CMA course in the USA: Comprehensive guide

Annually, 100,000 individuals earn the US CMA certification to add a globally recognised and respected credential to their CV. If you aim to jump-start your career in the financial management and management accounting arena and achieve high positions in multinationals, then the CMA is a great first step. With this certification in your toolbox, you are ready to compete alongside the best accounting and finance candidates in the world. The US CMA not only helps give you an edge in the employment market but also gains you a higher median salary than your peers without the certification. Sounds too good to be true? Let’s back that up with facts and figures from the Institute of Management Accountants, or IMA, the body that offers this professional certification:

• US CMA garners you a higher median salary to the tune of 21% as compared with your non-certified industry peers.
• 82% of successful CMAs report that they could obtain job opportunities that they were deemed not eligible for before the certification.
• A quarter of CMAs in the USA reported that the certification has gained significant value post-pandemic.
• 77% reported an increase in career advancement opportunities
• 75% reported greater ease and ability to switch to jobs in other areas of business
• CMA certification proved to be of greatest value for early-career candidates 

If these impressive facts have convinced you to explore the US CMA, we are right here to help you with the insights, guidance and support you need to ace this international certification. Let’s begin with the basics.

What Is the CMA (USA) Certification?

The CMA or Certified Management Accountant is a professional certification offered by the IMA, the 100+ year old Institute of Management Accountants. This is the global association for finance and accounting professionals. IMA members hail from over 150 countries, and this is one of the best-known and most respected associations for management accounting.

Headquartered in New Jersey, USA, the IMA covers five other global regions as well: Europe, China, India, Asia Pacific, Middle East/ North Africa.

The certification enables you to master 12 core competencies that set you apart as a highly qualified professional. A US CMA certification gives you access to a network of 140,000 finance and accounting professionals spread across the globe.

Why Indian Candidates Should Consider CMA USA?

The first question most people ask is: Why not just do the Indian CMA? What is the difference?

CMA India and CMA USA are both great ways to kick-start a successful finance career. However, they are both designed to hone slightly different professional skills and are aligned to slightly different markets. You already know the US CMA is offered by the IMA. In India, the Institute of Cost Accountants of India (ICMAI) offers the CMA India certification. Here are the differences:

The US CMA gives you a broader base training and global perspective as well as a certification that is instantly recognised and respected all over the world.

Eligibility Criteria for attempting the CMA exam

Candidates must fulfil the following criteria for the US CMA certification:

• Be an active member of IMA
• Hold a Bachelor’s degree from an accredited college (this is mandatory for certification, not for taking the tests)
• Have two years of continuous experience in management accounting/financial management in a professional setting. This two-year stint can be completed within seven years of clearing the certification exams
• Clear the exam Part 1 and Part 2

CMA USA Exam Structure & Syllabus

The test is divided into two parts that can be taken in any order.

CMA Part 1: Financial Planning, Performance, Analytics

Covering:

• Performance management
• Planning, budgeting and forecasting
• External financial reporting decisions
• Internal control
• Technology and analytics
• Cost management

CMA Part 2: Strategic Financial Management

Covering:

• Business Decision Analysis
• Corporate Finance
• Professional Ethics
• Financial Statement Analysis
• Enterprise Risk Management
• Capital Investment Decisions

CMA exam format

Both parts are four-hour exams with 2 essay-type questions and 100 multiple-choice questions. You have three hours for the multiple-choice and one hour to finish the essays. The essays will need 10- 12 quantitative and written answers to a business scenario outlined. 

The total score can range between 0 and 500.  To pass, you need to score at least 360. 

You get access to the essays only after you complete the multiple-choice questions or after three hours, whichever is earlier. You must have scored at least 50% on the MCQs to be allowed to take the essay-type questions. Be careful when you exit the multiple-choice segment because you cannot go back and revise anything in that portion. The scores for both sections are added up to determine the pass/fail status.

The questions will test your knowledge and understanding of:

• Financial statement preparation
• Time value of money concept
• Business economics
• Statistics
• Probability

Download the CMA Content Specifications Outline handbook for a deeper dive into what each part of the test encompasses.

CMA exam dates

The CMA certification exams are held thrice a year in:

• January/February (registration closes Feb 15^th)
• May/June (registration closes June 15^th)
• September/October (registration closes Oct 15^th)

How to take the CMA exam

• First, register at IMA for the exam.
• Then use the Prometric site to schedule your appointment at your chosen centre.
• Note down the confirmation number you get after scheduling the exam.
• The test is computer-based and offered at Prometric Test Centres across the world.
• The results are released around 6 weeks after your test-taking month, and they will be emailed to you by Prometric.
• You can also find them on your Profile in the IMA website under the My Certifications tab.
• The certificate will be sent to successful candidates by mail shortly after announcing the results.

Important to note:

You can take Part 1 and 2 on the same day, but most candidates prefer to take them separately. But you must complete the exam within three years. If you pass only one Part within this timeline, the scores are reset, and you will have to start afresh by registering for both tests again. Within the three years, you can retake the test in different testing windows as you please by paying the exam fees again.

Fees & Cost Breakdown for Indian Candidates

CMA USA fees differ slightly depending on whether you are a professional or a student.

Career Opportunities & Salary Prospects

The IMA website says that CMAs earn 21% higher average salary than peers without the certification. The IMA Salary Survey 2023 report gives the following facts and figures about CMA-certified professionals:

• The median salary in India was $7,918 (INR 6,94,600)
• Most CMAs in the survey held middle management level roles, senior management participants were 14% and top management participants were 12%
• In the Asia Pacific region, the total median compensation for Top Management CMAs was $68,787 (INR 60,34,360), for Middle Management CMAs was $34,394 (INR 30,17,213), and at the Entry level, it was $18,844 (INR 16,53,089)
• Globally, a CMA certification translates into 18% average pay hike
• 49% of CMAs have said that their certification enhanced their paycheck
• 69% said that it helped them advance further in their careers.

Roles that are Open to CMAs:

• Financial Analyst
• Financial Controller
• Management Accountant
• Treasurer
• Finance Manager
• Vice President (FP & A)
• CFO
• Divisional Controller
• Cost Accounting Director
• Accounting Manager
• Senior Financial Analyst
• Accountant

The Big Four accounting firms- Deloitte, KPMG, EY and PwC- all prefer CMAs for several roles within these organisations. IT giants like Cognizant, too, need CMAs for their financial analyst roles. MNCs like the Birla group, Reliance, Mahindra and Mahindra also have plenty of opportunities for CMAs.

When it comes to overseas opportunities, Apple, Microsoft, Amazon, and Google. Accenture, BCG etc, welcome CMAs into their ranks as well.

CMA USA vs other certifications

For those interested in making a career in finance, the CMA is not the only option. The ACCA (Association of Chartered Certified Accountants) certification and the CPA (Certified Public Accountant) certification are also popular.

Here is how they compare with the CMA USA:

• The CMA is the shorter-duration option if you can clear the tests on the first shot, which makes it a quick launch pad to your career. ACCA takes 3 to 4 years to complete, while CPA takes 1 to 2 years. The CMA is also the more affordable option among the three.
• CMA is highly recognised globally and is especially sought after in the US and India. It is ideal for careers in business strategy, corporate finance and financial planning and analysis. CPA, too, has global recognition and is preferred in the USA, but for public accounting, tax-related careers and audit-related careers. The ACCA, while also globally known, is preferred mainly across Europe. The ACCA also gives you grounding for Auditing, tax and Finance management roles and accounting roles.
• The CPA is more compliance-oriented than the CMA, which can make it a challenge to clear. The longer duration of the ACCA also poses some challenges to clearing it on the first attempt.

How to Prepare for CMA in the USA

IMA has an approved list of CMA self-study courses. These include offerings from:

• Becker
• Gleim (Has a very comprehensive set of free resources)
• Hock
• PRC
• UWorld

The best of IMA approved CMA training institutes in India are:

• Chanakya Business School and their online school- Exclusive centre for CMA USA
• ISDC
• J.K.Shah Classes
• LedgerGate CMA Academy
• Logic School of Management
• Miles Education

Also on the IMA approved list for CMA training institutes are:

• FPA Edutech
• Imparticus Learning
• Academy of Professional Studies and Charitable Trust
• IAM Business School
• INPROX Campus for Professional Studies
• Lakshya- Indian Institute of Commerce
• NorthStar Academy

Study plan to clear CMA

Let’s face it: The CMA tests are not easy. But that does not mean you cannot ace them. Make a good study plan and stick to it, and you can taste success. Here are some tips to build your study plan:

• Understand the test format to know the types of questions and focus areas.
• Download the CMA Content Specifications Outline handbook and read it thoroughly to know what to expect in the tests and test coverage details.
• Set aside regular study hours; some students even take a break from work or studies to prepare for the CMA USA test.
• Use a mock exam resource and practice extensively, especially for MCQs.
• Review answer explanations to understand concepts rather than just memorising answers.
• Once you have covered a topic, review it regularly to keep it fresh in your mind and to truly master the topic.
• Write short summaries on these reviewed topics every week to develop your essay writing skills.
• Practice with short quizzes to help hone time management skills without burning out too soon.
• For MCQs, first read and answer non-computational questions, then the rest. Mark the ones you have doubts about. Lastly, do a quick review of your marked ones.
• Go to the last lines of big questions to understand what is being asked, and then read the question from the top. This helps you pick out relevant information quickly.
• If you complete your MCQs before the allocated time, you can carry the minutes over to your essay section.
• Practice around 1500- 2000 MCQs before you appear for the exams.
• Finally, do a Prometric test Drive exam to get familiar with the actual test environment.

Coaching or self-study for CMA: Which is better?

Coaching can help you stay disciplined about your prep, and it can give you access to materials that are well-structured. You also have the option to ask your doubts and get tips from experts. Plus, for some students, working with a group helps them stay motivated.

Self-study has its own advantages. It is more flexible, letting you design your own study hours and study pattern in line with your strengths and weaknesses. You can customise it to your needs perfectly and focus more time on your weak areas instead of having to follow a pattern and schedule set for an entire classroom. Self-study also lets you use methods that help you remember and understand concepts at your own pace, meaning you can use prep time more effectively. There are plenty of study materials accessible for self-study as well.

FAQs

What is the CMA pass rate?

Around 45% of the candidates are successful in both Part 1 and Part 2 of the CMA USA exam, according to the IMA website.

Can final-year students apply?

Yes, students don’t need their Bachelor’s degree to take the CMA tests, but you will not get your certificate until you have your degree in hand.

Is IELTS required for the CMA exam?

Students from non-English-speaking countries must have a good score on an English proficiency test like IELTS.

How does CPE maintenance work?

CPE stands for Continuing Professional Education, and the requirement for successful CMA candidates is that you have to annually report 30 CPE hours, of which two hours are in ‘ethics’.

Conclusion

The CMA USA certification can open doors to the best international opportunities for you while also enhancing your potential for the highest salaries. The effort and time you invest in preparing for the test are worthwhile, given the value it can add to your CV. All the best for a successful CMA certification journey!