6 Easy Steps to Become a CMA
A Certified Management Accountant (CMA) is a wonderful approach to advancing one's accounting career. The CMA designation is a globally recognized professional qualification awarded by the Institute of Management Accountants (IMA). This gives access to professionals to a plethora of possibilities in the financial and accounting management domains that they would not have had otherwise.
CMAs often work in corporate finance departments of public and private firms (manufacturing or services) as well as government bodies. They summarise accounting and financial data in such a way that it aids in comprehending the consequences of the examined data and, as a result, aids in performance improvement. CMAs also serve as decision-making support or advisors to the company's board of directors and top management.
This certification provides a lot of opportunities to professionals, so let's talk about what it takes to become a CMA through these six steps:
1) Become a Member of the IMA
The professional membership charge is AED 844.1 per year. A one-time application fee of AED 55.05 is also charged while applying for the membership. Applicants who have or want to have a career in accounting or finance should become a member of the IMA. This professional membership makes an individual eligible to use the IMA's cutting-edge resources to further extend and improve their knowledge and abilities in all areas of management accounting.
2) Fulfil the Education Requirements
A bachelor's degree from an accredited university or college is required. In order to qualify, applicants can also get a professional certification. CMA applicants often have a background in accounting, finance, economics, or general business. Applicants need to have their degree from an accredited institution to seek this accounting certification, even if they don’t have a degree in accounting or finance. But they must complete this education requirement either before taking the CMA test or within seven years of taking the test.
3) Fulfil the Required Work Experience
CMA Candidates must have two years of full-time professional experience in a row. The experience requirement must be met either before taking the CMA test or within 7 years after completing the CMA exam.
4) Join the CMA program
After joining the IMA, an applicant can apply to the CMA program and become a CMA candidate. The entrance fee to the CMA program is determined on the basis of one's IMA membership status, i.e., AED 917.5 for professional members and AED 689.96 for students and academic members. This is a non-refundable, one-time charge that must be paid prior to taking the test. It expires three years after one enters the CMA program. And, if both exam sections aren't finished and passed within this timeframe, any passed portions will expire, and one will have to pay the CMA admission fee again. The CMA entrance fee covers credential review for educational and experience qualifications, six months of access to the CMA exam support package, a final score report, performance feedback reports for those who do not pass, a personalized certificate for office display, and congratulatory notifications to employers and others.
5) Pay the CMA Exam Fee and Book an Exam Date
After registering for the CMA program, applicants need to schedule their exams and pay the exam fee. In order to secure the exam date, applicants must pay the exam fee first, which is AED 1523.05 per part. And, if they possess a student or academic membership, they will only be charged AED 1141.37 per part.
6) Pass the CMA Exam Part 1 and Part 2
This is a computer-based exam, which is divided into two parts, that is, Financial Reporting, Planning, Performance, and Control (Part 1) and Making Financial Decision Making (Part 2). CMA examinations are four-hour-long and each part is divided into two sections that evaluate one's ability to describe concepts and their applications. Three hours are given to complete 100 multiple-choice questions and one hour to finish two essay questions. To be qualified to write the essay portion, one must correctly answer at least 50% of the multiple-choice questions. But, it is not mandatory to pass both sections at the same time. The total scores for both sections are combined together to determine whether one passes or fails.
The CMA certification is very popular among professionals as financial and accounting management is a massive domain and encompasses important aspects, like financial planning and analysis, including budgeting and forecasting, control, and professional ethics. Professionals after getting certified become eligible for innumerable job opportunities like cost accountants, corporate accountants, management accountants, risk managers, FP&A managers, budgeters, financial strategists, etc. Hence, the CMA certification is in huge need nowadays.
Message from the Author
If you want to learn more about CMA certification or enroll in a course to prepare for the CMA exam, get in touch with Learners Point Academy as we have a reputation of getting 80% marks for 90% of their students.
Learners Point Academy is a KHDA and ISO 9001:2015 accredited exam and training centre in Dubai, UAE.
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