What are the requirements to become a CMA?

The Certified Management Accountant (CMA) credential can assist accountants to advance their careers by enhancing their management abilities and leadership credibility. If you're interested in completing duties like financial analysis and risk management, working with businesses or other organizations to understand the "why" behind their statistics, and if you're passionate about financial and management accounting, you should consider becoming a CMA as an accountant.

Earning your CMA certification indicates your dedication to the industry and assures your employers and clients that you have the expertise to handle highly specialized work, much like getting your Certified Public Accountant (CPA) license does.

In addition, just like CPAs, in order to demonstrate that they have what it takes to do the job and do it well, CMAs must pass an exam as well as fulfill a variety of initial and ongoing CMA Exam requirements.

We'll look at the prerequisites for passing the CMA Exam and upholding the CMA certificate in this blog. Let's get going!

Educational requirements for the CMA Exam

There are two ways to fulfill the CMA Exam educational requirements. A bachelor's degree from a college or university that is accredited is the most common route. As an alternative, you could obtain specific specialized certificates.

A list of recognized professional qualifications, split down by nation, is provided by the Institute of Management Accountants (IMA) - the body awards CMA credentials (a valuable resource for anyone pursuing their CMA).

You do not need to fulfill the educational prerequisites for the CMA Exam before you can take it, in contrast to the CPA Exam. The only prerequisite is that you submit documentation of your education within seven years of passing the CMA Exam, whether you take the exam while you're still in school or at any time later.

CMA Exam criteria for experience

Two years of professional experience in management accounting or financial management must be completed in order to receive your CMA. This CMA Exam requirement can be fulfilled before or after the seven-year mark, just like in education.

Internships and non-technical jobs, however, do not contribute toward the experience requirements for the CMA test. The IMA suggests that you work full-time to meet the criteria, although there are some circumstances in which part-time work can be added to your total. Review page 6 of the CMA manual for more information on the experience prerequisite and a list of the duties and responsibilities that your employer must involve to be eligible.

Success on the exam

You need to pass the CMA Exam to become a CMA. There are two components to the test:

Part 1: Financial Performance, Analytics, and Planning (4 hours – 100 multiple-choice questions and two 30-minute essays)

Part 2: Strategic Financial Management (4 hours – 100 multiple-choice questions and two 30-minute essays)

For the multiple-choice questions to count toward the essay portions, you must correctly answer at least 50% of them. Answering questions regarding two scenarios, each of which illustrates a typical business issue, will be required for the essay parts. There will be roughly 10–12 written responses or calculation questions. You won't receive your score immediately away because the essays are graded offline; instead, you'll receive an email with the results roughly six weeks after the exam.

Out of a possible 500 points, you must receive at least 360 in order to pass. You do not need to "pass" both components of the exam in order to pass; instead, your overall score—which is calculated from the results of the two parts—determines whether you pass or fail.

Preparing for the CMA Exam will take a lot of effort and planning. Miles US CMA training classes can assist you in developing a successful plan that fits your schedule and provides you with the resources you need to be prepared on exam day.

The advantages of beginning CMA Exam preparation in college

If you're unsure of how to study for the CMA, try to begin your exam preparation in college. The advantages of beginning your CMA Exam study while you are still in school are listed below.

Gives you more time to focus on your career after college-

You won't have to worry about exam stress once you finish school if you graduate having already passed the CMA Exam. After completing your US CMA training preparation, you'll have more time to concentrate on your profession.

Boosting your resume early

Prior to graduation, candidates who successfully complete the CMA Exam (or one of its components) have an advantage when applying for entry-level accounting positions. In comparison to prospective applicants who haven't started studying for the CMA Exam yet, you might have an advantage.

By clearing the CMA exam, you may demonstrate that you have the managerial abilities required. You have the skills necessary to create a budget, run and interpret variance analyses, understand the fundamentals of international trade and exchange rates, read and evaluate financial documents, and assess the economic climate in which you operate. It communicates to potential employers that you are prepared for greater responsibility, which could result in a promotion and/or pay increase.

The CMA assesses more than simply accounting comprehension; it also examines management, production, marketing, finance, sales, and international operations. You are a strong candidate for the CMA if you are or want to be a manager who is in charge of other people, products, or processes.

If you already have a job in the business world and hold a business-related undergraduate degree of any kind, you most likely have a strong foundation from which to take the CMA exam and succeed.

To obtain complete CMA certification, you must be a valid IMA member. The IMA, however, gives you a lot of flexibility in how you pursue your CMA credential. You can approach the CMA qualifying requirements one at a time or all at once, depending on what schedule of classes, employment, and exam preparation works best for you.

Whatever route you take, Miles can assist in directing you. Our US CMA classes offer clear guidance to assist you in acquiring the knowledge and abilities required for success.