CMA USA Fees

By IIC Lakshya

10 Sep 2024

CMA USA

The US CMA course (Certified Management Accountant) is one of the most prestigious certifications that students obtain to upskill themselves. However, the cost of getting a CMA or the US CMA fees should be known to each of the aspiring students to plan wisely for their investment in their career. To clearly understand the fees you have to pay, you need to read this blog till the end because we will clarify the CMA USA course fees in each aspect.

Before elucidating each part of the CMA US fees, let us define briefly what US CMA means. Candidates learn about financial planning, analysis, control, decision support, and professional ethics from the renowned US CMA. This certificate is highly respected by multinational corporations, therefore it offers a wide range of work options.

What is CMA USA Course Fees?

The US CMA course fee varies based on whether you are a professional or a student. Students are those who are enrolled full-time in graduate or post-graduate studies. If not, candidates will be automatically put in the Professional group, which includes persons who work (or are self-employed) and those pursuing a postgraduate degree via distance learning. If a candidate falls under a student category, then there will be reduced fees applicable to them compared to the professional category.

Let's thoroughly go through the various components of US CMA course fees in Indian rupees and US Dollars.

Membership Fees:

This is usually the first fee you'll encounter when applying for the CMA program. It includes an entrance fee and annual membership dues to the Institute of Management Accountants (IMA), which administers the CMA program. For the professional category, the membership fee is $295 plus GST which means 24,629.21 INR plus GST. As for the student category, the CMA USA fee is $147 plus GST which means 12,272.78 INR plus GST.

CMA Entrance Fees:

Before registering for the CMA exam, candidates must pay the IMA an entrance fee once which is the US CMA registration fee. For this cost, you have access to the whole CMA program and all of its resources, including the CMA exam package, online study materials, and the IMA's unparalleled network.

For the professional category, the CMA entrance fee is $300 plus GST or INR 25,045.66 plus GST. As for the student category, it is $225 plus GST which is INR 18,784.25 plus GST.

CMA Exam Fees:

After the entrance fees, you have to start your preparation for the CMA exams. The CMA test is administered in two sections. All candidates must understand the format of the test. Students must understand the CMA exam pattern before we can discuss exam fees in full. To become certified as a CMA, students must pass both sections of the exam. Here is the CMA exam pattern:

CMA USA Part

CMA USA Subject

Details

Part 1

Financial Planning, Performance, and Analytics

100 MCQs – 3 hours

Essays – 1 hour

Part 2

Strategic Financial Management

100 MCQs – 3 hours

Essays – 1 hour

Now coming to the fee details. For the professional category, the exam fee for Part 1 and Part 2 is $495 plus GST which is INR 41,325.35 plus GST.

For the student category, the fee for Exam Part 1 and Part 2 is $370 plus GST which is INR 30,889.45 plus GST.

Curious to learn more about CMA USA?Watch this video to explore the course details, syllabus, eligibility, and potential salary benefits!

What is the Total US CMA Fee Breakdown?

The complete CMA USA course fees in Indian rupees are as follows. The calculations may differ according to various institutions and modes of study.

Student Category Total:

Membership fee is $186 plus GST - INR 19700/-

Part 1 And Part 2 Exam Fees:

PART 1- $240.50 plus GST (18%) + bank charges / INR 25000/- approx.
PART 2 - $240.50 plus GST (18%) + bank charges / INR 25000/- approx.
Material Fee - 22000/

Professional Category Total:

Membership fee is $297.5 plus GST or INR 31100/-

Part 1 And Part 2 Exam Fees:

PART 1- $396 plus GST(18%) + BANK CHARGES/ INR 41000/- approx.
PART 2- $396 plus GST (18%) + BANK CHARGES/ INR 41000/- approx.
Yearly Renewal fee - $307 which is INR 25,629.90.
Material Fee - INR 22000.

Note: The rates will vary according to the price of dollars.

What Additional Costs should you consider for the CMA USA Certification?

We have already discussed the US CMA fees, however, there may be some additional charges as per your requirements which you must take into account while considering your budget. Here are some of them.

Exam Retake Fees:

When calculating the amount of money you will invest in this course, keep in mind that you may need to retake the examination if you fail on your first attempt. Candidates may retake specific areas of the CMA exam, although doing so will involve additional fees. As a result, you must allocate funds in your budget for any potential costs you may recall.

Study Material:

For exam preparation, investing in top-notch study materials is essential, including resources that cover the CMA USA syllabus and paper pattern. Books, online courses, review programs, and other study aids are widely accessible, although their costs differ. A smaller percentage of applicants choose to study independently utilizing free or inexpensive resources, while some use thorough review courses offered by reliable CMA review providers. Don't cut corners on your study supplies. By offering a thorough review of the subject matter, high-quality study aids and books can increase your chances of passing the exam.

Classes on Coaching:

Enrolling in a CMA coaching program might offer helpful direction and support. The length, degree of difficulty, and reputation of the coaching service all affect the cost. If you want to consider an institute, IIC Lakshya can be one of the best options.

Travel and Accommodation Costs:

This is an additional cost that may alter your budget, in case you need to travel to a faraway location for your exams. This cost can vary greatly depending on your location and the distance to the nearest testing facility.

How Can You Maximize Your Investment in CMA Certification?

You should view earning the CMA certification as a calculated investment in your long-term success and professional advancement, despite its high cost. Take into consideration the following advice to optimize your return on investment:

Establish a plan beforehand:

Make a thorough spending plan that includes all of the expected costs associated with obtaining the CMA certification, such as exam fees, study materials, and membership dues. Making preparations in advance can help you avoid unanticipated financial difficulties.

Take Advantage of Discounts:

Seek methods to save costs on study guides and test registration. Using the early enrollment, student, and membership discounts offered by the IMA and CMA review providers is one method to achieve this.

Utilize Free Resources:

Add to your study materials with no-cost internet tools including webinars, study guides, and practice questions. Although these tools shouldn't be used in place of in-depth study guides, they can improve your comprehension of important ideas and support your education.

Network and Seek Support:

Join online forums, study groups, and professional networking events to connect with fellow CMA candidates and certified professionals. Building a support network can provide you with valuable insights, advice, and encouragement throughout your CMA journey, including information on career after CMA USA opportunities.

Explore Further:

Frequently Asked Questions (FAQs):

What is the US CMA Certification?

The US CMA (Certified Management Accountant) certification equips candidates with skills in financial planning, analysis, control, decision support, and professional ethics, highly valued by multinational corporations.