CMA Requirements: 4 Steps to Become a CMA

Earning your CMA certification means joining a global community that’s growing faster than ever. In 2021, the Institute of Management Accountants (IMA) hit a major milestone by certifying its 100,000th CMA.

Think about this: It took 44 years to reach the first 50,000 CMAs, but only five more years to double that number. This explosion in certifications shows just how valuable the CMA has become in today’s finance and accounting world.

But why is that?

As the industry evolves, professionals with expertise in financial planning, strategic financial management, and management accounting are more in demand than ever. The CMA gives you the tools to stand out and stay competitive—especially as technology continues to reshape the field.

Ready to join this fast-growing group of certified professionals? Let’s dive into what you need to know.

Key Takeaways

• CMA Requirements: To qualify, you must hold a bachelor’s degree from an accredited college or university, ensuring you meet the educational standards for the certification.
• CMA Exam: The exam is comprised of two parts—Financial Planning, Performance, and Analytics, and Strategic Financial Management. Both parts must be passed within three years of enrollment.
• Work Experience: Earning the CMA designation requires two years of relevant work. This experience must be in management accounting or financial management but can be completed before or after taking the exam.
• Continuing Professional Education: To maintain your CMA certification, you need to complete 30 hours of CPE annually, including two hours specifically focused on ethics.

4 Steps to Become a Certified Management Accountant

If you’re aiming to become a CMA, knowing the steps to earn your certification is key. Let’s break it down:

• Join the IMA: Become a member of the IMA. Keep your membership active throughout the certification process.
• Meet Educational Requirements: Hold a bachelor’s degree from an accredited college or university. The IMA will require your transcripts for verification.
• Gain Work Experience: Accumulate two years of continuous work experience in management accounting or financial management. This can be done before or within seven years after passing the CMA exam.
• Pass the CMA Exam: The exam consists of two parts that must be successfully completed within three years of enrolling.

1. Start with the IMA Membership

The first step toward earning your CMA is securing your membership with the Institute of Management Accountants. Membership isn’t just a box to check—it’s your ticket to a wealth of resources that can help you succeed, both before and after you pass the CMA exam.

Choosing the Right Membership

There are several membership options depending on where you are in your career or education. Here’s a quick look:

• Professional Membership: If you’re working in accounting or financial management, this one’s for you. At $295 a year, it gives you access to cutting-edge tools, resources, and networking opportunities that can make a real difference in your career.
• Academic Membership: If you’re a full-time educator, you can join for $160 a year. It’s packed with resources tailored for teaching, including research grants, case studies, and even a mentor program.
• Student Membership (One-Year or Two-Year): If you’re still in school, you can get a student membership for $49 a year or $98 for two years. To qualify, you need to be enrolled in at least six credit hours. It’s a great way to get your foot in the door and start accessing the same benefits as professional members.

Why IMA Membership Matters

Being an IMA member gives you more than just a badge; it offers some serious perks:

• Educational Resources: You get access to webinars, online courses, and the latest industry insights. It’s like having a library of professional development materials at your fingertips.
• Networking: The IMA connects you with a global network of professionals. Whether it’s through local events or online forums, you’ll have plenty of chances to build relationships that could boost your career.
• Certification and Continuing Education: The IMA doesn’t just get you ready to take the CMA exam—it helps you stay certified with ongoing education opportunities.
• Ethical Guidance: Staying ethical is a big deal in management accounting. The IMA offers resources to help you navigate tricky situations and maintain high standards in your work.
• Career Resources: Looking for a job or planning your next career move? The IMA’s Career Center offers job listings, career advice, and tools can assist.

Getting your IMA membership is more than just a step in the certification process—it’s a valuable resource that supports your entire journey as a CMA.

2. Complete Educational Requirements for the CMA

Before you can move forward with your CMA certification, meeting specific educational requirements is essential. These standards serve as the foundation for your certification journey, ensuring you’re fully prepared for what’s ahead. Let’s take a closer look at what you need to know:​

Earning Your Degree

One of the key requirements to qualify for the CMA program is having a bachelor’s degree. But not just any degree will do—it needs to be from an accredited college or university. If you’re unsure about your school’s accreditation, it’s a good idea to double-check to make sure it meets the standards.

What If Your Degree Isn’t Accredited?

If your degree comes from a school that’s not on the accredited list, don’t worry—you’re not out of options. You’ll need to get your degree evaluated by an independent agency to see if it matches up with U.S. educational standards. It might sound like a hassle, but it’s a step you can’t skip if you want to pursue the CMA certification.

Submitting Your Proof

Once you’ve sorted out your degree, the next step is to have your transcripts sent directly to the ICMA. It’s important that the college or university email them straight to the ICMA for verification.

Professional Certifications Can Help

If you already hold certain professional certifications, you might be able to use those to meet the education requirements instead. The ICMA accepts a list of approved certifications, so if you’ve got one of those, you’re in luck. Just make sure that the certifying body sends an official confirmation letter directly to the ICMA to prove your status.

One thing I’ve noticed is that when comparing the CMA requirements to something like the CPA exam, the Certified Management Accountant path is often considered more straightforward, especially when it comes to meeting the education requirements.

3. Get Experience Needed for Your CMA Certification

Getting your Certified Management Accountant certification isn’t just about hitting the books—you’ve also got to have some real-world experience under your belt. Here’s what you need to know about the professional experience requirements.

What Kind of Experience Do You Need?

To qualify for the CMA, you’ll need to have two years of continuous, hands-on experience in management accounting or financial management. You can get this experience before you take the CMA exam or within seven years after you pass it.

If you’re a full-time teacher, you can count that as relevant experience—just make sure at least 60% of your teaching involves accounting or finance courses beyond the intro level. You’ll need to do this over two years for it to count.

Part-Time Work Can Also Qualify

For those working part-time, don’t worry—you’re still in the game. If you work at least 20 hours a week in a relevant role, it counts as half the experience of a full-time job. So, two years of part-time work would equal one year of full-time experience.

What Jobs Qualify?

Your experience needs to involve regular use of management accounting and financial management skills. Some examples of qualifying roles include:

• Financial statement preparation
• Financial planning and analysis
• Auditing (both external and internal)
• Budget preparation and reporting
• Cost accounting and analysis
• Corporate financial management and investment decision-making

What Doesn’t Count?

Not all jobs in accounting or finance will meet the CMA experience requirement. Roles that don’t involve regular use of management accounting principles, like internships, clerical work, sales, marketing, or other non-technical positions, won’t qualify. So, make sure your experience is relevant and consistent.

When it comes to checking off the experience box for your CMA certification, it’s all about quality and relevance, not just the time you’ve put in. Keep this in mind as you plan your path to becoming a CMA.

4. Complete CMA Exam Requirements

Getting Started: The Entrance Fee

When you decide to take the CMA exam, the first thing you’ll need to do is pay the entrance fee. This fee isn’t just a formality—it comes with a bunch of resources designed to help you through the certification process. Here’s what you’ll get:

• Prep Materials: Right after you pay the fee, you’ll get access to some basic study materials. While these are helpful, I always suggest that you also look into a detailed CMA review course to really boost your chances of passing the exam (just make sure they cover CBQs, not essays, before buying).
• Performance Feedback: After taking the exam, you’ll receive reports that show how you did. These reports are great for identifying what you’re good at and where you might need to improve.
• Credential Check: The IMA will also verify your educational and professional background to make sure you meet all the CMA certification requirements.
• Certification and Recognition: Once you’ve completed everything, you’ll get a personalized certificate with your unique number on it—something you can proudly display.

One thing to keep in mind is that you’ve got three years from the time you enroll in the CMA program to pass both parts of the exam. If you don’t finish within that time, any sections you’ve passed will expire, and you’ll need to pay the entrance fee again to start over.

What’s on the CMA Exam?

The CMA exam isn’t just one test; it’s two. Each is designed to test your knowledge and skills in management accounting and financial management. However, recent updates have made some changes to the content:

• Part 1: This section focuses on Financial Planning, Performance, and Analytics. It includes 100 multiple-choice questions and two case-based question sets. Recent updates have introduced a stronger emphasis on technology and data analytics, covering topics like data governance and types of data analytics. You’ll also find new content on topics like consolidated financial statements and control deficiency remediation.
• Part 2: This part covers strategic financial management, with 100 multiple-choice questions and two case-based question sets. Updates include an increased focus on professional ethics, financial risk, and return analysis, as well as sensitivity analysis and the impact of foreign exchange rates on financial statements.

Each part of the CMA exam is four hours long, with three hours for the multiple-choice questions and one hour for the CBQs. You’ll need to get at least 50% of the multiple-choice questions right to move on to the CBQ section.

Scheduling Your CMA Exam

You’ll take the CMA exam at a Prometric Testing Center. These exams are offered during three testing windows each year: January/February, May/June, and September/October. Just make sure you register for each testing window by the 15th of the last month. After you’re approved by the ICMA, you can schedule your CMA exam directly through the Prometric website.

Keeping Your Certification Active: CPE Requirements

Passing the CMA exam is just the beginning. To keep your certification active, you’ll need to complete 30 hours of Continuing Professional Education each year. This includes two hours specifically focused on ethics, which is crucial in maintaining the high standards expected in the profession.

Your CPE hours can come from various sources, such as:

• College Courses
• Seminars and Workshops
• Technical Meetings
• Online Courses

As long as these activities are relevant to your career as a management accountant, they’ll count toward your CPE requirements.

Why the CMA Matters

The CMA designation is becoming more recognized and valued, especially in the fields of managerial and cost accounting. While the CPA exam is often seen as the gold standard, the CMA offers unique advantages, particularly for those in specific industries.

Here’s what some finance professionals have shared about the CMA on Reddit:

• One commenter mentioned that while the CPA is the default certification for most accounting roles, the CMA can provide a significant advantage in specialized industries like manufacturing. They noted that the CMA offers value, particularly in niche areas where management accounting skills are essential.
• Another user shared that the CMA is particularly valuable outside of public accounting, especially in roles like consulting, cost accounting, and FP&A. They emphasized that the CMA is recognized for its focus on big-picture financial strategies, making it a strong credential for those aiming for management-level positions.
• StarFire82 highlighted that the practical, hands-on knowledge gained from CMA preparation is directly applicable to finance management roles. They acknowledged that while the CPA is more widely recognized, the CMA offers considerable value in management positions.

These insights suggest that while the CMA may not have the same broad recognition as the CPA, it is increasingly valued in industries where management accounting plays a critical role.

Conclusion

So, is the CMA worth it? Absolutely. It’s more than just a certification; it’s a gateway to new opportunities in the world of finance and accounting. Whether you’re just starting your career or looking to pivot into a specialized role, the CMA equips you with the skills and knowledge to stand out.

From the moment you join the IMA to the day you pass the CMA exam and beyond, you’re investing in your future. With growing recognition in industries like manufacturing, consulting, and financial planning, the CMA is becoming a key differentiator in a competitive job market.

Remember, earning your CMA isn’t just about checking off requirements—it’s about building a career that’s resilient, flexible, and poised for growth. So, if you’re ready to take your career to the next level, the CMA might be the perfect move.

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