9 Steps How To Become A Certified Management Accountant (CMA)

(doylc.com) How to Become a Certified Management Accountant (CMA) - Certified Management Accountant (CMA) is an accounting or financial specialist. CMAs work in the areas of financial planning, analysis, and managerial decision-making. Many accountants, CPAs, and financial analysts earn the CMA designation to advance in their careers. The CMA credential has specific education and work experience requirements. You must also pass the CMA certification exam.

• Fulfillment of CMA requirements

1. Obtain a bachelor's degree in accounting, finance, or economics. The Institute of Management Accountants (IMA) prescribes the requirements for CMAs. The website is http://www.imanet.org. Make sure that your studies include business administration specializations such as commercial law, management, marketing and taxes.

A Certified Public Accountant (CPA) is a similar designation to the CMA. The CPA credential is intended for accounting and auditing professionals. A CMA professional focuses more on management decision making and analysis.

If you are unsure whether you want to become a CMA or CPA, review the course requirements for both credentials. You may be able to plan your coursework to meet both requirements.

Accounting or finance internships give you hands-on experience and help you network for full-time positions. Consider applying for internships while you're in school. An internship will help you decide which career path is right for you.

2. Get your necessary work experience. The CMA designation requires 2 years of continuous work experience. Your work must be in a CMA-related area. These jobs include accounting, auditing, financial analysis or budgeting.

You can also complete this 2-year internship after the exam. Once you are a CMA candidate, you have 7 years to submit proof of your financial management experience.

Part-time positions can also count towards the 2-year period of employment. If you work 20 hours or more per week, you can be considered a part-time employee. Note, however, that it takes four years of part-time work to meet the 2-year requirement.

When applying, inquire with both your employer and the IMA. You can verify that your position meets the requirements for the CMA.

3. Apply for membership in the Institute of Management Accountants. Annual membership fees vary based on student or field employee status. Membership in this professional association gives you access to exam preparation, employment offices and further training opportunities.

Once you have applied for and paid the membership fee, you will be eligible to sit the CMA exams for the next 3 years.

Send the IMA your university certificates.

Download and fill out an experience validation form. These are available on the IMA website. You must list all of your professional experience in management accounting.

• Taking the CMA exam

4. Review the structure of the CMA exam parts. For the CMA you have to pass two parts of the exam. Each part consists of a multiple choice part and an essay part. Consider taking a CMA prep course through your university or the Institute of Management Accountants. The IMA recommends devoting at least 2 study months to this exam.

You can choose which part of the exam you take first. Each part consists of 100 multiple choice questions and two essay questions.

Part one covers financial reporting, planning, budgeting and cash management issues.

Part two tests your knowledge in the areas of balance sheet analysis, risk management and investment decisions.

5. Complete registration to take your CMA exam. You should read the CMA manual to ensure you meet all requirements. The manual is on the website. You must complete at least a portion within the first year of earning the CMA exam.

Access the CMA Resource Guide on the website. The guide lists all specific content areas of the exam. Knowing these areas will help you study for the exam.

You must pass both parts of the exam within 3 years of starting your studies.

Each part gives you 3 hours for the multiple choice questions and 1 hour each for the essay questions. You must score at least 50% on the multiple choice portion to continue and answer the essay questions.

Both exams include professional ethics sections.

6. Check your exam results. The multiple choice section of each part can be graded quickly. However, the grading of the essay part takes longer. Exam examiners who work or teach in this field grade your essay questions manually.

If you fail any part of the exam, you will receive a performance report via email. This report ranks your performance as satisfactory, marginal, or unsatisfactory. You will be given a ranking for each topic in a specific part of the exam.

Use the performance report to study for and retake the exam.

If you have passed your exams and met all admission requirements, you will receive your certificate. You must complete 30 hours of continuing education credits annually to maintain your certification.

• Find a job

7. Find out exactly what types of jobs and industries require CMAs. Management accounting focuses on the company's internal decision making. When a company has to decide whether to manufacture a component or to outsource the work, it is making a managerial decision.

Use what you learned for the CMA exam to search for job leads. For example, CMAs can perform financial analysis and budgeting tasks.

When viewing any job posting, be aware of the language used to describe the job. Compare this language to the skills you developed while studying for the exam and working in this field.

Because a CMA focuses on managerial decisions, you can fill multiple types of roles in a company. A CMA can be an accountant, auditor, or operations manager. When looking for a job, you can consider different positions.

8. Create an effective resume. Think carefully about the work you have done to meet the requirements of the CMA exam. Also think about which exam topics were the most interesting for you. Keep these ideas in mind as you create your resume.

Your resume can be in chronological order. This resume begins with your most recent work experience at the top and previous jobs at the bottom. You can also organize your resume by skill type. For example, if you've managed employees in a job, a section on your resume might highlight the highlights of that experience.

At the beginning of your CV you should state a clear objective. The goal helps a potential employer understand where you ultimately want to go in your career.

You may need to modify your resume to meet the specific requirements of a position you wish to hold.

9. Use different types of resources to search for a job. Start connecting with people you know. From there, expand the process by searching the web for jobs that match your education and experience.

Your network may also inform you about a specific company you are interviewing at or a specific type of job. Suppose you have an interview as a financial analyst at a bank. Someone in your network may work in banking. They can help you understand the nature of your work.

If you get an interview, go back to your network and see if anyone can help you prepare for the interview questions. For example, your network contact at the bank can help you prepare for job interviews. You may have been asked similar questions during your interview.

Invest the time to properly prepare for each interview. Find out about the company and the position they are trying to fill. Gather 4-5 questions to ask the interviewer. All of these efforts can help you stand out from your competitors.