CMA full form is Certified Management Accountant, and if you are planning to pursue a course to become a CMA, you are indeed making theright choice. This field is related to management accounting, and many people are interested in the field because of prospects. If you plan to pursue a CMA course, you need to have all the information before you enrol for any course. We received many queries from the students who wanted information about CMA courses, and hence we compiled this article. In this article, we have listed all the possible information about the CMA course so that you can make the right decision.
You should note that to become a CMA, you need to complete the CMA certification. There are two parts to the CMA exam. You can only become a CMA after you have completed your graduation. Fresher and undergraduates are not eligible for this accounting course. Let us start by talking about the eligibility criteria, and then we will talk about other details of the course.
Eligibility for CMA Certification
In this section, we have listed the detailed eligibility criteria for the CMA course. Check out the points below
- You should have completed 10+2, and you should have scored at least 50% marks.
- You should have completed your graduation from a recognised university or a college in the relevant field.
- You should also have two years of work experience in the relevant field. At the time of registration, the experience is verified.
- If you meet these criteria, then you can apply for membership inthe IMA course, and it will make you eligible for appearing in the exam.
- There are two parts of the CMA exam, and you would need to clear both parts to get the certification. We will talk more about the exam pattern in the later sections on this page.
Exam Pattern for CMA Certification
In the last section, we mentioned the CMA exam. We also mentioned that there are two parts of the CMA exam, and you would need to clear both these parts. If you are willing to appear for the CMA exam,you should understand the exam pattern. The information about the pattern and the syllabus is listed in this section.
Each part of the CMA exam is for four hours, and the syllabus of these two parts have been listed below. You get proper study material once you register with IMA, and the study material provided to you covers all the topics. Each exam has 100 questions, and we have also given the estimated weightage below. You can check out the high-level syllabus for CMA exams below
CMA Exam – Part I Syllabus
Below are the topics that are a part of the CMA Part I exam. All these subjects are related to the accounts. For example, the performance management subject listed below is about the organisation’s financial performance. You are taught to manage the balance sheet, PL statement, and Income statement of the organisation.
- Cost Management (20%)
- External Financial Reporting Decisions(15%)
- Internal Controls (15%)
- Performance Management (20%)
- Planning, Budgeting & Forecasting Techniques (30%)
CMA Exam – Part II Syllabus
You have already learned about the part I subjects of the CMA exam. You can now check out the topics in part II. Remember that all these subjects are also directly related to the accounts except for professional ethics. Under professional ethics, you are taught about the code of conduct and ethical accounting practice. You are also taught how to steer clear of the manipulation of the accounts. Check out the subjects now.
- Corporate Finance (20%)
- Decision Analysis (20%)
- Financial Statement Analysis (25%)
- Investment Decisions (15%)
- Professional Ethics (10%)
- Risk Management (10%)
Registration Process for CMA
In this section, we have listed information about the registration for the CMA. We have also listed the fee structure below
- If you meet the eligibility criteria, then you can go ahead and register on the IMA website. There is a fee to become a member of IMA, and you can pay the same. The students would have to pay a lot less when compared to the professionals.
- Once you have registered on the IMA portal, you can go ahead and register for the exam. You would need to pay the fee for the same, and the fee would be valid for three years. In this duration, you need to schedule both your exams and clear them. You get only one attempt to clear the exam, and if you do not pass, you would have to repay the exam fee.
- Some students take coaching classes to prepare for the exam. Enrolling in coaching would help you in getting the right guidance. You can check out some of the institutes and plan your studies.
- Once you are prepared for the exam, you can schedule the exam by choosing the slot on the same website. You will get the Chartered Certified Accountant title after you clear both the exams. You must remember to pay the annual fee to keep your certification active.
In this section, we have listed the fee for the course
- For Professionals
- IMA Membership -$245
- Entrance Fee – $250
- Exam Fee – $415 per part ($830 for total)
- Total– $1325
- For Students
- IMA Membership – $39
- Entrance Fee – $188
- Exam Fee – $311 per part ($622 for total)
- Total – $849
Exam Schedule & CMA Certification
As mentioned, you need to appear in two exams to get CMA certification. The good point here is that you do not have to appear in the exams on the same date. You can appear in these exams on different dates depending on your preparation. The main point to note here is that you need to clear both these exams within the three years after you have registered yourself for CMA.
The exams are hosted in specific months, and you would have to select the date available on the Prometric portal. The months during which you can appear for CMA exams are January, February, May, June, September & October. Since Prometric is the registered examiner, you will have to look for the Prometriccentres near your house, and you would have to choose an available slot on their website.
After the fee payment, the candidate can schedule their exam 72 hours before the exam. Talking about the maximum time, you will be able to schedule the exam four weeks before the scheduled date. Again, it all depends on the availability of the slot and the date.
Career Prospects After Certification
Every certification and every course you do eventually boils down to the career opportunities you get after completing the certification. Now you also need to understand that CMA is considered a very reputed certification, and clearing both the exams would open up many opportunities for you. As mentioned above, one of the primary requirement for getting CMA certification is that you should have a minimum of 2 years of work experience in the relevant field. Now, assuming that you are working in the finance & accounting department of the organisation, CMA will help you grow within the organisation. It will also be beneficial when you are looking for a job outside your organisation.
The demand for CMA is across the globe, so your horizon is not just restricted to India. After the course, you will find yourself with better accounting, financial and management skills. Below are some of the roles that you can find after getting CMA certification.
- Chief Financial Officer
- Cost Accountant
- Cost Manager
- Financial Analyst
- Financial Controller
- Financial Risk Manager
- Relationship Manager
All these designations are very reputed positions, and it would be a matter of proud when you find yourself a job with one of these corresponding titles. Another advantage of CMA certification is that you can apply for Internal Jobs in your company, and you will get a higher preference because of the certification.
Some of the employers that hire CMA certified candidates proactively are listed below
- Water Bushnell
- Quin Street
- Larsen & Toubro
- Tata Industries
- Reliance Industries
- Future Group
- Citi Bank
- HSBC Bank
- Standard Chartered Bank
- Bank of New York Mellon
- Bank of America
- State Street
- Master Card
Salary & Financial Benefits
Career prospects are one of the things that you must figure out before getting into any course. The next important information that you should understand before you pursue any course is the financial benefit you will get after completing the course. Talking about in financial terms, you should check the return on investment. Consider the fee as the investment, and the increase in your salary would be the returns.
Giving you an exact salary figure after completing CMA is very difficult because it depends on your company, designation and experience levels. The salary would also increase with every passing year of experience. For example, the CMA certified candidate with a total experience of 5 years would be earning a lot more than the CMA certified candidate with a total experience of 2 years.
We can also give you an idea of how much better you can earn compared to a non-CMA candidate while working on the designation. As per one of the survey, it was found that the CMA candidates would earn 150% to 200% more than their counterparts in the same position who do not have a CMA degree. This figure was in terms of the USA, but what if you are based in Asia? Well, in India, the figure varies between 60% and 90%. Globally, the average percentage you will be earning more is close to 60%.
Should you Pursue CMA?
Circling back to the main question, should you pursue CMA? Well, if you are confused, then let us help you with finding the answer. As per some of the industry experts, CMA is one of the most preferred courses for employers looking for candidates in accounting & auditing. Now, there is a lot of competition in this field, and hence it becomes important for you to pursue a course that will upgrade your skills. Pursing CMA will also give you an edge over your competition. If you plan to migrate to another country, then CMA will add a lot of value because it is a globally recognised certification. We will now leave the final answer to you.
This was all about the CMA certification. We have listed all the possible information about the course. You would be able to decide on the CMA course now. You would also be able to plan your financials after going through the details. The bonus question that we answered for you is if you should pursue CMA or not. With this, we will conclude the page, and you can leave a comment if you have any other question about CMA Course.