introduction to certified management accountant (cma)
certified management accountant (cma) is a globally recognized professional certification for management accountants, administered by the institute of management accountants (ima) in the united states. the cma certification is highly regarded in the field of accounting and finance, providing individuals with a competitive edge in their careers.
what is cma?
cma is a designation that demonstrates expertise in financial planning, analysis, control, decision support, and professional ethics. it is designed to validate the skills and knowledge needed in various aspects of management accounting, including financial planning and analysis, strategic management, internal controls, risk management, and performance management.
why pursue cma?
career advancement
earning the cma certification can open doors to exciting career opportunities. cmas are highly sought after by employers, as the credential demonstrates a strong understanding of financial analysis, strategic planning, and management concepts. with a cma designation, professionals can access senior-level roles such as finance manager, financial analyst, internal auditor, and more.
global recognition
cma is recognized worldwide, providing professionals with international mobility and credibility. whether you aspire to work in your home country or abroad, having a cma certification enhances your reputation and increases your chances of being considered for global opportunities.
salary potential
cmas are known to command higher salaries compared to non-certified professionals. according to the ima’s 2020 salary survey, cmas earn on average 63% more in total compensation than their non-certified peers. the cma certification can indeed be a catalyst for increased earning potential throughout one’s career.
knowledge enhancement
the cma program covers a wide range of management accounting topics, giving candidates the opportunity to deepen their knowledge and acquire new skills. by pursuing the certification, professionals gain expertise in financial planning, analysis, control, decision support, and ethics, enabling them to make better-informed business decisions.
cma exam structure
the cma exam is divided into two parts: part 1 and part 2. each part is further divided into two sections, resulting in a total of four exam sections:
part 1: financial planning, performance, and analytics
- section a: external financial reporting decisions
- section b: planning, budgeting, and forecasting
- section c: performance management
- section d: cost management
part 2: strategic financial management
- section a: financial statement analysis
- section b: corporate finance
- section c: decision analysis
- section d: risk management
to earn the cma designation, candidates must pass both parts within a three-year period. each part consists of 100 multiple-choice questions and two essay questions. the exam is computer-based and can be taken at prometric testing centers located worldwide.
cma exam preparation
preparing for the cma exam requires dedication and a structured study plan. here are some tips to help you through the preparation process:
1. understand the exam content
review the exam syllabus and familiarize yourself with the content of each section. understanding the exam structure and the areas covered will help you identify your strengths and weaknesses.
2. create a study plan
develop a study plan based on your available time and preferred learning style. allocate sufficient time for each topic and create a schedule to ensure consistent progress.