7 Steps to Become a CMA
Institute of Management Accountants (IMA) governs the CMA certification and publishes a handbook that outlines eligibility requirements candidates must know before applying.
Attaining the CMA designation allows you a host of benefits as you progress in your career. Here are the recommended steps to become a CMA:
- 1Join IMA
- 2Enroll in the CMA Program
- 3Pass the CMA exam
- 4Satisfy the educational requirements
- 5Meet the experience requirements
- 6Adhere to the IMA Ethics Standards
- 7Fulfill annual continuing education requirements
Join IMA
As an aspiring CMA candidate, you must be an IMA member to enroll in the CMA Program. IMA is a global community that connects management accounting professionals and offers valuable resources to prepare you for the CMA exam. The organization offers different membership options based on your career profile:
| Membership | Price |
|---|---|
| Professional | $280/year |
| Academic | $120/year |
| Student | $49/year |
Enroll in the CMA Program
Once you've become an IMA member, you can enroll in the CMA Program. You must pay an upfront, non-refundable entrance fee for the program. Upon enrollment, you have up to 3 years to pass both parts of the CMA exam. Candidates can take the CMA exam while still pursuing an undergraduate degree. Like IMA membership, the fee to start the program varies for professionals, academics, and students.
| CMA Program Fees | Price |
|---|---|
| Professional | $300 |
| Academic / Student | $210 |
Pass the CMA Exam
You must pass the 2-part CMA exam to obtain a CMA certification. You can sit for the CMA exam without satisfying the experience or educational requirements outlined below. However, you must fulfill these within 7 years of passing the exam. Once you sign up for the exam, you'll have 3 years to pass both parts with a minimum score of 360 out of 500.
| CMA Exam Fees | Price |
|---|---|
| Professional | $495 per part |
| Academic / Student | $370 per part |
The CMA exam is offered during three testing windows per year: January–February, May–June, and September–October. Plan your study schedule accordingly to maximize your preparation time.
Satisfy the Educational Requirements
To become a CMA, you must obtain a bachelor's degree from an accredited institution or university, or a non-professional certification such as the Certified Public Accountant (CPA) license. You do not have to enroll in the US or complete your education in the States to become eligible for the CMA credential.
- Check this list of accredited international and US institutions. Degrees that are not accredited must be evaluated by an independent agency as stipulated by IMA.
- All transcripts must be emailed directly to IMA from the host institution.
- IMA has a list of approved certifications for candidates with professional certifications.
- An official letter from the certifying organization approving your certification must be emailed to IMA.
Meet the Experience Requirements
You must demonstrate 2 years of full-time professional experience in management accounting or financial accounting. You can meet this requirement prior to or within 7 years of passing the CMA exam. If you're only working 20 hours per week, you'll need 4 years of required experience in lieu of 2 years of part-time or full-time employment.
Working as an intern, trainee, or clerical position does not qualify toward licensed experience requirements. You must be actively involved in:
- Preparation of financial statements
- Financial planning and analysis
- Forensic accounting
- Budget preparation and reporting
- Forecasting
- Cost accounting and analysis
- Risk evaluation
- Strategic planning and management
Adhere to the IMA Ethics Standards
Every professional accounting organization has a standard of ethics that must be upheld. You will be required to adhere to the IMA Statement of Ethical Professional Practice, which requires all CMAs to follow overarching ethical principles: honesty, fairness, objectivity, and responsibility.
Obtain the CMA Certification
Once you've satisfied all the prerequisites to becoming a CMA, you can submit your educational and experience requirements to IMA, which will award you the certification after reviewing your application. The CMA designation opens doors for global opportunities and gives you higher earning potential.
Maintaining Your CMA Certification
Through continuing professional education (CPE) requirements, you must stay updated on the evolving concepts, techniques, and regulations in accounting and financial management.
All CMAs must fulfill 30 hours of CPE requirements annually, with 2 mandatory hours focused on ethics. IMA offers several free and discounted continuing education products, including:
Self-study courses are included in the IMA Management Accounting Competency Framework.
Relevant courses, workshops, and seminars by accredited universities and institutions.
Programs by organizations and regulators explored with the National Association of State Boards of Accountancy (NASBA).
30 hours per year total, including a minimum of 2 hours of ethics-focused CPE content.