The Certified Management Accountant (CMA US), offered by the International Management Accountants (IMA USA), is being considered as a top order professional management accounting credential and recognised across the globe including India. The minimum academic eligibility to write this 2-part online exam is graduation. In India, particularly, the MNCs are the main hiring organisations for qualified US CMAs as a whole.
Earning the CMA US credential therefore, can significantly uplift your accounting career in several ways as mentioned below:
Global Recognition:
The CMA US certification is recognized worldwide, which can open up opportunities for international career advancement.
Enhanced Skills:
The rigorous CMA US exam covers various areas of management accounting and financial management, equipping you with in-depth knowledge and skills relevant to today’s business environment.
Career Advancement:
Many employers value the CMA US designation and may prefer candidates who hold it for managerial and leadership roles within their organizations. It can give you a competitive edge in the job market and increase your chances of promotions.
Networking Opportunities:
Becoming a CMA US connects you with a vast network of professionals in the field through membership in professional organizations such as the Institute of Management Accountants (IMA). Networking can lead to new job opportunities, mentorship, and valuable industry insights.
Higher Earning Potential:
US CMAs often command higher salaries compared to non-certified professionals. According to the IMA’s 2021 Global Salary Survey, US CMAs earn on average 63% more in total compensation than their non-certified counterparts.
Continuing Professional Development:
Maintaining your CMA US certification requires ongoing education, ensuring that you stay updated with the latest developments in management accounting and financial management throughout your career.
Diverse Career Paths:
The CMA US designation is versatile and can lead to various career paths, including financial analysis, strategic planning, corporate finance, risk management, and more.
Overall, obtaining the CMA US certification demonstrates your commitment to excellence in management accounting and can significantly accelerate your career progression in the accounting field.
Additionally, we invite you to explore our other blogs covering various topics related to the CMA. Feel free to delve into them at your leisure, tailored to your specific interests:
Balancing work, life, and preparing for the US CMA (Certified Management Accountant) exam can be challenging, but with effective planning and time management, you can achieve success.
Here are some practical tips to help you in US CMA exam preparation balancing the other aspects of your life:
Create a Study Schedule:
Develop a realistic study schedule that considers your work hours, daily responsibilities, and personal commitments. Allocate specific time slots for studying, and try to stick to your schedule as closely as possible.
Set Realistic Goals:
Break down your US CMA exam preparation into smaller, manageable goals. This will make the overall process less overwhelming. Prioritize topics based on their weight in the exam and your own understanding of them.
Utilize Weekends and Downtime:
Maximize your productivity by studying during weekends and any downtime you may have during the week. Carry study materials with you so you can review notes during breaks or while commuting (if applicable).
Communicate with Your Employer:
If possible, inform your employer about your US CMA exam preparation. They may be supportive and flexible with your work schedule. Discuss the possibility of taking time off or adjusting your workload during the exam period.
Effective Time Management:
Identify and eliminate time-wasting activities to make the most of your study time.
Use tools like the Pomodoro technique, where you work in focused intervals (e.g., 25 minutes) followed by short breaks.
Prioritize Self-Care:
Ensure you get enough sleep, exercise, and maintain a healthy diet. Physical and mental well-being are crucial for effective studying. Do not neglect relaxation and leisure activities to prevent burnout.
Practice with Mock Exams:
For effective US CMA exam preparation, take mock exams under timed conditions to simulate the actual exam environment. Identify weak areas and focus your efforts on improving in those specific areas.
Stay Organized:
Keep your study materials organized to avoid wasting time searching for notes or resources.
Use tools like calendars, planners, or digital apps to manage deadlines and priorities.
Join Study Groups:
Consider joining or forming a study group with fellow US CMA exam preparation candidates. Group discussions can enhance your understanding of complex topics and provide support.
Stay Positive and Flexible:
Understand that unexpected events may disrupt your schedule. Stay positive, be flexible, and adjust your plans when necessary. Celebrate small achievements and milestones to stay motivated throughout the preparation process.
Remember that achieving a balance requires ongoing adjustments. Regularly reassess your schedule and priorities to ensure that you are making progress in all areas of your life.
Hope the practical advices help you to balance your work ,life and US CMA exam preparation in more meaningful manner.
Artificial intelligence (AI) is the branch of computer science concerned with making computers behave like humans. AI refers to the ability of machines to perform cognitive tasks like thinking, perceiving, learning, problem solving and decision making. AI refers to the ability of machines to perform cognitive tasks like thinking, perceiving, learning, problem solving and decision making. Initially conceived as a technology that could mimic human intelligence. AI has evolved in ways that far exceed its original conception. With incredible advances made in data collection, processing and computation power, intelligent systems can now be deployed to take over a variety of tasks, enable connectivity and enhance productivity. Robotics is a branch of AI, which is composed of Electrical Engineering, Mechanical Engineering, and Computer Science for designing, construction, and application of robots.
As AI’s capabilities have dramatically expanded, so have its utility in a growing number of fields. Recent advances in artificial intelligence (AI) are leading to the emergence of a new class of robot. These are machines that go beyond the traditional bots running preprogrammed motions; these are robots that can see, learn, think, and react to their surroundings. Machine learning, deep learning, and natural language processing are subcategories of AI. Furthermore, we can consider robotics as a subcategory of AI. Thus, it indicates that AI is a vast area that covers many aspects. Moreover, there are various applications of AI, such as games, self-driving cars, and robots.
The Flip Side
The 1984 movie, The Terminator, portrays a dystopian future where robots and intelligent machines seize control of the world. In the movie, an intelligent killer robot — a terminator — is sent back in time from the early-21st century to change history. Now clearly, none of that has come even close to coming true, but what is clear is that technology will disrupt our future in ways we can’t yet predict. The idea that “the robots are coming for our jobs” is one disassociated from the reality of these technologies. That said, it’s a fact that accounting is changing.
The salient question is how AI is changing accounting, how AI innovation can change accounting jobs, and what accountants need to do to thrive during this digital revolution?
Automated Accounting-the Perspective
· Perhaps the most pessimistic view of the future of accounting comes from a website tool developed by Deloitte and Oxford University that predicts the likelihood that a robot will take your job. According to that tool, accountants have a 95% chance of losing their jobs to robots.
· Taking a more optimistic view, a study by the Brookings Institution predicted that occupations with a high percentage of repetitive tasks may be at a high risk of automation, while those that require a high level of education — such as accountants — will be pretty safe. However, a later study by that same Brookings team found that advances in artificial intelligence may make better-paid and better-educated workers the most vulnerable.
Impact of Automation on Accounting
Until the advent of computers and Excel, most accountants did their work pretty much the same way as double-entry bookkeeping in 1494. Ledger sheets, pens, and adding machines were the tools of the trade. The development of QuickBooks in the early 1990s put computerized bookkeeping within the reach of small businesses who couldn’t afford the expensive mainframe computers and ERPs used by finance departments at Fortune 500 companies.
Now, thanks to accounting workflow automation, bookkeepers don’t need to spend hours and days on data entry when bank feeds can pull financial data into an accounting system in minutes. Automation streamlines processes and converts inefficient, error-prone, labor-intensive processes into efficient, error-free processes that need very little human intervention. Automation doesn’t just save time, but it also gives you more accurate numbers. Real-time updates mean that business owners always know what their numbers are. Automation in accounting has been made easier by the development of APIs, or application programming interfaces, which allow different pieces of software to interact with your accounting system. Before APIs, connecting two systems often required coding. Now, you can largely plug and play to create automated workflows quickly and easily. Applications like Expensify and Dext use APIs to push data from PDFs and photos of invoices and receipts into the general ledger. APIs also make bank feeds possible, so that transactions from bank accounts and credit cards can be directly downloaded into an accounting system.
Accounting firms use automation to extract information from tax documents and import it directly into tax returns. Finance professionals use automation to extract data from contracts and leases to create the journal entries and footnotes required by accounting standards. Business owners use automation to keep an eye on their business needs in real time. Today, many accounting tasks can be automated, as this graphic from McKinsey shows:
Automation can be something as simple as setting up rules in your accounting software to classify transactions that come in via bank feeds. The next step up is adding software applications to handle specific accounting tasks and to automate entire business processes. One example is order to cash software, which can grab orders from a customer portal, and route that information to the correct places for order fulfilment, customer invoicing, and collecting payments. This type of rule-based software is an example of robotic process automation, or RPA. RPA is like an Excel macro, but more powerful.
Automation towards AI in Accounting Jobs
We are now entering into the domain where some automation software leverages artificial intelligence and machine learning to expand its functionality beyond programmed rules. In machine learning, access to a large database of knowledge or accounting transactions allows the technology to figure out the patterns in that data and improve its decision-making, with perhaps minimal correction from humans. Cash flow forecasting software such as Jirav or Helm are examples of this.
Benefits of AI for Accounting
The most common use for AI in accounting is to take care of repetitive tasks. For example, AI systems can capably, and with minimal error, complete tasks that include the following:
· Inputting and matching data
· Receipt reconciliation
· Creating and sending invoices
· Expense reports
· Tracking price changes
· Account reconciliation
· Sorting transactions
· Data recording and reporting
AI is built on algorithms, which improve over time as they are fed more data. In addition to continuous improvement, AI isn’t susceptible to human error and has around-the-clock capacity to work.
Three of the primary benefits experts see AI providing to accountants are:
1. Invisible accounting: A behind-the-scenes function that frees up human accountants to engage more with strategic decision-making
2. Continuous auditing: Auditing without the need for breaks and with no gaps in reason or precision
3. Active insight: Accounting managers and leaders can get real-time visibility into their finances.
Will Robots Replace Accountants? Low Value vs, High Value Jobs
Automation gives accountants the time and bandwidth to do more interesting work and to add value. They won’t be spending as much time on the low-value work that has to be done before the high-value work can be started. When they can trust that the numbers are correct and up-to-date, combining accounting information with data from different parts of the business and applying data analytics helps them see patterns the naked eye can’t. Those kinds of high-value work are what business leaders need as input for the decision-making process, and it’s what provides those leaders with the actionable insights they need to move their businesses ahead of the competition.
This means that accountants will need to upgrade their skill sets and learn to use different tools. Being the fastest and most accurate with a ten-key will no longer be a prized skill, but being the one who can use data analytics tools and other new technologies to extract useful insights to improve your company’s operations will make you highly sought after.
It has been indicated that within five years, about 90% of finance functions should be fully automated, according to a 2020 survey of CFOs by Grant Thornton. As you can see from the figure below, accounts payable is the most automated function, with 61% of respondents having that currently implemented. In five years, 96% expect to have that fully implemented.
“Will AI reduce the need for accountants? I think the answer is probably yes,” says Richard Anning, head of ICAEW’s IT Faculty. “But you have to define what an accountant is. If you’re looking at some of the more repetitive bookkeeping or process-driven tasks, those are more likely to be subject to automation than the higher value tasks,” he says.
Michael Whitmire, CEO and co-founder of FloQast, an accountancy software startup based in Los Angeles, agrees: “Accounting departments overall will be trimmed down and the employees left will be able to focus on more strategic initiatives, like process improvement, cost control, and capital optimization. AI is already beginning to automate tedious tasks such as data entry. Automation is occurring at the staff level, but it will creep up the corporate ladder and begin to automate higher level accounting jobs,” he says.
The Future of Accounting Technology
One of the major changes to the accountancy profession as a whole is likely to be how services are valued and priced. Because manual tasks are also time-intensive, many accountants price their services based on how long they take. Amy Vetter, CPA and Technology Innovations Taskforce Leader for the AICPA’s Information Management Technology Assurance (IMTA) Executive Committee, argues that automation technology will push accountants to price services with a more value-centric model.
This suggests that the value of data entry-related tasks is likely to go down while the value of accountants’ insight and recommendations will rise. A report from The Association of Accountants and Financial Professionals in Business suggests that this is actually an opportunity, arguing that accountants are uniquely positioned to be change agents who drive the direction of technology investment for their organizations. The report also identified the top technologies likely to shape the future of accounting, which include:
· Mobile accounting
· Big data
· Artificial intelligence and robotics
· Cybersecurity
· Educational technologies
· Cloud computing
· Payment systems
· Digital Service delivery
While the report cited above focuses on accounting for business, many of these technologies will have far-reaching effects across the accountancy profession. For example, all accountants could benefit from keeping an eye toward digital service delivery, whether this takes the form of engaging more clients online, leveraging secure cloud storage services for clients to share documents or another innovation that enhances the client experience.
US CMA Fees and Facts | FY 2022 | Uplift Professionals :- Becoming a CMA is a potential pathway to a great new career or an opportunity to move up in your existing career. People who work in the accounting profession and get their certification will automatically earn more than those who do not….continue reading.
The Future of Accountants in AI Era
Although artificial intelligence made considerable leaps in the past several years, these advances have not damaged the growth of accounting jobs. The Bureau of Labor Statistics projects 10% growth (faster than average) for accountants and auditors from 2016-2026. The growth is at least partially due to the complexity of the job, which includes many responsibilities that AI is unable to do—skills like making strategic business decisions and understanding a complex regulatory environment remain in high demand for accountancy.
While news stories like this one like to put artificial intelligence and accountants against each other, the future isn’t either AI or human accountants. It’s both. Like other automation technologies (e.g., cloud computing), AI will change the focus of accountants’ roles. As Forbes Technology Council Member Mike Galarza suggested in a 2017 article, the rise of AI will create more value for accountants who develop their interpersonal skills, such as their ability to communicate complex requirements and develop strategies for their clients.
“Accountants should evolve to become business advisers and strategists who help drive long-term business strategy — making sense of complex financial infrastructure and interpreting increasingly fluid tax law,” Galarza wrote.
Of course, remaining competitive in a highly dynamic job market is not without its challenges. The exponential advances made in the technology sector will require that accountants continue to develop not only their key domain skills, but also understand and stay current with the technology disruptions likely to impact their work.
How to Future-Proof Your Accounting Career?
AI is best at replacing manual tasks and alleviating the burden of repetition. However, much of bookkeeping exists in that realm. Development of skill sets to cope with the changing scenario with following adoptions can help in the process.
1.Gain Practical Accounting Experience Backed by Theoretical Context
One of the key skills still missing from artificial intelligence in general is the contextual awareness to determine the best response to a given situation. For example, AI may be able to process thousands of documents within a few minutes and identify quantitative trends, but AI can’t yet make recommendations based on this information. Accountants equipped with analytics and AI, alongside an understanding of accountancy practices and knowledge of their organizations, will be able to fill this gap. Extensive accountancy domain knowledge will always be essential, but the future of accountancy will also make it important to think beyond completing a rote set of tasks. Instead, all accountants should push themselves to understand the “why” element, and challenge assumptions as to whether their current approach is the best one for their organizations or their clients.
2.Develop Communication and Business Skills
As the accountant’s role becomes more focused on decision-making, strategy and planning, there will be a premium on communication and business skills. In addition to being able to look at quantitative data through a strategic lens, communicating recommendations such as why clients should follow a particular course of action will be a powerful asset in the future of accounting careers. As Robert Half noted in 2018, communication skills are important to employers who are looking for “accounting professionals with a collaborative personality, an executive presence, conflict management and adaptability.”
It is quite evident that courses like CMAs, CPAs, CIA, EA etc. and other credentialed accounting professionals already aim for roles where they make strategic decisions. Bookkeepers may represent a group that feels more at risk for an AI takeover. One way accounting and finance professionals can show their interest in growing and learning about new technology is by pursuing specialized certifications like the Certified Management Accountant (US CMA) certification. It focuses on developing the skills technology alone can’t do i.e., managing and developing people as well as decision-making, planning, and creativity. The CMA exam is structured in two parts, with an emphasis on how to influence key decision-makers, how to extract actionable insights from data, and how to become a business partner.
Which is the best professional certification for a banking career- US CMA course, CPA US course or CFA? :- However, working in these financial decision making and strategic finance areas requires you to be equipped with high skill sets. But first you have to choose which course is best for you to know more…..continue reading
Summary
While technology changes like these have never been as dire as news headlines portray them, they do have the potential to change the accounting career landscape. In a world where AI is sophisticated enough to process most of the information that accountants deal with every day, for example, there will be less focus on data entry tasks and more emphasis on accountants’ role in strategic decision-making and long-term planning. Like other professions affected by AI, accountants will need to transform the way they position themselves and communicate with their clients. Given the growth in AI and other advances, modern accountants will be driven to become more tech savvy and position themselves as strategic partners for their clients and their employers.
One cannot deny the fact that this revolution of AI in accounting is not going to slow down in any way. No doubt AI technology has the potential to perform all mundane tasks of accountants. But technological changes cannot replace humans in any situation as human intelligence will always be required to perform and efficiently run technology.
The accountants are needed by the firms for interpreting and analyzing data captured by AI-powered machines. Moreover, accountants will play a major role in doing higher-order task consulting services better than machines. Rather than spending unnecessary time performing repetitive tasks, they can invest their time and focus on general tasks like data analysis and consulting services. Therefore, rather than replacing accountants, artificial intelligence helps accountants to do their regular tasks in a more technologically advanced manner. The key to the digital transformation of accounting and financing is pairing people and machines together allowing each one to contribute in areas they are best skilled at.
Uplift Professionals, a premier training Institute for global professional accounting courses and a partner of IMA(US), helps to make “Future-Proof” accountants by giving quality training to the aspirants to pass US CMA, CPA, Enrolled Agents, etc. exams in the most student friendly manner.
The US CMA course or certification is offered by IMA® (Institute of Management Accountants) of USA, which is the worldwide association of accountants and financial professionals in business. It was founded in 1919, having 90,000+ members and global reach of 140 countries through 300 professional and student chapters.
CMA® (Certified Management Accountant) certification has been the global benchmark for management accountants and financial professionals. You can now get a professional certification from the USA within 12 – 18 months.
The CMA certification is well recognized by all the MNCs, Big 4 audit firms, US Banks, Consulting firms and other BFSI companies having offices in India. This certification from IMA® (Institute of Management Accountants) is considered to be on par with the Indian CMA by most employers.
CMA certified professionals are observed to get a career and earnings premium. In the US, median total compensation is 28% higher for CMAs over non certified peers. Globally, it’s 50% higher.
If you’re planning for your US CMA course credential, you should know the CMA exam dates, schedule, and deadlines. Plus, it’s essential to understand how to register and manage your time.
1. Steps to become a US CMA
1. Foundational knowledge of economics, basic statistics, and financial accounting
2. Pass both CMA exam parts
3. Bachelor’s degree from an accredited college or university
4. Any major, no course distribution requirements
5. Most CMA candidates hold a degree in accounting or finance
6. May be earned within 7 years of passing US CMA exam parts
7. Two years of professional work experience
8. May be fulfilled within 7 years of passing CMA exam parts
9. Active membership in IMA
2. Requirements to maintain US CMA certification
1. 30 hours of CPE annually
2. CPE must include 2 hours of ethics training
3. Maintain active IMA membership
3. Which CMA part one should take first?
It is to be noted, you do not have to take the US CMA course exam parts 1 and 2 in order. It’s completely up to you. For example, you can choose to take Part 2 first, if you want. So, how do you decide? The first step is to know what content each part contains. If one part seems significantly easier for you, then you can choose to tackle that one first. There really isn’t a right or wrong way, since in the end, you need to complete and pass both parts to get your certification.
4. The IMA breaks it down like this:
Part 1: Financial Planning, Performance, and Analytics
15% External Financial Reporting Decisions
20% Planning, Budgeting, and Forecasting
20% Performance Management
15% Cost Management
15% Internal Controls
15% Technology and Analytics
Many candidates find Part 1 to be more difficult since it covers more topics and a wider array of subject matter. You can read more about CMA Exam Part 2 difficulty compared to Part 1 if you want to learn more.
In general, Part 2 has fewer subjects and units, so many people do consider it easier. Personally, I was more frustrated with Part 2. It seems easier when you look at it, but the questions were not as straightforward as Part 1.
Part 2: Strategic Financial Management
20% Financial Statement Analysis
20% Corporate Finance
25% Decision Analysis
10% Risk Management
10% Investment Decisions
15% Professional Ethics
You will have an average of 12-18 months to complete each part, with 3 years to complete both. Many people sit for the exams in order, taking Part 1 first since it seems the most logical.
However, some people think Part 2 will be easier for them, so they register to take it first and get it out of the way. The choice is yours. If you want to review the material a bit more and then make a decision, that is one option.
1. Each exam part is four hours in length
2. 100 multiple choice questions, followed by two 30-minute essay scenarios
3. Exam administered at Prometric testing facilities across India.
5. Overview of 2022 US CMA exam dates
You need to understand the US CMA course exam schedule to register for your exam dates. Maybe you’ve been studying for weeks (or even months), and you finally feel confident enough to book your CPA exam date in 2022. However, it’s not possible to take the exam whenever you wish.
First, you must schedule your CMA exam within one of the testing windows. The good news is that we already know the CMA exam dates for 2022, so you have plenty of time to prepare. Furthermore, understanding the timeframe for the testing windows is essential to your CMA exam schedule.
The IMA currently offers three testing windows each year for the CMA accounting exam dates, as follows:
CMA Testing Window
First Exam Date
Last Exam Date
Last Date to Register
January/February
Jan. 1, 2022
Feb. 28, 2022
Feb. 15, 2022
May/June
May 1, 2022
June 30, 2022
June 15, 2022
September/October
Sept. 1, 2022
Oct. 31, 2022
Oct. 15, 2022
Additionally, the dates are the same for each section of the two-part exam. Therefore, the CMA exam part 2 dates are identical to the part 1 dates. If you miss your testing window, you’ll have more hassles than just needing to reschedule. After all, it could throw your study plan off by months. Missing a testing window isn’t the end of the world, but it’s always better to avoid it when possible. Since the testing windows are always the same, you can avoid this problem by being proactive about your planning.
6. Scheduling the Exam with Prometric Centre
Upon selecting the appropriate test window, next comes the booking of your exam slot. Prometric offers convenient, online, anywhere, anytime scheduling and registration with global contact center support. Using the Prometric website, test takers can quickly, easily and conveniently register or schedule an exam online anytime they wish.
Online test scheduling allows test takers to search for the exam they want to take, locate a test center near them, select a time and date to test and book the exam, all from the Prometric website. You will schedule your test with Prometric.
However, you can either take the CMA at a Prometric test center near you, or you can choose online remote proctoring from your own computer at home. If you choose to take it in-person, plan carefully, since planning potential travel arrangements is also essential when you schedule a test. You can also use the same Prometric dashboard to reschedule or cancel your test and to confirm your test once you have scheduled it.
Next, in order to reserve a space at the Prometric exam site or to reserve a remote proctored time slot, you will need an authorization number. It is advised that you send in your registration around 6 weeks before the intended date of your exam to ensure everything is processed on time. Keep in mind that many people are trying to register, and spots may be limited, especially at more popular testing centers.
Finally, remember that you must be an IMA member before you register for the exam.
Now that you know the IMA CMA exam dates, let’s look at some tips for scheduling your appointment.
7. Tips related to scheduling of US CMA Exam
If possible, schedule your exam in the first month of a testing window (i.e., Jan, May, Sep). This gives you more time in case you need to reschedule. This could save you money in the long run, where rescheduling fees are involved.
Candidates are allowed to reschedule their exams for free within the same testing window as long as their test date is still 30 days away. For example, if you run out of studying time, you can still postpone your January exam to February. If you schedule the exam in February, you can’t extend it to May, and instead must pay in full for your next exam. Of course, no one likes to think they will need to reschedule their exam, but you never know what will happen. Putting yourself in the position of having the free rescheduling time is a smart move, just in case.
Top US CMA Exam tips – the preparation strategy [ 2021 Update] :- The most important part is the study/preparation in a guided manner having a proper schedule. Eventually, you will be adapted to the syllabus and format of the US CMA exam. But the ultimate aim is to clear the exam in shorter duration and obviously at first attempt.…continue reading
8. Other Important CMA Exam Dates IMA
In addition to knowing the exam windows, you should be aware of a few other restrictions for scheduling your US CMA course exam.
1. All exam appointments must be made with Prometric at least 72 hours before your exam date.
2. If you need to cancel an exam appointment, you must do so at least 72 hours before your date, according to Prometric’s policies.
3. Exam appointments must be scheduled within the same testing window. For example, if your original appointment was in the January/February window, you can’t reschedule for the May/June window.
9. Time Management
It is of utmost importance to understand your “CMA clock.” You have to complete all steps of the certification process within a certain timeline. Please note that the countdown on your CMA exam clock starts the day you pay the CMA entrance fee. On this date, you’re officially “in” and your work to become a CMA begins. Specifically, you must register for the exam within 12 months of entering the CMA program and pass both parts of the CMA exam within 3 years. Therefore, it is important to be mindful of your window and not to allow these dates to pass you by.
If you run down your CMA exam clock, you must start all over again by re-paying the entrance fee. To manage and track your CMA exam clock, most people keep a CMA calendar. You can also work this CMA exam calendar into your study program to help you stay on track.
10. Example of US CMA Exam Scheduler- At a Glance
Let’s take January 1 ,2022 as the day of commencement and to wrap up the whole thing within 6 months.
1. Apply for IMA membership and pay the entrance fee – January 2022
2. Pick a CMA review course and start studying – January 2022
3. Pick your CMA test exam dates and register for the CMA exam – around mid-March 2022
4. Sit for the exam (Part 1) – May 2022
5. Sit for the exam (Part 2) – June 2022
6. Pass the 2 parts and get your CMA certification.
You can make your personalized roadmap to US CMA based on the above example accordingly.
11. US CMA Exam Score Release Date 2022
Your CMA exam result date is based on a formula depending on your test window. They say the waiting is truly the hardest part. And while this may be true, you can do some value-added things while you wait.
Results come 6 weeks from the last day of the month you took the test, plus or minus a day.
Example:
1. If you take the exam on January 30, you will know the date sometime in the middle of March.
2. If you take the exam a few weeks earlier on January 2, your CMA exam result is released the same day as the above. Why? Well, you’ll wait 6 weeks after the end of the month you tested.
So, in this example, if you choose any CMA January 2022 exam date, you won’t get your results until March. The results will be updated online in your IMA profile almost immediately from this date. Furthermore, Prometric will email you a performance report about 14 days after your exam.
12. Stats from IMA regarding US CMA
1. The CMA has a 45% pass rate globally
2. 5,000 CMAs granted each year on average
3. 100,000 CMAs awarded to date
13. IMA: Important Updates for IMA Members and CMA candidates
A. Testing Center Update
Updated on April 27, 2022
As we continue to monitor the global COVID-19 pandemic, our top priority remains the health and safety of all CMA candidates and our staff. Given the current outlook, please note the following schedule and process changes:
B. Prometric testing centers are open
Most Prometric testing centers around the world are open, many at full capacity. Review the complete list of open Prometric testing centers. Note: This list is subject to change.
C. Update to mask/exposure policy:
In light of recent trends and mask mandate changes around the world, along with updated guidance from leading world health organizations, effective May 1, Prometric will not require masks to be worn in testing centers. Prometric, however, will continue to allow and encourage the wearing of masks regardless of mandate or vaccination status. Please note: If masks are mandated in a specific market by local government and/or health officials, then Prometric will follow that guidance in testing centers as well.
In addition, regarding COVID-19 exposure, if a candidate has tested positive for COVID-19 or reports exposure to someone who has COVID-19, Prometric asks that they wait five days and are symptom free prior to testing.
D. Proof of vaccination
In an effort to comply with regional and local/government guidance and mandates, some Prometric testing centers are now requiring candidates to present proof of COVID-19 vaccination at check-in.
Prometric maintains a list of test sites globally that require proof of vaccination in order to test. Candidates testing at these identified sites should be prepared to present the documentation provided to them by their healthcare provider at the time of vaccination. Prometric will update this list on a regular basis.
Candidates should check for additional details by visiting Prometric’s COVID update page.
Have more questions regarding testing sites and COVID-19? Go to the Prometric FAQ page now.
14. What to expect on test day?
This video will provide you with a detailed overview of what to expect during your visit to a Prometric test center.
A. Prometric has resumed biometric procedures
Prometric has reinstated its biometric procedures, specifically fingerprint and ID scans. Out of an abundance of caution, all test takers will be required to use hand sanitizer before using any fingerprint scanners, and Prometric staff will wipe down devices with cleaner after each use to help reduce any risk of transmission. Prometric test center staff are trained on how to assist test takers in using fingerprint and ID scans from an appropriate distance. More information about these policies can be found on the enhanced test center procedures page on Prometric’s website.
B.Remote Testing Option
CMA candidates now have the option of taking their exams either in-person at a Prometric test center or remotely using Prometric’s ProProctor™ service. Certain technology and space requirements apply. Please see the Remote Testing webpage for complete details.
C. Education Transcript Submission
Change to submission process for education transcripts
CMA candidates must submit all required educational transcripts to ICMA electronically on a temporary basis. Please email all documents in PDF format and make sure to include your IMA membership number. Send to:
If you have already submitted your educational documents by mail, please resubmit a scanned copy of your documents to the above email address. To register to take the CMA exam, please visit the exam registration page.
15. Summary
By now, after browsing this write up, you being a CMA US aspirant, believed to be well acquainted with the CMA US course and the procedures of registration and booking of the CMA US exam through prometric centers. Till available updates are provided to help you take steps judiciously to complete the entire process. Last but not the least, everything depends on the status of your preparation and preparation brings confidence and it is the confidence that will pave your way to become a CMA US in the long run.
Select the Premier Institute for becoming a CMA US at First Attempt
Uplift Pro is an official partner of the Institute of Management Accountants (IMA), USA, for providing 360-degree study support for the prestigious and globally demanded US CMA certification.
Salient Features of the US CMA Course
1. US CMA course is a worldwide demanded qualification in Finance.
2.The US CMA course has just 2 parts.
3. US CMA exams can be cleared in 7 to 9 months time.
4. Exams are conducted online at the prometric centers.
5.Typically, the US CMA exams have 75% of the questions as MCQs (objective type) and the rests are Essay questions.
6. Pass percentage of US CMA course is globally near-about 50%, Uplift Pro has a pass percentage of more than 70%. We are one the smartest US CMA institutes in India.
7. Along with providing CMA Study Support, we uplift the soft skills of our students, if required, and also help them in getting placed in leading companies in and outside India.
8. US CMA course helps professionals to build a career across the globe.
9. Uplift Pro is a valued CMA study center recognized by the IMA US and Gleim Accounting for training students for the US CMA course. Students of Uplift Pro enjoy special discounts in IMA fees.
10. A US CMA is respected worldwide to be the decision maker in the industry and formulate robust finance and accounting strategies.
11. Uplift Pro’s US CMA live online classes are scheduled and designed in such a way you can avail them from your home computer after your regular working hours.
12. Uplift Pro provides “Till you pass” guarantee to every student which means once you become our student you may attend our live online classes at no extra cost until you pass.
13. In case you miss a class, you get the recording of it the very next morning.
14. You get 1:1 personal support from our experienced CMA certified faculties in class and out of the class in dedicated WhatsApp study groups.
Request for Live Demo class / contact at +91-8787088850 to book your seats now
We are in the 2022 career path to select our destination. Importantly, when it comes to different career options for a commerce graduate, the most common careers after B. Com includes US CMA, MBA, M. Com, CA to name a few. Among these, US CMA is one such impressive international course in field of management and accounting.
CMA stands for Certified Management Accountant and is offered by the Institute of Certified Management Accountants (IMA). Earning it can give you the career boost you are looking for. Moreover, they have an excellent absorption rate all over the world. Currently, CMA has presence in over 140 countries including the United States (US).
1. Benefits of US CMA
1.1 Career Growth
One of the biggest benefits of having a CMA USA is career growth and development. Several mid and senior-level individuals who wish to acquire expertise in the world of finance, management, accounting and business take-up CMA certification.
1.2 Global Opportunities
CMA USA is a global professional certification and recognized by countries like China, India, UK, Canada, Middle East countries. Above all, it presents an opportunity to settle and work abroad as well as learn about global practices and business ethics.
1.3 Increased financial success
CMA is a lucrative opportunity and can lead to tremendous financial success.
a. 58% of candidates with a CMA USA certificate see an increase in their salaries and benefits.
b. Nearly 37% of candidates between the age 20-29 globally have a salary advantage.
1.4 Short-Duration course
In addition, another advantage of taking up CMA USA is that it can be completed in 12 to 18 months. The exam is conducted thrice in one year giving ample opportunities to candidates to finish their course on time- January and February, May and June & September and October.
1.5 Versatile Certification
CMA is a versatile degree and opens to candidates from an array of specializations. Candidates with a minimum of 2 years of work experience and a bachelor degree programs from areas like engineering, business administration, economics, accountants and finance can take up this course.
2. Eligibility Criteria for US CMA
To pursue this prestigious program by IMA, you need to fulfill certain prerequisites specified by the institution. Candidates with discrepancies in their application or those who fail to meet the requirements will not be allowed to get admission in the course. Mentioned below are major entry requisites of US CMA :
2.1 IMA Membership
2.2 A bachelor’s degree from a renowned institution in a related field.
2.3 You must possess 2 continuous years of work experience in Management Accounting or Financial Accounting.
2.4 You must abide by the IMA’s Statement of Ethical Professional Practice.
3. Exam Structure
The US CMA exam is available in two parts . In order to gain this certification, it is essential for you to qualify for both these parts.
Part 1 or Part 2 examination can be taken in any order but you will only be qualified for the next one if you clear the first examination.
The registration for an exam is valid only for one exam window. Therefore, you have to register again if you wish to appear again for the exam.
The testing window opens up every year in the months of January/ February, May/ June, September/ October. Thus, you can book the slot of your choice and take the examination accordingly.
The exam is a computer-based examination. Each exam duration is 4 hours. It includes 100 MCQ questions and two 30-minute essays.
Top US CMA Exam tips – the preparation strategy [ 2021 Update] :- The most important part is the study/preparation in a guided manner having a proper schedule. Eventually, you will be adapted to the syllabus and format of the US CMA exam. But the ultimate aim is to clear the exam in shorter duration and obviously at first attempt.…continue reading
4. Syllabus
In this section, let us understand the US CMA course syllabus of Part 1 and Part 2.
Part 1: Financial Planning, Performance and Analytics
Weightage
Technology and Analysis
15%
Internal Controls
15%
Cost Management
15%
Performance Management
20%
Planning, Budgeting and Forecasting
20%
External Financial Reporting Decisions
15%
Part 2: Strategic Financial Management
Weightage
Financial Statement Analysis
20%
Corporate Finance
20%
Decision Analysis
25%
Risk Management
10%
Investment Decisions
10%
Professional Ethics
15%
5. Concerned about US CMA Fees/Costs?
The US CMA salary totally compensates for exam fees and the amount of money you’ll spend on the certification.
Meanwhile, earning US CMA requires a significant financial investment. Therefore, you should consider the exams fees in advance so you can budget properly. To do that, let’s analyze the fees you must pay to become a CMA.
5.1 US CMA Fees
Becoming a CMA is a potential pathway to a great new career or an opportunity to move up in your existing career.
People who work in the accounting profession and get their certification will automatically earn more than those who do not. While it does require a monetary and time investment, this investment definitely pays for itself. That said, most people still want to know what kind of fees they are looking at before they begin.
1. IMA Membership Fee
To register for the exam, you must have a membership with the IMA. Membership requires an annual fee and once you earn the CMA designation, you must continue to pay the IMA membership fee to keep your certification active.
The price of an IMA membership varies depending on your professional status. For example, if you’re already a working professional, choose Professional Membership. Full-time faculty members at accredited institutions would qualify for Academic Memberships, too.
However, individuals enrolled in 6 or more credit hours of classes at a college or university should choose to become Student Members.
Select the membership type which is most relevant to you. The membership you choose will determine the pricing. Thankfully, these costs are not all that high in comparison to other accounting membership fees.
Professional Membership option is the most expensive, while students get a reduced rate.
2. US CMA Entrance Fee
After paying your membership fee, you are required to pay an entrance fee. The IMA membership does not include entrance into the program, which is the route to becoming a CMA in the US. By paying the entrance fee, you’ll become eligible to pursue a US CMA certification.
Unlike the IMA membership fee, the entrance fee is a one-time cost. You will pay when you’re ready to become US CMA certified. The entrance fee depends on your membership type, though.
While the entrance fee is required, it also provides you with benefits beyond entrance into the US CMA program. In short, you’re not just paying a fee for the sake of paying a fee.
2.1 Entrance fee covers the following features and services:
A. A credential review for the educational qualification.
B. A credential review for the experience qualification, too.
C. Six months of access to the Exam Support package, which includes printable practice questions.
D. A final score reports.
E. Performance feedback reports for candidates who do not pass.
F. Personalized number certificate for office display, once you get US CMA certification.
G. Congratulatory notification to your employer or others.
3. Examination Fee
There are fees for taking the US CMA exam itself, as there are with other accounting exams and certifications. Fee is paid in order to sit for the exam.
Once you pay the exam fee, you’ll be able to register and reserve your spot. Also, you must pay the examination fee for each part of the exam you take.
The exam has 2 parts. So examination fee is paid at least twice. If you fail an exam part, you must pay this fee to take the exam again. Because of this people try to pass on the first attempt. The examination fee is the same for both exam parts. The fee also varies per membership type.
4. US CMA Fees Summary
Clearly, being a student or Academic member allows you to take the least expensive path to become a CMA. Besides, if you are a professional accountant, you are most likely making more money than a student. So, it’s easier for your salary to offset these costs. When you look at it this way, you can see that it is just another investment into the career path you choose. There are costs involved in every profession, but getting certified as a CMA will help you make more money now and in the future.
Note:
1. The student discount is for current students only (defined as those who have taken at least 6 credit hours of courses in the past semester). Graduated students do not qualify.
2. There is an extra one-time $15 application fee for first-time registration.
Source: IMA
Now, having an idea of the CMA US fees structure, lets embrace the changes in 2022
6. New US CMA Fee Schedule with effect from March 1 ’2022
According to the recent announcement by IMA, IMA membership dues and CMA program fees will increase as follows beginning March 1, 2022.
6.1 Program Fees – Student
6.2 Program Fees – Professionals
7. Hidden CMA Exam Cost
Now that you know the basics, are there any other fees or exam costs you need to be aware of? In fact, there may be some “hidden” exam costs. This is definitely something you want to know about in advance so you can prepare as much as possible. After you pay the IMA’s CMA fees, you’ll need to account for a few other expenses in order to pass the CMA Review Courses
So, how to study? The IMA does not supply study materials to candidates who enter the CMA program. So, your exam preparation options include anything from free secondhand notes to coaching classes or self-study review courses. These courses offer some of the best products from nationally renowned instructors, the flexibility of studying at home, and generally lower prices. In the US, CMA course fees range from about $600 to $1, 800.
8. Gleim CMA Review
To start, Gleim CMA Review is probably the more popular of the two courses. After all, your Gleim course comes with some of the best video lectures, audio lectures, textbooks, thousands of practice questions and hundreds of sample essays, mock exams, and a personalized study planner. Plus, all of these learning tools are supported by SmartAdapt, Gleim’s proprietary adaptive learning platform. And Gleim also gives you support from exam mentors and content experts who are available to answer questions whenever you have a problem.
9. Career Opportunities after US CMA
This ‘A’ level certification is well-recognized by leading financial and business organizations around the globe. You can explore a vast range of career opportunities after completing CMA USA and some of these are:
9.1 Average US CMA Salaries
Job Profiles
Average Salaries
Senior Analyst
₹7,50,000
Finance Manager
₹14,00,000
Budget Analyst
₹12,00,000
Treasurer
₹8,90,000
Finance
₹19,00,000
Internal Auditor
₹3,00,000 – ₹8,00,000
Financial Analyst
₹5,00,000
Cost Accountant
₹5,00,000 – ₹6,00,000
Management Trainee
₹6,70,000
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…
9.2 Job Profiles –Top Companies after Certification
a. Deloitte
b. PwC
c. KPMG
d. EY
e. Accenture
f. Genpact
g. InterTrust
h. Knowcraft Analytics
i. Cognizant
j. Grant Thornton
k. MaxLife Insurance
l. JP Morgan Chase
m. MasterCard
n. Barclays
o. Morgan Stanley
p. HP
10. Conclusion
In conclusion, it can be stated that successful completion of a US CMA course can impart you the sophisticated credential of US CMA. The certification paves the way to grab a better job and elevates your earning potential.
US CMA holders enjoy extensive career variety vis-à-vis job security than their non certified counterparts. The course is now the choice of ambitious students and professionals of accounting and finance domain for heightened chance of standing apart from the conventional accounting crowd.
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.
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 the corporate world. This help the student to learn and simulate the real-life corporate working conditions which cannot 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 provides 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.
Other features of Uplift Professionals
I. Comprehensive coverage of US CMA course details including authorized GLEIM CMA study materials , class mock session, IMA registration and job assistance.
J. 120 hours of classes (Live Online Interactive Sessions) by veteran CMA faculties from Monday to Saturday from 9 pm to 10:30 pm
K. Recordings of live online classes available
L. In class mock session conducted by the faculty to make student aware of the US CMA exam pattern
M. Doubt clearing session before the exam window
N. Training on soft skills and interview techniques
O. Additional notes prepared by the faculty members on important topics
P. Administration Support towards IMA registration
Q. Job assistance
Request for Live Demo class / contact at +91-8787088850 to book your seats now
Choosing a Student Friendly Institute to Fulfil Your US CMA Dream-Uplift Pro Powered by Gleim
