Table of Contents
Certified Management Accountant (CMA) USA is the highest level of Certification in Finance and Management Accounting. This is awarded by the Institute of Management Accountants (IMA), the USA to finance aspirants in the field. It is a globally recognized, advanced-level credential appropriate for accountants and financial professionals in the business. The best part is CMA passing percentage is rising greatly in India.
Over the last few years, NorthStar Academy has emerged as one of the most preferred institutes for CMA USA, which is evident by the flying colors of 15,000+ students worldwide, They have a CMA passing percentage of 98% and most are well settled in their careers.
The CMA USA requires a bachelor’s degree in any subject. Although, students who are pursuing their bachelor’s degrees will also be eligible to take the CMA US exams.
One also needs to have at least two years of professional experience in the accounting or finance domain. For freshers, the work experience requirement may be completed within 7 years of passing the examination. Additionally, one must abide by the Statement of Ethical Professional Practice.
Other than that, students and professionals who are truly passionate about Finance, accounting, and management and want to make a career in the financial markets, corporates, VP Finance and go to higher managerial roles can take up the CMA US course and be certified within 6-9 months as the CMA passing percentage is really good.
It is a widely accepted certification that helps students augment their business acumen and accounting ability.
The CMA USA exam is available in two parts. To gain the CMA USA certification, it is essential for you to pass both exams.
Part 1 or Part 2 can be taken in any order but one will only qualify for the next exam if they clear the first examination they opted to take.
The registration for an exam is valid for one exam window, hence, one has to register again if they wish to appear again for the examination.
The window for the CMA USA course opens up every year in the months of January/ February, May/ June, and September/ October. Thus, one can book the slot of their choice and take the examination as per their preferred time period through Prometric.
CMA USA is a computer-based examination for 4 hours with 100 multiple choice questions as well as two 30-minute essay sections. The total score for CMA USA is 360 is considered a passing score for 500 marks.
Part 1 is called Financial Planning, Performance, and Analytics. This part will include six sections, four with 15% weightage and the other two with 20% weightage.
The subjects with 15% weightage are; i. Technology and Analysis, ii. Internal Controls, iii. Cost Management, iv. External Financial Reporting Decisions.
The two subjects with 20% weightage are Performance Management and Planning, Budgeting, and Forecasting.
Part 2 again has six sections that have a variation in percentage weightage given to each subject. These six subjects are;
i. Financial Statement Analysis (20%), ii. Corporate Finance (20%), iii. Decision Analysis (25%), iv Risk Management (10%), v. Investment Decisions (10%) and vi. Professional Ethics (15%)
To summarise this is the table containing the CMA USA Syllabus with the percentage of weightage in the exam.
According to ICMA, the average CMA passing percentage is about 43%. The part 1 CMA passing percentage is about 36.25% and the part 2 CMA passing percentage is 50.5%, according to ICMA. Hence the average CMA pass rate is over 43% globally.
However, with the right guidance from esteemed institutions like NorthStar Academy you are sure to clear the CMA USA exam on the very first attempt where they have a CMA passing percentage of 98%
Two things that you need to have to ensure passing the CMA USA exam :
– If you have a good command of the English language and/or the Right Mentors like Mr. Irfat CA, CMA USA, CPA, and CIMA UK
– IMA Official study Materials in hand with a study plan.
– IMA discount coupons in hand before taking up the CMA USA exam.
– IMA Essay book and Formula book: Bonus Tip: Get this free by enrolling with NorthStar Academy.
– Mock tests and Topic wise tests
– If you work smartly, combine that with a lot of hard work, complete lots of mocks tests,
Then, your chance of passing the CMA USA exam is much higher than the average CMA exam pass rate.
When you study and prepare yourself properly, especially under M.Irfat sir, you can be in the percentage who pass.
The cost of appearing for the examination for CMA US is determined by the Institute of Management Accounting. It is set in US Dollars and is paid in full while registering for the examination of an individual. The candidates have to get an IMA Membership which is compulsory while registering for the CMA USA examination.
The fee structure is differentiated for students and professionals. For professionals, the exam comes at a premium charge whereas students have a lower cost for appearing for the exam.
Students and academic members pay USD 188 as the CMA entrance fee and USD 311 for each part of the exam totaling a final USD 810 or approximately INR 61,000. (Note: The membership fee to the institute is over and above this cost.
For professionals, the CMA Entrance Fee is USD 250, and each part of the exam costs USD 415. The total cost stands at USD 1080 or INR 81,000 with the additional cost of the institute members.
The CMA USA is an international exam administered by IMA that requires extra attention and a disciplined study strategy. Apart from these, the most impressive thing about the CMA exam is the high passing rate. It has been discussed in the previous section that the total CMA passing percentage in India is 45%.
Another aspect you may be considering is How many people pass CMA exams on their first attempt? Well, Here is an answer to your question only 35% of the students pass the CMA exams on their first attempt.
This happens because of multiple reasons like a busy work schedule, no guidance, outdated study materials, less dedicated study hours, and many others. It all depends on their individual personalities and lifestyle.
So in order to successfully pass the CMA USA exams on the first attempt, you need to have an experienced mentor, updated study materials, practical knowledge from a mentor, and a study strategy. If you’re searching for all the above in a single package, You should go for NorthStar Academy where there is a Best CMA passing percentage of 98%. During your CMA journey, keep all the above in mind so that you don’t get stuck and extend the duration of your CMA USA.
To help students fulfill their goal of CMA USA, the IMA also offers a scholarship for the potential candidates who want to appear for the examination.
Since CMA is considered to be one of the best courses in the field of Management Accounts, it is widely sought after by students from across the world. Nearly 9,200 students from 1000+ institutions globally have received this scholarship from across the world as a part of this CMA Scholarship program.
The IMA members have contributed over $14 million worth of scholarships that have been awarded for students’ potential and needs.
High-achieving students are eligible for the scholarship. Students who have attended an accredited school can apply for the scholarship. However, only 10 students per school or college and in an academic year can be nominated for the scholarship by the Principal or HOD. And a recommendation letter from the college supporting this CMA Scholarship.
The scholarship includes a membership, entrance, and both part fee waiver for the CMA program, a support package with previous exam questions and a glossary of important terms along with three years of IMA membership while pursuing the certification and the IMA’s official materials and test bank access for Part 1 and Part 2 exams up to two years.
After successfully passing the CMA exam one can opt for many dynamic positions in the job market. Roles range from budget analysts to financial managers and from cost accountants to internal auditors.
The range of salaries offered at the entry level is also impressive for those with a CMA USA certification. The salaries range from INR 6,00,000 to INR 8,00,000. Those with reasonable experience may augment their income to a salary range of INR 10,00,000 to INR 14,00,000.
CMAs are preferred for very dynamic positions at firms domestically and internationally like financial planning, risk management, and investment decision making.
Some famous companies that look favorably upon CMAs are the Big 4 – Deloitte, PwC, KPMG, EY, and other MNCs like Accenture, JP Morgan Chase, MasterCard, and Morgan Stanley.
1. Why is CMA considered a more global course than CA?
The testing windows for CMA USA are in January/February, May/June, and September/October through the Prometric testing centers.
Most people struggle to clear Part 1 of CMA USA, with pass rates averaging as low as 35-45%. This could be due to incorrect guidance, lack of preparation, or even confidence.
The salaries range from INR 6,00,000 to INR 8,00,000. Those with reasonable experience may even earn in the range of INR 10,00,000 to INR 14,00,000.
Mr. M. Irfat sir is a faculty at NorthStar Academy. For his years of teaching experience, he has been proclaimed the “God of Costing”. He has also won the Teaching Excellence Award for his expertise and mentorship in training 15000+ students all over the world.
The CMA passing percentage in India is 45%.