What is a CMA ? - Giggle & Bytes

What is a CMA ?

The Certified Management Accountant (CMA) certification is a professional designation awarded by the Institute of Management Accountants (IMA) that signifies expertise in accounting and finance, strategic thinking, and business analysis. CMAs are equipped to work in high-level accounting and business leadership roles, making them valuable assets in the corporate world. To become a CMA, individuals must pass the CMA exam and fulfill specific work requirements.

CMAs are known for their proficiency in financial planning, analysis, control, decision support, and professional ethics. They play crucial roles in financial management, strategic decision-making, and as strategic business partners within organizations. The certification is globally recognized and opens doors to various career opportunities, including positions like CFO, Treasurer, Controller, Finance Manager, Budget Analyst, and more.

Earning a CMA certification involves meeting certain requirements such as an active IMA membership, enrolling in the CMA program, having a bachelor’s degree or approved professional certification, two years of professional experience in management accounting or financial management, and passing both parts of the CMA Exam.
The examination comprises two sections: Part 1 of the exam delves into Financial Planning, Performance, and Analytics, whereas Part 2 focuses on the intricacies of Strategic Financial Management.
Financially, pursuing a CMA certification incurs costs like IMA membership fees and exam expenses. However, the potential increase in earning potential and career growth opportunities make it a worthwhile investment for many professionals. On average, CMAs earn significantly higher salaries compared to non-certified accountants.

The passing score for the Certified Management Accountant (CMA) exam is 360 out of a possible 500 points. Candidates must achieve a minimum score of 360 to pass both parts of the exam, which consists of multiple-choice questions and essay questions. The multiple-choice questions account for 75% of the total score, while the essay questions make up the remaining 25%. To advance to the essay section, candidates must score at least 50% on the multiple-choice questions .It’s important to note that the scoring system for the CMA exam is scaled, meaning that the difficulty of the questions impacts the final score. The scaled scoring process ensures fairness across different versions of the exam and adjusts scores based on question difficulty. Therefore, achieving a raw score of 360 does not necessarily equate to answering 72% of the questions correctly due to the scaling process.