Do you aspire to be certified accounting professionals with financial accounting and strategic management expertise? Do you wish to earn more than twice the regular MBA and MS graduates? If the answer is yes, CMA in USA is the right choice.
The CMA full form is Certified Management Accountant, which is an opportunity to enhance your career possibilities within less than 12 months. Offered by the Institute of Management Accountants (IMA), the US CMA course is the highest credential in the field of accounting and management.
So, if you have completed your undergraduate degree and planning to pursue a Certified Management Accountant in USA course, this blog will surely serve your purpose. Here we have discussed all CMA course details including its requirements, costs, registration process, and much more.
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Why Study CMA in USA?
CMA courses in USA are a global benchmark for management accountants and financial professionals. The IMA today offers the CMA course in around 150 countries wherein they equip the students with all the required knowledge and skills to excel in this domain. But why CMA in USA? Let us find out:
- CMA USA is recognized by developing countries like China, India, UK, Canada, and Middle East countries. Apart from learning various skills you also gain worldwide exposure and business ethics at an international level.
- The CMA USA duration is another reason to opt for this course. It is a short duration course of 6-9 months, unlike MBA and MS which on average take 1.5 to 2 years to be completed.
- You may also avail different scholarships for CMA in USA. Over $35 million worth of scholarships has been provided by IMA to help students pursue the CMA certification at no cost.
- According to IMA’s Global Salary Survey, a certified management accountant earns an average base salary of $110,000 per year. It is much higher than a regular MBA or MS graduate’s base salary.
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What is CMA US Course Eligibility?
A class 12th certificate and an undergraduate degree are the two most important eligibility criteria for Indian students. The IMA has made the provision for undergraduates to have another seven years to produce the documents upon successful acquisition of the CMA USA certificate.
The CMA USA eligibility for Indians can be summarized as below:
- IMA Membership
- Class 12th/ Higher Secondary Certificate or Associate Degree in USA is mandatory to become a certified management accountant in USA.
- An undergraduate degree in a relevant discipline.
- Minimum 2 years of professional experience in the field of Finance, Accounting or Management.
What is US CMA Course Structure & Syllabus?
The US CMA course is divided into two parts:
- Financial Planning, Performance and Analytics (Part 1)
- Strategic Financial Management (Part 2)
You may appear for the two parts of CMA courses in USA in any order but you will only be qualified for the next one if you clear the first examination.
To talk about the US CMA exam pattern, you will be given 4 hours to complete 100 MVQ questions and 30 mins for two essays. Further, the CMA USA syllabus is structured on 12 different topics pertaining to both parts of the course.
A glimpse of the CMA USA syllabus is given below:
1. Financial Planning, Performance and Analytics
The first part of the US CMA course comprises 100 multiple choice questions and 2 essay-type questions. It is scored on a scale of 0 to 500, and a minimum score of 360 in this section is a must to qualify for Certified Management Accountant in USA.
The CMA US subjects or topics for Part 1 include:
- Technology and Analysis
- Internal Controls
- Cost Management
- Performance Management
- Planning, Budgeting and Forecasting
- External Financial Reporting Decisions
2. Strategic Financial Management
The Certified Management Accountant in USA exam pattern of the second section is similar to the first. You have 100 MCQs and two essay questions of 30 minutes. You are required to score 360 marks out of the 500 scoring system. So, 50% of the MCQ questions must be correct.
The CMA US subjects or topics for Part 2 include:
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decisions
- Professional Ethics
How to Register for CMA in USA?
You may apply for Certified Management Accountant in USA course through online mode. Here are the steps involved in its registration process:
- Step 1: The first step is to become a member of the IMA. To become a member of the Institute of Management Accountants (IMA), one has to fill in the registration form depending on the career status – a professional membership, an academic membership, or a student membership.
- Step 2: Pay the required registration fees. After you are an IMA member, you have to pay a one-time entrance fee to be able to sit for the exam. Since there are two parts to the exam, you will have to pay the US CMA course fees at least twice. If in case you fail a part of the exam, you’ll have to pay the fee an additional time to retake it.
- Step 3: Once you complete the registration process and pay the US CMA course fees, you’ll receive a confirmation email with your authorization number and further instructions to select your Prometric test centre for the CMA USA exam.
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What is US CMA Course Fee?
The US CMA program fees are different for different groups.
- For Professional Members: CMA entrance fees: $300 & CMA exam fee: $495 per part
- For CMA Fees for Student/ Academic Members: CMA entrance fees: $225 & CMA exam fee: $370 per part
Note: Along with CMA entrance fee, additional IMA membership fee is also required
CMA Exam Dates 2024
CMA in USA is both an online and offline test administered at hundreds of testing facilities around the world. You can either appear for the test online via remote proctoring instead of in-person at a Prometric centre. Prometric will supervise your exam from your computer’s webcam while taking the test at home through ProProctor.
With three two-month testing windows each year, you can sit for the exam at a time and place according to your convenience. Here are the CMA exam dates for 2024 are:
|
CMA Exam Type |
CMA Exam Dates 2024 |
|---|---|
|
CMA Program Exam Part 1 - Financial Planning, Performance, and Analytics |
May 01, 2024 - June 30, 2024 |
|
CMA Program Exam Part 2 - Strategic Financial Management |
May 01, 2024 - June 30, 2024 |
|
CMA Program Exam Part 1- Financial Planning, Performance, and Analytics |
September 01, 2024 - October 31, 2024 |
|
CMA Program Exam Part 2 - Strategic Financial Management |
September 01, 2024 - October 31, 2024 |
|
CMA Program Exam Part 1 - Financial Planning, Performance, and Analytics |
November 09, 2024 - November 09, 2024 |
|
CMA Program Exam Part 2- Strategic Financial Management |
November 09, 2024 - November 09, 2024 |
What are US CMA Scholarships?
A CMA scholarship enables students to complete their CMA course with no cost or offers financial support to bear the course expenses. More than 20,000 students globally have received the CMA Scholarship till date. To apply for CMA scholarships, you must visit the official IMA website and check for the ones that you may opt for. Do also check the deadlines and eligibility criteria for the same. We have discussed some of the CMA scholarships below:
|
Scholarship Name |
Awarded to/ Benefits |
|---|---|
|
IMA Century Scholarship Award |
Available to undergraduate junior and senior students of IMA Endorsed Schools or Schools with IMA Student Chapters. Benefits: $7,500 |
|
CMA Scholarship Program |
Outstanding students nominated by faculty on various aspects. Benefits: Students can prepare and take the CMA exam for free. |
|
IMA Doctoral Scholars Program |
Meritous students at various stages in their doctoral education who work on studies that will advance management, accounting, research and practice in accredited programs. Benefits: $10,000 |
Indian Students Scholarships in USA
CMA USA Job Opportunities
The scope of CMA in USA is far and wide. CMA USA certifications open up new opportunities in a variety of industries, including banking and financial services, manufacturing, healthcare, insurance, pharmaceuticals and so on. Some of the popular and highly paid CMA USA jobs are mentioned below:
|
Job Title |
Average Salary Per Year |
|---|---|
|
Certified Public Accountant |
$55,000 - $149,000 |
|
Financial Controller |
$66,000 - $131,000 |
|
Senior Financial Analyst |
$68,000 - $106,000 |
|
Accounting Manager |
$57,000 - $114,000 |
|
Finance Manager |
$67,000 - $123,000 |
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CMA in USA vs India
Although the aims and objectives of CMA across the world are the same, there are certain differences in various aspects for every country. Here we have discussed the CMA course in USA vs India:
|
Particulars |
CMA in USA |
CMA in India |
|---|---|---|
|
Administered By |
Institute of Management Accountants |
Institute of Cost Accountants of India |
|
Course Duration |
Maximum 1 year |
3 years |
|
Requirements |
Undergraduate degree + Work experience |
10+2 |
|
Exam Structure |
2 Parts (1 Level) |
3 Levels – 20 Papers |
|
Articleship |
NIL |
6 months |
Best Health and Travel Insurance for International Students in USA
So that was all about CMA USA course details. A CMA in USA is a compliment to your existing qualifications and skills that helps you climb the ladder of your career faster than others. So, if you are looking forward to upscaling your career prospects, analyze the above-mentioned information and join the USA CMA course today.
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