US CMA Fees and Facts | FY 2023 | Uplift Professionals
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.
Exclusive features of Uplift Professionals
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 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
