 3 months? ›
Stay focused and study in concentrated 3-hour time intervals. Take a 1-hour break every three hours. Be sure to exercise – a healthy body is a healthy mind when it comes to these exams. Studying for three months, one hour a day is less effective than studying for one month at three hours a day from my experience.Is passing CMA exam hard? ›
The CMA exam sets the bar for mastery of these concepts high. As a result, the worldwide average pass rates for each part are fairly low, averaging only 43%. With pass rates rarely rising above 50%, the CMA exam has a reputation for being pretty tricky, and several specific factors contribute to its difficulty.What is CMA salary India? ›
An Entry Level CMA with less than three years of experience earns an average salary of ₹8.9 Lakhs per year. A mid-career CMA with 4-9 years of experience earns an average salary of ₹20.7 Lakhs per year, while an experienced CMA with 10-20 years of experience earns an average salary of ₹5.7 Lakhs per year.Can I complete CMA in 2 years? ›
Depending on your personal and professional obligations, you can adjust this amount of time to fit your schedule. On average, based on our twenty years of experience, students usually study for each Part of the CMA exam for 5 - 8 months, and pass both Parts of the exam in about a year.Is CMA a full time course? ›
The CMA course duration is flexible. This means that the time taken to complete the CMA programme depends on a candidate's level of focus and dedication. Usually in India, students take at least 3-4 years to complete the course.Is CMA easy or CA? ›
Stages of Certification
US CMA course stands easier than CA because the chapters are easy to apprehend. Furthermore, US CMA is a single level certification process having a 2 part exam while the CA course is a multilevel process having Foundation, Intermediate, Final and Internship respectively.
The answer is yes – you can self-study for the CMA exam. This article will outline the steps required to self-study for the CMA exam and provide tips for success.
You should plan for about 150-170 hours of studying per part; 300 hours of studying in total. You can explore study material options.How do I pass CMA in first attempt? ›
- Learn Your Study Style. ...
- Don't Just Buy a Review Course – Use It. ...
- Give Your Brain a Break. ...
- Get a Study Buddy. ...
- Simulate the Exam Experience. ...
- Make the Multiple Choice Section Work For You. ...
- Dominate the Essay Section. ...
- Focus on Your Health.
Yes! You can. You might have asked this question multiple times and got different versions of answers from various resources. Here are few factors to keep in mind before going forward whether to do a self-study or assisted learning.Can I complete CMA with job? ›
All you need is effective time management skills, an organized routine, and a step-by-step CMA exam prep course to see through the exam without sacrificing your day job. Once you decide how long to study for the CMA exam, you can implement a plan to make the most of your study time.Can I clear CMA in 2 months? ›
For CMA Inter preparation we need atleast 3 months.What if I fail in CMA? ›
If you fail the CMA Foundation Exam and are attempting it again you must register for the exam and pay the exam fee again. As long as you retake the exam within the 3 year period, you don't have to pay the program entrance fee again. You only need to retake the exam part that was not cleared.How many times can you fail CMA? ›
If the candidate does not pass the exam after three (3) attempts, the candidate is no longer eligible for the CMA (AAMA) credential unless verification (an official transcript) is provided that the candidate enrolled in the same or another accredited medical assisting program again and completed all requirements for ...Is CMA better than CA? ›
The average salary of a Chartered Accountant in India is 8,06,154 INR pa while a Certified Management Accountant makes 5,50,000 INR average income pa. Thus, we can conclude that a CA earns more than a CMA. However, the salary also depends upon your experience and the organization you're working for.Is CMA is a government job? ›
CMA professionals are eligible for the Indian Cost Accounts Service/Job. Various Ministries of Government of India have authorized CMA professionals in practice for certifying various returns and to issue Compliance Certificate as per their formats.Is CMA good for future? ›
Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors' enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal ...
- Financial Analyst.
- Management Accountant.
- Senior Accountant.
- Cost Accountant.
- Financial Risk Manager.
- Corporate Controller.
- Chief Financial Officer (CFO)
It is under the ownership of Ministry of Corporate Affairs of the Government of India.Can I do CMA with BCOM? ›
B.Com with CMA enables the students to obtain the professional accounting qualification of The Certified Management Accountant (CMA) which is the highest level of certification in management accounting awarded by the Institute of Management Accountants (IMA), USA.How long is CMA exam? ›
How much time do I have to take the CMA Exam? There are three hours to answer multiple-choice CMA Exam questions and one hour to complete the essays, totaling four hours for each part of the exam.Is CMA a good career choice? ›
For Many, CMA Skills Are More Practical
Again, it all depends on what career path you want to take but the skills learned from becoming a Certified Management Accountant are often touted as the best in the industry for the day-to-day tasks you will have as an accountant.
Yes, any student can do US CMA after clearing their 12th class exams, and while doing graduation as well. It is just a 6 to 8 months professional certification which is also globally recognized.Can we do CMA part time? ›
In order to fulfill the experience requirement, you'll need two years of experience in management accounting and/or financial management. You must hold a professional full-time position. Alternatively, you can work part-time at 20 hours per week for 4 consecutive years in the same field.Is CMA better than MBA? ›
IMA's 2021 Global salary survey on CMA
The latest Global Salary Survey 2021, from IMA (Institute of Management Accountants) revealed that a median salary of a CMA professional is above 58% higher than non-CMAs and MBA.
The complete duration of CMA course is a minimum of 3-4 years. A Chartered Accountant just after passing out can receive an average salary of around 6-7 lakhs. Whereas, candidates who have passed CA exams in their first attempt can receive up to 10-12 lakhs. Salary of Rank holders can go above 25 lakhs.Are CMA in demand? ›
CMA jobs in India and abroad are in high demand, and graduates have a wide range of options to choose from. Some CMA graduates can go into management, accounting, finance, research, and other fields.
And Is the CMA exam online? By reducing administration and education-related issues, the examination happens periodically along with the desired mode of online or offline examination.Can I write CMA exam online? ›
CMA® (Certified Management Accountant) and CSCA® (Certified in Strategy and Competitive Analysis) candidates have the option of taking their exams either in-person at a Prometric Test Center, or remotely using Prometric's ProProctor™ service.Can I study CMA online? ›
This is an online self-study course that will help you learn financial planning, strategic financial management, external financial reporting decisions, etc. After this course, you will have knowledge of risk management, cost management, decision analysis, etc.
- Use a CMA Exam prep course. Using the best CMA Exam prep will make your CMA study journey much easier and increase your chances of passing on your first attempt. ...
- Decide which part you're taking first. ...
- Build a realistic study plan. ...
- Create a productive study environment.
- Stick to your study schedule. ...
- Review material after you've “completed” it. ...
- Reward yourself as you complete benchmarks. ...
- Practice using exam-emulating software. ...
- Take short breaks during your study sessions.
CMA Program Fees:
CMA Entrance Fee (nonrefundable) $280* Exam Fee $460 per part.
CMA Exam Format
Each exam part includes 100 multiple-choice questions and a CMA exam essay part.
CMA Exam Part 2 Difficulty: More Subtle
Although there are many formulas (mainly ratios) in Part 2, the material focuses more on analyzing the results instead of just calculating them. Therefore, studying the book would be less time-consuming, but the questions would not be as straightforward as those in Part 1.
CMA (Certified Management Accountancy)
As a commerce student, you are eligible to pursue this role. Like CA, it doesn't require you to have maths as a compulsory subject in the 12th standard. You'll need working knowledge of mathematics and expertise in accounting to pursue a career in this sector.
No, there is no age limit for any of the CMA exams set by the Institute of Cost Accountants of India.
ICAI had to reschedule the CMA June 2022 exams for Intermediate and Final courses. For the sole purpose of the hassle-free examination process, ICAI will conduct the CMA 2022 December exams as an offline centre-based test.Can CMA work in bank? ›
A CMA is eligible to appear in all central Govt Services like UPSC, BANK recruitment Board, Railway Recruitment Board, All Group-I and Group-II services in any state and Union Territory, ICoAs(Indian Cost Accounts Service) Which is equivalent to IAS,IRS, etc.Which CMA has highest salary? ›
- chief financial officer - ₹40lakhs per year.
- financial controller - ₹33lakhs per year.
- dgm - ₹29lakhs per year.
- general manager - ₹28lakhs per year.
- finance controller - ₹27lakhs per year.
Part 1 or Part 2 examination of CMA USA can be taken in any order but you will only be qualified for the next one if you clear the first examination. The registration for an exam is valid only for one exam window, hence, you have to register again if you wish to appear again for the examination.Does marks matter in CMA? ›
No, 12th marks do not matter in CMA as you will not be regarded with any points. But yes, a minimum of 60% is necessary to give the CMA exam.Can I study for CMA in 2 months? ›
Both HOCK and the ICMA recommend about 150 hours of study per Part. We suggest that you target to study 8-10 hours per week to prepare for the exam in four months.Can I clear CMA with job? ›
All you need is effective time management skills, an organized routine, and a step-by-step CMA exam prep course to see through the exam without sacrificing your day job. Once you decide how long to study for the CMA exam, you can implement a plan to make the most of your study time.Can I pass CMA with self study? ›
But can you earn the CMA without attending a traditional accredited program? The answer is yes – you can self-study for the CMA exam. This article will outline the steps required to self-study for the CMA exam and provide tips for success.Is CMA an MCQ exam? ›
CMA Exam Format
Each exam part includes 100 multiple-choice questions and a CMA exam essay part. Candidates are given two essay scenarios with 4 to 6 questions in each essay scenario, but to make it to the essay section, they must first get at least 50% on the MCQ portion. All CMA test questions are computer-based.