CMA Handbook: Your Guide To Information and Requirements For CMA Certification
CMA Handbook: Your Guide To Information and Requirements For CMA Certification
CMA Handbook: Your Guide To Information and Requirements For CMA Certification
Handbook
Your Guide to Information
and Requirements for
CMA Certification
Welcome to the CMA Program!
The Institute of Management Accountants is dedicated to excellence within the
management accounting profession. The Certified Management Accountant
(CMA) designation was developed in 1972 to provide an objective measure of an
individuals knowledge and competence in the field of management accounting.
Only the CMA program recognizes the unique proficiencies required for success
in this challenging profession.
The CMA program has been designed to meet the evolving needs of business
today and tomorrow. We look forward to helping you achieve excellence as a
professional. Certification will confirm your proficiency in your chosen field and
your dedication to personal and professional growth.
1-800-638-4427 or 201-573-9000
Fax: 201-474-1606
E-mail: [email protected]
Copyright 2013
By Institute of Certified Management Accountants
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Table of Contents
Introduction page 3
Ethics page 14
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Introduction
The ICMA was created for the purpose of developing and administering the CMA
program. The ICMA staff consists of several CMAs and administrative personnel who
are responsible for implementing the overall responsibilities of the Board of Regents.
Eligibility Criteria
To be eligible for CMA certification, you must fulfill all of the following
requirements:
The CMA entrance fee for the certification program must be paid before taking the
examinations. Candidates must complete the CMA program within three years from
the date of entry into the program. Candidates must also register for an exam part
within the first 12 months of entering the program. If a candidate does not register
for an exam part within the first 12 months from the date of entry into the program,
they will have to repay the CMA entrance fee. If both exam parts are not successfully
completed within three years of entering the certification program, any passed part
will expire and the CMA entrance fee will have to be repaid.
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The CMA Entrance Fee includes:
1. Six months access to the CMA Support Package beginning on the date of
entry into the CMA program.*
2. Performance feedback reports.
3. Review of educational and experience credentials
4. Electronic access to the CMA Resource Guide
5. Final score report upon completion of the exams
6. Personalized, numbered certificate upon completion of all requirements
7. Employer notification of achievement if desired
8. Maintenance of a listing of all CMAs in good standing on the IMA website for
employer verification of status.
*When the six-month subscription period has expired on the CMA Support
Package you can receive six months access to the package again for a minimal fee.
Please note, the exam support package is not sufficient to prepare and should be
supplemented with a formal plan of study.
Education Qualification
http://univ.cc/world.php
All transcripts must be submitted in English. You should have the college or
university forward an official copy of your transcripts to the address below. Where
that is not possible you may mail us a notarized copy. Please include your IMA
member number with these documents.
ACCA fully qualified members automatically meet the CMA Bachelors degree
educational requirement. An official letter from ACCA confirming you are a qualified
member should be mailed by the ACCA directly to the address below.
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Experience Qualification
Candidates for the CMA Certification must complete two continuous years of professional
experience in management accounting and/or financial management. This requirement may
be completed prior to or within seven years of passing the examination. Teachers can meet
this requirement at least 60% of their course load is in accounting and corporate financial
management courses above the principles level. Professional experience is expected to be
gained in full-time employment.
However, continuous part-time positions of 20 hours per week meeting the definition of
qualified experience will count toward this requirement at a rate of one year of experience for
every two years of part-time employment.
CMA Examination
Candidates for CMA certification must complete all required examination parts.
Part 2: Financial Decision Making (4 hours 100 multiple-choice questions and two
30-minute essay questions)
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Each exam part will consist of 100 multiple choice questions and two 30-minute
essay questions. You will have 3 hours to complete the multiple choice section and
one hour to complete the essays. The essays will be presented after you have
completed the multiple choice section of the exam or after 3 hours, whichever comes
first. Once you complete and exit the multiple choice section of the exam, you cannot
go back. You must remain in the essay section to complete the exam.
Note: You must answer at least 50% of the multiple-choice questions correctly to be
eligible to take the essay section.
You will not receive immediate pass/fail results because the essay questions will
be graded off-line. The scores for the multiple choice section will be added to the
scores of the essay section for a total weighted score of pass/fail reflected in a
scaled score for the entire part. Candidates are not required to pass both sections;
the total score determines pass/fail status. Exam results will be posted to your
online profile approximately six weeks from the end of the month in which you
tested.
Performance Report
Performance Reports are sent via email to candidates who fail an exam
part. Performance reports are emailed approximately 14 days after exam results are
posted to the candidates profile. Performance reports show the candidates
performance as satisfactory, marginal or unsatisfactory for each of the 5 key topic
areas from the multiple choice section of the exam as well as the overall performance
on the essay section of the exam.
Please Note: You cannot take an exam part more than one time during a testing
window.
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CMA CURRICULUM AND FORMAT
CONTENT SPECIFICATION OVERVIEW
(Effective May 1, 2010)
The percentages below show the relative weight range given to each topic in each
part. The level designations indicate the depth and breadth of topic coverage in each
part. A detailed content specification outline can be downloaded from our website in
the certification section.
Part 1
Financial Planning, Performance and Control
B. Performance Management
(25%) (Level C) Factors to be analyzed for control and performance evaluation
including revenues, costs, profits, and investment in assets; variance analysis based
on flexible budgets and standard costs; responsibility accounting for revenue, cost,
contribution and profit centers; and balanced scorecard.
C. Cost Management
(25%) (Level C) Cost concepts, flows and terminology; alternative cost objectives;
cost measurement concepts; cost accumulation systems including job order costing,
process costing, and activity-based costing; overhead cost allocation; operational
efficiency and business process performance topics such as JIT, MRP, theory of
constraints, value chain analysis, benchmarking, ABM, and continuous
improvement.
D. Internal Controls
(15%) (Level C) Risk assessment; internal control environment, procedures, and
standards; responsibility and authority for internal auditing; types of audits; and
assessing the adequacy of the accounting information system controls.
E. Professional Ethics
(5%) (Level C) Ethical considerations for management accounting professionals
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Part 2
Financial Decision Making
B. Corporate Finance
(25%) (Level C) Types of risk; measures of risk; portfolio management; options and
futures; capital instruments for long-term financing; dividend policy; factors
influencing the optimum capital structure; cost of capital; raising capital; managing
and financing working capital; mergers and acquisitions; and international finance.
D. Investment Decision
(20%) (Level C) Cash flow estimates; discounted cash flow concepts; net present
value; internal rate of return; non-discounting analysis techniques; income tax
implications for investment decisions; ranking investment projects; risk analysis;
real options; and valuation models.
E. Professional Ethics
(5%) (Level C) Ethical considerations for the organization
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Candidate Resources
The CMA Resource Guide, explains the test-taking process and the types of questions
on the exam. It also includes an annotated content specification with references to
relevant textbooks, as well as sample questions. As one of the benefits of joining the
CMA program, you will receive free electronic access to this Guide. This resource is
not considered sufficient for complete exam preparation. For a suggested reading list
and a listing of self-study material published by independent vendors visit our
website.
LinkUp IMA, is IMAs online social network exclusively for IMA members. Within
the community you will be able to join groups based on topic areas, industries,
Chapters & Councils, CMA Study Groups, or start your own group based on your area
of interest. Each groups section offers its members the opportunity to post
announcements and local events, participate in a forum and access a shared
workspace for members to use as they wish. All members can share ideas in the
LinkUp Forums section, visit IMAs Job Connections page, or view IMAs national
and international Events calendar. Plus, IMAs searchable Library includes a variety
of IMA resources and those added by members.
Examination Administration
Parts 1 and 2 are offered during the following three testing windows.
January/February
May/June
September/October
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Scheduling an Appointment for an Exam
You must sit for the exam during the testing window for which you purchased an
authorization we do not move authorization to another testing window.
Refund Policy
The examination fee is refundable within 30 days from the time you registered if no
appointment has been set. A processing fee will be subtracted from the refund.
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Identification Requirements
For admission to a Prometric Test Site, you must present proof of your identify. The
name on your ID must match exactly with the name on your authorization letter.
Following are the only acceptable forms of valid identification.
You will not be permitted into the examination without proper identification. If you
are not granted access to the exam, you will be required to register again for the
exam and pay the full fee. Without the above listed identification- you will not be
able to test.
Calculator Policy
Arrive at the Prometric Testing Center 30 minutes before the time of your
appointment. If you are more than 15 minutes late for your scheduled
appointment, you will lose your scheduled sitting and be required to re-register at
an additional cost.
You will be required to sign the Prometric Log Book and provide a fingerprint
Bring valid forms of Identification.
Bring an approved calculator.
You may be scanned prior to each entry into the test room to ensure you do not have any
prohibited electronic devices. If you decline to be scanned the test center administrator
will be required to submit a report to Prometric and the ICMA.
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Examinee Conduct
All candidates are required to sign a statement agreeing not to disclose the contents
of the examinations nor remove examination materials from the testing room. All
candidates are also required to attest to the authenticity of their credentials and the
accuracy of all statements made in their application. Cheating will not be tolerated,
and all instances of suspected cheating will be fully investigated. Examinees who are
caught cheating will have their grades invalidated and will be disqualified from
future examinations. Cheating includes, but is not limited to, the following; copying
answers from another candidate during the exam, using unauthorized materials
during the exam, helping another candidate during the exam, removing exam
materials from the testing room, divulging exam questions, and/or falsifying
credentials. For those already certified by the ICMA, failure to comply with the non-
disclosure policy or the subsequent discovery of cheating will be considered a
violation of the IMA Statement of Ethical Professional Practice and could result in
revocation of the certificate.
Candidate Confidentiality
The ICMA makes every effort to maintain candidate confidentiality. Individual score
information is not released to third parties without written authorization from the
candidate. Candidate participation in the program is also kept confidential except
where it is considered to be beneficial to the candidate, e.g., mailing lists of CMA
review course providers. A complete listing of all CMAs in good standing is available
on the web site for employer verification of status.
ADA Compliance
Examination Awards
Candidates for the CMA are eligible for examination awards based on the total score
of parts 1 and 2. To qualify for an award, you must (1) pass each of the two parts on
the first attempt, and (2) complete both parts within two months (January/February,
May/June, or September/October). The awards available are described below.
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1. The ICMA Board of Regents sponsors the Gold, Silver, and Bronze Medals.
They are awarded to the candidates achieving the top scores on the CMA
examination.
2. The Priscilla S. Payne Student Performance Award is presented to the college
student earning the highest scores on the CMA examinations.
3. The ICMA Board of Regents presents Certificates of Distinguished
Performance to other candidates attaining superior scores.
Once you have completed the CMA exam but have not yet been awarded the
certificate, you are required to meet the continuing education requirements and
maintain membership in the IMA. Certificates will be awarded when the experience
requirement is satisfied. At that time continuing education and IMA membership
must be current.
Continuing Education - To keep your certificate in good standing, CMAs must complete 30
hours of continuing professional education each year after completion of the CMA
examination. The 30 hours must include at least two hours on Ethics. For detail information
regarding the CPE requirements & rules can be found at: CPE&Rules Requirements
Standards of Ethical Conduct - CMAs must comply with IMAs Statement of Ethical
Professional Practice
Annual Fee - CMAs are required to maintain membership in the IMA and pay the
annual CMA Maintenance Fee.
Local Law Compliance - CMAs are required to comply with all applicable local laws
concerning the offering of accounting services to the general public.
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IMA STATEMENT OF ETHICAL PROFESSIONAL PRACTICE
PRINCIPLES
IMAs overarching ethical principles include: Honesty, Fairness, Objectivity, and
Responsibility. Members shall act in accordance with these principles and shall
encourage others within their organizations to adhere to them.
STANDARDS
A members failure to comply with the following standards may result in disciplinary
action.
I. COMPETENCE
Each member has a responsibility to:
II. CONFIDENTIALITY
Each member has a responsibility to:
III. INTEGRITY
Each member has a responsibility to:
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IV. CREDIBILITY
Each member has a responsibility to:
1. Discuss the issue with your immediate supervisor except when it appears that
the supervisor is involved. In that case, present the issue to the next level. If
you cannot achieve a satisfactory resolution, submit the issue to the next
management level. If your immediate superior is the chief executive officer or
equivalent, the acceptable reviewing authority may be a group such as the
audit committee, executive committee, board of directors, board of trustees,
or owners. Contact with levels above the immediate superior should be
initiated only with your superiors knowledge, assuming he or she is not
involved. Communication of such problems to authorities or individuals not
employed or engaged by the organization is not considered appropriate,
unless you believe there is a clear violation of the law.
2. Clarify relevant ethical issues by initiating a confidential discussion with an
IMA Ethics Counselor or other impartial advisor to obtain a better
understanding of possible courses of action.
3. Consult your own attorney as to legal obligations and rights concerning the
ethical conflict.
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