Management Accountant:
Management Accountant is an Individual who helps business take informed decisions with expertise in areas including but not limited to Accounting, Costing and Finance.
US CMA Certification:
US CMA stands for Certified Management Accountant, USA. US CMA is a professional certification awarded by IMA, US (Institute of Management Accountant).
US CMA Certification requirements:
An Individual is awarded US CMA certification upon fulfillment of following requirements:
- Education: An Individual is at least a Graduate (in any stream except humanities) or a Professionally qualified person (e.g. CA, CS, CMA India);
- Exams: CMA conducts a two part (Part 1 and Part 2) exam. An Individual must clear both parts exam within 3 years from date of enrollment into CMA program;
- Experience: An Individual is having 2 years of full time practical experience in the field of Management Accounting and/or Finance & Accounting.
- Membership in IMA: An Individual is an active member of IMA;
- Entrance of CMA Program: An Individual has paid Entrance fee of CMA Program;
Institute of Management Accountants (IMA) has flexed the US CMA exam entry criteria for undergraduates who can have another seven years to produce the documents upon successful completion of two parts of the exam.
Eligibility to start CMA Program:
An individual is eligible to start CMA program even when he/she is pursuing graduation, but certification will be granted upon completion of graduation and other requirements mentioned above. So, even a 12th pass out candidate (without any experience) is eligible to start the CMA program and complete both the parts along with Graduation itself and can apply for CMA certification upon completion of Graduation and experience requirements.
If you have any doubts regarding your eligibility for the US CMA Program, do get in touch with our expert counsellors at The WallStreet School. Our team will be more than happy to help you.
US CMA Exam:
The US CMA Exam is a two parts exam. These two parts are:
Part 1: Financial Reporting, planning, performance analytics, and Control;
Part 2: Strategic Financial Management;
There are a total of 12 competencies (6 competencies per Part) tested in CMA Exam. Each of Part 1 and Part 2 is a 4 hour exam consisting of 100 MCQs (Multiple Choice Questions) and 2 Essay Questions. The time allotted for 100 MCQs is 3 hours and for 2 Essay Questions is 1 hour (30 minutes each). Weightage attached to MCQs is 75% and to Essay Questions is 25%. An Individual needs a total score of 360 out of 500 in each part to clear that part’s exam (irrespective of score in MCQs and Essay Questions).
An Individual can appear for one part at a time (in any order i.e. Part 1 first or Part 2 first as per Individual’s preference) or can appear for both the parts together.
The US CMA Exam is conducted at prometric centers all across the world including several centers in India. Exam is conducted during the following 3 testing windows:
- January/February;
- May/June;
- September/October
An Individual can prepare for the exams on their own or they can take the tuition support of a trusted partner like The WallStreet School. At the WallStreet School, our endeavor is not only to help candidates both parts exam easily but also teach them the practical application of the syllabus. We, at the WallStreet School, conduct 3 mock exams for each Part exam and once a candidate passes those 3 mock exams then only, we allow him/her to go ahead and book the CMA exam.
US CMA Syllabus:
US CMA has two parts – Part 1 and Part 2. Each part has 6 competencies or sections which are tested in the exam. These competencies/sections along with their weightage and brief content are as follows:
Part 1: Financial Reporting, planning, performance analytics, and Control – Sections/Competencies
Section A: External Financial Reporting Decisions (15%);
- Financial Statements
- Recognition, measurement, valuation, and disclosure
Section B: Planning, Budgeting and Forecasting (20%);
- Strategic planning
- Budgeting concepts
- Forecasting techniques
- Budget methodologies
- Annual profit plan and supporting schedules
- Top-level planning and analysis
Section C: Performance Management (20%);
- Cost and variance measures
- Responsibility centers and reporting segments
- Performance measures
Section D: Cost Management (15%);
- Measurement concepts
- Costing systems
- Overhead costs
- Supply chain management
- Business process improvement
Section E: Internal Control (15%);
- Governance, risk, and compliance
- System controls and security measures
Section F: Technology and Analysis (15%)
- Information systems
- Data governance
- Technology-enabled finance transformation
- Data analytics
Part 2: Strategic Financial Management – Sections/Competencies:
Section A: Financial Statement Analysis (20%);
- Basic financial statement analysis
- Financial ratios
- Profitability analysis
- Special issues
Section B: Corporate Finance (20%);
- Risk and return
- Long-term financial management
- Raising capital
- Working capital management
- Corporate restructuring
- International finance
Section C: Decision Analysis (25%);
- Cost/volume/profit analysis
- Marginal analysis
- Pricing
Section D: Risk Management (10%);
- Enterprise risk
Section E: Investment Decisions (10%);
- Capital budgeting process
- Capital investment analysis methods
Section F: Professional Ethics (15%);
- Business ethics
- Ethical considerations for management accounting and financial management professionals
- Ethical considerations for the organization
US CMA Duration:
The average duration for completing both parts of US CMA Exam is around 12 to 18 months. Both parts must be completed within 3 years from the date of enrollment into CMA program.
Tuition support of a learning partner like The WallStreet School really helps candidate to be consistent in studies and practice throughout and clear the exam in first attempt itself.
US CMA Scope in India:
CMA scope has increased exponentially in India. Due to the global recognition of CMA certification, MNCs usually prefer US CMA Professionals for Management Accounting, Finance and Accounting Profiles. The demand for Management Accounting professionals is increasing across the globe and India being one of the preferred choices of MNCs, this demand is only going to grow from here. An Individual can get an early mover advantage in India by joining the CMA program right now as India is becoming the land of opportunities now.
We, at the WallStreet School, believe in the comprehensive solution to a candidate from their enrollment to their placement. The WallStreet School has a network of 200+ Corporates wherein we have already placed more than 4,500 candidates in last 10 years or so. With our placement support along with that provided by IMA US team (in India), our students are able to get better opportunities in India.
US CMA Scope across the globe:
US CMA is an International Professional Certification accepted in 100 plus countries. Its scope is there in around 170 countries of the world. Plus there is a community of 100,000 plus CMA Certified Professionals in the world who are working across the globe in various positions including but not limited to the positions of CFOs and CEOs of large Multinationals.
US CMA Cost:
US CMA cost in India depends upon various factors like whether an Individual is a student or a professional; whether an Individual takes tuition support or not.
Student category is for those candidates who are pursuing full time graduation / post graduation. Otherwise, the default category for candidates will be Professional wherein those candidates who are pursuing graduation/post graduation from distance learning and those who are working (employed/self employed) will fall.
If a candidate falls under a student category then there will be reduced fees applicable to these vis-a-vis professional category candidates.
A quick comparison of the standard fees for Student and Professional fees payable to IMA US (the body providing the CMA US certification) is as follows:
| Particulars | Student (USD) | Professional (USD) | Professional (USD) |
| IMA Membership | 135 | 260 | Valid for 3 Years for students and for 1 year for Professionals |
| Application processing fees | 15 | 15 | One time |
| CMA Entrance Fees | 210 | 280 | One time |
| Exam Fees: Part 1 | 345 | 415 | Valid for one attempt |
| Exam Fees: Part 2 | 345 | 415 | Valid for one attempt |
| Total Fees (USD) | 1050 | 1385 | |
| Total Fees (INR)
Conversion Rate 1$ = Rs. 83 |
Rs. 87150 | Rs. 114955 | Conversion rate at the time of response is 1$ = Rs. 82.05. Still, I have taken Rs. 83 to take into account foreign currency transaction charges. |
The above is the standard cost of doing CMA, US. From time to time, IMA US runs some campaigns for the benefits of candidates on its own as well as through its learning partners. Through these discounts, candidates are able to save close to Rs. 30,000 to Rs. 40,000 and therefore, fees of CMA comes down to around Rs. 55000 to 60,000 (approx.) for students and Rs. 85,000 to 90,000 (approx.) for professional category candidates.
Further, IMA US awards up to 100% scholarships (subject to certain conditions) also to candidates pursuing full time graduation.
Usually the tuition fees for doing CMA in India ranges from Rs. 70,000 to 100,000.
So, roughly, CMA US costs between Rs. 55000 to Rs. 60,000 without any tuition support and Rs. 1.5 to 2 Lakhs along with tuition support.
US CMA Pass Rate:
Average pass rate of US CMA ranges from 40 to 50%. However, with sincerity and right approach & guidance, we at the WallStreet School believe that an individual has 80% chances of clearing both parts of the exam in the first attempt itself.
Salary Package of US CMA Candidate in India:
Average Salary Package of a US CMA Candidate depends upon various factors i.e. Qualification, Experience and Skills. For a fresher, the average package is around Rs. 6-7 lakhs and for an experienced candidate (with 3 to 5 years of experience), the average package is around Rs. 10 to 12 lakhs in India. You can take the support of The WallStreet School’s expert placement team for better package and profile.
Fields/Profiles in which a US CMA can work:
There are numerous fields/roles in Management Accounting, Finance and Accounting where a US CMA certified professional can work. These include but are not restricted to following:
| Management Accounting | Financial Management & Treasury | Risk Management | Accounting |
| Budgeting / Forecasting | Project/Investment Appraisal | Risk identification & reporting | Financial reporting |
| Financial Planning & Analysis (FP&A) | Working capital management | Monitoring risk | Fixed assets accounting |
| Variance Analysis | Foreign exchange management | Risk Mitigation | Accounts Payable/Receivable |
Who should Pursue US CMA:
- An Undergraduate Student wanting to make career in Management and/or Finance;
- A Graduate wanting to make a career or grow Professionally in the field of Management and/or Finance;
- A Postgraduate (MBA, MCom) who struggle to grow professionally due to a lack of a Professional Qualification;
- A CA who want to grow in MNCs and/or looking for making a career globally;
- An Indian CMA who struggle for getting decent opportunities in MNCs and/or looking for making a career globally
- A Candidate who wants to do a professional qualification at his/her own pace
- A Graduate or postgraduate (in any other stream except humanities) to start their career in Finance and/or Accounting
- A candidate who doesn’t want to make their career in Auditing or Taxation.
Conclusion:
Finally, to conclude, let’s deliberate on why you should choose US CMA. US CMA makes a lot of sense for the following reasons:
- Clear only 2 parts/papers with 12 competencies;
- Tests are also conducted locally in India;
- Attempt both parts in a short duration of 6-12 months;
- High pass rate of 40-50%;
- 2 years of work experience as an Accounting & Finance professional;
- Recognized globally in over 100 countries;
- A fraternity of more than 140,000 candidates and 100,000 members around the globe;
- High salary raise during and after the certification. A US CMA certified usually earns 60% more remuneration than a non certified Management Accountant;
- Level up into the category of decision-makers
We hope that the above information would enable you to take an informed decision about joining US CMA program. In case you still require any other information/help, do reach out to our expert counsellors at The WallStreet School (www.thewallstreetschool.com).
