CMA Background The role of a CMA is to perform responsibilities to ensure a company’s financial security. CMA’s are an important role in determining the success ofa company. A CMA credential is similar to a CPA, but with the focus on cost accounting, financial planning and management issues. To become a CMA you must first become a member of the IMA (Institute of Management Accountants). The organization was first founded as NACA (National Association of Cost Accountants) in 1919.
In 1957 it then became the NAA (National Association of Accountants), and finally became the IMA in 1991. The IMA currently represents more than 60,000 accountants and financial professionals. The IMA has 5 core values; respect for the individual, passion for serving members, highest standards of integrity and trust, innovation and continuous improvement, and teaming to achieve. The IMA operates under the leadership of its President and Chief Executive Officer, which is one person.
This person is voted into position by a board of directors. There are 3 key members of the board and then 57 other members, for a total of 60. Requirements Joining the IMA costs anywhere from $39 for students and up to $210 for rofessionals. To be eligible to take the CMA exam you must complete the education requirement, which is a bachelor’s degree (in any subject). You also need to have 2 years of full-time work experience with management accounting or financial management.
This requirement can be fulfilled either before taking the exam or within 7 years of successfully completing the exam. To begin you must pay a nonrefundable certification entrance fee, which is $280 for professionals or $75 for students. There are 2 parts to the exam. Exam fees are as follows; for professionals- 380 per part, or $330 if registering for both parts at the same time and in the same testing window and a $50 prometric rescheduling fee. For students- $190 per part or $140 per part for same window, and the same $50 rescheduling fee.
The certification entrance fees cover; credential review for educational and experience qualification, 6 months of access to the CMA exam support package which includes printable practice questions and the CMA assessment tool, final score report, performance feedback for those who do not pass, personalized numbered certificate, and ongratulatory notification to employer or others if desired. Once enrolled in the program candidates have 3 years to complete both parts of the exam.
Candidates must also register for at least one of the exam parts within the first 12 months. Exam sessions are offered in January and February, May and June and September and October. Exams may be retaken, but only one exam is allowed during testing window, e. g. , Jan/Feb, and no more than 3 retakes are allowed per year. Each of the 2 parts of the exam consist of 100 multiple choice questions. 3 hours are given to complete these 100 questions. Following the multiple choice, another hour is allowed to complete tne essay portlon 0T tne exam .
I nls section conslsts 0T 8-10 wrltten response or calculation questions. However, if you incorrectly answer 50% or more of the multiple choice questions you will not be allowed to move onto the essay portion. The exam consists of 3 levels of testing; A, B & C. Level A consists of the lowest or most basic level of questions. This level includes categories of knowledge and comprehension. Level B includes questions that test for the application of material to certain situations and the ability to analyze information.
Level C, the hardest part of the exam, contains questions that include those that ask you to appraise, conclude, support, compare, contrast, interpret, and summarize information. Maintaining Credentials After successfully completing a CMA exam you must maintain 30 hours of continuing education annually, including a minimum of 2 hours in the area of ethics. The IMA offers hundreds of NASBA (National Association of State Boards Accountancy) approved CPE (continuing professional education) courses each year, these can include; online self-study and webinars, national conferences and live vents and local live events.
You must also continue membership in the IMA and pay a CMA maintenance fee. Salaries Average Salary (2010) Age Range NO CMA/CPA CPA Both 19-29 59,812 60,417 72,966 30-39 93,495 85,052 90,715 40-49 118,553 108,956 127,600 50-59 120,777 136,966 60 and over 106,334 128,767 121,485 Average Salary by State (West Coast) State Alaska California Hawaii Oregon Washington Career Paths Entry Level Mid Level Senior Level Type of Roles Avg. 114,107 129,574 89??33 96,979 93,437 Staff accountant, cost accountant, Junior internal auditor, tax accountant Accounting anager or senior accountant, senior internal auditor Controller, director of accounting or finance, CFO Getting There Bachelor degree in finance or accounting Strong technology skills (specifically in Microsoft Excel) All entry-level requirements Strong communication and analytical skills An MBA with a focus in accounting, MACC or CPA or CMA certification is recommended All mid-level requirements Track record of excellence and leadership in the field Solid management skills Knowledge of the industry and US accounting principles A graduate degree??”MBA or MAcc??”and/or CPA or CMA certification is desired