Certified Management Accountant [CMA]: Course Details, Eligibility, Admission, Fees

Surobhi Chatterjee

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.

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:

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:

Given below are CMA entrance fees:

Given below are CMA exam fees:

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:

• Budgeting
• Financial Reporting
• Costing
• 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 Vs CPA

The table below showcases the differences between Certified Management Accountant and CPA:

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:

• MBA
• CA
• CFA
• FRM

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
• Consultancy 
• 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