cma certification - michigan council-ima does cma certification benefit you? ... cma exam overview...
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Institute of Management Accountants (IMA)
Vision –The world’s leading association for management accounting and finance professionals
Building Your Career
• CMA Certification Program
• Professional Development Opportunities
• Networking & Leadership Opportunities
• Local Chapter Meetings
• Virtual Communities
• IMA Ethics Center and Ethics Helpline
Management Accountants – Who are we?
• Chief Accounting Officer/DaimlerChrysler• Chairman, a Hong Kong Bank• KPMG consulting partner• VP, Operational Excellence, Merck• Third in command at the FBI• VP, Investor Relations, Johnson & Johnson
Source: The Diverse Roles of Professional Accountants in Business,IFAC, New York, November 2004, Available at www.ifac.org.
• Act as trusted business advisors• Support business management and strategic
development• Provide accurate information for better decisions• Act as conscience of last resort• Work “hands on” to add value in organizations • Plan for the long-term
Source: The Diverse Roles of Professional Accountants in Business,IFAC, New York, November 2004, Available at www.ifac.org.
Management Accountants – What do we do?
IMA & the Profession
• Empower professionals inside organizations who create economic value
• Foster unique role as the ones responsible for “building quality in”
• Outside audit works best when the “inside” job is done correctly
• Ethical and responsible corporate governance must come from the “inside”
CMA – CPA Comparison
CMA:• Preparer/User of
accounting information• Concept based• “Inside” corporate
professionals• Higher quality, lower costs• Forward-looking• Player
CPA:• Auditor of accounting
information• Rule based• Public practice licensure• Attesting to the accuracy of
financial records• Historical• Referee
A CMA Professional Has…
• Demonstrated ability to work across the breadth and depth of the entire accounting process within organizations
• Proficiency in decision-making, planning, and control functions
• Agreed to maintain professional competence through annual continuing professional education
• Committed to a code of ethics
How Does CMA Certification Benefit You?
• Opportunity to assess and demonstrate capabilities and expand knowledge base
• Distinguishes you from your peers and increases credibility and productivity
• Recognition of achievement
• Expanded career options and greater earning potential – CMAs earn 27% more than professionals without
certification (IMA’s 18th Annual Salary Survey, June 2007)
Certification Benefits to the Company
• Identify motivated professionals for hiring, recognition, and advancement
• Higher level of service and increased credibility among clients
• Achieve and maintain a high level of knowledge, competence, and business understanding
Objective Validation of CMA Program
• CMA continues to be relevant to the on-the-job responsibilities of management accountants (IMA Job Analysis Study, 2006)
• Compared to U.S. CPA, CFA, CMA in Canada, CMA in U.K, and ACCA in U.K.
• Multi-national corporations are incorporating the CMA certification as part of their professional development programs for employees
• CMA program is “valid, reliable, rigorous, and fair”
2006 Job Analysis Study
• Periodic validation of content relevance as practice changes over time
• Survey determines current job tasks and skills required to perform these tasks
• Compare skills required to exam content• CMA continues to be relevant to practice• Minor changes to content likely implemented in
2008
Profile of a CMA Candidate
• 70% have a Bachelors Degree• 29% have a Masters Degree• 1% have a PhD• 6% are CPA’s• Average age: 34
Statistics
• More than 29,000 CMAs issued to date• Pass rates for the four parts of the exam
range between 50% to 60%• 50% of exams taken outside U.S.
CMAs – Who are we?
• CFO, Foundations Behavioral Health• CFO/Treasurer, First Savings Bank• Director of Finance & Accounting, Marriott International• Director of Technical Accounting & Reporting, Microsoft• Finance Manager, Habitat for Humanity• Financial Controller, Johnson & Johnson• Vice President of Finance, Southeast Corporate Federal
Credit Union
Making Certification Work
• Commitment by senior management to continuing professional development
• Support for review programs• Company support for CMA exam process• Tangible recognition for successful
completion
CMA Exam Overview
•Part 1: Business Analysis- 3 hours, 110 multiple choice questions
•Part 2: Management Accounting and Reporting- 4 hours, 140 multiple choice questions
•Part 3: Strategic Management- 3 hours, 110 multiple choice questions
These exams may be taken in any order but must all be passed before registering for Part 4
Certification Exam ContentsPart 1: Business Analysis
Global Business
20%
Quantitative Methods
15%
Business Economics
25%
Internal Controls
15%
Financial Statement Analysis
25%
Certification Exam ContentsPart 2: Management Accounting & Reporting
External Reporting
25%
Performance Measurement
20%
Cost Management
25%
Information Management
15%Budget
Preparation15%
Certification Exam ContentsPart 3: Strategic Management
Corporate Finance
25%
Decision Analysis
25%
Investment Decisions
20%
Strategic Marketing
15%
Strategic Planning
15%
Certification Exam ContentsPart 4 – Business Applications
• Must complete Parts 1, 2, and 3 first• 3 hours, 4-7 essays/problems• All content from Parts 1, 2, and 3 included• Plus: Ethics, Organization Management,
Organization Communication, and Behavioral Issues
• Computer-based but no immediate scoring
Becoming a CMA
• Member of IMA• Apply for admission into certification program• Register for certification exam• Fulfill educational credentials• Pass the certification exam• Satisfy the experience requirement• Comply with the IMA Statement of Ethical
Professional Practice• View IMA’s Webinar, “Navigating through the CMA
Program” at www.imanet.org/certification_started.asp
Fees
• IMA Dues $195 per year• $130 registration fee per exam part in U.S.• $165 per part overseas ($235 Japan)• $125 entrance fee
- College students exempt from this fee• $65 per part for college students• Dues $39 per year for college students
Education Requirement
• Bachelors degree• Certification equivalent to CMA
or• Score in top 50th percentile on GMAT or GRE
Experience Requirement
• 2 years in a management accounting or financial management position
or• 2 years in public accounting
or• 2 years in academia
Preparing for the CMA Exam
• Make a Personal Commitment to Self-study
• Sharpen Knowledge of Exam Topics
• Restore Test-taking Skills
• Take Self-administered or Instructor-guided Review Courses
Remaining a CMA
• Maintain IMA Membership
• Meet the Continuing Education
Requirement: 30 Hours/Year (Including 2
Hours in Ethics)
• Comply with the IMA Statement of Ethical
Professional Practice