CMA Exam Basics: Everything You Need to Know (But Were Afraid to Ask)
So you want to become a CMA® (Certified Management Accountant) but aren’t sure how to start? Here’s everything you need to know about signing up for and taking the CMA exam.
IMA Membership
First, before you do anything else for the CMA exam, you must become a member of IMA (Institute of Management Accountants).
This is the most commonly overlooked step by candidates who assume they can just sign up and take the CMA exam.
Before entering the CMA program, you must pay an annual IMA membership fee (ranging from $49 to $295, depending on your professional experience).
Review your IMA membership options here.
Meet the Eligibility Requirements
In addition to passing the two-part CMA exam, you must meet two basic eligibility requirements to earn CMA certification:
- Hold a bachelor’s degree from an accredited college/university or a related professional certification.
- Have at least two years of continuous professional experience in management accounting or financial management.
You may join IMA and even take and pass the CMA exam before completing these requirements — you’ll be awarded actual CMA certification later once you’ve completed your degree and/or two years of professional work.
These requirements may seem straightforward, but there can be a lot of variances in a candidate’s education and career. As such, you must learn about and understand the requirement exceptions covered extensively in IMA’s CMA Handbook (PDF).
The CMA Program
Once you’ve become an IMA member, you’ll need to enter the actual CMA program before you can take the CMA exam.
There is a $225-$300 fee to enter the CMA program. View your options here.
About the CMA Exam
The CMA exam is a two-part computer-based exam administered at Prometric testing facilities worldwide.
Part 1 of the CMA exam focuses on:
- External Financial Reporting Decisions (15%)
- Planning, Budgeting, and Forecasting (20%)
- Performance Management (20%)
- Cost Management (15%)
- Internal Controls (15%)
- Technology and Analytics (15%)
Part 2 of the CMA exam focuses on:
- Financial Statement Analysis (20%)
- Corporate Finance (20%)
- Business Decision Analysis (25%)
- Enterprise Risk Management (10%)
- Capital Investment Decisions (10%)
- Professional Ethics (15%)
Candidates may take the CMA exam parts in any order. Many candidates elect to take Part 2 first.
How much should you prepare/study? Get the answer here.
CMA Exam Costs
Professional Member Exam Fee: $495 per part / $990 total
Student Member Exam Fee: $370 per part / $740 total
You can view and pay for your exam here.
Don’t forget: You need to be an IMA member and have paid the membership fee and the CMA program entrance fee before you can sign up for the CMA exam.
How to Register for the CMA Exam
If you are enrolled in the CMA program and are ready to sit for the exam, here are the steps:
- Register for the exam and pay the applicable fees.
- Receive confirmation of your registration. You’ll receive your authorization number for each exam part you’re taking, testing window(s), and step-by-step instructions for scheduling your exam.
- Locate your local Prometric Testing Center and schedule your exam appointment(s) at www.prometric.com.
- Be sure to have all the required identification documents when you appear for your scheduled exam.
Lastly But Not Least
You must agree to and abide by IMA’s Statement of Ethical Professional Practice to earn and maintain your CMA certification.