Is a CMA worth it?

As an accounting professional, there’s no limit to your career potential. And earning additional credentials can open the door to new opportunities, increase your income, and advance your career in an area that interests you. 

Becoming a Certified Management Accountant (CMA) is just one of these paths toward advancement. But as with any credential, earning your CMA certification requires investment on your part. You’ll likely ask: is a CMA worth it? 

Learn more about what a CMA is, does, and how to become one to decide if this is the right path for you. 

What is a CMA certification? 

The CMA certification, governed and granted by the Institute of Management Accountants (IMA), qualifies you as an expert in management accounting. Earning your CMA proves your knowledge and skills in financial strategy, analytics, and risk mitigation, making you a highly valuable asset to any financial management team. 

Passing the CMA exam and earning this certification demonstrates that you can perform tasks like: 

• Construct budgets 
• Create and interpret variance analyses 
• Read and analyze financial statements 
• Analyze the business environment and plan according to market trends 

The CMA is not just about understanding accounting; it tests beyond accounting, into additional facets of business: management, production, marketing, finance, sales, and international operations. If you are or want to be a manager and have a greater role in planning and strategy or want to be responsible for other people, products, or processes, you are a great candidate for the CMA. 

Benefits of a CMA certification 

The CMA Exam tests a broad range of financial and business topics, pushing you to build your skills in financial and managerial accounting, cost accounting, finance, management concepts, information technology, leadership, and data analytics. Certifying this expertise grants you many CMA benefits, including:   

• Wider range of knowledge and skills 
• International recognition, jurisdiction, and job opportunities 
• Ability to take on more responsibility 
• Ability to specialize in your field 
• More competitive resume 
• Opportunities for career advancement, promotions, and pay raise 
• Career track toward leadership and high-level management positions 
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How to become a CMA 

The journey to earning your CMA certification can be summed up into these steps: 

1. Complete education requirements: You must have a bachelor’s degree or higher from an accredited college or university, or the equivalent professional certification. 
2. Complete experience requirements: You must show two consecutive years of professional experience in management accounting or financial management (not including internships or training positions). 
3. Join the IMA: You must have an active membership with the IMA to sit for the CMA Exam. 
4. Study for the exam: If you’re wondering how hard is the CMA Exam, remember that preparation is key for all professional credentials. But passing both parts of the exam is manageable and accessible. 
5. Start with a free 14-day trial of Becker CMA Exam review to explore our engaging lecture videos, practice exams, customizable study planner, and more resources that make it simple to prepare for exam day. 
6. Pass the exam!: Once you’ve successfully completed the CMA Exam, you’re ready to apply for your certification.  

It's important to note that you can pass the exam before completing education or experience requirements, or work on them concurrently. 

Cost of becoming a CMA 

Earning your CMA certification does require financial investment. And while the numbers may look daunting at first, they are minute when comparing a CMA vs. MBA, or other similar programs. 

Here is a summary of the associated costs of becoming a CMA: 

CMA salary 

CMAs earn on average 21% more than accounting professionals without the certification. In the US, the average annual base salary for CMA members of the IMA is $133,000.¹ 

CMA career paths  

CMAs can provide invaluable contributions to the financial leadership team within any organization, across industries, and even around the world. This means that earning your CMA certification opens endless doors for your career—whether you aim to stay within your current organization, branch into another industry, or even go international. 

Here are just a few examples of CMA career paths: 

• Corporate controller 
• Financial analyst 
• Financial management 
• Management accountant 
• Senior accountant 
• Financial risk manager 
• Chief Financial Officer (CFO)
   

So… is a CMA worth it? 

If you’re still wondering if a CMA is worth it, the answer really boils down to this: Do you want to grow a career in financial management? 

If the answer is, “Yes!”, it’s worth earning your CMA certification. You’ll gain vital knowledge and skills, open international opportunities, boost your resume, earn a higher salary, and equip yourself for higher management positions and continued career advancement. 

Take the first step toward becoming a CMA by learning all the essential details about the certification, how to earn it, and where it can take your career. Download our free CMA eBook to get started!