How to Become a CMA USA in 6 Months?

Becoming a Certified Management Accountant (CMA) involves several key steps. You need a bachelor’s degree or a professional certification like a CPA, along with two years of experience in management accounting or financial management. 

Passing the two part CMA exam is crucial, as is becoming a member of the Institute of Management Accountants (IMA). Maintaining your CMA certification requires continuing education and adherence to ethical standards.

CMAs are currently in great demand but short supply. The good news is that becoming one is really possible. By following the steps outlined here, you could be applying for your Certified Management Accountant certification in just 8 months!

If you're aiming to become a CMA quickly, this guide is for you. It's essential to have a well organised schedule to achieve CMA certification in under a year. While it requires careful preparation, following these 10 steps can make it entirely achievable:

1. Complete the CMA education requirements.

2. Get the necessary experience.

3. Get an IMA membership.

4. Enrol in the CMA programme.

5. Take a CMA review course.

6. Begin studying with a structured study plan.

7. Schedule CMA Exam Part after 8 weeks of study.

8. Take the CMA Exam.

9. Apply for CMA certification

10. Maintain ethical standards and pursue continuing professional education 

Step 1: Complete the CMA education requirements.

To become a CMA, you must have a Bachelor’s Degree from an accredited university or college. Alternatively, you can meet the education requirements by obtaining an approved professional certification. CMA candidates come from various backgrounds, with common degrees in accounting, finance, economics, and general business.

Interestingly, you can take the CMA exam even before earning your degree. While one of the requirements for becoming a CMA is obtaining your degree, you can choose to complete the exam first. Most candidates, however, prefer to earn their degree or professional certification first, but the choice is yours.

Step 2: Get the necessary experience

Another prerequisite for becoming a CMA is completing two years of professional experience. The good news is you have a substantial window to achieve this. You can fulfill this requirement either before or within seven years of passing the CMA exam.

Why is this beneficial?

It means that college students and professionals transitioning into the CMA field can take the exam even if they haven't yet accumulated two years of accounting experience. Completing the CMA exam not only enhances your resume but also gives you a head start in the field.

To meet the experience requirement, you need two years of experience in management accounting and/or financial management. This must be in a full time professional position. Alternatively, you can work part time for 20 hours per week over four consecutive years in the same field.

Qualifying experience can range from roles such as staff accountant to CFO, including positions like financial analyst and senior accountant. While the ICMA prefers consecutive years of experience, each 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 also meet the experience qualification.

Step 3 : Get an IMA membership

To be eligible for the CMA certification, you must be an active member of the Institute of Management Accountants (IMA).

Wondering how to join the IMA?

It’s simple!

Start by selecting the IMA membership that best suits you. Here are your options:

IMA Professional Members

The IMA offers benefits worldwide. With a professional membership, you can access the IMA’s advanced resources to expand and hone your skills in all areas of management accounting.

Who it’s for: Individuals with careers in accounting or finance, such as business accountants or financial managers.

Fees: $295 for the first year, then $280 annually.

IMA Student Members

This membership is ideal for students looking to jumpstart their careers in accounting or financial management.

Who it’s for: Current students at accredited institutions or universities.

Fees: $49 per year, with an option for a one or two year membership.

IMA Academic Members

Academic members enjoy worldwide benefits, including access to the IMA’s ethics curriculum, webinars, case studies, mentor program, research grants, and various teaching resources.

Who it’s for: Full Time faculty members of accredited institutions.

Fees: $160 for the first year, then $145 annually.

The IMA offers a 15% discount on the annual fee when your organisation signs up five or more staff members.

Step 4 :  Enrol in the CMA programme

One of the steps to becoming a CMA USA in 6 months is paying a nonrefundable entrance fee for the CMA certification program. This fee must be paid before you can take the exam.

The cost varies depending on your IMA membership. For professional members, the fee is $300, while for Student and Academic members, it is $225.

Once you’ve paid this fee, you might wonder how long it takes to get CMA certified. The timeline varies based on the CMA prep course you choose and how quickly you work through the material.

To clarify, you must complete the CMA program and pass both parts of the CMA exam within three years of entry. If you don’t, you will need to repay the entrance fee and retake any exams you have already passed.

Additionally, you must register for one part of the exam—either CMA Part 1 or CMA Part 2—within the first 12 months of entry, or you’ll have to repay the entrance fee. There are several testing windows each year, so plan accordingly.

My advice is to wait to join until you are absolutely ready to take the exam.

Step 5 :  Take a CMA review course

While the CMA Entrance Fee includes six months of access to the CMA Support Package, most candidates find this insufficient. Instead, I highly recommend finding the best CMA review program  that fits your needs and using it to prepare for the exam.

iProledge is a cutting edge CMA exam review program. It offers a complete, step by step, instructor led format, providing virtually everything you need to be fully prepared for the exam.

Step 6 : Begin studying with a structured study plan

Everyone learns differently, so the time needed to study for the CMA exam varies. In my experience, a 16 week study plan per exam part is optimal for most candidates. This timeframe allows ample time to learn the material thoroughly without forgetting key topics. 

For perspective, I spent six months in total—three months per exam part—studying for the exam, though the exam is now more comprehensive. A 16 week study plan aligns better with the current exam structure.

When I prepared, I studied 34 hours daily after work, taking 10 minute breaks every hour. Weekends involved more intensive study sessions: 3 hours in the morning, 4 hours after lunch, and 3 hours after dinner, with Sundays reserved for rest and family time.

This rigorous schedule, supported by friends and family, helped me stay focused and prepared. Given the changes in the exam content, I now recommend 16 weeks per part.

If you struggle with motivation or procrastination, plan your study time meticulously. Schedule study sessions and breaks to avoid burnout and stay on track.

For more study tips, check out these resources:

• CMA Study Guide

• CMA Exam Multiple Choice Questions Demystified

• CMA Exam Essay Questions — Everything You Need to Know

• Best CMA Study Materials

Step 7 : Schedule CMA Exam Part after 8 weeks of study

Registrations close after the 15th of February, June, and October.

Once your registration is complete, you will receive authorization from ICMA. Then, you can schedule your testing appointment at a nearby Prometric Testing Center by logging onto www.prometric.com/ICMA.

Step 8 : Take the CMA Exam

After weeks of studying, it's time to take the CMA exam. The computer based exam has two parts, each lasting 4 hours. 

Part 1: Financial Planning, Performance, and Analytics

 100 multiple choice questions (3 hours)

 Two 30 minute essay scenarios (1 hour)

 Scoring Breakdown:

• 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

100 multiple choice questions (3 hours)

Two 30 minute essay scenarios (1 hour)

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 portion, you must answer at least 50% of the multiple choice questions correctly. Aim for a minimum score of 65% on multiple choice questions and a perfect score on the essay section to pass. If you finish the multiple choice section early, you can use the remaining time for the essay. However, don't rush the multiple choice section just to gain extra essay time.

Step 9 :  Apply for CMA USA Certification

Once you complete both parts of the CMA exam and meet the education and work experience requirements, you can apply for your CMA certificate. Woohoo!

To do this, simply send your application directly to the IMA. Detailed instructions are available in your personal IMA account.

Step 10 : Maintain ethical standards and pursue continuing professional education 

To maintain your CMA membership, you must meet the Continuing Professional Education (CPE) requirement.

You need to complete 30 educational hours every year, with at least two hours in ethics.

Keep all CPE certificates for at least two years, as reported hours are randomly verified. Learn more on our CPE Flow platform.

Why to choose Certified Management Accountant (CMA)?

Achieving CMA certification was transformative for many, opening up opportunities to travel and work remotely, bringing newfound freedom to their personal and professional life.

CMA (Certified Management Accountant) is a specialised field of accounting that emphasises strategic management considerations. It offers a rewarding career path for accounting professionals seeking career advancement and higher income.

Here are compelling reasons to pursue CMA certification:

In High Demand:

CMAs are currently in high demand and the supply of certified professionals is relatively low. This makes it an ideal time to enhance your resume with this designation and explore CMA careers journey. 

Recognised Globally:

The CMA designation enjoys global recognition, making it a valuable asset for professionals seeking international opportunities. While the majority of CMAs are in the United States, the certification has seen significant growth in regions like China and the Middle East.

Higher Earning Potential:

According to the 2021 IMA Global Salary Survey, CMAs earn an average base salary of $72,430 and a total compensation of $86,924 worldwide. In the United States, the median base salary is $105,000, with a median total compensation of $118,500.

What is the fee for CMA USA certification ?

The fundamental costs of becoming a CMA include fees for both parts of the CMA exam, the exam entrance fee, and your IMA membership.

Each part of the exam costs $495, with discounts available for students and academics but not for graduates.

The one-time entrance fee ranges from $225 to $300, depending on your student or professional status.

Your IMA membership is an annual fee, starting at $45 for students and ranging up to $135 or $260 for academics and professionals.

Beyond these essential expenses, candidates should also budget for various CMA review courses to aid exam preparation. The cost of study materials typically falls between $699 and $1800, depending on the chosen course. Additionally, consider the cost of obtaining your undergraduate degree.

What is the duration to complete CMA USA? 

Normally we can complete CMA USA in 6 Months

In addition to the financial investment, earning your CMA certification also requires a significant time commitment.

With a prerequisite of an undergraduate degree, you're looking at a minimum of 3-4 years right away. Exam preparation itself typically takes 8-12 months, depending on your schedule and study plan.

The requirement for 2 consecutive years of relevant work experience can add more time, especially if done part-time. However, this experience can be completed prior to or within seven years of passing the exam, providing some flexibility.

Overall, becoming a CMA can take around 5 years, depending on your approach and circumstances.

Conclusion : 

“Failure is better than regret”

Becoming a Certified Management Accountant (CMA) is a rewarding and achievable goal, even within a short timeframe. While the journey involves significant financial and time investments, the benefits of global recognition, high demand, and increased earning potential make it worthwhile. By following a structured plan and meeting all educational and experience requirements, you can fast-track your path to certification. Remember, with dedication, a well-organised schedule, and the right resources, earning your CMA certification in as little as 6 months is entirely possible. This professional milestone can open doors to a fulfilling career, offering both personal and professional growth.

FAQ’s

Can I become a CMA in just 6 months?

While becoming a CMA in 6 months is ambitious, it is possible with a well-organised schedule and dedicated effort. Key factors include having a solid foundation in accounting and finance, an efficient study plan, and possibly prior relevant experience. Most candidates take around 8-12 months, but a highly motivated individual can expedite the process.

What are the educational requirements to become a CMA?

How much does it cost to become a CMA?

How long does it take to complete the CMA exam preparation? 

What type of work experience is required for the CMA certification? 

How to Become a CMA USA: 10 Steps to Getting Certified

What is CMA USA ?

The Certified Management Accountant (CMA) qualification is well-known and in great demand worldwide, but it is still in short supply. Because of this lack of opportunities, pursuing a CMA is an especially attractive career option for accounting professionals, given its international reach and outstanding income-generating potential. Unlike a bachelor's degree in accounting, the CMA certification provides specific expertise in financial management and strategic decision-making, which can lead to expanded job options and higher earnings.

One of the most important reasons to obtain a CMA certification is the significant rise in earning potential. CMAs are known to earn 58% more than their non-certified fellow students, showing the financial value of this authorization. In addition, the CMA certificate provides professionals with industry-valued abilities such as financial planning, analysis, control, decision support, and professional ethics. These abilities not only improve one's competence, but also provide opportunities to top management and leadership positions within businesses.

For individuals who want to become CMAs but don't know where to begin, this complete manual explains the procedures necessary to develop a successful career as a Certified Management Accountant. The path begins with completing the educational requirements, which include obtaining a bachelor's degree or similar professional certification. Then, candidates must have appropriate professional experience in management accounting or financial management. Finally, passing the difficult CMA tests is critical for obtaining the certification. Individuals who follow these procedures and commit to continuing study and professional growth can get the famous CMA certification and appreciate all of the advantages it provides.

How to prepare for US CMA?

Here are the 10 steps breaked down to prepare for US CMA

Step 1 : Achieving the educational qualifications

To become a CMA, a bachelor's degree from an approved college or university is required. Alternatively, a professional certification such as CPA, ACCA, or CA is accepted as a valid educational requirement for getting the CMA certification.

Step 2: Register to Institute of Management Accountants (IMA)

IMA is the board to get  IMA CMA certification USA  to qualified candidates. The first step in becoming a CMA is to join the IMA, pay the membership fee, and become an IMA student member.

Step 3 : Understand the CMA USA exam structure

The CMA examination is divided into two parts, each with 100 multiple-choice questions (MCQs) and two essay-type questions. Part 1 focuses on financial planning, performance, and analytics, while Part 2 focuses on strategic financial management.

Step 4 : Prepare for the exam 

There are multiple study materials and review courses available to help you prepare for the CMA exam. You can use textbooks, online courses, or a whole review course. It is important to design and follow a planned study strategy.

Step 5 : Schedule for the examination

You must schedule your CMA exam with the organisation, IMA's testing partner. This allows you to select a day and location that is convenient for you.

Step 6 : Pass the examination 

To pass the exam, you must score at least 360 out of 500 on each part. Your exam results will be out within two months after you give your examination.Out of 500 marks 400 marks will be for Multiple choice questions and the rest 100 will be essays. You have to get at least 50 questions right in multiple choice questions in order to write the essay part and if you pass, you will obtain your CMA certificate. 

Step 7: Complete the necessary work experience

Qualifying as a CMA requires at least two years of relevant job experience. This experience can be obtained before or after completing the exam. You will be provided 7 years of time to submit this work experience letter. 

Step 8 : Apply for CMA certification

After passing the exam and gaining sufficient job experience, you can apply for the CMA certification. This includes submitting a completed application form, paying the certification cost, and presenting proof of your education and professional experience.

Step 9 : Stick to the IMA Code of Ethics

As a CMA, you have a responsibility to follow the IMA Code of Ethics, which establishes the moral and ethical standards that all CMAs must meet.

Step 10 : Maintain your certification

Keeping your CMA certification current is a crucial aspect of your professional development. This involves completing 30 hours of continuing professional education (CPE) each year, with at least two hours dedicated to ethics training. These requirements ensure that CMAs stay updated with the latest trends and developments in the field, enhancing their knowledge and skills.

The annual membership fee for the IMA is another important aspect of maintaining your certification. This fee supports the organisation's initiatives and resources that benefit members, such as networking opportunities, educational resources, and advocacy efforts.

Becoming a CMA is not just about passing the exam, it's a commitment to continuous growth and improvement. The dedication, hard work, and commitment to lifelong learning required for this certification are what set CMAs apart in the accounting and finance sectors.

The CMA designation opens up a wide range of career opportunities. CMAs are highly sought after for their expertise in financial planning, analysis, control, and decision support. They often hold key roles in organisations, influencing strategic decisions and driving financial performance.

By following the ten steps outlined for becoming a CMA, individuals can position themselves for success in their careers. This certification is not just a credential; it's a symbol of excellence and a testament to one's commitment to professional growth.

Why to become a CMA USA ?

Deciding to pursue the Certified Management Accountant (CMA) title necessitates a clear vision and a strong commitment, as the CMA exam is well-known for its difficulty around the world. However, the certification provides various rewards, making the journey worthwhile.

The CMA designation is worldwide recognised and demonstrates your experience in management accounting and financial management. This acknowledgment offers up a world of job options and progress, as businesses place a high value on the skills and information gained through CMA certification.

One of the primary advantages of being a CMA is the opportunity for better earnings. CMAs often earn more than their non-certified counterparts because of their specialised abilities and enhanced understanding in financial planning, analysis, control, and decision support.

Furthermore, becoming a CMA gives you access to a large professional network with chances for collaboration, mentorship, and career advancement. The qualification also provides a sense of employment security and stability, as CMAs are well-regarded in the business.

Pursuing the CMA certification is about more than simply professional improvement; it's also about personal development. Becoming a CMA requires dedication and hard effort, which leads to personal development and a sense of accomplishment.

In conclusion, while the process to becoming a CMA can be arduous, the benefits far outweigh the challenges. The CMA certification not only improves your professional opportunities, but also gives you a sense of success and distinction in the field of management accounting.

• Advancement in career

• Higher earning potential

• Prestige and recognition

• Global opportunities

• Enhanced skills and knowledge

• Networking prospects

Conclusion : 

“Take the risk or lose the chance”

Becoming a CMA USA (Certified Management Accountant) through the Institute of Management Accountants (IMA) is a rewarding journey that offers extensive career opportunities in the field of management accounting. The CMA USA course includes a comprehensive curriculum that covers essential topics such as financial planning, analysis, control, and decision support. 

The CMA USA exam is structured into two parts, with Part 1 and Part 2 each focusing on different aspects of management accounting. Aspiring candidates should be aware of the CMA USA exam dates for 2023 and the associated course fees. The CMA USA course is known for its rigorous preparation, but the success rate is promising for dedicated individuals. Certified CMAs in the USA enjoy attractive salaries, reflecting their expertise and the demand for their skills. To be eligible for the CMA USA certification, candidates must meet specific criteria, including relevant work experience and education.

The CMA USA syllabus is divided into two parts, with detailed outlines available for both Part 1 and Part 2. Exam preparation can be facilitated through approved course providers and study materials. The CMA USA testing windows provide flexibility for scheduling exams throughout the year. For those seeking financial assistance, there are CMA scholarships available in the USA. Applying for the CMA USA certification involves a straightforward registration process, and candidates can enhance their preparation through various resources.

Comparing CMA USA vs. CMA India highlights the global recognition and diverse career opportunities offered by the CMA USA designation. The course duration is manageable, allowing candidates to balance their studies with professional commitments. The IMA CMA certification is a prestigious credential that opens doors to numerous job prospects and higher salary potential, as indicated by the CMA USA salary survey. With dedicated preparation and the right support, achieving the CMA USA professional certification can be a significant milestone in one’s career in management accounting.

iProledge is known as the Best CMA USA course in Bangalore with highly qualified faculties.

FAQ

What are the educational requirements to become a CMA USA?  

To become a CMA USA, you need to have a bachelor's degree from an accredited college or university, or a professional certification such as CPA, ACCA, or CA.

What is the structure of the CMA USA exam? 

What kind of work experience is required for the CMA USA certification?

How can I maintain my CMA USA certification? 

What are the benefits of becoming a CMA USA? 

Dos and Don’ts of Preparing For CMA USA Exam

The Institute of Management Accountants awards the Certified Management Accountant (CMA) designation, which is a prestigious credential in management accounting and finance. Earning this certification can lead to numerous career opportunities. However, studying for the CMA USA exam can be difficult. To succeed, you must take a strategic approach and use effective study techniques.

This article will discuss the do's and don'ts of preparing for the CMA USA exam. Continue reading to learn important insights and tips that will significantly improve your chances of obtaining the CMA USA certification.

Dos of Preparing For CMA USA Exam

1. Use the Right Material for CMA USA Exam: To effectively prepare for the CMA USA exam, it is crucial to utilize the right study materials. The Institute of Management Accountants (IMA) provides a comprehensive list of recommended resources, including textbooks, study guides, and online courses. It’s important to choose materials that are up-to-date and closely aligned with the exam content, ensuring they cover all topics thoroughly. In addition to the primary course materials, supplement your study routine with practice questions, mock exams, and other interactive resources. This approach can double your practice efforts and significantly enhance your test-taking skills.

2. Practice Questions for CMA USA Exam: Using practice questions is one of the best ways to prepare for the CMA USA exam. They help you assess your comprehension and identify areas that need more attention. Practice questions not only identify areas for improvement, but they also familiarise you with the exam format and question types. Regular practice with high-quality questions from reputable sources improves your comprehension and time management skills on the actual exam.

3. Plan Your Exam Time For CMA USA Exam: When preparing for the CMA USA exam, it is critical to manage your time effectively. Create a detailed study schedule that includes adequate time for each topic, as well as regular reviews and practice sessions. Consider your personal and professional responsibilities to ensure that your study schedule is both feasible and sustainable. By planning how you will spend your time during exam preparation, you can increase your chances of success while also maintaining a healthy work-life balance.

Don’ts of Preparing For CMA USA Exam

1. Registering for the Exam at the Last Minute: Registering for the CMA USA exam at the last minute is a recipe for failure. Adequate preparation is required to take the exam confidently, and rushing through the material can leave you feeling unprepared. It is critical to plan and register for the exam in advance, giving yourself plenty of time to study, practice, and thoroughly review the required materials.

2. Realistic Study Planning: While having a study plan is necessary, creating an unrealistic one can result in negative outcomes. Overestimating your skills or underestimating the test’s difficulty can lead to frustration and burnout. It is critical to be realistic about the time and effort required for each topic, and to be willing to change your strategy as necessary. Remember, the goal is to master the material, not simply memorise it.

3. Ignoring Exam Requirements: Before taking the CMA USA exam, it is critical to understand the prerequisites and the basic format. Overlooking this step can result in costly mistakes and missed opportunities. Familiarise yourself with the exam structure, the content being tested, and any special instructions or guidelines issued by the IMA. This allows you to tailor your preparation to fully meet the demands of the exam, ensuring you are well-prepared for what lies ahead.

Conclusion

Preparing for the CMA USA exam comes with its challenges, but the rewards are significant. By following the dos and avoiding the don’ts outlined in this article, you can increase your chances of success and boost your confidence in taking the exam. Ultimately, proper and effective preparation is the best way to ensure you achieve your goals and unlock the numerous opportunities that a CMA USA qualification can offer.

FAQs on Preparing For CMA USA Exam

How should I plan for the CMA USA exam?

• Familiarize yourself with the exam format, content, and requirements set by the IMA.

• Use high-quality study materials that closely align with the exam content.

• Develop a comprehensive study plan with enough time for each topic, including regular revision and practice.

• Practice questions from authentic sources to validate your knowledge and improve test-taking skills.

• Consider joining study groups or seeking help from experienced individuals for support and insights.

• Maintain a healthy work-life balance and stay motivated throughout your preparation.

How many hours should I study for the CMA USA exam?

How can I clear the CMA USA exam on the first attempt?

Is the CMA USA exam difficult to pass?

How should I approach preparing for the CMA USA exam to increase my chances of success?