Certified Management Accountant (CMA)
CMA is one of the most viable programmes in the finance sector. For someone who dreams to make it big in the management accounting field, the CMA course would be a great choice. But before getting into it, it is important that you know every detail about the course, eligibility, exam structure, salaries and the opportunities it will offer.
About the CMA (Cost Management Accounting) Course
Cost Accounting Management is a certificate programme designed to train students for working in different industries and corporate functions. Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics.
CMA Course Duration
- The duration of the CMA course is flexible. Which means that the time taken to complete the CMA programme depends on a candidate’s level of focus and dedication.
- The course can be completed from 6 months to 3 years.
Skills Gained Through the CMA Course
Following are a set of skills that candidates get to learn through this programme.
- Expertise in Financial Accounting
- Strategic Management
- External Financial Reporting
- Internal Controls
- Performance Management
- Cost Management
- Expertise in Management Accounting
- Profitability Analysis
- Planning and Budgeting
- Risk Management
- Investment Decision
CMA Exam Schedule and Flexibility
- The CMA course provides flexibility to the students appearing in different level of examinations.
- You can appear in the exams on any day while the testing window is open.
- The testing window remains available for 6 months a year.
- CMA exams are all computerised. So, you will usually have to benefit to complete your exams quickly as per the schedule of your choice.
- The six months during which the testing window remains open are January or February, May or June, September or October.
- CMA Exams are administered by Prometric which has centres all over the world. You’ll have to schedule your exams at least 72 hours prior (It is advisable to schedule at least 4 weeks in advance)
Exam Pattern
Each exam consists of descriptive questions and two 30-minute essay questions. Candidates are given 3 hours to complete the multiple choice section and one hour to complete the essays. Candidates must show their work for the essay questions in order to receive credit. Parts 1 and 2 of the CMA exam are scored on a scale of 0–500 with a candidate's raw score converted to a uniform scaled score against all exam candidates. On this scale, a score of 360 represents the minimum passing scaled score.
CMA Exam Syllabus
CMA is divided into two parts. The syllabus of which is as below:
Syllabus for CMA Exam Part 1
- Cost Management
- Internal Controls
- Technology & Analysis
- External Financial Reporting Decisions
- Planning, Budgeting and Forecasting
- Performance Management
Syllabus for CMA Exam Part 2
- Risk Management
- Investment Decisions
- Professional Ethics
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
CMA Exams are administered by Prometric which has centers all over the world. You’ll have to schedule your exams atleast 72 hours prior (It is advisable to schedule atleast 4 week in advance)
Career Prospects after completing CMA
Obtaining the CMA certification will open a lot of opportunities for you in the domestic as well as the global market. It will help you to enhance your financial, accounting and management skills that will expand your career potential and which will help you to stand out from the rest. Some of the job roles that you expect after completing CMA are:
- Finance Manager
- Financial Analyst
- Financial Risk Manager
- Financial Controller
- Cost Accountant
- Chief Financial Officer
- Cost Manager
- Cost Manager
- Relationship Manager
The candidates have to clear both these parts within 3 years of registering for CMA.
CMA Certification and Eligibility
To deem eligible for CMA Certification, the aspiring candidate must hold membership in the Institute of Management Accountants (IMA). The candidate must hold a Bachelor’s degree from any discipline from any authorized institution. He/ She must have two years of professional experience and expertise in management accounting or financial management. Finally, the candidate must successfully complete Part 1 and Part 2 of the CMA course exam.
Career Opportunities after CMA
- Chief Financial Officer
- Financial Controller
- Cost Accountant
- Finance Manager
- Financial Analyst
- Financial Risk Manager
- Financial Planning and Analysis
CMA Certificate Holder Earnings
In India, as a fresher of the CMA Certificate holder, an individual earns around ₹5-7lakhs per annum based on your industry or the corporate company. The average salary an individual receives as a Chief Financial Officer is around ₹4 Million per annum. As an experienced candidate, you can earn better when compared to a fresher.