Are you eager to achieve the prestigious Certified Management Accountant (CMA) designation in a mere 6 months? At iProledge, we understand the need for efficiency and effectiveness in your CMA journey. With careful planning, dedication, and a focused approach, it's entirely possible to expedite your path to becoming a CMA within this tight timeframe.
Secure a bachelor's degree or suitable professional certification to accelerate your CMA journey. 2 years of managerial accounting or financial management experience is required. Pass the two-part exam and become a member of the IMA.
Those who want to become CMAs quickly must prepare carefully and follow these 10 steps to become CMA 6 Months.
1. Fulfill the CMA Education Requirements:
A Bachelor's Degree from an approved university or a recognized professional certification is required to become a CMA. Candidates have a wide range of educational backgrounds, with degrees in accounting, finance, economics, and general business being the most popular.
Interestingly, you can take the CMA examination before finishing your degree, which is a unique characteristic that gives candidates flexibility. While many applicants prefer to complete the educational necessary before taking the exam, the order is ultimately up to you.
2. Enroll in an IMA Membership:
Active participation in the Institute of Management Accountants (IMA) is required to qualify for the CMA certification. Are you interested in becoming a member of the IMA? The procedure is easy to follow. Begin by selecting the IMA membership plan that best suits your needs. The options are as follows:
Members of IMA Professional
A professional membership costs $275 for the first year, followed by an annual fee of $260. This membership is designed for those who are already established in the accounting or finance fields, such as business accountants or financial managers.
The advantages offered by IMA are worldwide in scope. A professional membership grants you access to the IMA's cutting-edge resources. These materials are excellent for expanding and improving your knowledge of management accounting.
Members of IMA who are students
This membership is perfect if you are currently enrolled in an authorized institution or university. It's especially well-suited for individuals looking to start a career in accounting or financial management.
Students can choose between a one-year and a two-year membership. Student members from all over the world can access the full range of IMA resources for just $45 per year (or $90 for the two-year option). While completing your undergraduate degree, immerse yourself in the world of management accounting and discover
various job paths.
IMA Academic Membership
This membership was created for full-time faculty at approved institutions and costs $150 for the first year and $135 yearly.
Members will get global advantages such as access to the IMA's ethics curriculum, webinars, case studies, mentoring program, research funding, and a variety of teaching tools.
Staff Enrollment Discount Scheme
The IMA offers a 15% discount on standard membership prices to organizations that enroll 5 or more staff members.
Members, like other choices, get full access to all IMA advantages, including CMA certification, continuous education, networking, and more.
This discount is administered by a single corporate organizer and is given in one lump payment each year. Fees for new additions are prorated. If an employee has already purchased their yearly IMA membership then quits, no refund for unused months will be granted.
3. Enroll in the CMA Program
A crucial step in becoming a CMA involves paying a non-refundable entrance fee for the CMA certification program. This fee is a prerequisite for taking the exam itself.
The fee structure varies based on your IMA membership. For professional members, it's $280, while Student and Academic members pay $210.
Once this fee is settled, the duration for achieving CMA certification varies. It depends on the CMA prep course you choose and your pace in covering the material.
To be precise, you must finish the CMA program and clear both CMA exam parts within 3 years of entry. Failure to do so necessitates repaying the entrance fee and retaking passed exams.
Within the initial 12 months of entry, you need to register for one exam part—either CMA Part 1 or CMA Part 2—or the entrance fee must be repaid. With multiple testing windows annually, plan strategically.
My advice is to hold off joining until you're absolutely ready for the exam!
4. Register for a CMA Review Program
While the CMA Entrance Fee includes access to the CMA Support Package for six months, this frequently falls short of candidates' needs. Instead, I strongly recommend finding the best CMA review course for your needs and using it to prepare for the examination.
CMA test Academy distinguishes itself as a cutting-edge CMA exam preparation curriculum. It provides a thorough instructor-led structure that walks you through each stage, ensuring that you are properly prepared for the exam.
For those who are new with iProledge, let us look at its offerings and why it excels its competitors.
Personalized CMA Coaching with Experts The best way to prepare for the CMA exam is to learn from others who have taken it before. Personalized instruction with a certified CMA, such as me, gives an unmatched understand of the CMA exam. One-on-one coaching allows you to communicate directly with someone who has passed the exam. A skilled CMA understands the important research topics and can answer your most pressing questions.
Tracking Assignments and Accountability Check-Ins A common challenge many candidates face is maintaining self-motivation. Adhering to a study plan can be tough, making an accountability partner invaluable. They encourage you to stay committed, particularly during moments of demotivation or temptation to delay.
Educational Resources: Textbooks and Test Banks Because textbooks are your major source of learning, careful selection is essential. Your CMA guide should be up to date and easy to use. Access to an online test bank is also essential. These banks contain a large number of practice questions, which provide important familiarity with exam structure and formatting. Taking mock CMA certification examinations allows you to identify your strengths and limitations, allowing you to tailor your study strategy to your knowledge foundation.
Educational Video Presentations While textbooks are necessary, some people learn topics more efficiently through interactive methods. Video lectures provide knowledge in a dynamic manner, adapting to a variety of learning styles. The advantage of video lectures is that they visually provide formulae and examples, potentially improving your recollection of the subject.
Audio Learning Review A common question among potential CMA candidates is: "How can I study for the CMA exam online while maintaining a busy schedule?" In reality, many candidates juggle full-time work and even parenting. Utilizing audio review material is an excellent solution. Whether you're commuting or doing household tasks, you can simply plug in earbuds to learn on the go. This is especially advantageous for auditory learners. However, it's worth noting that if multitasking isn't your strong suit, this might not be the optimal choice for you.
Comprehensive Exam Formula Manuals The CMA exam includes a number of critical formulae that you must be familiar with. This can be a particularly difficult aspect of the exam. Why is this difficult? Exam failure might result from incorrectly selecting formulae for computations. Without a doubt, formula manuals are useful resources in such instances.
5. Start Your Studies with a Proven Plan
Crafting an effective study plan for the CMA exam varies from person to person due to different learning styles and schedules. In my experience, a 16-week study plan for each exam part has proven optimal for candidates in 2020 and beyond.
This time frame allows candidates to thoroughly grasp the material without forgetting crucial topics. While preparing, I dedicated 3 to 4 hours of focused studying on weekdays at a local café, taking short breaks every hour. Weekends involved more intensive study sessions, with planned breaks.
Though this schedule appeared to be demanding, it was in line with my lifestyle and was supported by my family. Sundays were set aside for recovery and spending quality time with family and friends.
Adapting the plan to individual needs is crucial. If motivation or procrastination is an issue, creating specific study appointments and designated breaks can be incredibly helpful. Maintaining a balanced approach ensures you're well-prepared and energized for success on exam day.
6. Enroll for a CMA exam section following the eighth week of your study plan.
There's no more motivating step than enrolling for an upcoming CMA exam date to accelerate your study efforts.
You have three exam windows each year:
- January/February
- May/June
- September/October
Remember, registrations close after February 15th, June 15th, and October 15th.
7. Participate in the CMA Exam
After dedicating weeks to your preparation and putting in your best effort, it's time to proceed with the CMA exam.
The CMA exam is computer-based and comprises two parts, each lasting 4 hours. While you can choose to take both Part One and Part Two within the same exam window, my recommendation is to take them separately. This approach allows you to focus on each part individually, ensuring better confidence on exam day.
During the exam, the first 3 hours involve a multiple-choice section, followed by a final hour dedicated to an essay section featuring 2 essay questions.
Now, let's delve into a comprehensive breakdown of each exam part:
Part 1 – Financial Planning, Performance, and Analytics
Exam Duration: 4 hours
Structure: Consists of 100 multiple-choice questions and two 30-minute essay scenarios
How is the CMA exam evaluated?
Content categories receive varying weightages in scoring. Here's the distribution:
- Cost Management: 15%
- Internal Controls: 15%
- Technology and Analytics: 15%
- External Financial Reporting Decisions: 15%
- Planning, Budgeting, and Forecasting: 20%
- Performance Management: 20%
Part 2 – Strategic Financial Management
Exam Duration: 4 hours
Format: Comprises 100 multiple-choice questions and two 30-minute essay scenarios
Scoring Breakdown:
- Risk Management: 10%
- Investment Decisions: 10%
- Professional Ethics: 15%
- Financial Statement Analysis: 20%
- Corporate Finance: 20%
- Decision Analysis: 25%
To proceed to the essay segment, you need to answer a minimum of 50% of multiple-choice questions correctly. However, to pass the exam, you should aim for at least 65% on the multiple-choice section and a perfect score on the essay part.
After submitting your multiple-choice answers, you can't revisit them. Not achieving 50% correct answers results in automatic failure and the need for a retake. There's no discount for reattempting, meaning you'll pay the full CMA exam cost.
On the positive side, if you finish and pass the multiple-choice section before 3 hours, the remaining time can be dedicated to the essay portion. But don't rush through multiple-choice; risking a score under 65% isn't worth extra time. Any surplus time is a bonus after ensuring a quality performance within the time frame.
8. Meet the Experience Qualification
Another essential aspect of becoming a CMA is fulfilling the two-year professional experience requirement. The advantageous aspect of this requirement is the flexibility it offers in terms of timing. You must fulfill this experience prerequisite either before or within 7 years of passing the CMA exam.
This flexibility is particularly beneficial for college students and professionals aiming to transition into the CMA field. Even if you lack 2 years of accounting experience, you can still take the exam. Attaining the CMA designation not only enhances your resume but also positions you ahead in your career journey.
To meet the experience requirement, you'll need a minimum of two years of experience in management accounting and/or financial management. This should involve a professional full-time role, or you can accumulate part-time experience by working 20 hours per week for 4 consecutive years within the same field.
Qualifying experience can encompass roles ranging from staff accountant to CFO, such as financial analyst or senior accountant. While consecutive years of experience are preferred, each CMA application is evaluated individually, so don't let this deter you.
For academics, if at least 60% of your courses are in accounting and corporate financial management above the fundamental level, you satisfy the experience qualification.
9. Apply for Your CMA Certificate
After successfully finishing both sections of the CMA exam and fulfilling the necessary educational and professional experience prerequisites, you are eligible to seek your CMA certificate. Exciting news! To initiate this process, simply submit your application directly to the IMA. Detailed instructions can be found within your individual IMA account.
10. Follow Ethical Standards and complete Continuing Professional Education (CPE).
To keep your CMA membership active, it's essential to meet your Continuing Professional Education (CPE) obligation. This involves completing 30 educational hours annually for CMA CPE requirements, including a minimum of two hours dedicated to ethics. Remember to retain all CPE certificates for at least two years, as reported hours may be subject to random verification.
