27 Feb How Hard Is The Certified Management Accountant Exam?
The CMA or Certified Management Accountant is a professional certification granted by the Institute of Management Accountants (IMA), a global association for management accounting and financial management professionals. The Certified Management Accountant certification validates an individual’s proficiency in financial planning, analysis, control, decision support, and professional ethics. It signifies the accountant professional’s knowledge and expertise in management accounting and financial management. As finance and accounting is an in-demand and fast-growing career path, getting advanced certification like CMA will be highly beneficial for your professional growth. A Certified Management Accountant will be more specialized than a general accountant as they have a more extensive knowledge base. Through this blog let’s explore more about the Certified Management Accountant certification exam, its requirements, difficulty level, and more.
CMA Certification Requirements
Candidates who meet the educational and professional requirements can enroll in the CMA program.
- A bachelor’s degree from an accredited institution or an approved professional certification.
- At least two years of professional experience in financial management or management accounting.
- You should have an active IMA (Institute of Management Accounts) membership.
- Enroll in the CMA program and register for the exam.
A Certified Management Accountant must fulfill continuing education requirements to maintain their certification. This ensures that CMAs stay updated with the latest developments in management accounting and financial management practices. You are required to complete 30 hours of continuing professional education (CPE) annually and have an active IMA membership to maintain your Certification.
CMA Certification Exam Difficulty
The difficulty of the Certified Management Accountant (CMA) exam can vary from person to person based on their background, preparation, and familiarity with various accounting aspects. The CMA exam comprehensively covers management accounting and financial management topics. The Certified Management Accountant exam consists of two parts to test your knowledge across 12 accounting and financial management aspects. The first part deals with Financial planning, performance, and analytics whereas the second part covers strategic financial management aspects. The topics covered in each part of the CMA exam are given below:
- Financial Planning, Performance and Analytics
- External financial reporting decisions (15%)
- Planning, budgeting, and forecasting (20%)
- Performance management (20%)
- Cost management (15%)
- Internal controls (15%)
- Technology and analytics (15%)
- Strategic Financial Management
- Financial statement analysis (20%)
- Corporate finance (20%)
- Decision analysis (25%)
- Risk management (10%)
- Investment decisions (10%)
- Professional ethics (15%)
An intensive CMA certification exam training, study strategies, dedication, and hard work will help you pass the exam on your initial attempt. Consider the following factors and decide whether the Certified Management Accountant exam will be challenging for you or not.
- Time Management: Effective time management skills are essential to complete all questions within the allotted time. As each part of the CMA exam consists of multiple-choice questions and essays, you will need to carefully allot the available time to complete each section.
- Preparation: Thorough preparation and practice are required for CMA exam success for which you will need to enroll for Certified Management Accountant exam training courses. Effective preparation strategies often include studying course materials, practicing with sample questions, and gaining practical knowledge in management accounting and financial management.
- In-depth Knowledge: The Certified Management Accountant exam questions are designed to assess your knowledge of fundamental concepts as well as your ability to apply those concepts in real-world scenarios. This implies the exam not only tests your memory but also your critical thinking and analytical skills.
- Diverse Content: The CMA certification exam covers a wide range of topics, including financial planning, analysis, control, decision support, strategic financial management, and professional ethics. Hence, you need to have a deep understanding of all these areas to succeed in the certification exam.
Concluding Thoughts
A CMA certification can enhance your career prospects in areas such as financial analysis, budgeting, strategic planning, and decision support. A Certified Management Accountant certification can earn you better job opportunities, higher pay, and more benefits. Take your accounting career to new heights with the CMA certification. If you are interested in starting a career in financial management and meet the eligibility criteria for CMA join Certified Management Accountant certification training from the best institute as a first step. There are several leading institutes like BMTC which has certified trainers to give you the best results.
Through this blog, BMTC aims to provide aspiring candidates with basic information about the CMA certification. BMTC Consulting is one of the best Project Management institutes in Qatar that offers several courses in diverse domains like project management, green building, facility management, finance and accounting, and a lot more. Some of the most sought-after courses offered by BMTC include CMA, CAPM, PMI-RMP, Primavera P6, MMUP UPDA, etc. BMTC regularly publishes informative blogs and articles to educate professionals about trending courses in their respective domains.