How to become Certified Management Accountant:

Another series will describe Financial Certifications starting with CMA. Certified Management Accountants are main advisors in the company when strategic financial decisions, based on a company’s financial situation, need to be made. In the accounting certification world many certificates are partially related to decision making based on accounting analysis – but one that is strictly focused on that topic is the Certified Management Accountant. Accounting Certification CMA is globally recognized and might be an important asset when applying for finance jobs. The knowledge acquired through the CMA covers many financial areas such as accounting, taxation, ethics, cost accounting, financial analysis, planning and managerial part. Accounting Certification CMA has been certified by the US based Institute of Management Accountants since 1972, up till now it has had almost 70k of participants.

Requirements:

Candidate must meet requirements to be certified, these are as follows: A bachelor degree from a confirmed university or collage and two years of professional experience in a finance job from the list:

• Preparation of financial statements
• Financial planning and analysis
• Monthly, quarterly and year end close
• Auditing (external or internal)
• Budget preparation and reporting
• Manage general ledger and balance sheets
• Forecasting
• Company investment decision making
• Costing analysis
• Risk evaluation

CMA exam structure:

Every exam is divided into two parts: descriptive questions and an essay. Candidates have 3 hours to complete questions in part one and one hour to prepare an essay for the exam topic. The average worldwide exam pass rate oscillates around 35% for first part and 45% for the second.

Part One: Financial Reporting, Planning, Performance, and Control

• 15% External Financial Reporting Decisions
• 30% Planning, Budgeting, and Forecasting
• 20% Performance Management
• 20% Cost Management
• 15% Internal Controls

Part Two: Financial Decision Making

• 25% Financial Statement Analysis
• 20% Corporate Finance
• 20% Decision Analysis
• 10% Risk Management
• 15% Investment Decisions
• 10% Professional Ethics

If you are junior accountant and want to develop in managerial accounting – this Accounting Certificate will be best for you. Good luck!

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