What is CMA Course?

By IIC Lakshya

02 Aug 2024

CMA INDIA, CMA USA

In the world of finance and accounting like any other prestigious certification such as ACCA, CA, CFA, or CPA, the CMA course also stands at par with these certifications due to its global acceptance across 150 countries and acknowledgment. So what is CMA course?

What is the Full Form of CMA?

CMA full form is Certified Management Accountant, it is a professional credential that primarily focuses on equipping individuals with efficient financial management skills, strategic decision-making knowledge, and financial planning within organizations.

Additionally, the CMA is also known as the US CMA, because the body that grants this qualification, the Institute of Management Accountants (IMA), is based in the US. Through this comprehensive guide, we'll explore the essence of CMA qualification by going over its eligibility criteria, CMA course duration, CMA course details, career prospects with CMA and much more, keeping in view that you get to plan your CMA journey effectively.

What is CMA Eligibility Criteria?

Now that you are aware of what the CMA course is, to officially be able to pursue this certification, you must be eligible to meet the following requirements :

You must have a bachelor's degree from an accredited college or meet the IMA’s specific educational requirement.

You must have work experience of a minimum of 2 years in management accounting or financial management. This requirement can be fulfilled before you have enrolled for your CMA examination or within 7 years of passing the examination.

CMA Course Duration - How Long Does It Take To Become a CMA?

On average the CMA course duration is completed in 2 or more years. However, it depends on several factors these are as follows:

Education and Work Experience

If you already hold a bachelor's degree and have prior work experience of 2 years then you just need to qualify the part 1 and part 2 of examinations. However, if you don't hold a bachelor's degree or don’t have any work experience, then it must take longer.

Preparation time

The time you choose to dedicate to each part of the examination also impacts the overall CMA course Duration.

Learning Pace

Each individual has their own learning pace that can accordingly expedite or delay the CMA course duration.

Exam Attempts

The amount of attempts it takes to clear each part 1 and part 2 of the examination contributes to influencing the CMA course duration as well. Some students may pass both CMA exam parts on the first attempt, while others might need to retake, thus increasing the duration.

CMA Course Details - Parts, Format, and Frequency

As we have discussed the CMA course, its eligibility criteria, and how long it takes to become a CMA, now let's break down the CMA course details, which include the examination syllabus, the format that the CMA course follows, and the number of times the CMA examination is held in a year.

Parts of CMA Examination

The CMA curriculum consists of 2 parts that you need to qualify to obtain your CMA certification.

Part 1:

Aims to provide a thorough understanding of Financial Planning, Performance, and Control. The key modules included in this part are:

External Financial Reporting Decisions
Planning, Budgeting, and Forecasting
Performance Management
Internal Controls
Technology and Analytics

Part 2:

Aims to develop Financial Decision Making capabilities. The key modules included in this part are:

Financial Statement Analysis
Corporate Finance
Decision Analysis
Risk Management
Investment Decisions
Professional Ethics

What is the Frequency of CMA Exam?

The examination for both Part 1 and Part 2 is held in the following testing window each year:

January/February,
May/June,
September/October

What is CMA Exam Pattern?

To get familiarised with the examination pattern, the structure is as follows:

Exam Part	Duration	No. Of Questions
Part 1	4 hours	100 MCQs & 2 essays
Part 2	4 hours	100 MCQS & 2 essays

Career Paths with a CMA Certification

While exploring the CMA course details, you get the idea of the specifics, but with a CMA certification, what kind of career opportunities can you expect?

Well, the possibilities are endless.

The CMA certification unlocks the following enriching roles for you:

Financial Analyst,
Controller,
Accounting Manager,
Consultant,
Corporate Finance Professional,
Financial Manager,
Cost Accountant.

CMA India vs CMA US: Understanding the Difference

The CMA India vs CMA USA are based on the same principles, share a similar prestige, and showcase a commitment towards professional excellence, ethical standards, and continuous learning in the field of accounting and management.

But what sets them apart?

The following table will help you consolidate your comprehension:

Feature	CMA India	CMA USA
Governing body	Institute of Cost Accountants of India(ICAI)	Institute of Management Accountants(IMA)
Exam Curriculum	Three Levels: Foundation, Intermediate, & Final	Two Parts: Part 1(Financial Planning, Performance & Control), Part 2( Financial Decision Making)
Eligibility Criteria	Bachelor’s degree from a recognised institution or should meet ICAI’s specific criteria	Bachelor’s degree from an accredited institution or should meet IMA’s specific criteria
Work Experience	Not mandatory but advantageous	2 years of work experience is required
Exam Frequency	Twice a year: June and December	Thrice a year:January/February, May/June, September/October

Frequently Asked Questions (FAQs)

What does a CMA do?

A certified Management Accountant(CMA) is a professional in the field of accounting management and financial decision-making that overlooks tasks such as budgeting, risk assessment, and cost management and provides strategic financial insights within organisations.

Is CMA better than CA?

Certified Management Accountant (CMA) and Chartered Accountant (CA) are both highly regarded certifications in the world of finance. They have their own strengths and specific areas they specialise in. CMA primarily focuses on areas such as management accounting, financial planning, and strategic decision-making within business. Meanwhile, CA covers broader domains, including auditing, taxation, financial reporting, etc. The choice between the two certifications, therefore, shall be guided by one’s career goals and interests.

Can I pass CMA with a job?

Yes, it is possible to pursue a CMA qualification while working a full-time job. However, it requires proper time management, planning and dedication. With consistency and discipline, working professionals can complete their CMA credentials while adhering to their professional commitments.

Can we do CMA without BCom?

The eligibility criteria for CMA do not specifically require a B. Com degree. A bachelor's degree from any discipline meets the eligibility requirement, as long as it is acquired from an accredited college or university. However, a B. Com degree is not mandatory, but it is beneficial.