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CMA Certification
What it Can
Mean for You
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Institute of Management Accountants (IMA)
Vision –The world’s leading association for management accounting and finance professionals
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Building Your Career
• CMA Certification Program• Professional Development Opportunities• Networking & Leadership Opportunities• Local Chapter Meetings• Virtual Communities• IMA Ethics Center and Ethics Helpline
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Who are Management Accountants?
• Chief Accounting Officer/DaimlerChrysler• Chairman, a Hong Kong Bank• KPMG consulting partner• VP, Operational Excellence, Merck• Third in command at the FBI• VP, Investor Relations, Johnson & Johnson
Source: The Diverse Roles of Professional Accountants in Business,IFAC, New York, November 2004, Available at www.ifac.org.
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• Act as trusted business advisors• Support business management and
strategic development• Provide accurate information for better
decisions• Act as conscience of last resort• Work “hands on” to add value in
organizations • Plan for the long-term
Management Accountants – What do we do?
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IMA & the Profession
• Empower professionals inside organizations who create economic value
• Foster unique role as the ones responsible for “building quality in”
• Outside audit works best when the “inside” job is done correctly
• Ethical and responsible corporate governance must come from the “inside”
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CMA – CPA Comparison
CMA:• Preparer/User of
accounting information
• Concept based• “Inside” corporate
professionals• Higher quality, lower
costs• Forward-looking• Player
CPA:• Auditor of accounting
information• Rule based• Public practice
licensure• Attesting to the
accuracy of financial records
• Historical• Referee
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A CMA Professional Has…• Demonstrated ability to work across the
breadth and depth of the entire accounting process within organizations
• Proficiency in decision-making, planning, and control functions
• Agreed to maintain professional competence through annual continuing professional education
• Committed to a code of ethics
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How Does CMA Certification Benefit You?• Opportunity to assess and demonstrate capabilities
and expand knowledge base
• Distinguishes you from your peers and increases credibility and productivity
• Recognition of achievement
• Expanded career options and greater earning potential – Certified professionals earn 24% more than those without
certification (IMA’s Annual Salary Survey, June 2009)
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Certification Benefits to the Company
• Identify motivated professionals for hiring, recognition, and advancement
• Higher level of service and increased credibility among clients
• Achieve and maintain a high level of knowledge, competence, and business understanding
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Profile of a CMA Candidate
• 70% have a Bachelors Degree• 29% have a Masters Degree• 6% are CPA’s• Average age: 34
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Statistics
• More than 30,000 CMAs issued to date
• Pass rates for the four parts of the exam range between 50% to 60%
• 50% of exams taken outside U.S.
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Making Certification Work
• Commitment by senior management to continuing professional development
• Support for review programs• Company support for CMA exam
process• Tangible recognition for successful
completion
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CMA Exam Overview
• Part 1: Business Analysis (CMAs can waive Part 1)- 3 hours, 110 multiple choice questions
• Part 2: Management Accounting and Reporting - 4 hours, 140 multiple choice questions
• Part 3: Strategic Management - 3 hours, 110 multiple choice questions
These exams may be taken in any order but must all be passed before registering for Part 4
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Certification Exam ContentsPart 1: Business Analysis
Global Business
20%
Quantitative Methods
15%
Business Economics
25%
Internal Controls
15%
Financial Statement Analysis
25%
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Certification Exam ContentsPart 2: Management Accounting & Reporting
External Reporting
25%
Performance Measurement
20%
Cost Management
25%
Information Management
15%
Budget Preparation
15%
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Certification Exam ContentsPart 3: Strategic Management
Corporate Finance
25%
Decision Analysis
25%
Investment Decisions
20%
Strategic Marketing
15%
Strategic Planning
15%
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Certification Exam Contents Part 4 – Business Applications
• Must complete Parts 1, 2, and 3 first• 3 hours, 4-7 essays/problems• All content from Parts 1, 2, and 3 included• Plus: Ethics, Organization Management,
Organization Communication, and Behavioral Issues
• Computer-based but no immediate scoring
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Becoming a CMA
• Member of IMA• Apply for admission into certification program• Register for certification exam• Fulfill educational credentials• Pass the certification exam• Satisfy the experience requirement• Comply with the IMA Statement of Ethical
Professional Practice • View IMA’s Webinar, “Navigating through the CMA
Program” at www.imanet.org/certification_started.asp
• Visit the Certification Section of IMA’s website at www.imanet.org/certification
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Fees• IMA Dues per appropriate member category
– Regular (North America) $195– International $195– Young Professional $130– Academic $98– Student $39
• $190 registration fee per exam part• $200 entrance fee ($75 for students)
– Includes CMA Exam Support Package
• $95 per part for college students
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Education Requirement
• Bachelors degree• Certification equivalent to CMA
or• Score in top 50th percentile on GMAT
or GRE
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Experience Requirement
• 2 years in a management accounting or financial management position
or• 2 years in public accounting
or• 2 years in academia
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Preparing for the CMA Exam
• Step One: Make a Personal Commitment to Self-study• Step Two: Sharpen Knowledge of Exam Topics• Step Three: Restore Test-taking Skills• Step Four: Take Self-administered or
Instructor-guided Review Courses
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Remaining a CMA
• Maintain IMA Membership
• Meet the Continuing Education Requirement: 30
Hours/Year (Including 2 Hours in Ethics)
• Comply with the IMA Statement of Ethical Professional
Practice
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Take the Challenge
Become a CMA!
www.imanet.org/certification