Passing the CMA exam and earning your Certified Management Accountant (CMA) certification can be a great way to advance your career in finance. The CMA designation is a globally recognized professional certification that demonstrates your expertise in financial planning, analysis, control, and decision support. It can help you to stand out from other finance professionals and advance to more senior roles.
The CMA exam consists of two parts, and each part covers several topics. The exam objectives for each part are as follows:
- External Financial Reporting Decisions (15%)
- Planning, Budgeting, and Forecasting (20%)
- Performance Management (20%)
- Cost Management (15%)
- Internal Controls (15%)
- Technology and Analytics (15%)
- Financial Statement Analysis (20%)
- Corporate Finance (20%)
- Decision Analysis and Risk Management (25%)
- Investment Decisions (20%)
- Professional Ethics (15%)
The exam consists of multiple-choice questions, and you will have four hours to complete each part of the exam. You must score at least 360 out of 500 on each part to pass.
The cost to take each part of the CMA exam varies by location. In the United States, the cost is $415 for each part for members of the Institute of Management Accountants (IMA) and $311 for students. The cost for non-members is $515 per part. The exam is computer-based and can be taken at a Prometric testing center.
Who Should Take the Exam?
The CMA certification is designed for professionals in accounting and financial management. It is ideal for those who are interested in advancing their careers in financial planning, analysis, control, and decision support. If you are interested in pursuing a career in finance and want to stand out from other professionals, the CMA certification may be right for you.
Prerequisites and Qualifications:
To be eligible to take the CMA exam, you must have a bachelor's degree from an accredited college or university. You must also have at least two years of professional experience in management accounting or financial management. If you do not have a bachelor's degree, you may be able to substitute it with other professional certifications or experience.
There are many books available to help you prepare for the CMA exam. Some popular ones include:
- CMA Part 1 - Financial Planning, Performance and Control Exam Flashcard Study System
- CMA Part 2 - Financial Decision Making Exam Flashcard Study System
- Gleim CMA Review: Part 1 - Financial Planning, Performance, and Control
- Gleim CMA Review: Part 2 - Financial Decision Making
- Wiley CMAexcel Learning System Exam Review 2022: Part 1, Financial Planning, Performance, and Control
- Wiley CMAexcel Learning System Exam Review 2022: Part 2, Financial Decision Making
These books can help you to review and practice the concepts covered on the exam, and many also include practice questions and exams to help you prepare.
It is important to note that while these books can be helpful, they should not be relied upon as the sole source of preparation. It is recommended that you also attend review courses and utilize additional study materials.
In conclusion, the CMA exam is a rigorous test of your knowledge and skills in management accounting and financial management. By understanding the exam objectives, exam details, and prerequisites for taking the exam, you can better prepare yourself for success. Utilizing study materials, attending review courses, and practicing with practice questions and exams can also help to ensure that you are fully prepared to pass the CMA exam and earn your certification.