Amid the string of competitive courses in the field of commerce and accountancy studies, the Certified Management Accountant (CMA USA) stands out. CMA USA is considered one of the most-sought after management accountant exams which finds its root in the United States of America.
CMA USA is conducted by the Institute of Management Accountants. Notably, IMA is revered as the largest management accounting body in the world. Aspiring CMA USA candidates are expected to clear two stages of examination. Let us look at more details related to the CMA USA exam, such as eligibility and syllabus. NorthStar Academy will also cover the salary that a candidate can expect on the successful completion of the top-notch program.
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Every competitive exam and program courses in the world has some eligibility criteria for the students. Similarly, students who wish to appear for the CMA USA exam need to have successfully completed their class 12th studies.
However, class 12 studies being a nascent criteria, an aspirant also needs to complete their undergraduate program successfully along with two years of relevant work experience in order to acquire the CMA USA credential within 7 years from the date of passing the exam. IMA guidelines mandate that a student should complete the two stages of the examination within three years from the date of registering with the IMA as a member.
A candidate, in order to successfully complete the CMA USA certification needs to score at least 360 marks out of a total of 500. The key benefit of this certification is that it provides an edge to students who compete for the Indian CMA certification.
There’s another reason for people to prefer it over the Indian CMA certification. As per the guidelines, Indian CMA aspirants need to mandatorily complete 6 to 12 months of articleship under a certified CMA in return of minimum of no pay. However, CMA USA expects the students to possess two years of work experience under a certified CMA or company.
The CMA USA curriculum consists of 2 exams. Moreover, each paper consists of 100 multiple choice questions (MCQs). Additionally, students also have to deal with two 30-minute essay questions.
According to the CMA USA pattern, the students are expected to answer the MCQ questions in three hours, while they are allotted one hour to complete the essays papers. According to the rules, a student cannot revisit the MCQ section after submitting it and moving it to the essay round.
To put into perspective, the essay paper typically consists of 8 to 10 written responses or calculation questions which generally describe a business situation. A candidate has to compulsorily answer at least 50% of the MCQs correctly in order to become eligible to appear for the essay section.
Let us now look and understand the breakdown of the key topics along with the individual weightage as assigned by the IMA for the CMA USA syllabus:
|Part 1 CMA USA||Part 2 CMA USA|
|Financial Planning, Performance, and Analytics||Strategic Financial Management|
|Section A – External Financial Reporting Decisions (15%)||Section A – Financial Statement Analysis (20%)|
|Section B – Planning, Budgeting, and Forecasting (20%)||Section B – Corporate Finance (20%)|
|Section C – Performance Management (20%)||Section C – Decision Analysis (25%)|
|Section D – Cost Management (15%)||Section D – Risk Management (10%)|
|Section E – Internal Control (15%)||Section E – Investment Decisions (10%)|
|Section F – Technology and Analytics (15%)||Section F – Professional Ethics (15%)|
According to the CMA USA mandate, the exam is conducted in three sets every year. These are as follows:
It is advisable that you book your appointment for your preferred slot at least four weeks in advance.
As seen above, there are three testing windows available for the aspirants and they can appear for the exam from anywhere they want. To elaborate further, the CMA USA exam is a computer-based test and is conducted at several Prometric testing centres across the world.
A candidate has to register on the IMA website post which they will receive their authorization number along with detailed instructions on the next steps. If in case a candidate fails to appear for the exam during their assigned testing window, then they will have to register again for the next available testing window by paying the registration fees.
Either of the two parts of the CMA USA exam can be taken just once in a single testing window. If an aspirant needs to reappear for the examination, they need to register again for the exam. Notably, an aspirant can appear in as many testing windows as possible during the stipulated period of three years from registration as an IMA member. Currently, the approximate fees for registration stands at $415 for professionals and $311 for students or academic members.
According to the Association of Accountants and Financial Professionals in Business, the base salary for a CMA USA professional in 2019 was $100,000. On adding bonuses and compensation, this figure swelled up to $107,817 annually.
As discussed above, CMA USA professionals have an edge over other accounting professionals. According to a survey, it was suggested that a professional holding a CMA USA certification reported a 31% higher median total compensation when compared to those holding no such certification.
On the other hand, respondents who possessed a CPA certification earned only 22% higher median compensation when compared to those holding no such certification. CMA USA Professionals in the age group of 30-39 reported a median compensation which was 58% higher over non-CMA professionals.
The survey also highlighted the impact of acquiring a certification on their professional careers. As per the findings, close to 83% of the CMA USA certificate holders believed that their certification has created massive career inroads for them.
Another 76% felt that the certification has strengthened their ability to navigate across every area of business. 88% of the respondents agreed that a CMA USA certification boosted their confidence to take up higher up leadership roles.
|Region||CMA||Non-CMA||CMA as % of non-CMA (total compensation)|
|Middle East/ Africa/ India||31,600||18,000||176%|
CMA USA’s country-by-country salary survey qualified:
|Country Names||Salary Survey|
|CMA Salary in Canada||$69,000|
|CMA Salary in USA||$105,000|
|CMA Salary in Egypt||$6037|
|CMA Salary in Lebanon||$19,600|
|CMA Salary in Jordan||$13,000|
|CMA Salary in Saudi Arabia||$36,000|
|CMA Salary in UAE||$36,000|
|CMA Salary in India||$15,000|
|CMA Salary in China||$22,000|
|CMA Salary in Philippines||$11,558|
2) Hands on experience with taxation (regulation of the US)
3) Better Salary rate in Big4s and MNCs
4) Will be able to handle senior managerial roles in the company.
Please check the comparison graph for CMA USA, CPA and CMA USA and CPA salary survey.
According to the recent statistics, at present there are more than 40,000 CMAs active in the world, with a sharper growth seen in the past decade. The exponential growth in the numbers could be comprehended from the fact that the fiscal year 2019 saw approximately 50,000 candidates in the world.
This number however includes candidates who have registered for even one part of the examination. If we include all the candidates in the pipeline, then the number is likely to soar to 83,000 CMA candidates preparing for the examination.
Interestingly, IMA registered a record growth in the fiscal year 2019 when it welcomed 11,530 new CMAs that year. This number was 89% higher than the success rate that was registered the previous year.
With a dream of acquiring a top-notch certification from one of the best bodies in the world, students are often on the hunt for the right guidance. Many times, they end up making the wrong choice, which ultimately hampers their chances of succeeding in the prestigious CMA examination. Such students need the right institute administered by a perfect guide to achieve their academic goals. That’s how NorthStar Academy comes into picture.
NorthStar Academy has established itself as a pioneer in imparting coaching for CMA USA. The educational institute provides a detailed understanding of the CMA USA examination, which helps the students in acing the right concepts.
The CMA USA course is well structured and owes its credibility due to being prepared by experts such as M Irfat. These courses strive to provide an in-depth understanding of the 12 sections of the CMA USA exam with utmost conceptual clarity.
Additionally, NorthStar Academy also emphasizes the importance of regular practice. Hence, the NSA conducts mock tests which are prepared to keep in mind the objective of assessing the level of preparedness of the student’s learning over a period of time. Here’s your chance to learn from the Best CMA USA online course provider in India, and IMA’s Gold-approved partner to pass the CMA USA in your very first attempt by joining NorthStar Academy – The best training institute for CMA USA in India. Enroll for the upcoming batch here! Call +918147470707 to get expert counselling.