To get the CMA certification, you must have:
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- 1. Membership of IMA
- 2. A Bachelor’s degree from an accredited university
- 3. Two years of relevant experience
- 4. Passed both the parts of CMA Exams
CMA Exams
CMA exams are divided into two parts (four hours for each part) the syllabus of which is as below:
Degree not necessary to attempt the exam
Syllabus for CMA Exam Part 1
- External Financial Reporting Decisions (15%)
- Planning, Budgeting and Forecasting (20%)
- Performance Management (20%)
- Cost Management (15%)
- Internal Controls (15%)
- Technology and Analytics (15%)
Invigorating
Syllabus for CMA Exam Part 2
- Financial Statement Analysis (20%)
- Corporate Finance (20%)
- Decision Analysis (25%)
- Risk Management (10%)
- Investment Decisions (10%)
- Professional Ethics (15%)
The candidates have to clear both these parts within 3 years of registering for CMA.
The candidate can appear for the exam in the following months:
May-June
Note: CMA Exams are administered by Prometric which has centres all over the world. You’ll have to schedule your exams atleast 72 hours prior (It is advisable to schedule atleast 4 week in advance)
Obtaining the CMA certification will open a lot of opportunities for you in the domestic as well as the global market. It will help you enhance your financial, accounting, and management skills that will expand your career potential and which will help you to stand out from the rest. Some of the job roles that you expect after completing CMA USA are:
- Finance Manager
- Financial Controller
- Cost Accountant
- Chief Financial Officer
- Financial Accountant
- Finance Director
- Associate – Finance & Accounts
- Senior Financial Analyst
- Treasurer
- Consultant/Specialist – Finance & Accounts
- Vice President – Financial Planning & Analysis (FP&A)
- Accounting Manager
- Senior Accountant
- Specialist Accountant
The salary depends on various factors like company size, your position in the company, experience level, etc.
CMA Salary by Age & Years of Experience
Like every other certification and field, the salary of a CMA increases with experience. After completing a few years, there’s no looking back.
Figure 3: Median Total Compensation Difference by Age and Certification (U.S. only)
Percent difference equals CMA (or CPA only or both CMA and CPA) median total compensation divided by the compensation for those with neither the CMA or the CPA. NOTE: There were very few respondents in the 20-29 age group for those with both certifications.
CMA salaries by Job Role
Finance Managers and Financial Controller are the positions that you must look out for as they are the highest earning positions, but if you are starting out, it is quite possible that you might have to work level.
CMA Salary by Management level
| Table 5: Median Salary Total Compensation by Management Level. CMA vs. Non-CMA | ||||||||
|---|---|---|---|---|---|---|---|---|
| CMA | Non-CMA | CMAs as % of Non-CMAs | Age Adjusted* CMAs as % of Non-CMAs | |||||
| Management Level | Base Salary ($) | Total Compensation ($) | Base Salary ($) | Total Compensation ($) | Base Salary | Total Compensation | Base Salary | Total Compensation |
| Top Management | 116,090 | 132,200 | 65,000 | 75,000 | 179% | 176% | 113% | 121% |
| Senior Management | 80,000 | 90,000 | 40,000 | 47,000 | 200% | 191% | 145% | 155% |
| Middle Management | 52,000 | 62,000 | 28,000 | 32,500 | 186% | 191% | 153% | 144% |
| Lower Management Entry Level | 41,300 | 50,000 | 18,000 | 20,570 | 229% | 243% | 176% | 164% |
| Academic Position in College/University | 82,000 | 100,000 | 71,750 | 80,500 | 114% | 124% | 95% | 94% |
| All | 65,000 | 72,000 | 30,000 | 33,000 | 217% | 218% | 157% | 155% |
| Table 5: Median Salary Total Compensation by Management Level. CMA vs. Non-CMA | ||
|---|---|---|
| CMA | ||
| Management Level | Base Salary ($) | Total Compensation ($) |
| Top Management | 116,090 | 132,200 |
| Senior Management | 80,000 | 90,000 |
| Middle Management | 52,000 | 62,000 |
| Lower Management Entry Level | 41,300 | 50,000 |
| Academic Position in College/University | 82,000 | 100,000 |
| All | 65,000 | 72,000 |
| Non-CMA | ||
|---|---|---|
| Management Level | Base Salary ($) | Total Compensation ($) |
| Top Management | 65,000 | 75,000 |
| Senior Management | 40,000 | 47,000 |
| Middle Management | 28,000 | 32,500 |
| Lower Management Entry Level | 18,000 | 20,570 |
| Academic Position in College/University | 71,750 | 80,500 |
| All | 30,000 | 33,000 |
| CMAs as % of Non-CMAs | ||
|---|---|---|
| Management Level | Base Salary | Total Compensation |
| Top Management | 179% | 176% |
| Senior Management | 200% | 191% |
| Middle Management | 186% | 191% |
| Lower Management Entry Level | 229% | 243% |
| Academic Position in College/University | 114% | 124% |
| All | 217% | 218% |
| Age Adjusted* CMAs as % of Non-CMAs | ||
|---|---|---|
| Management Level | Base Salary | Total Compensation |
| Top Management | 113% | 121% |
| Senior Management | 145% | 155% |
| Middle Management | 153% | 144% |
| Lower Management Entry Level | 176% | 164% |
| Academic Position in College/University | 95% | 94% |
| All | 157% | 155% |
*Compensation divided by age
Data source: IMA’s 2019 Global Salary Survey
Salary Source – Pay scale
The US CMA salary in India is high, and not just in India, CMAs earn a very good salary across the globe. You can check the same by going through the Global Salary Survey Report by IMA. It specifically states that CMAs have a 57% higher median base salary and 55% higher median total compensation than non-CMAs.
Why pursue CMA?
According to a survey published on Times of India, the most preferred industries by business/commerce graduates is the Auditing & Accounting industry, which makes it important for you to have an added edge to your qualification. In this case, CMA gives you the required edge and makes you eligible for organizations and MNCs in India and globally.
MOST PREFERRED INDUSTRIES (TOP 10), ALL STUDENTS
- The biggest chunk of business / commerce students said they’d like to work in accounting followed by banking and financial services
- Career choices for MBAs overlapped quite a bit with their peers with the most attractive avenues being banking, financial services, e-commerce and management and strategy consulting
- Those pursuing engineering would prefer a job in aerospace and defence although the majority said they want to start in software, computer services, multimedia development and digital entertainment.
How to become a US CMA:
Becoming a CMA requires you to have a bachelor’s degree from any stream except arts. A student who is in the final year of the bachelor’s program may also pursue CMA, however, he/she will require to then get a degree along with two years of relevant experience to attain the certification.
If you fulfil the minimum criterion mentioned above, here are the steps to be followed:
- Register with IMA
Both professionals and students can register with IMA (it is a crucial step), where they have to pay a nominal fee. Student’s membership are beneficial and comparatively inexpensive. - Pay the examination fee.
You have to pay an examination fee which will be valid for three years. You have to clear both parts of the exam in this tenure. If, somehow you are unable to pass the exam in the given tenure, you’ll need to repay the fees which will again be valid for three years. - Enroll with a premiere training institute
since you have a limited time after registering for the exam, you must take full advantage of the time you have. Studying under the guidance of professional experts is always beneficial in cracking the exams. Invisor global has been the market trustworthy in CMA training with an alumni network students and practice-oriented training programs especially designed for you. - Schedule & take the exam.
After the training program, when you feel that you are ready to take the exam, schedule the exam as per your convenience. - Attain CMA Designation with your name.
After clearing both parts of the CMA exam, you are eligible to add Certified Management Accountant to their name given that they have maintained an active membership with IMA and have paid the annual maintenance fee. Note: If you already have two years of relevant work experience, you can immediately avail the CMA from IMA after clearing both parts of the exam. If you are a fresher, you need to complete two years as a finance or accounts professional to attain the membership.
About IMA
The Institute of Management Accountants (IMA) is a global association of Accounts and Finance professionals. With a mission to educate and develop professionals to advocate the highest standard of ethics under management accounting and finance, and follow best business practices, IMA has been one of the top associations focused on advancing the management accounting profession. IMA, founded in 1919, is the body that offers the prestigious designation of Certified Management Accountant. IMA was named the Professional Body of the year in 2017 and 2018 by The International Accounting Bulletin. They have a global network of more than 150,000 members with 300 professional and student chapters in around 140 countries.
Why only 2-4 exams for US CPA/CMA certifications?
US professional qualifications
COMPULSORY University qualifications Education – to be a CPA, CMA or CFA, a university degree is mandatory
- Therefore, these are crisper in content and focus onlyon skillgaps that are needed to be a F&Aprofessional
- Designed to be pursued alongside a full-time job and tofacilitate the career progression for professionals
US CPA /CMA
- Globalrecognition
- 2-4 exams,singlelevel
- Universitydegree required
Indian CA / International qualifications
- 13-20exams, multi-level
- Universitydegree
Invisors Salary
Indian (or even UK) professional qualifications
SUBSITUTE UNIVERSITY EDUCATION – you can be an Indian CA, CMA or CS without being an under-graduate
- Therefore, these are lengthy and also encompass what a candidate would have covered (or simultaneously covers) in a universitydegree
IMA’s Global Recognition | MoU with ICWAI
Foundedin1919,IMAis presentglobally:
- US
- Europe
- MiddleEast
- China (exams in Chinese aswell)
- Singapore
- India
TheIMAandICWAI MoU is testimony to IMA’s (and US CMA’s) global recognition
The Institute of Cost Accountants of India (formerly ICWAI) had entered into a MoU with IMA, US, to enable mutual recognition and cooperation between the two institutes to develop the profession of Management Accountancy. The MoU enables recognition of the professional qualification of the respective Institutes. Amember ofICWAI canget enrolledasamemberof IMA (US) and viceversa
Refer : More detailNote : This MoU is currently kept in abeyance [and may or may not be renewed]
Regular Weekday Batch(Monday to Friday)
- 400 Hours of Live Classroom Training (6 Months)
- Textbooks
- Question Bank
- Online Test Bank (OTB)
- 4 Complimentary Global Certifications (SAP/ QuickBooks/IFRS/Advanced Excel)
- Pre Recorded Video Class Access
- WhatsApp Group for Queries
- Android/iOS Mobile App
- Faculty Online
- Mock Exams
Tuition Fees – ₹ 1,05,000/-
Sunday Batch
- 200 Hours of Live Classroom Training (6 Months)
- Textbooks
- Question Bank
- Online Test Bank (OTB)
- Pre Recorded Video Class Access
- WhatsApp Group for Queries
- Android/iOS Mobile App
- Faculty Online
- Mock Exams
Tuition Fees – ₹ 85,000/-
Online Learning
- 200 Hours of Online Training (6 Months)
- Textbooks
- Question Bank
- Online Test Bank (OTB)
- Pre Recorded Video Class Access
- WhatsApp Group for Queries
- Android/iOS Mobile App
- Dedicated Faculty Online
- Mock Exams
Tuition Fees – ₹ 75,000/-
Distance Learning (Self Study)
Invisor Workday
- Textbooks
- Question Bank
- Online Test Bank (OTB)
- Pre Recorded Video Class Access
- Android/iOS Mobile App
Tuition Fees – ₹ 39,000/-
| FEES STRUCTURE FOR REGULAR BATCH | FOR STUDENTS | FOR PROFESSIONALS |
|---|---|---|
IMA Membership Fees IMA CMA Entrance Fees IMA Part1 Exam Fees IMA Part 2 Exam Fees | $39.00 $188.00 $311.00 $311.00 | $245.00 $250.00 $415.00 $415.00 |
| Total IMA Fees | $849.00 | $1,325.00 |
Engage CMA Review (Study Material) | $749.00 | $749.00 |
| Total Study Material & IMA Fees | $1598.00 | $2074.00 |
Less: Bundle Discount for Invisor Students | ($862.00) | ($996.00) |
| Net (Study Material & IMA Fees) | $736.00 | $1078.00 |
INR (Exchange Rate 1 USD to 70 INR) | ₹ 51,520.00 | ₹ 75,460.00 |
CMA Classroom Training (Weekday Batch - 600 Hours) This includes
| ₹105,000.00 | ₹105,000.00 |
Total Cost of CMA Learning with Invisor (Incl. GST) | ₹ 111,520.00 | ₹ 135,460.00 |
Invigorated
| FEES STRUCTURE FOR ONLINE BATCH | FOR STUDENTS | FOR PROFESSIONALS |
|---|---|---|
IMA Membership Fees IMA CMA Entrance Fees IMA Part1 Exam Fees IMA Part 2 Exam Fees | $39.00 $188.00 $311.00 $311.00 | $245.00 $250.00 $415.00 $415.00 |
| Total IMA Fees | $849.00 | $1,325.00 |
Engage CMA Review (Study Material) | $749.00 | $749.00 |
| Total Study Material & IMA Fees | $1598.00 | $2074.00 |
Less: Bundle Discount for Invisor Students | ($862.00) | ($996.00) |
| Net (Study Material & IMA Fees) | $736.00 | $1078.00 |
INR (Exchange Rate 1 USD to 70 INR) | ₹ 51,520.00 | ₹ 75,460.00 |
CMA Online Training This includes
| ₹75,000.00 | ₹75,000.00 |
Total Cost of CMA Learning with Invisor (Incl. GST) | ₹ 96,520.00 | ₹ 120,460.00 |
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