CMA Certification basics: What is a CMA in accounting?
Explore how CMA certification can elevate your accounting and finance career
The right credential can help you demonstrate your valuable skills and advance your career. If you currently work in cost or management accounting, aspire to a role focusing on strategy, risk management, and forecasting, or aim for a leadership position, obtaining your CMA certification can unlock these opportunities.
To help you decide if becoming a Certified Management Accountant is the right step, we are detailing what you need to know to get started, including how to become a CMA, career paths, income information, and more.
Table of contents
- What is a Certified Management Accountant?
- How to become a Certified Management Accountant
- Should you become a CMA?
What is a Certified Management Accountant?
A Certified Management Accountant (CMA) is a globally recognized professional credential awarded by the Institute of Management Accountants (IMA). Having this credential signifies advanced expertise in financial planning, analysis, control, decision support, and professional ethics—skills that are essential for strategic roles in today’s business environment.
CMAs aren’t just number crunchers—they are decision-makers who interpret financial data, guide business strategy, and help organizations drive performance. If your role involves managing budgets, evaluating risk, or advising on investments, or you want to take on these responsibilities, the CMA credential shows employers that you have the knowledge and leadership skills to make high-impact financial decisions.
Why should you earn a CMA certification?
Earning the CMA certification is more than meeting a professional milestone or boosting your resume—it’s a strategic investment in your future. As we mentioned above, if you're looking to advance in your current role or pivot into a leadership position, the CMA equips you with the skills and credibility needed to stand out from your peers and excel in your role.
CPAs often pursue a CMA certification on top of their license as it opens up more opportunities and allows them to pivot their careers towards financial management, strategy, and leadership roles. Consider these benefits of being a Certified Management Accountant:
More leadership opportunities
CMAs are trusted advisors in corporate finance. They lead teams, shape strategy, and influence high-level decisions. The certification validates your expertise in: • Financial planning and analysis • Risk evaluation and mitigation • Budgeting and forecasting • Cost analysis and compliance These are necessary competencies in executive positions, such as financial controller, director of finance, and CFO.
Boost your earning potential
According to an IMA study completed in 20231, CMAs in the United States have an average salary of 136,150, with total compensation averaging over $160,000 annually while non-CMAs reported an average salary of 109,011 and a total compensation average of $121,900 The same study showed that globally, CMAs report a 21% higher compensation value than those without a CMA.
Secure your career for the future
As automation and AI reshape the accounting profession, Certified Management Accountants are uniquely positioned to thrive in their careers. To earn the certification requires skills that can’t be automated, like strategic thinking, interpreting data, and making informed decisions. he certification emphasizes strategic thinking, data interpretation, and decision-making—skills that can’t be automated. CMAs are increasingly involved in ESG reporting, digital transformation, and global expansion initiatives.
Gain global recognition
The CMA certification is a globally recognized and respected credential, with over 100,000 professionals certified across 150+ countries. Whether you’re aiming to work abroad or with multinational firms, becoming a CMA opens doors worldwide.
Gain prestige and credibility
This credential demonstrates your commitment to the profession and shows that you want to go above and beyond financial and management accounting into more strategic, decision-making roles. It’s a mark of distinction that sets you apart from other accounting professionals and signals to employers that you’re ready for the next level.
How to earn a CMA certification
To become a Certified Management Accountant, you’ll need to meet the specific requirements set by the IMA related to education, passing an exam, ethics, experience, and even joining the IMA.
Meet the Education Requirements
To qualify for the CMA certification, you must hold a bachelor’s degree from an accredited college or university, or a related professional certification approved by the IMA, such as:
- Chartered Financial Analyst (CFA®)
- Certified Internal Auditor® (CIA®)
- Certified Fraud Examiner (CFE)
- Certified Treasury Professional (CTP)
If your degree is from a non-accredited institution or international university, you will need to have it evaluated by an approved credential evaluation service
Become an IMA Member
All CMA candidates must be active members of the Institute of Management Accountants (IMA). Membership provides access to exclusive resources, networking opportunities, special discounts, and professional development tools.
Enroll in the CMA Program
Once you’re an IMA member, you must pay an entrance fee to enroll in the CMA certification program. The enrollment is good for three years and includes access to the CMA support package, performance feedback, and credential review.
Pass the CMA Exam
The CMA Exam is divided into two parts. Each part is a four-hour test with 100 multiple-choice questions and two 30-minute essay scenarios. You must pass both parts of the exam to receive your CMA certification.
Fulfill the Work Experience Requirement
You must complete two continuous years of relevant professional experience in management accounting or financial management within seven years after passing the exam. Some examples of relevant experience includes employing skills such as:
- Preparing financial statements
- Financial planning and analysis
- Closing the month, quarter, and year
- Preparing and reporting budgets
- Forecasting
- Cost accounting and analysis
Comply with Ethical Standards
All CMA candidates must agree to abide by the IMA’s Statement of Ethical Professional Practice, which emphasizes integrity, objectivity, and professional competence.
The CMA certification exam
The CMA is a comprehensive exam that tests your knowledge across 12 competencies divided between the two parts of the exam. Part 1 focuses on Financial Planning, Performance and Analytics and covers topics like:
- External financial reporting decisions
- Planning, budgeting and forecasting
- Performance management
- Cost management
- Internal controls
- Technology and analytics
Part 2 focuses on Strategic Financial Management and includes:
- Financial statement analysis
- Corporate finance
- Decision analysis
- Risk management
- Investment decisions
- Professional ethics
As mentioned above, each part consists of 100 multiple-choice questions and two essay questions. Multiple-choice questions account for 75% of your CMA Exam score, while essay questions account for the other 25%. You must answer at least 50% of your multiple-choice questions correctly to then move onto the essay questions.
To be fully prepared, the IMA finds candidates require about 170 hours of study time for Part 1 and 130 hours of study time for Part 2. However, your experience, existing knowledge, and other factors may mean you’ll need more or less study time and you should focus on ensuring you know the material, rather than how many hours you log.
Maintaining your CMA certification
To keep your designation, you need to meet the CMA CPE requirements, including completing 30 hours of continuing professional education (CPE) annually as well as maintain your membership in IMA.
Career paths for Certified Management Accountants
Becoming a Certified Management Accountant shows that you have the expertise and skills to excel in a diverse range of professional roles. CMAs are often prepared for leadership roles and work with upper-level management staff to make key choices for the company's finances. The most common roles for a CMA include:
- Financial analyst or senior financial analyst
- Cost accountant
- Managerial accountant
- Controller
- Corporate accountant
- Chief Financial Officer (CFO)
Frequently asked questions about CMA certification
How long does it take to become a CMA?
Not including the education and professional experience requirements, passing both parts of the CMA Exam typically takes around 12 to 18 months. However, from the time you register for the Exam, you have three years to earn your CMA certification, or else you will have to re-register and pay the fee again.
How much does it cost to become a CMA?
For most candidates, the cost to become a CMA is around $1,585 for professionals, $1,125 for academics and instructors, and $1,014 for students. This includes the IMA membership fee, CMA entrance fee, and the exam fee.
Is the CMA certification worth it?
Yes, in addition to CMAs having higher salaries on average than non-credentialed people in similar roles, CMAs also have greater upward mobility in their careers due to having valuable skills in financial strategy, risk management, forecasting, and more.
How does a CMA certification compare to a CPA license?
While a CPA license focuses on public accounting, auditing, taxation, and regulatory compliance, a CMA certification emphasizes strategic financial management, planning, analysis, and decision support. If you want to work in public accounting, especially in tax or audit, a CPA license credential is valuable. If you want to focus more on corporate finance and leadership roles, consider a CMA certification. You don’t need to choose one over the other though. Instead of choosing CPA vs CMA, consider how having both credentials can support your career and provide more options.