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The Certified Management Accountant (CMA) exam was created by the Institute of Management Accountants (IMA) for business and financial professionals. Earning the CMA designation demonstrates a mastery of advanced skills in finance and business and lends more credibility and prestige to your title.
The CMA exam is a rigorous computerized exam that takes about four hours to complete. It has two parts. Part 1 covers “Financial Planning, Performance and Control” with questions in the areas of performance measurement, cost management, internal controls, professional ethics, and planning/budgeting. Part 2 covers “Financial Decision Making” with questions in these areas: financial statement analysis, corporate finance, decision analysis/risk management, investment decisions, and professional ethics.
To become CMA certified, you must be a member of the IMA, have a bachelor’s degree from an accredited university, and have scored in the 50th percentile or higher on either the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE).
Once you are approved to sit for the exam, you will receive an authorization number. After receiving your number, you must schedule your CMA exam appointment within the authorization window as soon as possible. The IMA recommends scheduling your exam at least four weeks before your desired date to ensure first choice of appointment time.
Studying for the CMA exam is highly recommended. The IMA provides an extensive CMA study guide on its website. You should spend time looking over the content overview, check out the suggested reading list, and go over the CMA sample exam questions.
Last Updated: 04/01/2013
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