CMA stands for “Certified Management Accountant.” CMA’s are employed in industry, as opposed to public accounting. Unlike CPAs, CMAs are not regulated by the state. Therefore, there is no state tax to pay or license to keep active. CMAs do not go without regulation. They are regulated by the IMA, or Institute of Managerial Accountants.
According to the IMA’s 19th Annual Salary Survey, accountants who are certified earn 25% more than those who aren’t. It is concluded that a certification is a worthwhile investment in any accountant’s career. To become a CMA is easy as 1,2,3!
Become a CMA Step #1 : Join the IMA
The first step to becoming a CMA is to join the IMA. You must be an IMA member in good standing to become a CMA. Joining the IMA is simple. You go out to their website and fill out a form and pay your dues. Dues for IMA membership vary, depending on what your membership status is. Student membership is the most economical option and it is $39 per year. To be a student member, you must take at least six hours of college level courses per semester. The most expensive IMA membership is $195. This membership category is for those who are fully certified CMAs.
Become a CMA Step #2 : Evaluate Your Education and Experience
In order to become a CMA, you must have a college degree. You must also have two years of professional experience. The IMA website says the following about the experience requirement for becoming a CMA:
Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. Such employment includes financial analysis, budget preparation, management information system analysis, financial management, management accounting, and auditing in government, finance or industry, management consulting, auditing in public accounting, research, teaching or consulting related to management accounting or financial management.
Employment requiring the occasional application of management accounting principles (computer operations, sales and marketing, manufacturing, engineering, personnel, and general management) will not satisfy this requirement. Similarly, internships and trainee, clerical, or non-technical positions do not provide appropriate experience to fulfill this requirement.”
Become a CMA Step #3: Register for and Take the CMA Exam
Like other accounting certification, becoming a CMA requires you to sit for an exam. The exam has four parts. If you posses another accounting certification such as a CPA license, you only have to take three of the four exam parts. However, you still have to pay to waive the first portion of the CMA exam.
Registering for the CMA exam is easy. Simply go out to their website and fill out their form. There are registration fees to pay, and student members will enjoy a significant discount on their examination fees.
If you have not finished school yet or have not met the experience requirements, don’t let that stop you from registering for the CMA exam. You can sit the CMA exam before you graduate. You cannot become a CMA until your education is verified, so make sure upon graduation your transcripts are sent to the IMA.
After you register and pay the examination fee, you will get a letter in the mail. The letter you receive in the mail will include a code to use to make your CMA exam appointment. This letter will give you instructions on how to make your CMA exam appointment.
As you can see, to become a CMA is easy as 1,2,3! Although studying for the CMA exam may be intense, your certification will really pay off. You will have a reputable certification to display on your resume. You will set yourself apart from the crowd – something very important to do in our current economic climate.
Resources:
www.imanet.org
