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The Institute of Management Accountants' (IMA ) Certified Management Accountant (CMA) certification is a comprehensive credentialing program that assesses mastery of the management accounting and financial management body of knowledge. Subject matter includes economics, corporate finance, cost management, internal controls, performance measurement, financial reporting, decision analysis, organization management, and strategic planning, with a strong emphasis on ethics. To date, the Institute of Certified Management Accountants (ICMA), the certification division of IMA, has awarded more than 30,000 CMA certificates in the U.S. and internationally.
This needs to be updated to accommodate the recent announcement about the new TWO part exam process.
The exam consists of four parts:
Candidates for certification must meet the following criteria to become a CMA:
- Education: Candidates must hold a baccalaureate degree, in any area, from an accredited college or university. Students attending accredited universities may take the examinations but must satisfy the education requirement prior to certification.
- Employment: Candidates must complete two continuous years of professional experience in management accounting and/or financial management. Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. This experience may be completed prior to or within seven years of passing the examination.
- Ethics: Candidates for certification must agree to comply with IMA’s Statement of Ethical Professional Practice.
- Membership: Candidates for certification must be a member of IMA.
- Continuing Education: Once a candidate is awarded CMA certification, he/she must complete 30 hours of continuing professional education (CPE) per year, including two hours in the area of ethics.
Part 1 of the CMA exam, Business Analysis, is waived for individuals who hold the U.S. Certified Public Accountant (CPA) designation or a comparable designation from another country. IMA and the Institute of Cost and Works Accountants of India (ICWAI) have a mutual recognition agreement in which professionals certified by each of the respective institutes can obtain the certification of the other.
The CMA program has been designed to meet the evolving needs of business and is focused on the dynamic roles that management accountants and financial managers play inside organizations. Certified professionals can enjoy greater career opportunities and earning potential than their non-certified counterparts. To learn more about IMA’s CMA certification program, visit http://www.imanet.org/certification.asp.
Certified Management Accountants of CANADA
In Canada, the CMA designation is generally obtained through a different process (vs. the US designation) and involves the 2-year, part-time "Strategic Leadership Program" (SLP). Unlike the US CMA/IMA accreditation process which is awarded based on the completion of a 4-part exam, the CMA Canada designation provides candidates with a more dynamic, integrated learning opportunity based on the three critical pillars of strategy, management and accounting. During the Strategic Leadership Program, candidates will develop both their functional and enabling competencies:
Functional Competencies:
- Strategic Management
- Performance Measurement
- Performance Management
- Financial Resource Management
- Risk Management and Governance
- Financial Reporting
Enabling Competencies:
- Problem-solving and Decision-making
- Leadership and Group Dynamics
- Professionalism and Ethical Behaviour
- Written & Oral Communication
Overall, the CMA accreditation process is designed specifically to support the contemporary role of the CMA as a financial and strategic management professional. There are three distinct steps to earning the CMA designation:
1. Graduate with a bachelor’s degree (or higher) and complete the CMA prerequisite courses.
2. Pass the CMA Entrance Examination. This examination is a 4-hour multiple choice exam focused mainly on management accounting, financial accounting, corporate finance, and corporate tax with some coverage of other related business courses.
3. Complete CMA Canada’s unique management development program, the CMA Strategic Leadership Program, while gaining concurrent practical experience in a management accounting environment. This innovative two-year program focuses on the best of contemporary and emerging strategic management and management accounting practices while developing the communication, interpersonal , leadership and problem-solving skills essential for today’s management professional. Students must also write and pass the 4-hour CMA Case Exam after year 1 of the CMA Strategic Leadership Program. At the end of year 2, candidates will be assigned to teams in order to complete the program’s final evaluation component, the CMA Board Report and Presentation. This dynamic project is the ultimate test of candidates’ CMA competencies and brings the program’s many facets together for a comprehensive application and a truly memorable learning experience. In addition, 24 months of practical experience in a management accounting environment, concurrent with the Strategic Leadership Program, is an essential component in the process of becoming a CMA. This Practical Experience Requirement provides assurance that candidates have demonstrated their competencies in the profession of management accounting. To review the CMA Competency Map, which serves the basis for the CMA Entrance Exam, Strategic Leadership Program and Practical Experience evaluation process, visit www.CreativeAccountants.org and click on "What is a CMA".
In Ontario, alternate channels to become a CMA also exist for certain individuals who take advantage of special "Combined" programs that have been established with some Ontario universities. In addition, there is a CMA Executive program for individuals who possess at least 5 years of senior level management experience.
