The CMA Exam is a professional certification examination administered by the Institute of Management Accountants (IMA). It is designed to assess the knowledge and skills of individuals seeking to become certified management accountants. The exam covers various topics related to management accounting, financial accounting, strategic management, and business ethics. Successful completion of the exam is a requirement for obtaining the CMA certification.
The CMA exam refers to the Certified Management Accountant exam, which is a professional certification exam for management accountants. It is administered by the Institute of Management Accountants (IMA) and is designed to assess the knowledge and skills required for management accounting and financial management.
To be eligible for the CMA exam, candidates must have a bachelor’s degree from an accredited college or university and be an active member of the IMA. Additionally, candidates must have at least two years of professional experience in management accounting or financial management.
The CMA exam consists of two parts: Part 1 (Financial Planning, Performance, and Analytics) and Part 2 (Strategic Financial Management). Each part has multiple-choice questions and essay questions.
Each part of the CMA exam is four hours long, making the total exam duration eight hours. Candidates have three years from the date of registration to complete both parts of the exam.
The CMA exam is scored on a scale of 0-500, with a passing score of 360 or higher. The scores are based on a combination of multiple-choice questions and essay questions, with the essay questions being graded by certified examiners.
The CMA exam is offered during three testing windows each year: January/February, May/June, and September/October. Candidates can choose the testing window that suits them best.
There are various ways to prepare for the CMA exam, including self-study using textbooks and online resources, attending review courses offered by professional organisations, and participating in study groups. The IMA also provides study materials and practice questions to help candidates prepare.
If a candidate fails one or both parts of the CMA exam, they can retake the failed part(s) in subsequent testing windows. There is no limit to the number of times a candidate can retake the exam, but they must pay the exam fees for each attempt.
Passing the CMA exam demonstrates a high level of expertise in management accounting and financial management, which can lead to career advancement opportunities and increased earning potential. Additionally, CMA certification is recognised globally and can open doors to job opportunities in various industries.
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This glossary post was last updated: 7th April 2024.
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