US Certified Management Accountant (US CMA course) by the Institute of Management Accountants (IMA), USA has been one of the most sought after qualifications around the world.
Earning the US CMA can give you the career boost as they have an excellent rate of absorption all over the world. Currently, US CMA has marked its presence in over 100 countries including the United States (US).
The US CMA course is pursued by students who are keen in learning budgeting and management accounting. The professionals with US CMA qualifications are preferred over other candidates, by multinational companies and established conglomerates.
Scope of US CMA course in India
US CMAs are important assets in all types of organizations. Completion of a US CMA course in India is possible and opens multiple ways to improve your financial skills & management qualities. They analyze operating results, review performance, audit operations, and resolve issues that enhance the strategic objectives of the organization.
CMAs appreciate the business approach for managing customer value, formulating strategies, and valuing equity. CMAs are value creators, not just merely accountants who adhere to compliance to the profession.
Corporates hire US CMA as they are considered experts in value creation and business strategy. Over the years, the prominence of the US CMA course has been rising fabulously. It is because of the economic growth in India and large foreign business markets. One of the greatest advantages of having US CMA certification is it will open many prospects for Indian candidates.
The key drivers for US CMA course in India include
A. Growth potential in the manufacturing sector and government efforts like “Make in India” to promote Indian manufacturer’s. In this context, US CMA is huge demand in India
B. As US CMA’s are considered as experts in business strategy and cost controlling, Management consulting firms like EY, KPMG hire US CMA as management consultants for restructuring services for industries.
C. Strengthening of banking especially in rural parts of India is a key driver for the need of CMA experts.
D. Growing demand for insurance products is an opportunity for US CMAs in India.
Benefits of US CMA course
By now, as seen in the last decade, about 99% of the MNCs and big companies started functioning in India and Middle East are basically of US incorporated, either directly or as a subsidiary which raise funds or listed in US stock exchanges. All these companies are required to comply with the Securities Exchange Commission (SEC).
US CMA is in great demand in all sectors. CMAs are also being recruited by MNCs like Accenture, Amazon, and Deloitte and so on for the managerial positions like financial controllers, Budget Analysts, Cost Auditors, Chief financial controller and many other high level positions.
Among the Middle East countries, UAE, Saudi Arabia and Egypt have the most number of IMA members representing 35%, 25% and 13% respectively. The job profiles include Financial Controller, Zakat and Taxes Supervisor, Senior Accountant, Budgeting Section Head, Group Internal Auditor, Financial Analyst etc.
The major recruiters among many include companies like Khobar, Harvest, CMACGM, Honeywell, Al Futtaim Group, Vodafone, Oriental Insurance etc. Notably, in the Gulf, Dubai becomes the top job provider for US CMAs. Some of the Dubai based companies which hire US CMAs are Ceva Logistics, TMF Group, Transmed, Kitapi, Huhtamaki Group, KPMG, Phantom Associates, Milliman, Amazon, Sffeco Global at entry, middle and senior levels of accounting and financial management.
It has been noted that the highest number of employment for US CMAs are from the Finance /Insurance/Real Estate sectors followed by the Manufacturing Industry
Since they are in demand in various sectors for many skills, the US CMAs have immense job opportunities in India like those given below and a lot more related to Finance.
· Research Analyst
· Cost Accountant
· Legal Advisor
· Finance Manager
· Financial Analyst
· Management Consultant
· Cost Auditor
Median compensation of US CMA salary by various job roles
The latest Global Salary Survey 2021, from IMA (Institute of Management Accountants) revealed that holding the US CMA certification helps to add value beyond the basic compensation. 90% of survey respondents with US CMA certification said that US CMA gives them more confidence to perform their job at a high level. The median salary of a US CMA professional is above 76% higher than non-CMAs.
The survey invitations were sent to 7,949 IMA members in the Middle East/Africa/India (MEAI) region. It was found that the difference in total compensation between CMAs and non-CMAs worldwide is nearly USD 23,000; a strong reason why a US CMA course is a career changing qualification.
Further, 90% agree that the US CMA course helps them to work in all areas of the business, and more than 80% of respondents agree that the US CMA certification creates better career opportunities nearly, 95% would recommend the certification to a friend.
Non- CMA vs.US CMA salary by region
The median base US CMA salary/CMA for 2020 for all participants in MEAI were USD 25,000 as compared to median based salary of USD 22,500 in year 2019. Similarly, median total compensation for year 2020 stands at USD 27,000 as compared to the median total compensation of USD 25,000 during previous year.
Further, a majority of respondents in the middle management category, indicated that they receive a higher percentage of their total compensation largely due to bonuses based on individual or company performance.
The survey results indicated that respondents holding the CMA or US CMA earn a 76% higher median US CMA salary and 80% higher median total compensation compared to those who do not hold the certification. Holding a US CMA certification also makes a person more disciplined, career oriented, smart, and motivated helping to move faster to higher management roles in the industry.
Median salary and Total compensation by region, US CMA salary VS. NON-CMA
US CMA salary in India
The survey results indicate the median total compensation in India stands at USD 16,300, as compared to salary in MEAI (USD 27,000) and globally (USD 67,500). Further, the respondents holding the CMA in India, has an average total compensation of USD 29,685, which is 53% higher compared to non-CMAs in India. In addition, for those in top management in India, average total compensation was 45% greater compared to those in senior management. For further reading we have additional articles on US CMA salary.
US CMA salary in India
Outlook on US CMA jobs in India
According to BLS( Bureau of Labor Statistics), in India, the employment in the accounting field will increase by 10% within 2026, thus indicating increasing opportunities for US CMA jobs. Doubtlessly, it can be stated that CMA US certification can enlighten your future career graph in the arena of accountancy and finance in Indian backdrop.
US CMA Job Satisfaction
With increasing area-wise demand for US CMA course holders, the importance of these skilled professionals are also growing. Thus, the jobs they are getting in the familiar domains become more secured with better job satisfaction that help in the equal growth opportunities for the employee and the employer in a win-win situation. The overall pattern of job factor satisfaction and importance in a global setting is presented below
Being an ambitious accountant, if you really add a spark to your career, you can steadily take the US CMA course program as value addition. Now, if you like to take your US CMA sojourn, you should know at the beginning, how one can be a US CMA by taking well informed decisions as follows.
A. Knowing the advantage of US CMA certificate
There are various benefits that a CMA US holder under IMA can enjoy. To name a few, Elevated income opportunities, higher job security, upliftment of skill and expertise as well as much acclaimed reputation and respect. Since US CMA is considered gold standard in management accounting at global level, the acquired skills and knowledge are real time simulation in the domain.
B. Knowing the process
Obviously, there are certain requirements which one has to meet up to enter the US CMA program. The 3 “E”s i.e. the Exam, education and experience respectively. For the exam, it has two parts where both the parts has to be cleared within a span of 3 years upon entering the program.
For education, a graduation degree ( equivalent to 120 credit points) is required within 7 years of the completion of US CMA exam. Finally, continuous 2 years working experience on financial management/ management accounting is required within 7 years of completion of the CMA US exam
C. Knowing the exam
The US CMA exam has 2 parts, both of which include 100 MCQs and 2 essay questions to be answered within 4 hours. Part 1 contain Financial Planning, Performance and Analytics while Part 2 involve Strategic Financial Management. The CMA US exam is considered not too tough not too easy type which means with due dedication and proper study support, successful clearance of this 2 part exam at first attempt is quite achievable.
D. Knowing the cost
The overall cost to secure the US CMA course certification stands around 2000 USD approximately on an average excluding the study support. Although this has something to do with affordability, an average hike of around 47% in salary of a CMA US holder justifies the dividends on the cost incurred as investment. Furthermore, to make things easier, several CMA discounts are available with IMA and its authorized study partners to make use and reduce the burden.
US CMA salary in India: Results from IMA’s salary survey-2021:- The latest Middle East/Africa/ India (MEAI) CMA Salary Survey 2021, from IMA (Institute of Management Accountants) revealed that a median salary of a US CMA professional is above 76% higher than non-CMAs, a strong reason why a US CMA course is a career changing qualification. continue reading…
E. Knowing the exam windows
Video Upon entering in to the CMA US program, by paying the IMA membership and entrance fees, one can register for the any part of the exam. The annual testing windows for US CMA exam is January/February, May/June and September/October respectively. One can schedule the date and time of the exam in the appropriate prometric test center following the respective window.
F. Knowing the preparation
The CMA US exam demand dedicated study preparation and practice. Once entered in the US CMA program, one can get free access to IMA study support package for 6 months. Although the package helps to some extent on the pattern and content of the exam, it is not to be suffice. To crack the exam successfully, one has to take additional study support in the form of review materials/books and mentoring by quality faculty of an IMA approved training institute.
G. Knowing the study materials and training
There are several IMA approved review courses available for US CMA which helps to prepare for the exam. Generally, a review material include, e books/hard copy, question banks for practice, audio and video lectures etc. One can choose the material accordingly. Study using the review materials supplemented with attending regular classes of an IMA approved training institute has proven to be quite helpful to pass the CMA US exam.
CMA US Course Syllabus:
The CMA US course involve a 2 part online exam based on the following sections:
A. US CMA Part 1- based on Financial Planning, Performance and Controls which contain following sub sections.
a) External Financial Reporting Decisions.
b) Planning, Budgeting and Forecasting
c) Performance Management
d) Cost Management.
e) Internal Controls.
f) Information Technology and Analytics.
B. US CMA Part 2- includes Strategic Financial Management having following subsections
a) Financial Statement Analysis.
b) Decision Analysis.
c) Risk Management.
d) Investment Decisions.
e) Professional Ethics.
Each part of the exam contains 100 MCQs and 2 Essay questions to answer.
Eligibility for the CMA US Course and Certification from IMA
To pursue the US CMA course and to obtain the CMA US certification from IMA, one has to comply with the following major requirements as mentioned below.
a) A bachelor’s degree from a recognised institution.
b) The academic credentials should be equivalent to 120 credit points.
c) Continuous 2 years work experience in financial accounting or related areas.
d) A valid IMA membership.
e) Commitment to abide by the IMA’ s Statement of Ethical Professionals Practice.
US CMA Course Duration
On an average, it takes about 12-18 months to complete both parts of exam which can be shortened to about 6-9 months upon dedicated study preparation within 3 years of registration. There are 3 exam windows available annually i.e. January/February, May/June and September/October respectively. One can book the slot as per the choice. Each part of the online exam has a duration of 4 hours.
US CMA Course Fee
The US CMA course fees and US CMA certification fees from IMA differs between a student and a working professional. The break ups for the entire fees as per status are depicted in the tables below:
A. CMA US exam fee structure
1. IMA Membership Fee
To get registered for US CMA exam, one has to be a member of IMA in lieu of a certain amount of fee to pursue the exam process. The price of membership fees vary according to the status of the candidate.
As for example, a person who is already in a job will be considered for a professional membership while an individual from a college or university study mode can opt for a student membership.
Obviously, the rate varies between the two categories. A student member has to pay much lesser amount in comparison to a professional IMA member. The comparative rate in USD and corresponding INR values are depicted in the comprehensive.
2. US CMA Entrance Fee
Upon payment of the membership fee, one has to pay a US CMA course entrance fee which is a route to pursue the CMA US certification. This one time fee has to be paid once you are ready to go through for the exam upon satisfactory preparation. As usual, the price of the entrance fee also varies according to the chosen category i.e. a student member is required to pay less than a professional.
3. US CMA Examination Fee
Ultimately, once the above procedural fees is being paid, next comes the fees to be paid to sit for the exam finally. This payment ensure the registration and slot booking for the CMA US exam. Since, the exam has two parts, one has to pay the exam fee twice. The fee is same for both the parts (Table 1), however, the price also varies as per the membership categories. Likewise, a professional IMA member has to pay more than a student member.
IMA US Professional vs. IMA US Academic student fees
US CMA Course Books
For successful completion of US CMA course and to obtain the CMA US certification, choosing a good study material/book is of immense importance. Several IMA approved CMA review courses are available like Gleim, Becker, Wiley, Hock etc. To name a few. One can select on the basis of content, price, lucidity etc. As for example, Gleim reviews are concise, exam oriented premium material with unique megabank in affordable price category.
Tips to pass the US CMA Exam in first attempt
1. The MCQ Structure and Pattern
The impediment one faces in the US CMA exam is in the MCQ part. Hence, one should know how to tackle this section effectively. For this, you should know the structural diversity lies there. The key elements are given below.
a. Classification of Questions
This can be of two types: Important information and Distracting information. While the former demands your inherent knowledge required to answer the questions, the later part is to divert the candidate. For a straight-forward question, you can go direct but in case of a so-called “tricky question” cautious reading is very much needed avoiding overthinking.
b. Selection of Correct Answer
Some of the questions might have options that seems to be correct whereas only one among these will be the best answer. So, prioritization is the key for this type of questions.
c. Selection of Incorrect Answer
Some incorrect answer options may appear as correct at first glimpse or through some primary calculating errors. These incorrect choices are provided to divert you from the accurate answer choice. Identifying such question types will give you the edge over others.
d. Centre of Attention on the Question
This involve reading the main body of the question and extracting the actual asking part by filtering the misleading information. Try to identify the exceptions in the question. As for example, look for such words like “ not”, “except”, “false”, “least” etc. which might appear in bold in some cases.
2. The Structure of MCQ Answers
This part demand predictive guess on the selection of the correct answer as listed below.
a. Prior Prediction
You can predict an answer before going through the options. Once an answer comes to your mind, try to find whether it is present or not in the given options. If it is present, scan the others whether something better than this present there or not.
b. Reading the Options
Here you have to read all the answers carefully to identify the best fit one to the asking pattern of the question. Look for qualifying words like “always” or “never” which sometimes make an otherwise good answer incorrect.
c. Attempting Every Questions
Since, US CMA exam has no negative markings for a wrong answer, you should attempt each and every question if you don’t know the answer at all. Here again, you have to apply the predictive guess. You can make blocks on the question set by marking the the areas where you know the correct answers with confidence. Keep the remaining block for review and answer later after clearing the sure shot block. This can further be achieved by eliminating the wrong answers first, then narrowing down the options to the best one from the remaining options following your gut instinct. By this way, you can select the correct answer that makes the most sense.
3. Tips for the Essay Questions
Apart from the MCQs, each part of US CMA exam contain two essay questions. The essays depict a scenario on which several questions are asked which has to be answered through written version which will be graded by subjective evaluation. The following tips can be applied to tackle the essay part of the CMA US exam.
a. Scudding the Essay Scenario
Gliding through the essay scenario before reading the questions help to determine the actual focus by eliminating the distractors.
b. Essentials for the Answers
This involve pin pointing the attention towards the requirement of the question. This assist to determine the important information integrally attached to the scenario. This is important to ensure full credit, you have to answer all the components of the question.
c. Priority Setting
It is always advisable to prioritize the essay questions i.e. attempting the easier one first than the rest. This act as a confidence building measure to tackle the essay questions. Also try to avoid presenting off-topic write-ups while attempting essay questions.
Showing your work in a stepwise and arranged manner is advantageous. It means, if your final calculation appears wrong, but your steps and formulas are correct, you can get partial credit for the particular question. Multiple mistakes are considered only once. Finally, make a quick proofreading in last few minutes to catch and amend some unseen errors to rectify them.
Comparison between US CMA and Indian CMA
|Institute of Cost Accountants of India
|7 months to 12 months
|4 – 5 years
|Focuses on cost reduction, auditing methodologies
|More priority on cost controlling
|US GAAP and IFRS
|IND AS (Indian GAAP)
|Two parts Part 1 – Financial Planning, Performance, and AnalyticsPart 2 – Strategic Financial Management
|Three levels including foundation, intermediate, and final levels. Overall 20 exam papers
|40% for individual papers and 50% aggregate in each group
|360 out of 500
|3 to 10%
|Available in MNCs of India and abroad
|Majorly in India and neighboring counties
CMA least affected by COVID-19
The survey results on the impact of COVID-19 showed that CMAs were less impacted in their jobs than compared to non-CMAs. Further, 43% of respondents said that their salary was not impacted by the COVID pandemic, while 3% indicated their compensation increased.
It was noted that 30% of respondents indicated that their salary decreased due to the pandemic, while 19% received a lower or no bonus due to the pandemic.
The industries which got affected by the pandemic were wholesale and retail trade (68.6%), followed by construction (63.6%), public accounting (57.2%), and education (55.1%).
The industries with the lowest percentage of respondents indicating a negative impact include government (11.1%), agriculture (22.6%), and medical/health services (39.4%).
Choosing the best institute is the key success formula for US CMA
As mentioned above, a mentoring support is critical for passing the exams. Though there are many training institute in India claiming to be the “best” in their own respective areas. But they may not be true in several factors like passing rate, quality of education, placement assistance, etc.
Below is the table on weightage formula and some of questions you may ask to choose a right coaching center.
|What is the passing rate of students in the institute?
|Is the institute an authorized study center for US CMA?
|Who are the mentors?
|Are they all industry-experienced US CMAs?
|Does the institute provide branded study materials?
|How many hours of “live training for CMA US” the institute provides?
|Does it provide recording of all live classes for revision?
|Feedback of students
|Do they prepare you with interview skills and guide for placement once you be a CMA US?
|Do they provide any financial assistance to needy people?
|Minimum weightage required for choosing an institute is 80 %
Considering the minimum threshold score of 80, we can say that Uplift Pro as an ideal CMA US training institute which meets all the above criteria. The institute is widely recognized as the industry leader in providing live online US CMA course classes in India, Middle East and Africa. Uplift Pro is a valued CMA study center recognized by the IMA US and Gleim Accounting for training students for the CMA US course.
Another of the key achievement of the institute is that, they have a US CMA pass rate of 80% as compared to worldwide pass-percentage for CMA US is 45%. This is the key reason why Uplift Pro is rated as the best CMA USA coaching center in India, Middle East and Africa.
Uplift Pro is proud to have some of the best CMA mentors in its team. Hence it never compromise on the quality part and provide you a guarantee “Till You Pass”.
Choose the best US CMA institute in India, Africa, and Middle East – Uplift Pro
Uplift Pro is one of the top training institutes for the US CPA, US CMA, US CIA courses in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center.
Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong back to young ambitious students and professionals to reach their desired career destinations in an organized way.
Some of our exclusive features include
A. Authorized partner of IMA US CMA course in India
B. Live online classes ensuring that the regular office working hours is least impacted
C. The dedicated faculty team for uplift live online US CMA classes are CMA US qualified with incredible marks and have more than 25 years working experience in corporate world. This help the student to learn and simulate the real life corporate working conditions which can not be attained through a CMA pass out faculty only.
D. 1:1 personal support from our 30 plus years of experienced CMA certified faculties. Also, provides full admin support through the dedicated Uplift WhatsApp study group. We have a pass rate of 80% in US CMA course exams.
E. Pass percentage of US CMA students ” at first attempt” is about 80% in a duration of 6-9 months in comparison to near about 40-45% pass rate in a global perspective.
F. The small batch size of online classes provide effective interaction with the faculty which help personalized attention towards achieving the target of 80% “pass at first attempt”
G. Affordable US CMA course fees with special discount in your IMA fees.
H. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass. It means once you become an uplift student, you can attend unlimited live online classes till you pass at no extra cost or reregistration fees.
I. Comprehensive coverage of US CMA course details including authorized GLEIM CMA study materials , class mock session, IMA registration and job assistance.
Request for Live Demo class / contact at +91-8787088850 to book your seats now.