Certified Management Accountant (CMA): Definition, Benefits, and How to Become One

Learn about Certified Management Accountants (CMAs), its benefits, roles, and how to become one, including exam details and comparisons with CPA and CFA.
CA Loan
3 min
30 April 2025

Are you looking to advance your career in accounting and financial management? The Certified Management Accountant (CMA) certification could be the perfect opportunity. Offered by the Institute of Management Accountants (IMA), the CMA credential is internationally recognised and designed for professionals who want to specialise in financial analysis, budgeting, strategic planning, and decision-making. This article takes you through the complete journey of becoming a CMA—from meeting the education and experience requirements to passing the two-part exam and maintaining your certification. You’ll also learn about the real-world benefits of earning this respected qualification, such as higher earning potential, global job opportunities, and improved credibility. Whether you’re a finance graduate or an experienced accounting professional, this guide will show you how the CMA can help you achieve leadership roles and long-term career growth.

What Is a Certified Management Accountant (CMA)?

A Certified Management Accountant (CMA) is a professional designation granted by the Institute of Management Accountants (IMA) to individuals who demonstrate expertise in financial management and strategic management. CMAs are skilled in areas such as financial analysis, planning, control, decision support, and professional ethics. They are critical in helping businesses make informed financial decisions and achieve long-term financial success. The CMA certification is recognised globally and is highly regarded in the fields of corporate finance and management accounting, making it a valuable credential for professionals seeking to advance their careers in accounting and finance.

Benefits of Becoming a Certified Management Accountant (CMA)

Earning your CMA certification requires dedication, with the IMA suggesting 150 to 175 study hours for both Part 1 and Part 2 of the exam. However, the effort is undoubtedly rewarding, as becoming a CMA significantly enhances your career prospects.

Here are some key benefits of becoming a Certified Management Accountant:

  • Higher earning potential: According to the IMA's 2021 Global Salary Survey, CMAs earn an average of 58% more than their non-CMA counterparts.
  • Career growth: The CMA certification showcases your expertise in financial management and broadens your accounting capabilities. CMAs frequently collaborate with or join the C-suite, playing a crucial role in organisational decision-making.
  • Global recognition: As an internationally respected credential, the CMA opens doors to global career opportunities and helps you stand out on the international stage.
  • Prestige and credibility: Achieving the CMA certification reflects your dedication to the profession, reinforcing your expertise in management accounting.

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What Do Certified Management Accountants (CMAs) Do?

Certified Management Accountants (CMAs) play a vital role in an organisation's financial health and strategic planning. They perform various functions, including:

  • Financial analysis: Evaluating financial data to support decision-making.
  • Budgeting: Creating and managing budgets to ensure optimal resource allocation.
  • Forecasting: Predicting future financial performance and economic trends.
  • Internal controls: Implementing and overseeing internal financial controls to prevent fraud.
  • Risk management: Identifying and mitigating financial risks.
  • Performance management: Analysing and reporting on business performance metrics.
  • Strategic planning: Contributing to the development of business strategies and long-term financial goals.

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How to Become a Certified Management Accountant (CMA)?

Becoming a certified management accountant involves several steps to ensure that candidates have the necessary education, experience, and expertise. The process includes:

  • Education: Obtaining a bachelor's degree or a related professional certification.
  • Experience: Gaining at least two years of relevant professional experience in management accounting or financial management.
  • Membership: Joining the Institute of Management Accountants (IMA).
  • Program enrollment: Enrolling in the CMA certification program.
  • Examination: Successfully completing both parts of the CMA exam.
  • Certification maintenance: Maintaining certification through continuing education and adherence to ethical standards.

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1. Earn a bachelor’s degree or related professional certification

Earning a bachelor’s degree is the first step to becoming a certified management accountant. A degree in accounting finance, or a related field provides the foundational knowledge necessary for a career in management accounting. Alternatively, obtaining a related professional certification such as a CPA can also fulfil this requirement. The education provides essential skills in financial reporting, analysis, and strategic management. This academic background equips candidates with the analytical and technical skills needed to succeed in the CMA program and in their professional careers.

2. Gain at least two years of relevant professional experience

To qualify for the CMA designation, candidates must gain at least two years of relevant professional experience. This experience should be in management accounting or financial management, where candidates can apply their knowledge of financial analysis, budgeting, and strategic planning. The hands-on experience helps in understanding the practical aspects of financial decision-making and internal controls. Working in roles such as financial analyst, budget analyst, or accounting manager provides the necessary exposure to real-world financial scenarios, preparing candidates for the challenges of the CMA exam and their future careers.

3. Join the Institute of Management Accountants (IMA)

Joining the Institute of Management Accountants (IMA) is a crucial step in the journey to becoming a CMA. The IMA is the certifying body that offers the CMA credential and provides resources, networking opportunities, and professional development for its members. Membership in the IMA grants access to study materials, professional journals, and a global community of accounting professionals. It also provides support through webinars, conferences, and local chapter meetings, helping candidates stay updated with industry trends and best practices, thereby enhancing their professional growth and readiness for the CMA exam.

4. Enrol in the CMA program

Enrolling in the CMA program is the next step after joining the IMA. This involves registering for the CMA certification course, which includes access to study materials, exam guides, and practice tests. The program covers two parts: Financial planning, performance analytics, and strategic financial management. Each part includes various topics such as budgeting, financial reporting, internal controls, and decision analysis. Enrolling in the program ensures that candidates receive structured training and resources necessary to prepare for and succeed in the CMA exams, equipping them with the skills needed for advanced financial management roles.

5. Complete both parts of the exam.

The CMA exam consists of two parts, each testing different aspect of management accounting and financial management. Part 1 focuses on Financial Planning, Performance, and Analytics, while Part 2 covers strategic financial management. Candidates must pass both parts to earn the certification. Each exam part includes multiple-choice questions and essay questions, assessing candidates' knowledge, analytical skills, and ability to apply concepts in real-world scenarios. Thorough preparation, using study materials and practice exams provided by the IMA, is crucial for success. Passing these exams demonstrates a comprehensive understanding of advanced accounting and strategic financial management.

6. Maintain the certification.

Maintaining the CMA certification requires ongoing professional development and adherence to ethical standards. Certified management accountants must complete 30 hours of continuing professional education (CPE) annually, including two hours in ethics, to stay current with industry practices and regulations. This ensures that CMAs continue to enhance their skills and knowledge, keeping them relevant in the ever-evolving field of management accounting. Additionally, CMAs must adhere to the IMA's statement of ethical professional Practise, maintaining high ethical standards in their professional conduct. Regularly updating their knowledge and skills helps CMAs provide valuable insights and maintain their professional credibility.

CMA Exam Structure

The CMA exam consists of two parts, each with multiple-choice questions and essay questions. For each part, you need to score at least 50% in the multiple-choice section before moving on to the essay section. The exam is not an open-book test.

Part 1 of the CMA exam focuses on financial planning, performance, and analytics. Part 2 tests your understanding of strategic financial management.

The IMA administers the CMA exam in a computer-based format at its global network of Prometric Testing Centres. You can take the two exam parts in any order, and you can also choose to take them on the same day or on separate days.

Here is a breakdown of the exam structure:

CMA exam structure

Foramt

Time

Part 1: Financial Planning, Performance, and Analytics

100 multiple-choice questions, 2 essay questions covering 10-12 calculations or written answers

3 hours for multiple-choice questions, 1 hour for essay questions

Part 2: Strategic Financial Management

100 multiple-choice questions, 2 essay questions covering 10-12 calculations or written answers

3 hours for multiple-choice questions, 1 hour for essay questions

 

Where to take the CMA exam?

The CMA exam is offered at various prometric testing centres worldwide, providing flexibility for candidates to choose a convenient location. Prometric centres are equipped with secure, standardised testing environments to ensure a fair and consistent examination process. Candidates can schedule their exams online through the prometric website after registering with the IMA. The exams are available during specific testing windows throughout the year, allowing candidates to plan their study schedules accordingly. Ensuring access to a nearby testing centre and familiarise oneself with the exam format can help reduce stress and improve performance on the exam day.

CMA exam registration and fees

To register for the CMA exam, you need to become a member of the IMA (Institute of Management Accountants) and enrol in their CMA candidate program.

The IMA conducts the CMA exam during three main testing windows every year: January/February, May/June, and September/October. You must register for the next available window by the 15th of February, June, or October. Registration can be done online or over the phone. For phone registrations, you can contact the IMA at their designated numbers.

You can take the CMA exam even before fulfilling the education and work experience requirements for professional certification. However, you must complete your degree and meet the work experience criteria within seven years of passing the CMA exam for the IMA to recognise your test scores.

There are no citizenship requirements, but you will need to verify your identity with an official document (such as a passport, passport card, or government-issued driver's license) when you appear for the exam.

You can attempt the CMA exam as many times as needed.

Exam Fees:

The IMA has different fee structures for student and professional members. If you join the IMA as a student or academic member, the fees are as follows:

  • IMA membership: ₹3,500 (student) or ₹12,000 (academic member)

  • CMA entrance fee: ₹18,000

  • Examination fee: ₹27,000 per part

For professional IMA members, the following fee schedule applies:

  • IMA membership: ₹22,000

  • CMA entrance fee: ₹22,500

  • Examination fee: ₹37,000 per part

Penalty Fees:

If you do not reschedule your exam at least 72 hours in advance or cancel at least 30 days before the scheduled test date, penalty fees may apply.

CMA exam preparation tips

No matter which exam preparation method you prefer, it’s important to start early. According to the IMA, candidates typically need around 170 hours to prepare for Part 1 and 130 hours for Part 2. In total, this equates to roughly 18-24 weeks of study if you follow the IMA's advice and dedicate at least 12 hours per week to your preparation.

Top Tips:

  1. Make a Study Plan
    Start by creating a clear and structured study plan. Schedule regular study time each week (or even daily, if possible). Stick to your schedule and dedicate as much time as you can to your studies.

  2. Enroll in a Prep Course
    Many candidates achieve CMA certification through self-study. However, enrolling in a formal prep course provides a structured approach that can be very helpful. You can choose from in-person classes or flexible online courses, which may be live or pre-recorded.

  3. Use Practice Tests
    Take practice exams to simulate the actual test environment. Start with untimed practice exams and gradually move to timed ones as you become more familiar with the format and questions. When you start scoring well consistently, you will be ready for the real exam.

  4. Ramp Up Before Exam Time
    As the exam date approaches, many candidates choose to intensify their study efforts. For example, you could increase your study hours to more than the IMA's recommended 12 hours per week during the final weeks. This can help you get immersed in the material and build your confidence for the exam.

How long does it take to earn a CMA certification?

Earning a Certified Management Accountant (CMA) certification typically takes around 12 to 18 months. This includes time for studying for and passing two rigorous exams, as well as fulfilling the work experience requirement. Candidates often spend about 150 to 200 hours preparing for each exam. The total duration can vary based on individual pace, prior knowledge, and study methods. Completing the certification also depends on maintaining active membership with the Institute of Management Accountants (IMA) and adhering to continuing education requirements.

Conclusion

Becoming a Certified Management Accountant (CMA) is a structured process that involves education, experience, and examination. The certification opens the doors to advanced roles in financial management and strategic planning. Maintaining the certification through continuous education and ethical practice ensures that CMAs remain valuable assets to their organisations. For professionals like doctors, engineers, and chartered accountants looking to fund their career advancements, a professional loan can offer tailored financial support with flexible terms.

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