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Cma Certifications

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Submitted By afawcett04
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CMA Certification
Franklin University
Professor
10 May 2013

CMA Certification
CMA stands for Certified Management Accountant and it is the “advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance” (How To Become a CMA, n.d.). The Institute of Management Accountants governs the CMA exam and there are quite a few requirements one must meet in order to even be eligible to sit for the exam. First of all, you must be a member of the Institute of Management Accountants to be eligible for the CMA program. The other eligibility criteria includes paying the entrance fee, satisfying the education qualification, satisfying the experience qualification, receiving passing scores for all required examination parts, and compliance with the IMA Statement of Ethical Professional Practice. The entrance fee for Professional members is $225 and the entrance fee for students and academic members (members U.S., Canada, or Mexico) is $75. The education qualification includes having a bachelor’s degree, in any area, from an accredited college or university. Applicants may also have degrees that are not from accredited institutions but they must be evaluated by an independent agency. To be eligible for the experience qualification, applicants must have at least 2 years of continuous professional experience in management accounting and/or financial management. This experience is expected to be gained in full-time employment but continuous part-time positions of 20 hours per week, which meet the definition of qualified experience, will count toward the requirement at a rate of one year of experience for every two years of part time employment (How To Become a CMA, n.d.).
The exam consists of two different parts. Part 1 is Financial Planning, Performance and Control. You have 4 hours to take the exam and it consists of 100 multiple-choice questions and two 30-minute essay questions. The second part of the exam is Financial Decision Making, which also allows the taker 4 hours to complete, and is compiled of 100 multiple choice questions and two 30-minute essay questions (CMA Handbook, n.d.). The total cost of the CMA program is approximately $2,500 and can be completed in as little as 3 months or can be completed over 3 years for the busier professionals.
There are 3 different testing windows each year and you can only take one part of the exam once in each testing window. If you fail one part of the exam, you will need to wait until the next testing time frame to retake it. The examinations are given in a computer-based format and are offered daily during the testing windows. Once someone has passed the exam and become a CMA, they will need to continue their education to renew their certification. Typically, they will need to meet a minimum number of continuing education credits every few years to maintain their certification. When someone achieves the CMA credential, it demonstrates their mastery of financial planning, analysis, control, and decision support, as well as their professional ethics. Not only can CMA’s earn nearly $30,000 more in annual compensation than noncertified peers, but the CMA certification can expand their opportunities in their current business or future career. It is said that leading employers, from multinational corporations, private firms, academic institutions, and not-for-profit organizations, prefer to fill the positions that require critical accounting and financial management skills with CMA’s (CMA Handbook, n.d.). According to the CMA Handbook, earning the CMA will make someone part of a network of over 30,000 credentialed peers worldwide.

References
CMA Handbook, (n.d.). In Cma. Retrieved on 10 May 2013, from http://www.imanet.org/PDFs/Public/CMA/CMA%20Handbook_2012_2part.pdf
How To Become a CMA, (n.d.). In Cma. Retrieved on 10 May 2013, from http://www.imanet.org/cmacertification/become_a_cma/how_to_get_started.aspx

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