Your

Essential
Guide to the
CMA Exam

Key Insights
for CMA
Candidates
Wiley’s
Official Guide
to the CMA Exam
Essential Insights for Anyone
Considering CMA Certification

Table of Contents
What a Career in Management Accounting Looks Like 2
The CMA Certification and Who It’s For 4
When to Consider a CMA Along with a CPA 6
A Step-By-Step Guide to CMA Exam Procedures and Registration 7
Creating Your Study Plan to Pass 10
Understanding How the CMA Exam is Scored 11
More Reasons to Get Your CMA 13

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What a Career
in Management
Accounting
Looks Like

Management Accounting is a varied and growing profession that, at its core, involves using specialized accounting
expertise to assist in management decision-making and planning.
Sounds great, but what does a career in management accounting look like?

A Focus on Strategy and Decision Support

While other areas of accounting are focused on financial auditing and reporting or investments, management
accounting serves a central strategic role for businesses. According to the IMA (Institute of Management Accountants),
that’s because management accountants have specialized skills in financial planning, analysis, control, decision
support, and professional ethics.
CMAs (Certified Management Accountants) contribute to the success of a business in a number of unique ways.
They can:
• Advise managers about the financial implications of projects.
• Explain the financial consequences of business decisions.
• Formulate business strategies.
• Monitor spending and financial controls.
• Conduct internal business audits.
• Explain the impact of the competitive landscape.
• And much more.
Above all, CMAs bring a high level of professionalism and integrity to business, as demonstrated by their certification
and IMA membership.

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A Variety of Respected Job Roles
Being a CMA affords you a wealth of career opportunities. Management accountants work as cost accountants, budget
analysts, internal auditors, or financial analysts.
They may advance to positions such as accounting manager, chief cost accountant, budget director, or manager of
internal auditing.
Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporate presidents. Many
senior corporate executives have backgrounds in accounting, internal auditing, or finance.
The possibilities are virtually endless.

Management Accounting vs. Financial Accounting

Here’s a helpful table to help you understand the key differences between the Management Accounting and Financial
Accounting fields.

Management Accounting Financial Accounting

Communicate financial position to

Purpose of Information Help managers make decisions
outsiders

External users: investors, creditors,

Primary Users Internal managers
government/authorities

Time Dimension Current and forward-looking Mainly historical

Nature of the Information Financial and non-financial Mostly financial

Generally at the end of the quarter

Reporting Frequency As/when desired by management
and at the end of the year

Kept voluntarily to meet the Accounts are prepared to meet the

Information Recorded
requirements of management legal requirements

Information is audited by internal Information is typically audited by

Control
auditors public auditors

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The CMA
Certification
and Who It’s For

Most accounting qualifications train people for private practice, working on external audit and tax issues. Certified
Management Accountants (CMAs), however, are qualified to work across an organization, not just in auditing or
finance.
Since first being offered in 1972, the CMA certification has become the standard for excellence in the field
of management accounting. With more than 50,000 CMAs globally, the credential is highly valued and respected by
top employers.
That’s because, according to the Institute of Management Accountants (IMA), the CMA certification demonstrates your
mastery of 11 critical business areas, including:
• Financial planning
• Analysis
• Control
• Decision support
• Professional ethics

Who is the CMA Certification Right For?

Whether you want to enhance the value you bring to your current position, or expand your career potential, the
CMA certification will help you advance your career in management accounting. However, it may not be useful for
professionals interested solely in auditing and attestation.
From the United States to the Middle East, CMA holders enjoy significantly higher compensation on average than their
non-certified peers.

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IMA’s Salary Survey (March 2018)
This graphic from IMA’s 2017 salary survey shows the average and median compensation for CMAs
throughout the world.

Median Salary and Total Compensation by Region, CMA vs. Non-CMA

CMA Non-CMA CMAs as % of Non-CMAs

Total Total Total

Region Base Salary Base Salary Base Salary
Compensation Compensation Compensation

All Countries $81,000 $92,000 $50,000 $55,000 162% 167%

Americas $110,000 $125,000 $83,800 $92,000 131% 136%

Asia $30,000 $34,000 $20,000 $23,000 150% 148%

Europe $85,000 $88,620 $56,500 $57,500 150% 154%

Middle East/
$35,000 $39,500 $17,700 $18,500 198% 214%
Africa

Note: All monetary values are in U.S. dollar equivalents as of the time of the survey.

Major corporations such as 3M, Alcoa, AT&T, Bank of America, Boeing, Cargill, Caterpillar, ConAgra, Hewlett-Packard,
Johnson & Johnson, Microsoft, Procter & Gamble, KeyCorp, Whirlpool, Saudi Aramco, Verizon, and Xerox all have CMAs
in key management roles.

“AtMicrosoft,welookforacombinationofsolid
accountingskills,theabilitytothinkstrategically,and
strongbusinessethics.IfsomeoneisaCMA,wecanbe
morecomfortablethatthepersonhasmasteredthese
aspectsoftheprofession.”
Bob Laux, CMA, CPA, Director of Technical Accounting and
Reporting Microsoft Corporation

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When to
Consider a CMA
Along with a CPA

Passing the CPA exam is a wonderful accomplishment and will take you far in the world of public accounting, but
interests change and new opportunities arise all the time. Here’s when and why you should consider adding CMA
certification…
As always, the decision of whether or not you should pursue advanced accounting certifications or credentials should
be made with a clear understanding of where your career is now and where you want to go.
If you are perfectly happy in the public accounting field and are content to focus your work on auditing and financial
reporting, your CPA license (and its ongoing education requirements) should suffice.
However, while the CPA exam is comprehensive in its volume of content, it doesn’t prepare you for tackling
management accounting tasks such as financial analysis, cost accounting, risk management, and budgeting and
forecasting.

When to Consider a CMA

You may wish to consider CMA certification for several reasons. For example, you’re transitioning from public
accounting to a corporate position or perhaps you want to take on more of a management role at your next job.
A CMA is best suited for you if you’re seriously interested in having a credential like the CPA license, but you don’t
really need audit and tax skills in your day-to-day work. There are many notable industries—manufacturing and
logistics, for example—where the CMA designation is highly sought after.
In general, CPAs prepare auditing and financial reporting documentation, while CMAs are chiefly responsible for
preparing data for internal company use. These documents include cash flow statements, balance sheets, and income
statements. As a CMA in a large company or firm, you’ll also likely supervise junior-level accountants who handle
many of these basic accounting tasks. A CMA can also serve as a lower-cost alternative to earning your MBA, as you’ll
learn much of the “business math” (though none of the managerial strategies) taught in business school.

Advantages of Earning Your CMA Now

If you are fresh off your CPA, the CMA Exam will be easier to prepare for, given your familiarity with the CPA Exam’s BEC
and FAR sections. Also, the CPE requirements for the certifications should overlap in many areas, reducing your costs
to maintain both certifications.

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A Step-By-Step
Guide to CMA
Exam Procedures
and Registration

Becoming a Certified Management Accountant requires time and effort — but the opportunities for career
advancement are worth it. If you’re ready to earn your CMA, this step-by-step guide should get you started.

First, You Must Meet These Requirements

Maintain membership in IMA. If you aren’t a member, join IMA now. at www.imanet.org/membership
• Hold a bachelor’s degree from an accredited college/university or a related professional certification.
Please refer to the IMA’s CMA Requirements section at www.imanet.org/cma-certification/getting-started
• Have at least two continuous years of professional experience in management accounting or financial
management. Please refer to the Experience Qualification section of the CMA Handbook.
• Enter into the CMA program. Visit www.cmacertification.org
• Complete and pass Parts 1 and 2 of the CMA exam.
• Abide by the IMA’s Statement of Ethical Professional Practice, found at www.imanet.org/insights-and-trends/
business-leadership-and-ethics/ima-statement-of-ethical-professional-practice

Don’t meet the educational or professional experience requirements and want to get certified? There is an
option for every situation. IMA offers a seven-year grace period for candidates in this situation. You can sit for the
exam and then finish your bachelor degree or two years of professional experience within the next seven years from
the date of the exam. Once you do, you’ll automatically become an active CMA.

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Taking the CMA Exam
The CMA exam is broken into two parts, which are both computer-based and administered in hundreds of testing
facilities worldwide. With three two-month testing windows each year, you can sit for each exam part at a time and
place convenient for you.

Examination Windows:
Exams are offered only during these two-month periods:
1. January and February
2. May and June
3. September and October

How To Register for the CMA Exam

Follow these easy steps to fulfill the examination requirement for your CMA certification:
Step 1: Register for the exam at www.imanet.org/cma-certification/.
Step 2: Receive confirmation of your registration, which provides your authorization number(s), testing window(s),
and the Instructions for Candidates.
Step 3: Schedule your exam appointment(s) with Prometric, IMA’s testing partner: www.prometric.com.
Step 4: Show up for your scheduled exam appointment(s) with the required identification documents.
TIP: Be sure to schedule your appointment as soon as possible. Your authorization number is only valid for the testing
window you selected. You can’t postpone your exams.
Exams are administered via Prometric Testing Centers throughout the world and are available in accordance with
local customs. To locate a Testing Center and schedule exam appointments, visit www.prometric.com/ICMA.

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Exam Fees
Professional Member Fees
Non-refundable CMA Entrance Fee: $250*
Exam Fee: $415 per part
Rescheduling Fee**: $50

Student/Academic Member Fees

Non-refundable CMA Entrance Fee: $188*
Exam Fee: $311 per part
Rescheduling Fee**: $50

Total Cost To Earn Your CMA with No Exam Retakes:

Non-Student/Professional: $1080
Student (still in school): $810

*The CMA Entrance Fee covers:

• Credential review for educational qualification
• Credential review for experience qualification
• Six months access to the CMA Exam Support package, which includes printable practice questions
• Final Score Report
• Performance feedback reports for candidates who do not pass
• Personalized, numbered certificate for office display
• Congratulatory notification to employer or others, if desired

**You must reschedule your exam more than 30 days prior to your scheduled appointment. You can only move the
date to a later date within the same two-month testing window.

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Creating Your Study Plan to Pass

The number-one reason that CMA candidates fail the exam is because they didn’t have a realistic study plan. Not
planning and scheduling out your study time will doom your chances of passing the CMA Exam on the first try. There’s
simply too much content—and often too little time—to master everything on your own. You need guidance.

Build Your CMA Exam Plan in Wiley CMAexcel™

1) When you login to the review course for the first time, 2) Choose which part of the CMA Exam you’ll take first
you’ll be prompted to “Set Up Your Exam Plan”. and enter your expected start date for your studies.

3) Input your expected exam dates and the days of the 4) You’ll receive a customized study schedule with every
week you’re available to study. lesson mapped out for you down to the day.

Want to build your own plan?

Get instant, free access to Wiley CMAexcel™ Review Course for 14 days at efficientlearning.com/cmatrial

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Understanding
How the CMA
Exam is Scored

The CMA Exam has a unique scoring system that can sometimes be confusing for candidates. Here’s everything you
need to know to correctly interpret your CMA Exam score.

When Are CMA Exam Scores Released?

Essays are graded offline by the ICMA, the certifying body of IMA, so do not expect to see your results the day of your
exam. Instead, the ICMA will e-mail your exam results to you approximately six weeks from the end of the month in
which you’ve taken your test.
At the time grades are released, results are also available online in your myIMA Dashboard.

Exam Window Score Release Window*

January and February 3rd week of February – 1st week of April

May and June 3rd week of June – 2nd week of August

September and October 3rd week of October – 2nd week of December

*Please note there are no official, set score release dates.

How Is the CMA Exam Weighted?

• The multiple-choice questions section is worth 75% of the total score.
• Essays are worth 25% of the total score.
• To be able to take the essay section, you must score at least 50% on the multiple-choice section.

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CMA Exam Scoring Scale
• Parts 1 and 2 of the CMA Exam are scored on a scale of 0 to 500.
• In order to equate all scores for all forms of the exam, the scores for each part are placed on a scale from 0
to 500. On this scale, a score of 360 represents the minimum passing scaled score. The scaled score allows
candidates to know how they performed in relation to the passing standard of 360. (Source: IMA)

Your Performance Report

• Performance Reports are sent via e-mail from Prometric to all candidates who take an exam part.
• The performance reports are e-mailed approximately 14 days after exam results are posted to the candidate’s
profile.
• Candidates who do not pass the exam will receive a report that indicates their performance on each of the key
topic areas in the multiple-choice section as well as their overall performance on the essay section of the exam.
There are three performance ratings: Satisfactory, Marginal, and Unsatisfactory.

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More Reasons to Get Your CMA

“I like that my CMA is going to give me more opportunities

down the road. In 5 or 10 years, wherever I am, I’ll be in a
position where a CMA is required.”
- Kim Salisbury of Moscow, Idaho

“To combine that—management accounting and also

accounting in general—that’s a cool area for me and it’s my
passion. I have to say, for job interviews and applications,
it’s always special to mention you have the CMA.”
- Nicolas Lehmann of Bottmingen, Switzerland

“The CMA taught me all I need for my job. It taught me

the best-in-class application of all the business concepts
I wanted to learn and helped take my career to a more
professional level.”
- Hussein Ghazi Kahwaji of Beirut, Lebanon

Ready to Get Started?

Register for a free, no-obligation 14-day trial of the Wiley CMAexcel™ Review
Course and get an exclusive 25% discount to use if you decide to purchase.
Wiley CMAexcel™, the official test prep suite of IMA, has helped thousands of students like Kim, Nicolas, and Hussein
become CMAs and excel professionally.
Our CMA Review Course has been designed by top accounting lecturers with years of teaching and practice experience
with one simple objective: Help busy professionals grow and excel professionally by creating the most comprehensive
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Learn more about Wiley CMAexcel and register for a free trial at efficientlearning.com/cma.

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