CMA is the course of Accounting for Management level in Finance. Certified Management Accountantis the abbreviation of CMA.This highest level of certification is granted by the Institute of Management Accountants which is U.S.-based, and it is globally recognized certification.Certified Management Accountant (CMA) is an accounting or finance specialist. CMA work in the areas of Financial Planning, Analysis, and Management Decision-Making.
CMAis a professional course that is designated in the accounting and finance world, whichcreates theprofessional,to get expertise in Strategic Business Management and Financial Accounting. To become aCMAprofessional, specific education and work experience criteria
is needed, which has to be fulfilled.
Difference between CMA and Non-Certified Accountant.
- CMA is much applicable for them who deal with Cost and Inventory Accounting.
- This certification is good for individuals who are aiming to build a career in Corporate Accounting.
- This certificationis very relevant to the modern day situations and it does not limit its scope for Financial Professionals.
- CMA designation holders are paid 30% more than there non certified colleagues.
- It is a must to do course if he/she wants to build their career in Corporate Accounting.
- A candidate is required to hold a Bachelor’s degree from an Accredited University to qualify for the Exam.
- A CMACertified Professional can work in any Industries and Organizations like–
- Manufacturing and Services
- Public and Private Enterprises
- Non-Profit Organizations
- Academic Institutions
- Government Entities
- Multinational Corporations
- Non-Certified Accountant certification is not in-demand for Management Accounting.
- It is not very much relevant to the modern day situations.
- It has limit for its scope for FinancialProfessionals career growth.
- Non-Certified Accountant skills are not practical.
- There is not much scope to grow big as a skilled Accounting Professional in Corporate Accounting World.
- Non-certified Accountant does not get paid more comparing to CMA Professionals due to lack of cutting edge knowledge and skills for accounting comparing with CMA Professionals Worldwide.
CMA Course Structure
To get the CMA certification, should have:
- Membership of IMA
- A Bachelor’s degree from an accredited university
- Two years of relevant experience
- Passed both the parts of CMA Exams
CMA exams are divided into two parts (four hours for each part) the syllabus of which is as below:
Syllabus for CMA Exam Part 1
- External Financial Reporting Decisions
- Planning, Budgeting and Forecasting
- Performance Management
- Cost Management
- Internal Controls
Syllabus for CMA Exam Part 2
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decisions
- Professional Ethics
- The candidates have to clear both these parts within 3 years from the date of registration.
- The registered candidate can appear for the exam in the monthsfollowed below –
- January and February
- May and June
- September and October
Prometric administers the CMA exams,which has centers all over the world.
Candidates have to schedule their exams atleast 72 hours prior, it is advisable to schedule atleast 4 week before in advance.
CMA Examination fees
To take the CMA examination, the relevant candidate must need to pay 3 fees –
- IMA Membership Fee
The IMA membership is an annual fee ranging from $39 to $245 depending on
whether He/She is a Student, an Academic, or a Professional Member.
- CMA Entrance Fee
The entrance one-off fee that allows you to take part in the CMA
program, to become a CMA in the US. The fee ranges from $188 to $250.
- CMA Examination Fee
The latest registration fee for the exam is $415 per part, which means candidate
have to pay $830 altogether.
Students and Academic Candidates also have a discount that lowers the price
to $311 per part. A student member can enjoy the discount for up to 6 years
as long as the candidate continues to take at least 6 credit hours per semester.
CMAExam Costs Summary
|Sl. Nos. Description||Student||Academic||Regular|
|I. IMA Membership||$39||$135||$245|
|II. CMA Entrance||$188||$188||$250|
|III. Exam Registration|
- The student discount is for current students only, those who have taken at least 6 credit hours of courses in the past semester.
- Graduated students do not qualify.
- There is an extra one time $15 application fee forregistering first time.
- All transactions are done in US dollars.
Delphi Star Training CMA Certification Benefits
- Delphi Star Training is International recognition anywhere in the globe.
- CMA is the highest level of certification in Management Accounting. With increasing Globalization, FDIs, Outsourcing, Off-shoring, US Financial Service, CMAs with an international perspective are in very high demand.
- CMA (USA) believes their certification creates career opportunities and strengthens their ability to move across business areas.
- Career opportunities for CMAs can be in Multi-National companies, Financial Services or Consulting Firms and US-based firms & organizations.
- CMAs earn on an average 30% more than their non-CMA
- In 2015, 3500 professionals earned their CMA Certification, a record 17%
- IMA has mutual recognition agreement with ICAI Institute of Cost Accountants of India.
- HaveACCA7 papers exemption.
- Exemptions CGA (Canada) advanced entry level for CGA