US Certified Management Accountant (CMA) is a designation that signifies expertise in strategic management and financial accounting. US CMA certification builds on the proficiency of financial accounting by adding management skills that aid in making strategic business decisions. IMA (Institute of Management Accountants) issues the US CMA certification. US CMAs (Certified Management Accountants) work in the areas of management decision-making, financial analysis, and planning. Many auditors, accountants, and financial analysts earn the designation of US CMA to advance in their careers.
Given below is the eligibility criteria for the US CMA Exam:
- In India, a candidate is eligible to prepare and give the exams after his 12th. However, he would get his certification after he finishes his Bachelor’s degree from a recognized university/college with 2 years of relevant experience.
- One must pass both the parts (Financial Planning & Analysis and Financial Decision Making) of the US CMA exam within 3 years in order to have the US CMA certification.
- Working professionals with more than 2 years of experience in Management or Finance can also apply.
US CMA Exam Format:
The US CMA exam is completely computerized, and you can take this exam at many Prometric centers all over the world. It’s essential to schedule the exam dates in one of the testing windows. Choose which suits you.
|Testing Window||Exam Dates|
|Jan-Feb||1st January to 28th February|
|May-Jun||1st May to 30th June|
|Sep-Oct||1st September to 31st October|
There are two parts in the US CMA exam consisting of 100 MCQs (Multiple Choice Questions) and two essay scenarios. One must have to answer 50 percent of the MCQs correctly to unlock the portion of the essay questions.
Note: The multiple-choice questions are worth a weightage of 75% of your total score.
There are two parts to the US CMA exam.
Part:1 – Financial planning, Analytics, and Performance
Part:2 – Strategic Financial Management
US CMA Exam Duration:
Each US CMA exam part is 3 hours long for MCQs and the second section is of one hour, which consists of essay-type questions. So, the total testing duration is 4 hours.
|Question type||No. of Questions||Duration||Avg Time per Question|
|Multiple choice||100||3 hours||1.8 minutes|
|Essay||2||1 hour||30 minutes|
US CMA exam (part1 + part2) consists of 200 MCQs and 4 essay questions.
Benefits of US CMA Certification:
Here are some of the advantages of having a US CMA certification:
1. Business Approval: US CMA certification is considered one of the best accounting certifications for management as it has a good amalgamation of accounting and business. In US CMA, you can learn all about business aspects, accounting concepts, and corporate governance. This is why candidates with a US CMA certification are often recruited for business decision-making roles.
2. Career Opportunities: US CMA brings multiple career opportunities. US CMA candidates can definitely get better higher-leveled positions as a fresher & also get more opportunities to move up the ladder in comparison with Non-US CMA peers. You would be managing the accounts being a US CMA, so you can achieve a higher position in the management as well.
3. Financial Growth: US CMA certification holders earn 67% more than candidates having just a bachelor’s degree. Also, they can be a part of the management team with good experience. Having a US CMA certification makes you eligible for good pay. The average annual salary of a US CMA in India would be around $10,687 in the US, and 8 lakhs INR in India according to payscale.com.
4. Global Opportunities: US CMA certification gives you a better understanding of finance, business, and accounts. US CMA holders get job opportunities all over the world. They are recognized at a global level. If you have a dream of working abroad, pursuing US CMA is the best choice.
Career Scope for US CMAs:
US CMAs work in accounting, corporate finance, and strategy teams in a company. They can parse data from many sources to inform performance improvement. Besides, they contribute to strategic business decisions.
Certified Management Accountant work experience can be summarized as follows:
- Create strategies to improve various external and internal risks.
- Identify investment management opportunities.
- Arrange financing and funding options.
- Supervise lower-level accountants.
- Monitor and administer compliance.
US CMA is in great demand in the Finance, Banking, Private, and Government sectors. In India, the most common industries to employ US CMAs include:
- Educational Services
- Medical and health services
- Insurance and real estate
- Communications and utility services
Employment Areas and Opportunities:
US CMAs are uniquely qualified for different positions in the industry. Here are the few job areas ofUS CMA:
- Financial reporting
- Performance management
- Internal controls
- Planning and budgeting
- Cost management
- Investment decisions
- Profitability analysis
Skills gained while pursuing the US CMA certification enable the professional to connect the concepts of accounting to finance applications. Moreover, US CMAs hone financial data analysis and accounting, which can be leveraged to make strategic business decisions and to improve performance. In addition, US CMAs are experts in budgeting and cost management.
Hope this article helps you get a detailed insight on the US CMA certification, exam format, benefits, and career scope. Any queries? Please comment below.