The CMA Certification: Everything Accountants Need to Know
The right credential can help you demonstrate your valuable skills and advance your career. If you currently work in cost or management accounting and aspire to a role focusing on strategy, risk management, and forecasting, obtaining your Certified Management Accountant (CMA) certification can unlock these opportunities. To help you decide whether earning your CMA certification is the right step, we are detailing everything you need to know, from understanding what the credential is and how to earn it to the benefits and challenges that you may experience.
What Is a Certified Management Accountant?
A Certified Management Accountant (CMA) is an accounting professional who holds a globally recognized credential awarded by the Institute of Management Accountants. This credential demonstrates advanced expertise in the areas of management accounting, including financial planning, analysis, control, decision support, and professional ethics. Earning this certification shows employers that you have the strategic knowledge and leadership skills to make high-impact financial decisions.
Certified Management Accountants (CMAs) are more than just number crunchers—they are strategic decision-makers who interpret financial data, guide business strategy, and drive organizational performance. The CMA credential demonstrates your ability to manage budgets, assess risks, and advise on investments, showing employers that you have the expertise and leadership skills to make impactful financial decisions. Unlike traditional accountants, who focus on compliance and external reporting, CMAs use financial information to inform strategy, reduce risk, and foster business growth. Earning the CMA certification proves you possess the advanced knowledge necessary to contribute to long-term success.
What Is the IMA?
The Institute of Management Accountants (IMA) is the governing body that awards the CMA Certification and sets the professional standards, ethics, and exam requirements for candidates. They are also a leading worldwide association of accountants and financial professionals in business with a membership of around 140,000 professionals in 150 countries.
What Does a CMA Do?
Certified Management Accountants (CMAs) are financial experts who go beyond compliance and reporting to drive business strategy and performance. By interpreting financial data, managing budgets, evaluating risk, and advising corporate leaders on investments, CMAs play a crucial role in shaping organizational decisions.
Their responsibilities include forecasting financial outcomes, identifying cost-saving opportunities, and ensuring resources are used efficiently to meet strategic goals. CMAs also bridge communication between finance and other departments, helping align financial strategies with broader business objectives. As trusted advisors, they guide executives on major investments and growth initiatives, making CMAs indispensable partners for achieving sustainable success and navigating complex financial challenges.
Learn more about what CMAs do
Careers for CMAs
Becoming a Certified Management Accountant can support your career at every stage by showing you have the expertise to excel in a diverse range of professional roles. CMAs often work with executives and leaders within the organization to make key choices for a company's finances. Career paths for a CMA include:
- Managerial accountant or cost accountant
- Financial analyst
- Risk manager
- Controller
- Chief Financial Officer (CFO)
Learn more about the top careers for CMAs
What Skills Does a CMA Need?
Succeeding as a Certified Management Accountant requires analytical and leadership skills that cannot be automated as this role requires working closely with organizational leaders to make major financial decisions. The core competencies include:
- Financial analysis, including forecasting, evaluating risks, and capital budgeting
- Cost accounting knowledge, such as determining cost standards and creating accurate budgets
- Effective written and verbal communication to relay findings to both accountants and non-accountants
- Risk management expertise
- Leadership and mentoring skills.
Learn more about CMA skills
How to Become a CMA?
To become a Certified Management Accountant, you must meet specific education and experience requirements set by the IMA, pass a rigorous two-part exam, and maintain active professional membership.
IMA Membership
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.
Professional Experience
You must complete two continuous years of relevant professional experience in management accounting or financial management either prior to, or within seven year,s of passing the exam. Relevant experience includes preparing financial statements, forecasting, cost accounting, and managing budgets.
Education
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
CMA Exam
The CMA Exam is divided into two parts: Part 1 (Financial Planning, Performance, and Analytics) and Part 2 (Strategic Financial Management). Each part is a four-hour test consisting of 100 multiple-choice questions and two essay or case-based questions. You must pass both parts to receive your credential.
Learn more about the CMA Exam Requirements
Is It Hard to Become a Certified Management Accountant?
Yes, becoming a Certified Management Accountant is difficult and requires significant dedication to meet the professional requirements.
What makes the process difficult?
- Rigorous exam content: Both parts of the CMA Exam covers six complex topics (12 total) ranging from financial planning and analysis to strategic financial management.
- Time commitment: Candidates must balance intensive study schedules with their existing professional and personal commitments.
- Experience requirement: In addition to passing the exam, you must also fulfill a two-year professional experience requirement in management accounting or financial management.
However, this rigorous process is what makes the CMA certification a highly respected and valuable credential in the accounting and finance industry.
How Long Does It Take to Become a CMA?
Passing both parts of the CMA Exam typically takes around 12 to 18 months of dedicated study. Candidates generally require about 170 hours of study time for Part 1 and 130 hours for Part 2. From the time you register for the Exam, you have three years to complete it.
Learn more about how long it takes to become a CMA
How Much Does It Cost?
For most professional candidates, the cost to become a CMA is around $1,685. This total includes the IMA membership fee, the CMA program entrance fee, and the exam registration fees for both parts. Discounts are often available for students and academics.
Learn more about how much it costs to become a CMA
CMA Exam Pass Rates
As we mentioned, the CMA Exam is challenging, and the pass rates reflect that. According to the IMA, the global pass rates typically hover around 45% to 50% for both parts. Because the exam is difficult, partnering with a comprehensive exam prep provider like Becker is highly recommended to ensure you understand the material and feel confident on Exam Day.
What Are the Benefits to Becoming a CMA?
Earning your CMA certification provides a strategic career boost, offering increased earning potential, greater job security, and global recognition in the finance and accounting industry.
Salary
CMAs command significantly higher salaries. According to a 2023 IMA study, CMAs in the United States earn an average salary of $136,150, with total compensation averaging over $160,000 annually. In contrast, non-CMAs reported an average total compensation of just $121,900.
Learn more about CMA salary insights
Career Trajectory
The CMA certification equips you to pivot into leadership positions. CMAs are trusted advisors in corporate finance, regularly taking on executive roles like financial controller, director of finance, and CFO. This credential helps future-proof your career against automation by emphasizing strategic, high-level advisory skills.
Proven Competency
Holding a CMA certification is a mark of distinction. It provides proven competency in cost analysis, compliance, and risk mitigation. It signals to employers worldwide that you possess the advanced financial management skills required to guide their organization forward.
Learn more about the benefits of CMA certification
How to Maintain a CMA Certification?
To maintain your CMA certification, you must comply with the IMA’s Statement of Ethical Professional Practice, complete annual continuing professional education requirements, and keep your professional membership active.
Maintaining IMA Membership
You must pay your annual IMA membership dues to keep your CMA credential active and valid. Maintaining this membership ensures you continue to receive global recognition and access to professional development tools.
CPE Requirements
To keep your designation, you must meet the CMA Continuing Professional Education (CPE) requirements. This involves completing 30 hours of CPE annually, which must include at least two hours focused on professional ethics.
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Frequently Asked Questions
Can I pursue the CMA Certification if I already have my CPA license?
Yes, many CPAs pursue a CMA certification to expand their expertise. While a CPA focuses on public accounting and tax, adding a CMA allows you to pivot toward corporate finance, internal strategy, and leadership roles.
Learn more about having a CPA and CMA certification
Do I need to complete the experience requirement before taking the CMA Exam?
No, you do not need to complete your two years of professional experience before sitting for the exam. You have up to seven years after passing both parts of the CMA Exam to fulfill the work experience requirement.
Do I need a degree before taking the CMA exam?
No, you do not need to finish your degree to sit for the test. You can take the CMA exam while you are still a college student. Keep in mind that you must submit proof of your bachelor's degree within seven years of passing the exam to receive your official certificate.
What is tested on the CMA Exam?
Part 1: Financial Planning, Performance, and Analytics:
- Planning, budgeting and finance
- Performance management
- External financial reporting decisions
- Cost management:
- Internal controls
- Technology and analytics
Part 2: Strategic Financial Management
- Decision analysis
- Financial statement analysis
- Corporate finance
- Professional ethics
- Risk management
- Investment decisions
Learn more about the CMA Exam
How long is the CMA Exam?
You’ll have four hours to complete a CMA Exam part, which consists of 100 multiple-choice questions and two essay questions. Beginning in the May/June 2026 testing window, the CMA Exam will offer the
When can I sit for the CMA Exam?
There are three testing windows through the year:
- January 1 through February 28
- May 1 through June 30
- September 1 through October 31
What are case-based questions on the CMA Exam?
Case-based questions (CBQs) present a short case study and then ask you six to seven practical application questions in formats like numerical entry and drag-and-drop to provide faster scoring and improved accessibility.
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 $1,685 for professionals, $1,199 for academics and instructors, and $1,088 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.