Certified Management Accountant Certification Essay

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Updated: Feb 21st, 2024

Experience Qualification Requirement

Certified Management Accountant (CMA) is a certificate issued by the Institute of Management Accountant (IMA), which indicates that its holder has experience in financial accounting and strategic business management (Weygandt, Kimmel, & Kieso, 2015). It is a professional-level qualification, which allows individuals to work in different industries. The experience and qualification requirements for CMA are given in the following.

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  • Minimum two-year continuous professional experience in financial or management accounting.
  • Professional experience of two years when at least 60 percent of the course is classroom-based.
  • Full-time employment is necessary for two years. However, part-time employment is acceptable only if an individual has held the position for at least 20 hours per week.

CMA does not require work experience in a specific industry. Therefore, applicants can work in the financial or management accounting function of any organization. Moreover, an individual is eligible for CMA if he/she knows basic accounting principles and concepts (Holtzman, 2013). The qualification requirements also include skills for preparing financial statements, budget preparation, forecasting, investment decision making, costing, financial analysis with planning, internal and external auditing, and managing accounting and financial records, etc.

There is a requirement for practical experience in any field related to accounting. The most common fields of accounting are sales and marketing, engineering, financial management, and manufacturing, etc. The main reason for the practical experience requirement is to ensure that the employee has sufficient experience to deal with a critical situation in the future. The experience requirement is necessary for applying for the CMA course. The requirement of further professional education is for obtaining the certificate.

Continuing Education Requirement

The continuing education requirement is also significant for the CMA certificate. Continuing education is mandatory to obtain the membership of IMA (Weygandt et al., 2015). The most important requirement is that the student should be a current member of IMA when he/she applies for the certificate. The time requirements for this course are described below.

  • There is a need to complete at least 30 hours of continuing education in a year.
  • Out of 30 hours of continuing education, two hours must be allocated to ethics.
  • The credits are provided to students related to the specialization in the field of financial accounting or management accounting.

IMA grants credit to students through credit programs sponsored by employers, business organizations, trade associations, and education organizations. The different forms of programs are courses, workshops, technical meetings, online courses, and self-study packages (Holtzman, 2013).

The education qualification to apply for CMA is to have a bachelor’s degree from an accredited college or university. Moreover, various accounting and finance-related professional certifications are also allowed for this course. The verification of these qualifications is essential for applying for a CMA certificate (Weygandt et al., 2015). Furthermore, it is necessary to submit documents for verification to IMA within seven years of the completion of the CMA examination. Moreover, all documents should be submitted in their English version, and the identification of the IMA number in the application is mandatory to apply for the certificate.

Relevant work experience and academic qualification are mandatory to apply for a CMA certificate, but there are other requirements, including active membership of IMA and payment of the entrance fee to IMA for the certificate, which is required before the exam. All candidates are required to complete the program within three years from the date of registering.

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References

Holtzman, M. P. (2013). Managerial accounting for dummies. Hoboken, NJ: John Wiley & Sons.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Financial & managerial accounting (2nd ed.). Hoboken, NJ: John Wiley & Sons.

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IvyPanda. (2024) 'Certified Management Accountant Certification'. 21 February.

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IvyPanda. 2024. "Certified Management Accountant Certification." February 21, 2024. https://ivypanda.com/essays/certified-management-accountant-certification/.

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