Is The CMA Credential Right For Me?
Should I Sit For The Certified Management Accountant Exam?
Becoming a Certified Management Accountant (CMA) can be a great career move for a lot of accountants in the financial management fields and similar – but the Certified Management Accountant Exam can take a lot of time to complete. And while the right study materials will help cut that time down, it’s still important to know that this is the right credential for you first.
So, on this page, we’ll talk more about what a CMA is and can do to help you align it with your career goals.
First, what does a CMA actually do?
Being a Certified Management Accountant signifies that you possess knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. Your primary roles will be in areas of financial analysis and financial planning such as budgeting and forecasting, internal control, reporting, and professional ethics.
The job titles vary, but common titles are:
Chief Financial Officer (CFO)
Senior Financial Analyst.
Salary Benefits of a CMA
Becoming a CMA does mean you can expect to see a nice bump in your salary. In fact, CMAs Earn 60% More Than Non-CMAs. This is particularly interesting given that 51% of CMAs in this year’s survey received their certification within the last two years, meaning they have only just begun to experience the added impact of having a certification
You can find out more by checking out IMA’s CMA Salary Survey.
What Experience Do CMAs Need?
So, now you know what a CMA is, the kind of job roles you could be eligible for, and that you can expect a pretty substantial pay increase. But there is a certain amount of experience required – you can find out more about that below:
You must join the Institute of Management Accountants (IMA)
You must enroll in the CMA program
You must pass the CMA exam
You must have a four-year degree from an accredited college or university
You must have at least two years of management accounting or financial management experience (but this can be gained after sitting for the exam!)
How to Get a CMA
To become CMA certified, you need to pass the exam with a score of at least 360 across both parts – so, how do you go about that?
1. Find a CMA Review Course that fits with your personal learning style – this is crucial to ensuring your study sessions are efficient. We recommend you get started with as many free trials as possible to ensure you know exactly what works for you.
2. Register for the CMA Exam – for this you’ll need to create an account with IMA, which you can do here.
3. Sit for and pass the CMA Exam – using our one-of-a-kind ReadySCORE™ technology to know exactly when you’re ready to sit, by telling you your score to 99% accuracy.