Interested in becoming a Certified Management Accountant? Read along to get some details on the eligibility to become one.
The CMA certification eligibility requires:
- Membership of the Institute of Management Accountants (IMA)
- A bachelor’s degree / Professional certification
- Two years of relevant work experience
- And of course, passing both levels of the CMA exam
Now, let’s look into each in detail.
Membership of the IMA:
The IMA is the international body that conducts the CMA exam and grants the certification. In order to sit for the CMA exam, you must first be an active member of the IMA. The IMA offers various types of membership depending on the stage at which you are in your career and your requirements. These various types of membership are: Student, Educator, Professional, Employer Program, and a 2-Year Student.
In order to become a certified CMA, you must meet any of the following education requirements:
- Bachelor’s Degree from an accredited college or university. A total of 384 India colleges & universities have been listed. Indian students can check the list here. If you are unable to locate your college or university on the list, you can send a query to firstname.lastname@example.org.
- If your degree isn’t accredited, you can get it evaluated here by an independent agency.
- All transcripts must be mailed from your college / university to ICMA 10 Paragon Drive Suite 1 Montvale, NJ 07645.
ICMA approves a few professional certifications for the educational requirement. So, if you have these certifications, you can still take the CMA exam. For Indian students, these include:
- Associate or Fellow, Institute of Cost Accountants of India
- Chartered Accountant (CA), Institute of Chartered Accountants of India
This requires an official letter to be mailed by your certifying organization to the ICMA.
You must complete two years of continuous professional experience in management accounting or financial management to meet this criteria. This can be done before taking the CMA exam or within 7 years of passing the exam.
Professional experience here includes:
- Continuous full-time employment of two years
- Continuous part-time positions of 20 hours per week (2 years of part-time employment will count as 1 year of experience)
- Teaching can also be qualified as professional experience if it is done full-time for two years and at least 60% of the course taught is accounting of finance.
Passing the CMA Exam
The CMA exam consists of two parts: Financial Reporting, Planning, Performance, and Control (Part 1) and Financial Decision Making (Part 2). Both parts comprise 100 multiple choice questions and two 30-minute essay questions each.
You must pass both the levels of the CMA exam.
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