The Institute of Management Accountants’ has created a certification that not only showcases to businesses an individual’s ability, but provides a benchmark for professionalism and ethical behavior. In 1972, the first CMA exam and accreditation was administered to accounting professionals (CMA Handbook, 2012). Forty years later, the program has developed into an internationally recognized program. Individuals who wish to distinguish themselves from thousands of other accountants have the opportunity for a board of regents to review their credentials and pass a two-part examination, which will provide certification. The areas of expertise include: financial planning, analysis, control, and decision support (CMA Handbook, 2012). This paper will cover the basic requirements of following the CMA designation and benefits it will bring.
The first step that must be taken by a candidate is becoming a member of the Institute of Management Accountants. Becoming a member requires paying dues and upholding the ethical/professional stance of the organization. To fulfill the educational requirements of a CMA, an individual must receive a bachelor’s degree, in any major, from an accredited university or college. A complete listing of pre-approved schools is found at http://univ.cc/world.php (CMA Handbook, 2012). Just because a school is not on the list, does not mean a person cannot meet this particular criterion. He or she will need to submit the school and a notarized official transcript for evaluation. An entrance fee into the program is required of everyone. However, this payment provides much more than just a lighter wallet. Not only does this provide CMA exam support documents for six months, but costs for review of credentials, access to the CMA Resource Guide, peer-to-peer networking, exam score results, certificate of completion, and employer notification of success (CMA Handbook, 2012). The entrance fee ranges from $75 to $225, depending on status. If someone would like to renew their exam support documents for another six months, they can pay a fee of $25. The next qualification that must be met is vital for all candidates, experience. Two continuous years of professional experience in management/financial accounting is required within seven years of passing the examinations. For experience to count, it must regularly require decisions based on the principles of managerial/financial accounting. This includes financial analysis, budgets, management information systems, auditing in the government or finance industry, research, or teaching related coursework (CMA Handbook, 2012).
The examination process is governed by the ICMA and has two parts. The first part deals with financial planning, performance, and control. This is broken down further into five areas. The first is planning, budgeting and forecasting, which counts for thirty percent. The next is decision analysis and risk management, accounting for twenty five percent. Following that is investment decisions for twenty percent. The last area in part one is professional ethics for five percent. The second part five areas, also. The first is financial statement analysis for twenty five percent. The second is corporate finance for twenty five percent. The third area is decision analysis and risk management for twenty five percent. The fourth is investment decisions for twenty percent. And the final area is professional ethics for five percent. The cost to sit for the exam depends on how someone wishes to take it. If they are a student or academic educator, the cost is $175 for each part, or $125 to take both parts at the same time. If the candidate is only a regular member, the cost is $275 for one part or $225 for each part when taking both at the same time (CMA Handbook, 2012). Each part is four hours long, three for the multiple choice section and one for the essay. Scoring is done based on the performance of the rest of the candidates.
Once a CMA, he/she must maintain certain criteria to stay certified. This includes keeping thirty hours of continuing education, two of which involve ethics. These are maintained by the ICMA. A CMA must uphold the ethical standards established by the IMA and can be found in their Statement of Ethical Professional Practice. An annual fee must be paid to stay active. Lastly, a CMA must remain compliant with state laws involving accounting services (CMA Handbook, 2012).
The benefits of receiving certification are tremendous compared to noncertified accountants. A CMA can expect to earn approximately $22,000 more a year. Companies like IBM, Campbell’s, and Johnson & Johnson prefer these certifications for analysis work. Different positions held by CMAs include controllers, financial analysts, cost accountants, and auditors. Obviously, the benefits are quite substantial when compared to noncertified accountants. With such benefits, one would have a difficult time finding a reason not to become certified.

References
Institute of Certified Managerial Accountants. (2012). CMA Handbook. Retrieved from http://www.imanet.org/PDFs/Public/CMA/CMA%20Handbook_2012_2part.pdf