How Long Does It Take to Become a CMA? Steps and Timeframe
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Becoming a Certified Management Accountant (CMA) typically takes six years. The timeline for how long it takes to become a CMA includes completing a bachelor’s degree, gaining two years of relevant work experience in management accounting or financial management, and preparing for and passing the CMA exam.
It also involves joining the Institute of Management Accountants (IMA), enrolling in a CMA program, passing the two-part exam, and filing for CMA licensure. With the overview in mind, let’s examine the specifics of each requirement.
Key Takeaways
Comprehensive Timeline: Becoming a CMA usually spans six years, incorporating education, work experience, exam preparation, and certification processes.
Educational Foundation: A bachelor’s degree in accounting, finance, or a related field is essential, laying the groundwork with courses in financial accounting, management accounting, business law, and economics.
Work Experience Requirement: Two years of relevant work experience in management accounting or financial management, offering practical exposure and application of theoretical knowledge, are required.
Exam Preparation and Structure: The CMA exam consists of two parts, focusing on Financial Planning, Performance, Analytics, and Strategic Financial Management, with candidates often spending 6 to 12 months in preparation.
CMA Certification Process: After passing the exam and meeting the work experience criteria, candidates apply for CMA certification through the Institute of Management Accountants (IMA), submitting the necessary documentation and fees.
Timeline: Yearly Breakdown to Becoming a CMA
Becoming a Certified Management Accountant is a comprehensive process that spans several years, integrating education, examination, and practical experience.
The IMA reported that they reached a milestone of 100,000 CMAs in the 2020-2021 fiscal year, with 8% growth year over year. Here is a breakdown of CMA certificates in recent years.
In comparison, it took 44 years for the IMA to reach 50,000 CMAs, and it took only five years after that milestone to reach 100,000. This shows that even though it may take several years to become a CMA, more and more candidates are becoming CMAs at a faster pace than ever before.
Below is a yearly timeline that outlines the typical path from starting college to achieving CMA certification that finance and management accounting professionals follow:
Years 1-4: Bachelor’s Degree
Focus: Major in accounting, finance, or a related field like business administration.
Key Activities: Complete foundational courses in financial accounting, management accounting, business law, and economics. Engage in internships to gain practical exposure to the finance and accounting sectors.
Years 3-4: Preparing for the CMA Exam
Focus: Begin studying for the CMA exam alongside completing your bachelor’s degree.
Key Activities: Familiarize yourself with the CMA exam structure and start covering the syllabus, including financial planning, analysis, control, and decision support.
Years 4-5: Gaining Relevant Experience
Focus: Acquire relevant work experience in management accounting or financial management.
Key Activities: Work in roles that involve cost management, internal controls, budgeting, financial planning, financial analyst tasks, or other relevant functions. This experience can be gained before, during, or after completing the CMA exam parts.
Years 5-6: CMA Exam Preparation and Examination
Focus: Dedicate time to studying for and passing the two-part CMA exam.
Key Activities: Enroll in a CMA prep course that covers both parts of the exam—Part 1: Financial Planning, Performance, and Analytics and Part 2: Strategic Financial Management. Utilize study materials, practice tests, and join study groups to enhance your preparation. Aim to pass both parts within 12–18 months.
Applying for CMA Certification
Focus: Apply for CMA certification after passing the exam and fulfilling the work experience requirement.
Key Activities: Submit documentation of your educational qualifications, professional experience, and exam results to the IMA. Ensure you meet all the requirements set by the IMA for certification.
This timeline offers a structured approach to getting your CMA certification, blending academic preparation with practical experience and exam readiness. Remember that the exact duration can vary based on individual circumstances, including the pace of study, work commitments, and exam scheduling.
CMA Requirements: Education
The journey to answering the question “How long does it take to become a certified management accountant?” begins with meeting specific educational prerequisites. There isn’t a “CMA degree” per se, but specific academic paths can streamline fulfilling these educational requirements. The foundational step for future certified management accountant certification typically involves obtaining a bachelor’s degree in fields relevant to finance and management accounting.
Common Degree Paths
Bachelor of Science in Accounting
Bachelor of Business Administration (BBA) with a concentration in Accounting or Finance
Bachelor of Science in Finance
Bachelor of Science in Business Administration (BSBA) with a focus on Accounting or Finance
Bachelor of Commerce (B.Com) with a specialization in Accounting or Finance
Bachelor’s Degree: The First Four Years
For CMAs, the undergraduate curriculum centers on financial accounting, management accounting, business law, economics, and corporate finance. These courses provide the essential knowledge base for financial planning, analysis, control, and decision support, which are critical areas in the CMA exam.
Year 1-2: The emphasis is on general education and introductory courses in accounting, business, and finance. These years lay the groundwork for a comprehensive understanding of business principles.
Year 3-4: Students engage in more specialized courses such as advanced financial accounting, managerial accounting, cost accounting, and strategic management. Internships are highly recommended during this period to gain practical experience and insights into the accounting and finance industry.
Gaining Practical Experience for the CMA Exam
Meeting the experience requirement is pivotal in earning the CMA certification. Unlike the CPA, where requirements can vary significantly by state, the CMA experience requirement is standardized globally by the Institute of Management Accountants.
The IMA mandates that certified management accountants complete two continuous years minimum of professional experience in management accounting or financial management. This experience can be gained before or after passing the CMA exam but must be verified to earn the certification.
The experience must be relevant to management accounting or financial management. This can include roles in financial analysis, budgeting, strategic planning, cost management, risk management, and decision support. The aim is to ensure CMAs have practical, hands-on experience applying management accounting principles and practices.
Candidates must submit a description of their work experience as part of the certification process. This includes detailing the nature of the job, responsibilities, and how it applies to management accounting or financial management. Proper documentation and verification of this experience are crucial for meeting the certification requirements.
Passing the CMA Exam
As you progress towards achieving your CMA certification, a crucial milestone is preparing for and passing the CMA exam. The CMA exam is structured into two parts, each designed to evaluate your knowledge and skills in critical areas of management accounting and financial management.
The CMA exam covers various topics, including financial planning, performance, analytics, and strategic financial management. This comprehensive approach ensures that CMAs can support decision-making and drive business performance. Unlike with CPA licensure, no professional ethics exam is needed to meet certified management accountant requirements.
Study Time and Preparation Strategies
The time required to prepare for the CMA exam varies widely among candidates. Some financial professionals have shared their experiences through Reddit comments like the following:
“I tried to finish the main material one month before my test date. Once finished, I did a bunch of MC every day (100) and reading why it was right and wrong leading up to my test date. I also tried to save a week to work through the practice essays provided in the packet. I’m using the same strategy for part 2!”
“Think of the CMA as the accounting version of the CFA. The certification isn’t as prestigious as the CFA or CPA, but the knowledge I learned from studying is invaluable. You do the CMA not for the certification but for the knowledge because it covers a wide range of important topics in business. People think management accounting only involves cost accounting, but it’s way more than that.”
“I studied on my own. I gave myself three months to prepare for each exam.”
“I kept track of my study time per topic and study method, which I found to be a huge motivator and kept me on task. After taking the tests, I spent 20% of my time reading or studying the book, 15% of the time watching video lectures or YouTube videos, and 65% on multiple-choice questions or essays. The practice questions were important because they gave me a deeper understanding of the concepts and also to improve my test-taking skills.”
Approaching the CMA Exam Preparation
Effective preparation is critical to passing the CMA exam within the typical 6 to 12 months for both parts. Here’s how to tackle this critical phase of professional certification:
Enroll in a CMA Review Course: Opt for a CMA prep course that thoroughly covers the content of both Part 1 and Part 2 of the exam. Updated review materials that reflect the latest exam content are essential.
Join Study Groups: Engaging with peers preparing for the CMA exam can provide mutual support, share insights, and enhance your understanding of complex topics.
Complete Practice Exams: Taking practice exams is crucial for success. These exams simulate the test environment and help you become more familiar with the exam format, question types, and time management.
Stay Informed: Keep abreast of any updates from the Institute of Management Accountants regarding the CMA exam, including changes to the exam content, structure, or policies.
CMA Certification Process
Application Submission: Complete the CMA certification application via the Institute of Management Accountants, including your personal info, educational background, exam scores, and work experience details.
Documentation: Provide proof of your education and professional experience, such as transcripts and employment verification, along with evidence of passing both parts of the CMA exam.
Certification Fees: Pay the necessary fees for processing your CMA certification application to the IMA.
Experience Verification: Ensure your relevant work experience in management accounting or financial management is verified per IMA requirements, an essential step in the certification process.
Awaiting Approval: The IMA reviews your application and documents, which may take a few weeks. Approval confirms you meet all criteria for CMA certification.
Ethical Standards Commitment: Agree to adhere to the IMA’s Statement of Ethical Professional Practice, underscoring the importance of integrity and professionalism in your CMA designation.
Conclusion
Achieving CMA certification requires a six-year journey, blending academic coursework, practical experience, and rigorous exam preparation. This period is vital for mastering the complexities of management accounting and financial strategy, ensuring candidates can apply theoretical knowledge in practical settings. The journey from obtaining a relevant degree to gaining work experience and passing the CMA exam is a testament to the dedication needed for success in this field.
This pathway to CMA certification is more than just a process; it’s a deep dive into the essentials of financial management, culminating in a prestigious credential. It prepares candidates for the challenges of the accounting industry, marking the CMA designation as not just an achievement but a significant career milestone that opens doors to advanced opportunities and professional growth.
FAQs
What are the educational requirements to become a CMA?
You must have a bachelor’s degree from an accredited college or university to sit for the CMA exam. The degree can be in any field, but accounting, finance, or business administration is most relevant and beneficial for the CMA exam preparation.
How much work experience do I need for CMA certification?
You need two continuous years of professional experience in management accounting or financial management. This experience can be acquired before or after passing the CMA exam but must be relevant to the field.
How long does studying for and passing the CMA exam take?
The preparation time varies among candidates, but most spend 6 to 12 months studying for both parts of the CMA exam. This timeframe can differ based on your study habits, professional background, and personal commitments.
What is covered in the CMA exam?
The CMA exam is divided into two parts: Part 1 focuses on Financial Planning, Performance, and Analytics, while Part 2 covers Strategic Financial Management. Each part tests your knowledge and skills in areas critical to management accounting and financial management.
How do I apply for CMA certification after passing the exam?
After passing both parts of the CMA exam and fulfilling the work experience requirement, you can apply for certification through the Institute of Management Accountants. You’ll need to submit documentation of your educational qualifications, professional experience, exam results, and the certification fee.
