Department of Certified management accountant
A certified management accountant is a financial professional who has earned the Certified Management Accountant (CMA) certification from the Institute of Management Accountants (IMA). A CMA typically applies in corporate finance or managerial roles in business under various job titles, including corporate accountant, financial analyst, cost accountant, risk manager, industrial accountant, controller, CFO, and other related jobs in financial management.
CMAs help an organization’s senior professionals make strategic decisions about a company’s future based on financial data and information, which can help an organization set long-term plans and better allocate finances. A CMA may also make financial decisions for a company if working in an executive position.
who should attend?
This program is suitable:
– For accounting workers who wish to be appointed as a business consultant
– For business consulting workers who want to hone and upgrade their skills
– For those who want to enter the world of business consulting, and want real support for them to work in this field.
objective
This program aims to:
-Providing the student with important skills and techniques to start his career as a professional business consultant
-Covering all aspects of business consulting, from communication and negotiation to management, reporting and start-up business
-A comprehensive understanding of the role of business consultant, gaining confidence and the ability to succeed.
content
To become a certified management accountant, you must pass the CMA exam. To be eligible to take the exam, you must meet the required educational prerequisites, gain professional experience in financial management, join the certifying board of IMA, and enroll in the CMA program. After meeting these requirements, you’re eligible to take the two-part exam. Once granted certification, you need to maintain your certification per IMA requirements.
1. Earn a bachelor’s degree or related professional certification.
For eligibility to enroll in the CMA program, you need a bachelor’s degree in finance, accounting, or a related field. In some cases, a professional certification in a related field from an accredited program is sometimes accepted in lieu of a bachelor’s degree.
2. Gain at least two years of relevant professional experience.
You need to be able to demonstrate employment for at least two consecutive years in financial management or management accounting to be eligible to earn your CMA certification. This experience needs to have occurred no more than seven years prior to applying for the certification. Internships are not sufficient to fulfill the requirement of professional experience. The IMA provides a list of qualifying professional experiences on its website.
3. Join the Institute of Management Accountants (IMA).
Eligibility for the CMA certification also includes joining as a member of the IMA, which is the organization that certifies management accountants. Membership is a requirement and must occur prior to enrolling in the CMA program. There are membership fees you will pay.
4. Enroll in the CMA program.
Enrolling in the CMA program involves paying a program fee separate from the membership and exam fees. You enroll online via the IMA website. Be prepared to have documentation of educational and professional experience ready to submit. As part of your program, be prepared to spend time studying for the exam. Enrolling in the CMA program means you have access to members-only study guides and resources that can help you prepare for the exam. You have three years to complete the program.
5. Complete both parts of the exam.
Once enrolled in the CMA program, you’re ready to sign up to take the exam. You can find exam dates on the IMA website. The exam is only offered during certain times of the year. Once you select a date, pay the exam fee and register to take the exam at a testing site or remotely.
The exam has two parts. Part one will cover financial planning, performance, and analytics, while part two will cover strategic financial management. Each section includes 100 multiple-choice questions and two essay questions. Scores are tallied between the multiple-choice and essay portion of the exam. Test results are usually emailed out six weeks from your test date. You can take exams online or at a test site.
6. Maintain the certification.
To maintain your certification once you have earned it, it’s essential that you complete 30 hours of continuing education annually. Two of those hours are required to be in ethics. Criteria for continuing education include a range of options from self-study programs, online courses, courses at colleges, or programs given by trade associations.
In addition to continuing education credits, you must pay the annual IMA membership and certification fee to stay certified. Maintaining certification is important. Your name is listed on the IMA website under CMAs in good standing, which is helpful to share with potential employers.
