Do you have a career interest in the field of management accounting and finance management? If so, then the Certified Management Accountant (CMA US) can be your best choice. Employers at every nook and corner of the globe accept it, and it brings financial analysis, strategic management, and corporate finance skills to the practitioner.
In this blog post, we have covered everything about CMA certification, right from eligibility to exam pattern, benefits, and how it differs from CPA certification. At the end of this article, you will have a short guide on how to fly high on your US CMA journey.
What is CMA US?
Certified Management Accountant (CMA) is a professional credential offered by the Institute of Management Accountants (IMA). It is for individuals who want to enhance skills in corporate finance, financial planning, risk management, and analysis.
Key areas of concentration:
- Financial decision-making and planning
- Strategic finance and performance management
- Internal controls and risk assessment
- Corporate finance and investment
- Business analytics and reporting
- Cost management practices
This is a globally recognised certification highly valued in corporate finance, accounting, and business management employers.
Why CMA US?
Here's why professionals prefer CMA over other finance certifications:
- Less Time to Complete: CMA exam can be completed in 6-8 months.
- Greater Salary Potential: CMA professionals earn 31% greater salaries than non-certified professionals.
- Global Recognition: Unlike regional certifications, CMA is valued across the globe.
- Career Advancement: Offers potential for financial manager and executive roles.
- Strategic Disadvantage: CMA differs from accounting certifications as it is focused on business decision-making and strategic financial planning.
- Flexibility: One can obtain CMA certification while working full-time.
CMA US Benefits: A Global Certification
CMA certification is very much recognised globally across most industries of most countries, such as the United States, India, Canada, UAE, and Europe. Due to its global acceptability, it becomes a highly recommended choice for global career opportunities.
| Feature | CMA US | CPA US |
| Specialisation | Management Accounting & Strategy | Financial Reporting & Auditing |
| Exam Divisions | 2 Parts | 4 Parts |
| International Recognition | Acceptable Internationally | US-biased Primarily |
| Course Completion Time | 6-8 Months | 1-2 Years |
| Work Experience | 2 Years (Can be done later) | 1-2 Years Prior to License Needed |
| Career Emphasis | Business Decision Making | Public Accounting & Auditing |
| Flexibility | More Flexible, For Working Professionals | Requires Structured Study Plan |
CMA vs CPA
Who Should Opt for CMA US?
- Individuals with interest in management accounting, corporate finance, and business strategy.
- Individuals seeking employment roles like Financial Analyst, CFO, or Business Controller.
Who Should Opt for CPA?
- Individuals with interest in public accounting, taxation, and audit.
- Individuals who are going to work in US-based accounting firms.
Challenges of CMA - CMA Eligibility
Despite the wonderful career prospects of CMA certification, it is not easy:
- Exam Difficulty: The pass rate is around 45%, so you need focused preparation.
- Time Required: The candidates must put in 300+ study hours.
- Experience Required: Two years of work experience are needed.
- Investment Required: Total investment can be anything between $1,000 - $2,500, inclusive of training.
But the long-term benefit very easily outweighs these issues, and hence it is a good certification for finance professionals.
CMA Certification Cost and Return on Investment
Breakup of the Costs:
- IMA Membership Fees: $135 (Yearly)
- CMA Entrance Fees: $250
- Exam Fees: $415 per part (Total: $830)
- Training & Study Materials: $500 - $1,500 (Varies from provider to provider)
Return on Investment (ROI):
CMAs receive much more pay than non-certified employees. The majority of the employees get reimbursed for their certificate in a period of just one year because they move up the ranks and have more opportunities to acquire more jobs.
FAQs About CMA US
1. Is CMA US better than CPA?
CMA and CPA serve different career goals. CMA US is best for professionals interested in management accounting, strategic finance, and decision-making, whereas CPA is more suitable for those focused on auditing, taxation, and public accounting.
2. How long does it take to complete CMA US?
The CMA certification can be completed in as little as 6-8 months if you dedicate sufficient study time. However, some candidates take 12-18 months depending on their schedule.
3. What is the pass rate for the CMA exam?
The global pass rate for the CMA US exam is around 45% per part, making it a challenging but achievable certification with the right preparation.
4. Can I take the CMA exam without work experience?
Yes, you can sit for the CMA exam without work experience. However, you must complete two years of relevant work experience within 7 years after passing the exam to earn your certification.
5. Is CMA US recognised in India?
Yes, CMA US is globally recognised, including in India, UAE, Canada, and Europe. Many multinational corporations in India prefer hiring CMA-certified professionals for finance and management roles.
Conclusion & Key Takeaways
CMA US certification is a handy designation for finance professionals in career development for management accounting and finance.
Key Takeaways:
- CMA US is widely accepted globally and ideal for finance professionals.
- Less time to complete (6-8 months) compared to CPA.
- More earning capacity and career opportunities.
- High Return on Investment (ROI) and therefore, a valuable credential.
- Real-world business applications that make CMAs stand out from basic accountants.
The CMA US benefits are and if you’re serious about advancing in finance and management accounting, start preparing for CMA US today.
Ready to Become a CMA? Enrol in an authorised prep course and begin your journey now!
