The CMA® (Certified Management Accountant) is an advanced professional qualification from the Institute of Management Accountants (USA), specifically designed to measure the accounting and financial management skills that drive business performance. Achieving CMA status demonstrates your mastery of financial planning, analysis, control, and the ability to support business decisions, as well as professional ethics.
- Personal Satisfaction: Having CMA status proves your ability to become a strategic business partner, while enhancing your self-confidence, your sense of accomplishment and your resume.
- Competitive Advantage: Businesses around the world rely on CMAs for accounting, finance and information management and, most importantly, for strategic planning and business solutions
- Professional Recognition: The CMA qualification represents general business competency and mastery of management-level skills.
- Remuneration: CMA-certified individuals have greater earning power – 24% higher in salary and 31% higher in total compensation – than their non-certified colleagues. (Reference: IMA’s Strategic Finance magazine; June 2009).
The CMA program consists of two parts:
Part 1 – Financial Planning, Performance and Control (Levels A, B, and C)
Planning, Budgeting and Forecasting (30%); Performance Management (25%); Cost Management (25%); Internal Controls (15%); Professional Ethics (5%)
- Budgeting concepts; forecasting techniques; budget methodologies; annual profit plan and supporting schedules; senior -level planning and analysis
- Cost and variance measures; responsibility centers and reporting segments; performance measures
- Measurement concepts; costing systems; overhead costs; operational efficiency; business process performance
- Risk assessment, controls, and risk management; internal auditing; systems controls and security measures
- Ethical considerations for management accounting and financial management professionals
Part 2 – Financial Decision-Making (Levels A, B, and C)
Financial Statement Analysis (25%); Corporate Finance (25%); Decision Analysis and Risk Management (25%); Investment Decisions (20%); Professional Ethics (5%)
- (Basic) financial statement analysis; financial key performance indicators (KPIs); financial ratios; profitability analysis; analytical issues in financial accounting
- Risk and return; managing financial risk; financial instruments; cost of capital; managing current assets; raising capital; corporate restructuring; international finance;
- Cost/volume/profit analysis; marginal cost/profit analysis; pricing; risk assessment
- Capital budgeting process; discounted cash flow analysis; payback and discounted payback; ranking investment projects; risk analysis in capital investment; valuation
- Ethical considerations for organizations
Candidates for the CMA qualification are assumed to have knowledge of the preparation of financial statements, business economics, time-value of money concepts, statistics and probability and must meet the following requirements:
- Bachelor’s degree, in any field, from an accredited college or university. (A listing of international institutions accepted without evaluation is available at www.imanet.org.)
- Two continuous years of professional experience acquired in management accounting or financial management (This requirement may be completed prior to, or within, seven years of passing the examination.)
The Institute of Management Accountants (IMA®) is the world's leading organization dedicated to empowering management accounting and finance professionals to drive business performance. IMA provides a dynamic forum for management accountants and finance professionals to develop and advance their careers through its Certified Management Accountant (CMA®) program. For further information log on to www.imanet.org
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