CMA certification: where do I begin, and what should I expect?

Annual Salary Survey, accountants who are certified earn 25% more than those who aren't. So where does your road to the CMA begin?

If you're anything like us, two questions immediately spring to mind when researching the process of becoming a CMA: Where do I begin, and what should I expect? If that sounds familiar, this article is for you! Our goal is to present a clear picture of what each applicant can expect before, during, and after the exam and to update you on the changes in the CMA certification process.

Where Do I Begin?

The first step in taking the CMA exam is to become a member of the Institute of Management Accountants (IMA[R]). As of this writing, membership dues are $195 per year for regular members, $130 for young professionals (age 32 and under), and $39 for students taking at least six hours per semester. There is also a $15 registration fee (waived for students). Many companies will pay at least part of your annual dues through their continuing education or tuition reimbursement programs, so don't be afraid to ask.

Additionally, an exam entrance fee of $200 for regular members and $75 for student members is required prior to taking the exam. The fee allows access to numerous exam support materials and resources, including use of the CMA Assessment Tool for six months, three Advanced Exam Performance Reports, four books of sample questions and answers, retired exam questions for all four parts of the exam, electronic access to the CMA Resource Guide, a final score report, access to peer-to-peer networking, and maintenance of your CPE records. This entrance fee is nonrefundable and valid for four years. If you haven't passed all four parts of the exam after four years, you must pay the fee again. This fee may be paid in conjunction with your IMA membership application.

When you're ready to sit for an exam part, you must complete the registration form at www.imanet.org/certification_taking_registration.asp. This form must be completed each time you plan to sit for an exam section. The cost is $190 for each registration ($95 for students). After completing the form, you will receive an acknowledgement of receipt, an authorization number for each part you have registered to take, the authorization period in which you must sit for the exam, and instructions for scheduling your testing time at a Prometric Testing Center. It's the applicant's responsibility to schedule the exam within the authorization period. To encourage finance and accounting professionals with other accounting certifications to obtain the CMA, Part 1 of the CMA exam is waived for applicants who possess other professional accounting certifications, such as a CPA. The full list of certifications eligible for the waiver can be found at www.imanet.org/pdf/2649.pdf. A waiver fee of $190 and verification of your certification are required. Additional details about registration, qualification, the application process, the testing requirements, and the exam itself can be found at www.imanet.org/pdf/Handbook.pdf and in the applicant checklist at www.imanet.org/certification_started_checklist.asp.

How Do I Study?

Study options include attending a classroom/group course or purchasing study materials and working on your own. You must be honest about which format will work best for you. If you're a disciplined, self-motivated individual, then the self-study method may be preferable. If you need a little push to stay on course or would benefit from face-to-face interaction, then classroom/group study may be the best solution.

There are several different CMA self-study systems to choose from. A list of providers can be found at www.imanet.org/certification_preparation_study_self.asp.You may want to review the providers' websites to determine the best fit for your study needs and budget.

Several universities and colleges across the United States also offer review courses through their continuing professional studies programs. These courses are approximately eight weeks in length for each exam part. When you register for the exam, you'll receive a notice from IMA if there are any upcoming live review courses in your local area.