US CMA Exam: Everything You Need to Know

Certified management accountant (CMA) has been the highest level of management accounting credential for almost five decades. Conducted by the US-based Institute of Management Accountants (IMA), the certification is a global passport for accounting and finance professionals. Moreover, individuals getting the CMA USA license can gain greater credibility, a better earning potential, and eventually a place at the leadership table.

For those preparing for the US CMA exam, this article will walk you through the necessary details. Scroll down to know more.

Who are eligible for the US CMA exam?

To appear for the CMA exam, candidates must have:

· IMA membership

· A bachelor’s degree from an approved educational institute or an equivalent degree

· 2 consecutive years of work experience in financial or management

Further, the eligibility requirements for the CMA exam vary across all three conducting countries — the UK, the US, and India. As such, candidates need to fulfill all the eligibility criteria established by the CMA US test panel.

When can aspirants take the US CMA exam?

Candidates can appear for the CMA exam during the following time windows:

January/February 2022

· First exam date: January 1

· Last exam date: February 28

· Last day for registration: February 15

May/June 2022

· First exam date: May 1

· Last exam date: June 30

· Last day for registration: June 15

September/October 2022

· First exam date: September 1

· Last exam date: October 31

· Last day for registration: October 15

Candidates must schedule their exams for one of the available time windows through Prometric that best suits their needs. Also, it is better to book the exam slot in advance to get the desired time window (dates and schedule) for the exam.

Besides, aspirants can cancel their test slot at least 72 hours before their scheduled exam. Those canceling within 30 days of the decided date have to pay a fee. Canceling allows candidates to book for a different slot within the same time window. For this, Prometric does not generate a refund or permit to change the test window.

What does the US CMA cover?

The CMA exam comes in two parts that are entirely computer-assisted and conducted at Prometric test centers across continents. A word of caution: candidates lose their appointment should they reach the exam center 15 minutes late. In such a case, they must re-register for the exam.

Part 1 (financial planning, performance, and analytics) of the US CMA exam contains:

· Planning, budgeting, and forecasting (20%)

· External financial reporting decisions (15%)

· Cost management (15%)

· Performance management (20%)

· Technology and analytics (15%)

· Internal controls (15%)

Part 2 (strategic financial management) of the US CMA exam contains:

· Corporate finance (20%)

· Financial statement analysis (20%)

· Professional ethics (15%)

· Risk management (10%)

· Decision analysis (25%)

· Investment decisions (10%)

Test-takers have 4 hours to complete each test part, consisting of 100 multiple-choice questions (3 hours), along with two 30-minute essays (1 hour). After completing and exiting the multiple-choice question (MCQ) section, there is no going back. Test-takers access the essay section either after completing three hours or after the MCQs — whichever comes first.

Candidates can start the exam with any order (part 1 or part 2) they wish. However, they need to answer at least 50% of the MCQs correctly for each part of the CMA US test to move on to the essay section. They will notice 10–12 written responses or calculation questions in the essay section. The essay questions incorporate 2 scenarios illustrating typical business situations.

Further, to earn the CMA USA credential, test-takers must secure 360 out of 500, i.e., 72%. Besides, they will not lose marks if they answer a question incorrectly. Another important thing to note is that the candidates must attempt both parts of the CMA exam in 3 years, else they will have to go for a reattempt.