Certified Management Accountant
The Certified Management Accountant (CMA) is a professional certification in the field of management accounting and financial management. The certification is awarded by the Institute of Management Accountants (IMA) in the United States and by other affiliated bodies around the world.
History
The CMA certification was established in 1972 by the IMA to recognize the professional knowledge, skills, and competencies of management accountants. This certification was developed in response to the growing complexity of business operations and the need for professionals who could provide strategic financial leadership.
Eligibility
- Bachelor’s degree from an accredited college or university.
- Two years of continuous work experience in management accounting or financial management.
Examination Structure
The CMA exam consists of two parts:
- Financial Planning, Performance, and Analytics - This part covers planning, budgeting, forecasting, performance management, cost management, internal controls, and technology and analytics.
- Strategic Financial Management - This part includes topics on financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, and professional ethics.
Certification Process
- Passing both parts of the CMA exam.
- Fulfilling the experience requirement.
- Adhering to the IMA's Statement of Ethical Professional Practice.
- Completing continuing education requirements to maintain certification.
Benefits of Certification
- Professional recognition in the field of management accounting.
- Enhanced knowledge in strategic management, financial reporting, and analysis.
- Potential for higher salary and career advancement.
- Global recognition as the CMA credential is recognized in over 100 countries.
Continuing Education
CMA holders must complete 30 hours of continuing education annually, including 2 hours in ethics, to keep their certification active.
Global Recognition and Acceptance
The CMA certification is recognized globally, with numerous international chapters and agreements with other professional bodies. This allows CMAs to work in various jurisdictions with recognition of their qualifications.
External Links
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