CMA Awareness

Stacie Hughes, CMA, CFM, CPA, CFE

Athens State University Student Chapter IMA

What is the CMA?

Certified Management Accountant designation granted by the ICMA (administered by IMA)

Must pass two-part exam and meet education and experience requirements

CMA’s generally provide services to employers rather than to the public

CMA – CPA Comparison

CMACredentials: International

recognition Targeted to corporate

financial professionals Broad-based, industry-

related content

CPADesignation: Limited to U.S.; a state

designation Targeted to public

accounting Content for public practice

CMA – CPA Comparison

CMAKnowledge-Based Professional Preparer/User of accounting

information Concept based “Inside” corporate

professionals Higher quality, lower costs

Forward-looking Player

CPASkills-Based Professional

Auditor of accounting information

Rule based Public practice licensure

Attesting to the accuracy of financial records

Historical Referee

CMA – CPA Comparison

CMA Appropriate for a career in

managerial finance and accounting professionals inside organizations.

Over 80% of accounting professionals in U.S. work inside organizations.

Focus on decision support, planning, and control over the organization’s value-creating operations.

CPA Appropriate for a career in

public accounting

Why the CMA?

Expanded career options and greater earning potential – IMA’s 21st Annual Salary Survey found that CMA-certified

professionals earned 23% more in salary and 30% more in total compensation than those without certification (Strategic Finance magazine, June 2010)

Demonstrate substantial knowledge– Required to pass rigorous exam to obtain CMA. Passing

the exam demonstrates the ability to work across the breadth and depth of the entire accounting process within organizations.

Why the CMA?

Professional development and lifelong learning – Maintain professional competence through annual

continuing professional education (30 hours with at least 2 in ethics)

Committed to a code of ethics– Must comply with the IMA Statement of Ethical

Professional Practice– Maintain 2 hours of ethics education per year

Why the CMA?

Competitive Advantage – Companies can identify motivated professionals for hiring,

recognition, and advancement.– Companies such as 3M, Boeing, DaimlerChrysler, GE,

Hewlett-Packard, and IBM specifically search for individuals with the CMA certification to help improve company performance.

– Multi-national corporations are incorporating the CMA certification as part of their professional development programs for employees

Power of the CMA

Bob Laux, CMA– Senior Director of Technical Accounting and

Reporting at Microsoft Corporation

“At Microsoft, we look for a combination of solid accounting skills, the ability to think strategically and strong business ethics. If someone is a CMA, we can be more comfortable that the person has mastered these aspects of the profession.”

CMA Certification Requirements

Membership in the IMA Payment of Entrance Fee Satisfaction of Education Qualification Satisfaction of Experience Qualification Passing scores for both required examination

parts Compliance with the IMA Statement of

Ethical Professional Practice

Examination Fees

Certification Entrance Fee $200

– Student Entrance Fee $75

Examination Fee Per Part $350 $300 per part if taken in same window

– Student Exam Fee Per Part $175 One-time 50% discount

Education Qualification

Must have a Bachelors Degree, in any area, from an accredited college or university.

Experience Qualification

Two continuous years of professional experience in management accounting, financial management, public accounting, or academia

Experience may be completed prior to application or within seven years of passing the examination.

Qualifying experience examples: financial analysis, budget preparation, MIS analysis, auditing, teaching, research, etc.

CMA Exam – Part 1

Financial Planning, Performance, and Control (4 hours – 100 multiple choice questions and two 30-minute essay questions)– Planning, Budgeting and Forecasting 30%

– Performance Management 25%

– Cost Management 25%

– Internal Controls 15%

– Professional Ethics 5%

CMA Exam – Part 2

Financial Decision Making (4 hours – 100 multiple choice questions and two 30-minute essay questions)– Financial Statement Analysis 25%

– Corporate Finance 25%

– Decision Analysis and Risk Management 25%

– Investment Decisions 20%

– Professional Ethics 5%

Other CMA Exam Info

Passing score is 72%

You have 3 years from the date of entry into the program

Computer-based tests given at Prometric Testing Centers

Parts 1 and 2 will be given during three testing windows: January/February, May/June, and September/October

Prometric Screen Shot

Performance Review

Score Reports– Scores will be mailed approximately 6-8 weeks after the end of the

month in which you took the test Detail of Performance Report

– Sent to anyone who does not pass the multiple choice portions of parts 1or 2. Measures your performance by each major topic area on the exam.

Advanced Performance Report– Includes performance on subtopics in addition to the major topic

areas. Must specifically request Advanced Report Exam Retake Policy

– In order to retake, must register and repay the full exam fee

IMA Study Resources

CMA Exam Support Package– Included in the Certification Entrance Fee. Included in this package

are downloadable and printable Q&A books, 1,000 recently retired questions, and an online assessment tool with multiple choice exams and sample essay questions.

CMA Q&A Publications– Books of “retired” questions

IMA’s CMA Learning System– Comprehensive student textbooks and online

prep tools.– www.learncma.com

Gleim CMA Review

BooksAudio lecturesTest prep softwareEssay WizardOnline CourseProfessor-Led Reviewswww.gleim.com

For Additional Information

IMA www.imanet.org1-800-638-4427

Gleim Websitewww.gleim.com

Stacie Hughes, CMA, CFM, CPA, CFEstacie.hughes@athens.edu