The Certified Management Accountant (CMA) designation is a highly respected credential awarded by the Institute of Management Accountants (IMA) which is a US-based worldwide association for accountants and financial professionals working in business. The CMA designation provides an objective measure of an individual’s knowledge and competence in the field of management accounting and financial management. CMAs have extensive career opportunities with MNCs in India and across the world.
Some more good news here:
- CMA exams comprise just 2 parts, and it takes merely 900-1200 hours of study to clear the CMA exams
- CMA exams are online computerized exams administered over 6 months every year
- CMA exams can be taken at Prometric test centers in India
- Total cost of achieving the CMA certification is less than INR 100k
CMA is an amazing opportunity for students as well as professionals in accounting & finance who are looking at a significant career progression. And with this conviction.
CMA Career Understand the CMA designation
The Certified Management Accountant (CMA) designation is a highly respected credential awarded by the Institute of Management Accountants (IMA) which is a US-based worldwide association for accountants and financial professionals working in business.
The CMA designation provides an objective measure of an individual’s knowledge and competence in the field of management accounting and financial management.
CMA in the Indian context
CMA is the US equivalent of the Indian Cost Accountant qualification from the Institute of Cost Accountants of India (formerly ICWAI).
CMAs have knowledge of:
- Financial Planning and Analysis
- Financial Management
- Internal Controls
- Risk Management
- Cost Management
- Performance Management
- Decision Analysis
- Professional Ethics
The credentials and knowledge base of a CMA is a big advantage when working with MNCs, financial services or consulting firms.
Prepare @ IAM B School
The CMA exams comprise 2 parts:
Part-1: Financial Reporting, Planning, Performance and Control,(4 hours – 100 multiple –choice questions and two – minutes essay Questions.
Part-2: Financial Decision Making(,(4 hours – 100 multiple –choice questions and two – minutes essay Questions).
Clear the CMA Exams
The CMA exams can be taken in Prometric centers across major cities in India. The CMA exams may be taken in any of the three testing windows each year - (i) January & February, (ii) May & June, (iii) September & October
IAM B SCHOOL CMA Review will guide and support you through the entire process including exam application and scheduling. Results for the exams are released within 6 weeks after the end of the month in which the exams were taken.
Become a CMA
To obtain the CMA certificate, CMA candidates need to fulfill the following criteria:
1. Examination - Clear Part 1 & Part 2 of the CMA exams.
2. Education - Bachelor’s degree.
Note: The education requirement may completed prior to or within 7 years of passing the examination. This implies that students who are pursuing their bachelor’s are eligible to take the CMA exams.
3. Experience - Two years of professional experience in accounting or finance.
Note: The experience requirement may completed prior to or within 7 years of passing the examination.
Why become a CMA
International Credibility with the highest qualification in management accountancy in the US which enjoys international recognition as members of IMA.
Strong Knowledge Base of management accounting and financial management.
Global opportunities in the accounting and financial world certainly with increase in pay packets and prospects.
International perspective coupled with increased confidence & competence.
Academic Advantage - Single level of exam with just 2 exam papers, computerized exams with multiple-choice questions/essays, simpler exam preparation & exam pass rates exceeding 40%.
Short Course duration – IAM B SCHOOL Review recommends a course duration of 6 months from the start date of the course; however, students may prefer to take more preparation time in view of their other academic & professional commitments.
Out-of-pocket expenses - Expenses of up to INR 100K is certainly a non-significant amount for an internationally acclaimed designation.
MoU between IMA (US) and ICWAI (India)
The Institute of Cost Accountants of India (formerly ICWAI) has entered into a Memorandum of Understanding (MoU) with the Institute of Management Accountants (IMA), US.
The MoU enables recognition of the CMA qualification of the respective institutes. A member of ICWAI can get enrolled as a member of IMA US and vice versa.
Career Opportunities in India
Careers in accounting & finance with the CMA qualification will certainly prove to be extremely rewarding in terms of increased credibility, opportunities and pay. With increasing globalization, FDIs, outsourcing, off-shoring, US financial service MNCs in India and Indian companies listed in the US, CMAs with an international perspective are in very high demand.
Career opportunities for CMAs include but are not limited to:
Multi-national companies, Financial services or consulting firms, US-based firms & organizations, Opportunities for CMAs are boundless as they often expand their careers beyond the traditional management accounting realm to provide related services for many different types of organizations.
CMAs are required in all areas of the business world:
- Management & Cost Accounting
- Financial Accounting
- Financial Risk Management
- Management Consulting & Performance Management
- Financial Planning
- Financial Analysis
- Corporate Finance (M&A, IPO, Share & Debt Issues)
- Venture Capital
- Internal Auditing
- Information Technology (especially as applied to accounting)
- Corporate Governance
Pathway to CPA or a global MBA
CMAs may decide to pursue the CPA designation to add to their knowledge and credibility for financial accounting & reporting, auditing & attestation and taxation.
CMA even opens doors to a global MBA. For Indian students intending to pursue their MBA (especially in finance) from the US, the CMA designation is certainly a very big plus.
The CMA designation is very widely recognized and respected by all US universities. And a CMA from India would significantly add both value and diversity to their batch.
IAM B School Course PackageCourse package includes:
- Career counseling and helping the candidate understand the value-addition of the CMA certification
- Advisory support for CMA exam application, CMA certification, etc.
- 300 hours of Classroom training spread over 6 months with in-depth classes
- 900 hours of Exam-oriented Question Training (including MCQ’s and Essay)
- IAM B School Notes -compiled in exam-focused notes format and including multiple aids for conceptual understanding and memory
- 24 hours library facility and Computer LAB, including
1. Wiley CMA excel Learning System which includes IMA approved study materials
2. Hock international
3. Gleim study Material and questions, which is IMA official Marketing Partner
4. Rigos Study Material