You must have heard the term CMA being thrown around a lot these days. If you’re an accountant, you might have colleagues and peers contemplating to become a CMA. Even in job searches, the term CMA will be prevalent. But what is CMA, and why is everyone talking about it?
The Institute of Management Accountants or IMA offers certification for professionals in the account management department. Getting this certification will make you a Certified Management Accountant or CMA. Let’s take a look at some things you should be aware of before going for a CMA certification.
It’s Not Easy
Becoming a CMA is easier said than done. The course requires a significant investment of time and effort on your part. The certification is an indication of merit and credibility, so you have to be ready to go all-in if you are going for it.You’ll need to study for two exams, and once you’ve passed them, you’ll have to maintain an annual professional education that is at least 30 hours long. It is also recommended that you choose an online training program to help you get a comprehensive education.
Financial Cost
The following costs are involved in becoming a CMA:IMA membership fees are collected on an annual basis. They vary based on whether you are a student, academic, or working professional. These fees range between $39 and $230.
The program entrance costs $225. If you are an academic member or an IMA student, you are eligible for a $150 discount.
The exam fees for CMA are $300 per exam. You can expect two exams to spend between $600 and $700 for both exams combined.
The annual CMA maintenance fee is $30
These are just the costs for being eligible to take the exam. Apart from this, you will have to spend on reading materials and online or practical courses.Time Management
Managing your time will undoubtedly be one of the biggest challenges when opting for CMA certification. As mentioned previously, you have to take two exams to become a CMA. The exams are held annually, and you can choose when to take the exam. The critical thing to note here is that both these exams have to be cleared in three years that starts from the beginning of the program.If you are a working professional, you need to manage your preparation time and your job, which will not be easy. It is recommended to follow an online training course that can tweak your curriculum to fit your work timings.
Career Benefits
If you can push through the grueling endeavor of preparing for CMA, then the benefits will be more than proportional. CMAs are highly valued because the corporate world is well aware of their intensive training and comprehensive expertise. Being a CMA expands your job opportunities by a significant margin and even strengthens your negotiating power when discussing salaries.Since CMAs have a broad knowledge of financial planning, reporting, and accounting, they are more versatile than accountants making the entire world a viable destination for you to work.
