Acquiring the prestigious CMA certification from a leading country like the USA will help you earn global exposure… The post CMA USA appeared first on Leverage Edu.
Acquiring the prestigious CMA certification from a leading country like the USA will help you earn global exposure as well as an international qualification. To all those aiming to gain a specialised certification in the field of Accountancy, this blog will provide you with the essential details of CMA USA, its syllabus, eligibility, course fees and much more!
|Name of the Certification||Certified Management Accountant|
|CMA Exam||Part 1: Financial Planning, Performance, and Analytics|
Part 2: Strategic Financial Management
|Exam Sessions||May/June 2021 – now through July 14|
|Course Duration||12-18 months to complete both parts, on average up to 3 years.|
|Pass Rate||50% globally|
|Success Rate||4,000 CMAs granted each year|
70,000 CMAs awarded to date
CMA USA Dates 2021
|May/June 2021 – now through July 14||First exam date: April 1|
Last exam date: July 14
Last day to register for an exam: June 15
|September/October 2021||First exam date: September 1|
Last exam date: October 31
Last day to register for an exam: October 15
|January/February 2022||First exam date: January 1|
Last exam date: February 28
Last day to register for an exam: February
Benefits of CMA USA
- Career Growth: One of the biggest benefits of having a CMA USA is career growth and development. Several mid and senior-level individuals who wish to acquire expertise in the world of finance, management, accounting and business take-up CMA certification.
- Global Opportunities: CMA USA is a global professional certification and recognised by countries like China, India, UK, Canada, Middle East countries. It presents an opportunity to settle and work abroad as well as learn about global practices and business ethics.
- Increased financial success: CMA is a lucrative opportunity and can lead to tremendous financial success. 58% of candidates with a CMA USA certificate see an increase in their salaries and benefits while 37% of candidates between the ages 20-29 globally have a salary advantage due to CMA.
- Short-Duration course: Another advantage of taking up CMA USA is that it can be completed in 12 to 18 months. The CMA exam is conducted thrice in one year giving ample opportunities to candidates to finish their course on time- January and February, May and June & September and October.
- Versatile Certification: CMA is a versatile degree and opens to candidates from an array of specialisations. Candidates with a minimum of 2 years of work experience and a bachelor degree programs from areas like engineering, business administration, economics, accountants and finance can take up this course.
Eligibility Criteria For CMA USA
To pursue this prestigious program by IMA, you need to fulfill certain prerequisites specified by the institution. Candidates with discrepancies in their application or those who fail to meet the requirements will not be allowed to get admission in the course. Mentioned below are major entry requisites of CMA USA:
- IMA Membership
- A bachelor’s degree from a renowned institution in a related field.
- You must possess 2 continuous years of work experience in Management Accounting or Financial Accounting.
- You must abide by the IMA’s Statement of Ethical Professional Practice.
The CMA exam is available in two parts and in order to gain this certification, it is essential for you to qualify for both these exams. Part 1 or Part 2 examination of CMA USA can be taken in any order but you will only be qualified for the next one if you clear the first examination. The registration for an exam is valid only for one exam window, hence, you have to register again if you wish to appear again for the examination.
- The testing window opens up every year in the months of January/ February, May/ June, September/ October. Thus, you can book the slot of your choice and take the examination accordingly.
- The CMA is a computer-based examination. Each of the exams will be of 4 hours with 100 MCQ questions as well as the two 30-minute essays.
|Name of the course||Certified Management Accountant (CMA)|
|Institution||Institute of Management Accountants (IMA)|
|Exam Structure||Part 1 and Part 2|
|Number of Questions||100 in Each Part|
Career Opportunities after CMA
This ‘A’ level certification is well-recognised by leading financial and business organizations around the globe. You can explore a vast range of career opportunities after completing CMA USA and some of these are:
Job Profiles & Average Salaries
|Job Profiles||Average Salaries|
|Internal Auditor||₹3,00,000 – ₹8,00,000|
|Cost Accountant||₹5,00,000 – ₹6,00,000|
Top Companies after CMA USA Certificate
- Knowcraft Analytics
- Grant Thornton
- MaxLife Insurance
- JP Morgan Chase
- Morgan Stanley
CMA USA Syllabus
Now that you are familiar with the basic details pertaining to the course, let us understand the CMA USA syllabus of Part 1 and Part 2 through the tables given below:
|Part 1: Financial Planning, Performance and Analytics||Weightage|
|Technology and Analysis||15%|
|Planning, Budgeting and Forecasting||20%|
|External Financial Reporting Decisions||15%|
|Part 2: Strategic Financial Management||Weightage|
|Financial Statement Analysis||20%|
CMA USA Program Fee
The fee for CMA USA differs for professional members and student or academic members of IMA. The following tables elucidate upon the fee details for this certification:
|For Professional Members||Cost|
|CMA Entrance Fee ( Nonrefundable)||$250* [INR 18,300]|
|Exam Fee||$415 per part [INR ]|
|For Student/ Academic Members||Cost|
|CMA Entrance Fee||$188* [INR 13,700]|
|Exam Fee||$311 [INR 22,700]|
*IMA membership is additional and also required
How to Prepare for CMA USA?
CMA USA: Getting Started
To qualify for the CMA course from the USA, it is necessary for one to follow a bunch of important steps. If the candidates go by these simple steps, they can easily live up to their dream of CMA USA. There are three simple steps in the journey of becoming a successful CMA. To begin with, candidates shall enrol in the CMA program so that they will become a member of the IMA association and enjoy its benefits. The next step would be to, register for the CMA exam and gain access to all the benefits. In the concluding step, you must plan to complete the certification requirements and collect all the vital documents that are to be submitted.
CMA USA: Taking the Exam
Before you gear up to take up the CMA examination, there are a bunch of important points that you must keep in mind. To who register for the exam get access to the CMA Exam Support package which includes a variety of practice and previous year’s questions. Also, the candidates are advised to study at least 150-170 hours per level or part and 300 hours in total. Here are some important points with respect to the CMA examination-
- Candidates are free to attempt part 1 and 2 in any order they like
- The testing window is open only in the slots of- January/ February; May/June; September/ October
- The exam registration is only valid for one exam window
- From the end of the month in which you have taken the exam, it takes around 6 weeks for the result to be out via the e-mail
- A performance report will also be delivered to the candidates after 14 days of result
Best Books for CMA USA
Here are the best books for acing CMA USA-
- Wiley CMA excel Learning System Exam Review 2017
- Gleim’s CMA Review: Business Applications
- Certified Management Accountant (CMA), US – Part 1: Financial Reporting, Planning, Performance and Control by Muhammad Zain
- Strategic Financial Management
- CMA: Financial Planning, Performance and Control Exam Secrets: CMA Test Review for the Certified Management Accountant Exam
To help students fulfil their goal of CMA USA, the IMA organization also offer a scholarship for the potential candidates. Since CMA is considered to be one of the topmost courses on the field of Management Accounts, it is widely pursued by students from across the world. Nearly 9,200 students globally have received this scholarship and more than 1,000 institutions from across the world have been a part of this program. To assist the IMA members, over $14 million worth of scholarships have been awarded.
Who is it For?
- High-achieving students (undergrad through PhD)
- Students who have attended an accredited school in the US or anywhere around the world
- Only 10 students per school and academic year can be nominated for the scholarship
- All those who will be nominated by a professor will earn the scholarship
What it Includes?
- Entrance fee for the CMA program
- Exam support package with retired exam questions and a glossary of terms
- Up to three years of IMA membership while pursuing the certification
- Wiley CMA excel Online Test Bank access for both exam parts for up to two years (all regions, except China)
CMA USA vs CMA India
Though both are equally recognized, there are some stark differences between CMA USA and CMA course details in India. Let us understand this through the table given below:
|Details||CMA USA||CMA India|
|Competent Body||Institute of Management Accountants||Institute of Cost Accountants of India|
|Duration||1 Year||3 Years|
|Prerequisites||Graduate + Work Experience||10+2 Pass|
|Exam Structure||2 Parts (1 Level)||3 Levels – 20 Papers|
CMA USA vs CIMA UK
|Details||US CMA||CIMA UK|
|Academic Focus||Management Accountancy||Management Accountancy|
|Board||Institute for Management Accountants||Chartered Institute of Management Accountants|
|Duration||6 months||2-4 years|
|Papers||2 Papers||16 Papers|
|Cost to Pursue||INR 70 thousand||INR 2.5-3 lakhs|
Being an internationally recognised certification course, CMA is valid in India too.
Whether or not a course is good depends on what your professional goals are. If you want to gain advance knowledge in the field of Finance and want to further progress in your career, then pursuing CA is the most suitable choice.
Listed below are some tips which you can follow to clear the CMA exam in the 1st attempt:
1. Go through the syllabus thoroughly.
2. Identify your strengths and weaknesses so that you prepare a plan accordingly.
3. Chalk out a time table.
4. Practice questions on a regular basis.
5. Solve multiple mock papers.
6. Clear your concepts.
7. Revise regularly in order to retain information for a longer period.
Hopefully, after reading this blog about CMA USA, you are all geared up to pursue this course. If you need assistance in the admission process, reach out to our experts at Leverage Edu and we will guide you throughout the application process ensuring that you get successfully shortlisted. For more educational content, follow us on Facebook, Youtube, Instagram and LinkedIn.