An Ultimate Guide to Pursue US CMA Course in 2024

Why Study CMA in USA?

In the field of management and accounts, a CMA from the US is the highest qualification. The benefits of pursuing this course from the United States are endless. Some of them are mentioned below in the image:

Let’s gain a deeper understanding of these points that are mentioned in the image.

• Skills & Abilities: Pursuing CMA from the US will help students gain exposure on an international basis. A US CMA is acknowledged by developing countries such as India, the UK, Canada, etc. Students will get to learn more about business ethics and distinct skills.

• Course Duration: The duration of this course is another factor why students go for this course. It is of 6 to 18 months. During this time, students have an experience of a lifetime. This course is more beneficial than an MBA or MS, which are usually 1.5 or 2 years long.

• Career Development: In renowned organisations, the demand for this course is rising. Especially in the US market, CMAs are the need of the hour. This has also led to an increase in the salary package in this field.

• Job Opportunities: This course opens the door to different industries. Aspirants can try any industry with this qualification, from manufacturing, consulting, and healthcare to IT. The CMAs are flexible and skilled, which guarantees job security.

• Global Recognition: Students can achieve global recognition by pursuing CMA in the US, as it’s accepted by almost every country. Through this, students can secure good jobs in different countries with excellent salary packages.

• Scholarships: Studying CMA from the US also allows students to apply for scholarships. IMA offer several grants that can help applicant manage their course fees. Moreover, if a student has a good academic record in the past, their chance of getting a scholarship can increase.

These are some of the benefits of pursuing CMA in the USA. In the next section, we will look at the course highlights and basic details.

Suggested Read: CA Salary in USA for 2024

Exploring CMA Course USA: Highlights and Details

The US CMA course curriculum aligns with the information and abilities needed by a management accountant in today’s business environment. Let’s have a look at the table and understand the basic information of this course.

Now as you have looked at the basic information about the course, it is also important for every candidate to understand the exam pattern. Here is the CMA exam pattern:

Few more details about the CMA US examination:

1 Essay will come after the MCQ section.

2 At least 50% of the MCQs must be answered correctly to become eligible for the essay section.

3 You can take Part 1 and Part 2 on any order and on the same day too.

4 The exam score range is 0-500 and you must score at least 360 for both parts to pass the exam. Your total score in both sections will determine whether you have passed the CMA or not.

Overall, to earn the CMA certification, students must complete both parts of the examination. Now in our next section, we’ll be discussing the syllabus for the CMA test.

CMA USA Syllabus: Key Components and Structure

The CMA exam is divided into two parts. Each of the parts has a different syllabus. The following table will help you understand the syllabus and weightage for both the parts of Certified Management Accountant (CMA).

Part 1: Financial Planning, Performance, and Analytics

These are some noteworthy updates, but the titles, section titles, and weighting in Part 1 remain the same. Moreover, some courses have been removed from the curriculum, including Activity-Based Management, Theory of Constraints, and Process Costing. Now the next table contains the weightage and syllabus for Part 2 of the exam.

Part 2: Strategic Financial Management

Part 2 maintains the same titles and their respective weightage changes have been introduced. In addition, new subjects like Data Ethics, Sensitivity Analysis, Debt Financing, and Types of Business Fraud have been added to the curriculum. Now let’s discuss the eligibility requirements for the CMA course in the USA.

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Eligibility Criteria for the CMA Course in the US?

To enrol in the CMA USA course, candidates must meet specific eligibility criteria set by the Institute of Management Accountants (IMA). This ensures that individuals have the fundamental knowledge and skills necessary for the study of management accounting and financial management. Below are the key eligibility requirements:

Educational Qualification:

• A Bachelor’s degree from an authorized college or university in any field of study. The degree must be recognized by the Ministry of Education or a similar regulatory body in the country where the degree was awarded.
• Candidates in their final year of Bachelor’s can also start the CMA preparation. However, they must complete the degree within 7 years of passing the CMA exam to earn the certification.

Professional Experience:

• Two continuous years of professional experience in management accounting or financial management. Students must complete this experience before or within seven years after passing the CMA exams.

Membership with IMA:

• Candidates must be active members of the Institute of Management Accountants (IMA) to enrol in the CMA programme and sit for the exams.
• This membership will provide access to IMA resources, networking opportunities, and ongoing professional training which is important throughout the CMA journey and abroad.

Examination:

• Candidates must pass both parts of the CMA exam to fulfil the certification requirements. They must have the flexibility to take exams in any order and are allowed three years from the date of registration to pass both parts.

Overall, students must fulfil particular entry requirements to enroll in the IMA’s CMA program. The next section of the blog covers how to prepare for CMA in the United States.

How to Prepare for CMA in the USA?

Being a certified CMA will surely gives you a lot of opportunities, but becoming one isn’t that simple. In the image below, there are study tips given that will help you better organize and prepare yourself for the US CMA exam.

Let’s understand the above-mentioned tips in the detail:

1. Choose a CMA Review Course

Choosing a high-quality CMA review course can increase your chances of passing the CMA exam in your first attempt. These courses are designed to take you through all the core concepts and also offer CMA exam tips and coaching support.

2. Follow a Study Plan

Choose a study plan that is flexible to your current lifestyle. It should include all the topics covered in the exam and allocate enough time for each topic. Thus, it’s important to follow a study plan to ensure you cover all the materials before exam day.

3. Use the SQ3R Technique

SQ3R technique stands for Survey, Question, Read, Recite, and Review.

Survey- Look at the materials/concepts you are going to study. It includes skimming and scanning through the headings and sub-headings of the chapter you will be studying.

Question- Put a question to yourself like what the key points are or what formulas you need to remember. This will help you connect the points as you make your way through the study resources.

Read- Read the material and keep your questions at the forefront of your mind. Highlight or make notes as you go along.

Recite- After reading, close your textbook and try to recall what you studied as much as you can.

Review- Go back to your textbook and put a focus on highlighted points and notes.

4. Create Learning Styles

Create learning styles that best suit you for the exam. Also, choose the study habits that best fit your learning style.

5. Use Study Materials

Invest in high-quality study materials such as textbooks, review courses, and practice exams from reputable providers like the Institute of Management Accountants (IMA) or other well-known test prep companies. These CMA study strategies are essential no matter what stage of your studies you’re in or what topics you’re studying. In the next section of our blog, we’ll be discussing the registration process for CMA in the USA.

How to Register for CMA in the USA?

The application process for the US CMA course is online. They can proceed further when they pass the CMA eligibility criteria. Thus, the procedure to apply for this course in the USA is as follows:

• Step 1: First, students must buy a membership of the IMA. For this, they should fill in a registration form and pay a fee. The form varies from career to career.

• Step 2: Once receiving the membership, the student must pay an entrance fee. Otherwise, the applicant won’t be able to sit for the exam. Scholars must pay twice for theCMA USA Course as there are two parts.

• Step 3: Finally, after the registration and payment are complete, the student will receive a confirmation email. Along with this mail, they will also receive an authorization number and guidelines to choose a test center for the CMA exam.

This is the complete registration process for the CMA exam in the US. If any student fails in any part of the exam, they will have to retake the exam and repay the fees. In our next section, we’ll be discussing about CMA exam fees.

CMA Exam Fees

The fee for US CMAvaries for professional members and student or academic members of IMA. The following table makes clear the fee details for this certification:

The following fees are for professional members. Now below in the table, you will find the fees for students/academic members.

Overall, there will be separate fees for CMA US associated with each membership. So be careful to know the proper amount before paying any fees. Now in the next section, we have mentioned the types of scholarships for CMA courses in the USA. Let’s have a look:

CMA Scholarships

To help students fulfil their goal of CMA, the IMA organization offers scholarships for potential candidates. CMA is considered to be one of the top courses in the field of Management Accounts. CMA scholarships can help you complete the course without any cost. Thus, there are various types of grants are mentioned below for CMA US.

• IMA Scholarships: The IMA offers several scholarship programs directly. These are granted based on academic excellence, leadership skills, and a clear commitment to pursue a career in management accounting.

• Educational Institution Scholarships: Many universities or colleges that partner with IMA and offer scholarships to their students. These are awarded based on academic performance, financial need, or a combination of both.

• Corporate Scholarships: Some corporations provide scholarships or compensation programmes for employees who want to earn a CMA certification. These plans are usually aimed at enhancing the skills of their workforce and career development.

Overall, 20,000 CMA scholarships have been awarded to the aspirants globally. And nearly, $35 million have been invested in it. The next section talks about the job or career opportunities after pursuing a CMA in the USA.

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Job Opportunities After CMA in the USA

Pursuing the US CMA course opens up an excess of career opportunities across various industries globally. Below is a table that outlines potential career paths for CMA- certified professionals, along with their salaries.

These are some of the high-paying job opportunities after pursuing a CMA in the US. Now let’s understand the difference between CMA in the USA and CMA in India.

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CMA USA Vs CMA India

The comparison below aims to highlight the key differences and similarities between these two prestigious management accounting certifications. Through this, students and professionals make informed choices based on their career goals and preferences.

Overall, both are equally recognized, but there are some differences between both the courses contains. In our next section, we will understand the dissimilarities between CMA in the US and CIMA in the UK.

CMA USA Vs CIMA UK

The US CMA full formis (Certified Management Accountant) which is the advanced professional certification designed to measure accounting and financial management skills. On the other hand, CIMA in the UK stands for (Chartered Institute of Management Accountants) and is a globally recognized qualification for careers in Business and Finance. However, listed below are the key differences between CMA USA and CIMA UK:

These are some of the basic differences between US CMA and CIMA UK. Now the last section of the blog covers the exam dates for CMA in USA 2024.

CMA Exam Dates in USA 2024

The CMA exam is offered in three testing windows in a year, providing flexibility to students to schedule their exams at a convenient time. Below in the table, the dates are mentioned for the CMA test.

Candidates must register for the exam parts within these months and can plan their exam dates directly. Moreover, it is recommended to schedule your exam at least four weeks before securing your preferred date and location.

Must Read: US Grading System

Final Thoughts

To conclude, the CMA full form(Certified Management Accountant) course by the IMA is very valuable in career. It is more than just adding letters to your title and unlocking a world of opportunities. The CMA of USA is proof of your expertise in management accounting, with a simple exam structure and an appealing salary. Through this certification, students prepare themselves for impactful roles in the world of corporate finance. Moreover, if you want to pursue a US CMA course then connect with our experts at Gradding.com for professional guidance on your journey.

FAQs

1 How do I become a CMA in the USA?

For becoming a CMA in the US, you must have a bachelor’s degree, two years of professional experience in financial management, and must pass both parts of the CMA exam

2 Can I join CMA USA course after the 12th?

You can start your journey on the CMA exam after completing your 12th grade, but achieving certification requires more than just studying. However, there is no mandatory educational conditions initially, obtaining a bachelor’s degree and justifiable experience is necessary to become certified.

3 Can CMA USA Compete With CMA India?

Students who want to pursue CMA in India or the United States will be provided with the necessary information and potential to succeed in the fields of financial accounting and strategic management. Thus, there are a number of ways where the two courses differ from one another.

4 Whose Pay Is Higher, CA OrCMA?

However, CA is seen as being a superior option in comparison of CMA. This includes, current financial conditions, job availability, scope, and skills, as well as opportunities. But as everyone is aware, time will change one day, and as a result, CMA's earning capability will be lower than CA's.