Is the CMA certification worth it?
I’m going to be honest with you: becoming a CMA takes dedication – dedication of your time and finances.
So are the cost and effort of meeting the Certified Management Accountant requirements worth it?
In my opinion, there are so many benefits of the CMA designation, many of which I have had the pleasure of enjoying throughout my career.
So let’s take a look at what makes earning your CMA so valuable, and why this could be a great career path for you!
Originally published Feb. 10, 2020, this article was updated and republished on November 3, 2022.
The 5 Direct Benefits of Becoming a CMA
Like any worthwhile investment, becoming a CMA is not easy. But it can benefit your professional life in a wide range of ways. Let’s discuss five ways the certificate provides value to accounting professionals.
Exam Secrets Cheat Sheet
Pass the CMA exam the first time using the exam secrets no one talks about, until today!
No worries, your information is safe with me. I hate spam too!
Becoming a CMA Increases Earning Potential
When considering a career path, it is totally understandable to consider your earning potential.
I often hear the same question “Does a CMA certification increase my salary?” When it comes to CMA salary, I think you will find it quite appealing in comparison to other accounting salaries.
According to the IMA’s CMA Salary Survey, CMAs earn 58% higher median total compensation than individuals without the CMA designation. The average CMA in America (of any age) earns $124,000 annually in total compensation.
Since the CMA designation is so versatile, several industries are looking for your expertise. You may be interested to know that some industries pay more than others.
For example, the highest median total compensation for a CMA is in the agriculture industry, where they earn a whopping $142,003. In comparison, the median total compensation for a CMA in a government position is $108,500. While both salaries are more than acceptable, it’s nice to know your options.
Below is a full breakdown of salary by industry for your perusing pleasure:
For a full dive into your earning potential across the globe, be sure to check out my post on CMA Salary.
Being a CMA Helps You Advance Your Career
If you ever wondered if a CMA certification helps in getting a job, the answer is a resounding ‘Yes!’
Job opportunities are plentiful when you earn your designation, so choosing your CMA career may be difficult! What a CMA brings to the job is needed across countless industries.
Here is a look at some of the most exciting CMA jobs globally:
If you thrive on planning and strategizing, then management accounting could be an exciting career path for you.
As a management accountant, you are responsible for budgeting, planning, and strategizing so that your company’s top managers and executives can focus on risk-assessed decisions about their financial future.
This position requires you to be an expert in accounting with high-level communication skills.
You can find management accountants in private or public businesses or within government agencies.
Do the microeconomic aspects of finance thrill you? If so, becoming a financial analyst may be right for you.
For starters, financial analysts can work in many industries, including a bank or an insurance company, or even a startup or global enterprise.
This role requires careful attention to detail so the analyst can assess the financial condition of a potential investment to make sure it is worthwhile.
Other daily job duties include advising businesses on how to issue corporate bonds or split stock, as well as perform financial research and analysis to provide information on the business’s profitability, stability, liquidity, and solvency.
Cost accountants are responsible for recording and analyzing each cost incurred by a business. In turn, they use this information to identify where the company is losing money unnecessarily and how to improve their financial management.
Typical job duties include preparing asset, liability, and capital account entries, documenting financial transactions, making financial recommendations based on the analysis of financial history.
This role is highly valued across several business models, so you could find yourself working in the retail sector, consulting firms, or directly within a business or corporation.
Accounting Managers develop and maintain accounting systems and procedures used by other accountants to collect and analyze data.
Some standard job duties for an accounting manager include overseeing daily operations, monitoring and analyzing data, creating financial statements and reports, as well as upholding strict accounting policies and principles.
In this role, you will oversee other accountants and would most likely work for a large company or organization where there are multiple accountants employed.
Senior accountants are more managerial than junior accountants, and tend not to perform administrative tasks. Instead, senior accountants are responsible for reporting cost margins, productivity, and expenditures within a company.
Your average day of work may include preparing month-end procedures, reconciling accountant balances, and maintaining a general ledger. Senior accountants often mentor junior staff as well and will likely be expected to lead accounting initiatives with other accounting teams and departments.
Did you know that I used to work full-time as a Corporate Controller while I was building my business?
Corporate controllers oversee a company’s financial and accounting functions, including everything from billing, accounts payable, accounts receivable, and budgeting.
Job duties include preparing the annual budget, preparing internal and external financial statements, assessing current accounting operations, as well as coordinating activities for external auditors.
Corporate controllers often oversee other accountants, so the skills and knowledge learned from earning your CMA is invaluable.
While the expertise of a controller can be utilized in any business, it is larger companies and organizations that tend to attract this position more.
Chief Financial Officer (CFO)
A Chief Financial Officer is one of the top positions you can rise to as a CMA in business. Becoming a CFO gets you a high-level executive role and the compensation to match.
CFOs are largely considered the right hand to CEOs because they oversee everything from financial reporting and forecasting to a company’s investments and financial business decisions.
Some of the most critical job duties performed by a CFO include tracking cash flow, analyzing their financial strengths and weaknesses, and proposing corrective actions.
You will need years of experience to develop the unique skills required to become a Chief Financial Officer, but earning your CMA will definitely put you on the right path.
Being a CMA Gives You More Credibility and Status
Any professional designation has the potential to level up your credibility in your professional network. But the CMA in particular is synonymous with excellence. That’s because achieving one requires dedication, focus, and motivation.
There’s a reason 88% of CMAs report feeling more confident and competent while completing high-level tasks: the process of obtaining one involves the demonstration of competency across a variety of topics.
This level of skill leads to improved networking and professional relationships, which can result in more growth and leadership opportunities.
Being a CMA Increases Your Financial and Accounting Skills
Approximately 80% of CMAs reported that their certificate enhanced their ability to work across all areas of a business. Many of the transferable skills they hone equip them to take on leadership roles in financial services and accounting departments.
But aside from this mobility, they also develop a more sophisticated understanding of finance and accounting skills. This is accomplished not only while they study for the CMA exam, but also when they complete their annual CPE hours.
The CMA Is the Most Global Management Accounting Certification
Professionals from all over the world benefit from becoming a CMA. According to the IMA’s Global Salary Survey, participants from all geographic regions involved in the survey reported significantly higher base salaries and total annual compensation rates.
So, while a bachelor’s degree or college certificate may not be valued equally in every country, the CMA is. That means the investment will pay off, no matter where your life takes you.
How the CMA Designation Can Land You a Job With the Big Four
Ernst and Young (EY), Deloitte, KPMG, and PricewaterhouseCoopers (PwC) are known as the Big Four amongst accounting professionals. These are the four largest professional services networks in the world.
Landing a job with one of the Big Four is a career goal of many, so how can the CMA designation help you secure a future with one of them?
CMAs have a leg up on their non-certified peers because the CMA teaches you how to make high-level management decisions – a fundamental quality sought after by the Big Four.
Many individuals holding senior management positions in strategic planning, accounting, and finance are CMAs, therefore making them a great asset.
Additionally, the Big Four are constantly on the hunt for accounting professionals who can demonstrate the qualities needed to fulfill roles such as:
- Risk Management Advisory ManagerAccounting & Reporting Transformation Senior Consultant
- Government & Public Sector Strategy Manager
- Risk Assurance Advisor (Manager)
- Risk Transformation Advisory Senior Manager
Fun fact — all of these roles are perfect for the unique skills learned as a CMA professional.
CMA Compared to Other Popular Accounting Certifications
One of the best ways to see if CMA certification is worth it is to compare its benefits against other popular designations, such as the CPA and CGMA.
CMA vs. CPA
You already know what a CMA is (an individual with unique financial accounting and strategic management skill set), but a Certified Public Accountant or CPA, is someone who is licensed to practice public accounting duties. CMAs tend to have a more strategic role, while CPAs are more into taxation, bookkeeping and audit.
If internal auditing sounds like an appealing job to you, it’s worth considering the CIA (Certified Internal Auditor) designation as well. Read our CMA vs CIA comparison.
CMA vs. CPA Requirements
Both CMA and CPA have several prerequisites you must fulfill in order to qualify for the designation.
In terms of the CMA education requirement, CMAs must have a bachelor’s degree in any field from an accredited university or college, or have a related professional certificate.
In addition to your education, you must obtain two consecutive years of CMA work experience in management accounting or financial management.
Even after you obtain your CMA certification, you will be required to complete 30 hours of Continuing Education every year.
To become a CPA, you must earn a 4-year bachelor’s degree in accounting and have at least 150 credit hours of additional coursework. While some requirements vary from state to state, all states require that CPAs pass the CPA exam and maintain 40 hours of Continuing Education per year.
Both designations require you to complete and pass an exam. The CMA exam is made up of two parts, both of which have 100 multiple-choice questions and an essay section with two essay scenarios.
The CPA exam, on the other hand, is a 4-part exam. All exams include a multiple-choice question section, but only three parts include task-based simulations. The exam part that does not have task-based simulations has a written communication task instead.
The CPA structure and format vary per part, but each part gives you 4 hours to complete everything.
CMA vs. CPA Salary
CMA and CPA salaries are relatively similar, but CPAs who obtain both make more. According to the most recent CMA Salary Survey conducted by the IMA, those holding their CMA certification earn $140,000 while those who only hold a CPA make $135,758.
CMAs in the US, on average, earn 30% more than their non-certified peers, whereas those holding both a CMA and CPA earn a median total annual compensation that is 49% higher than those without certifications.
If you take a look at the table below, you can see that CMAs consistently earn more than their CPA counterparts at nearly every age range.
CMA vs. CGMA
The Chartered Global Management Accountant certification (GCMA) is a direct competitor of the CMA. The CGMA is a collaboration of both the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), so you can earn this designation through either entity.
The Chartered Institute of Management Accountants (CIMA) pathway has many prerequisites similar to the CMA, but they do vary slightly. For example, CGMA candidates must fulfill 3 years of management accounting work experience, be a CIMA member, and pass 12 individual CIMA exams.
The American Institute of Chartered Public Accountants (AICPA) route is a much longer process because you must be a member as well as be an active CPA. This means you must have passed all 4 parts of the CPA exam and earned that certificate before acquiring 3 years of management accounting work experience and then passing the CGMA exam.
This route is ideal if you already have your CPA certificate and want to add the CMA designation to your resume, as well.
Below is a quick comparison of the exam essentials:
2 Parts - MCQ and Essay
1 Part - Case Study
4 hours - 3 hours for 100 Multiple Choice Questions and 1 hour for 2 essay questions
3 hours - 3 x 60-minute sections
January, February, May, June, September, October
February, May, August, November
$460 per part plus a one-time entrance fee that ranges from $210-280
Included in the annual membership fee.
Review Course Cost
$1,000 - $2,400 depending on provider
$4,395 and provided directly by CGMA
CMA continuing education - 30 hours CPE per year + IMA membership fee ($45 - $275)
Membership fee of $495 + annual dues to AICPA (for CPAs)
Cost of Becoming a CMA
As discussed earlier, becoming a CMA is an investment. Let’s discuss some of the costs associated with the process.
The Financial Investment
Several factors contribute to the cost of becoming a CMA.
For starters, the CMA exam itself. To sit for each part of the CMA exam, you will pay $460, unless you are a student or academic, in which case, each part costs $345.
The student/academic fee does not apply to graduates, even if you just recently graduated.
Entrants are also required to pay a one-time non-refundable CMA entrance fee. The price for students and academics is $210, while the professional member fee is $280.
Candidates must become IMA members to qualify for the certification, and there are varying membership fees:
- Professional – $275/year
- Student – $45/year
- Academic – $150/year
You will also want to invest in a high quality CMA review course to help you prepare for the exam.
The cost of review courses varies quite a bit and can be anywhere between $699 to $1,795 USD.
If you decide to self-study, textbooks and online cram courses can be as affordable as $59 a pop, but they do not offer the same quality of teaching experience.
Check out a full breakdown of my best CMA review.
The Time Investment
It goes without saying that you will invest quite a bit of time into becoming a CMA, so is the CMA certification worth it after all that?
Ultimately, you will be the judge, but in my opinion – it definitely is! Let’s take a brief look at the average time invested in becoming a CMA:
CMA candidates must earn a 3- or 4-year Bachelor’s degree, in addition to preparing and sitting for the CMA exam.
If you are dedicated and efficient, you can do the latter in as little as 8 months. To adequately prepare yourself for each part of the CMA exam, I highly recommend investing at least 200 hours per part. CMA Exam Academy offers an in-depth study plan that, when followed, takes 16 weeks per part.
You will also have to fulfill your work experience prerequisite, which is two consecutive years of management accounting experience. Note, you can earn your work experience as a part-time employee, but you must maintain at least 20 hrs of work per week, and it has to be completed within four years.
Many of these prerequisites can be accomplished in parallel. For example, you can earn valuable work experience while attending school or studying for the CMA exam. It just requires a higher level of time management and dedication.
So, Is the CMA Certification Worth It?
Here’s the deal: you will work hard and invest years in becoming a CMA, but the benefits and opportunity potential are well worth the effort.
By adding CMA to your resume, you will be opening yourself up to exciting career paths such as Management Accounting, Corporate Controller, Financial Analyst, and with enough years of experience, Chief Financial Officer.
The salary potential alone makes the CMA certification worth it. CMAs in America make the highest median total compensation of all regions, bringing in $124,000 annually.
The CMA designation will help you stand out in the industry. Your specialized skill set will make you an asset to large companies who need candidates with a strong understanding of planning and analysis. While artificial intelligence (AI) in accounting is changing the industry, the higher-level skills of a CMA will be more in demand than ever.
Finally, this certification is well worth it when you realize how in-demand you are. Companies are desperately seeking the knowledge and skills offered by CMAs, and the best part is we are in low supply, so now is the time.
Interested in learning how to become a CMA and turn your dreams into a reality?
Learn how CMA Exam Academy’s CMA review course can help you get one step closer to a fulfilling career in finance and accounting today!
Hi, I’m Nathan Liao (aka the CMA Coach)! In the past 8 years, over 37,000 CMA candidates came knocking at my door seeking guidance. And just like them, I’m here to show you how you can pass the CMA exam on your first attempt without wasting money or time. Click here to learn more about me and the awesome team behind CMA Exam Academy.
Is a CMA better than a CPA? ›
As far as differences go, it's pretty clear that the biggest difference between CMA vs CPA is the particular skills they possess. CMAs are more strategic and forward-thinking partners in business, while CPAs are mostly focused on taxation, auditing, and the day-to-day accounting activities.Do employers care about CMA? ›
This is because they have demonstrated a high level of competence and commitment to the profession. The Certified Management Accountant (CMA) designation is one of the most respected credentials in the accounting profession. CMAs are highly sought-after by employers and are well respected by their peers.What are the disadvantages of CMA? ›
Disadvantages of CMA
Toughest Competitive exam: CMA (USA) would have a difficult time competing with Chartered Accountants(ICAI), which offers a demanding Course on par with the CMA. Time Commitment: It will take a lot of time to become a CMA. Both educational and professional standards must be met.
CMA graduates are in high demand in India and abroad due to the wide range of CMA jobs available in the private and public sectors. Furthermore, Indian CMA salaries for graduates include some extra benefits and competitiveness, such as incentives and bonuses.What is CMA salary? ›
An Entry Level CMA with less than three years of experience earns an average salary of ₹7.6 Lakhs per year. A mid-career CMA with 4-9 years of experience earns an average salary of ₹14.7 Lakhs per year, while an experienced CMA with 10-20 years of experience earns an average salary of ₹5.9 Lakhs per year.Is it hard to pass CMA? ›
The CMA exam is very difficult and it will test your intellectual limits. The industry average CMA pass rate for both sections is only 45%, meaning less than half of the people taking the test will pass. The CMA exam is notorious for its rigor and difficulty, and if you want to pass, you need to prepare.Is the CMA exam hard? ›
The CMA exam sets the bar for mastery of these concepts high. As a result, the worldwide average pass rates for each part are fairly low, averaging only 43%. With pass rates rarely rising above 50%, the CMA exam has a reputation for being pretty tricky, and several specific factors contribute to its difficulty.What percentage of people pass the CMA exam? ›
What is the CMA exam pass rate? The CMA exam is administered in two parts that you must pass separately. According to IMA, the CMA exam pass rate averages 50% for both Parts 1 and 2.How much does the CMA exam cost? ›
How much does the CMA exam cost? The CMA exam costs between $850 and $1,350, depending on whether you're a student, professor, or professional. Keep in mind that there are additional expenses such as travel and review materials.What job will get after CMA? ›
Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors' enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal ...
Why is CMA less popular? ›
Every company is not required to get the cost audit done. Companies working on a very large scale are required to appoint cost auditors. Hence, the demand of CMA is very limited but it is expected that the demand will rise with the passage of time.Why do people fail CMA? ›
4 Most Common Reasons Why People Fail the CMA Exam
Insufficient study time. Inadequate study effort. Shallow understanding of exam concepts. Lack of time management.
How many times can I take the exam? Initial candidates for the CMA (AAMA) Exam are allowed three exam attempts. Candidates recertifying by exam are allowed three attempts. Each attempt will require a new exam application and fee.What is the highest paid CMA? ›
- 10th percentile – $29,070, or $13.98 per hour.
- 25th percentile – $30,200, or $14.52 per hour.
- 50th percentile (median) – $37,190, or $17.88 per hour.
- 75th percentile – $43,490, or $20.91 per hour.
- 90th percentile – $48,170, or $23.16 per hour.
Cost Management Accountant Salaries for Different Job Profiles.
|Job Role||Average CMA Salary|
|Senior Finance manager||₹20.48 Lacs|
|Chief Financial Officer||₹36.33 Lacs|
Some of the other CMA positions available at the Big 4 include: Risk Management Advisory Manager. Accounting & Reporting Transformation Senior Consultant.What's the most a CMA can make an hour? ›
While ZipRecruiter is seeing hourly wages as high as $27.40 and as low as $11.54, the majority of CMA wages currently range between $15.38 (25th percentile) to $18.03 (75th percentile) across the United States.What will be the salary of CMA in 2022? ›
The CMA salary in India ranges from Rs 3 lakhs to Rs 40 lakhs with an average salary of Rs 10 lakhs per annum (Rs 83000 per month). The annual salary is based on the 500 newly selected CMAs in the ICMAI campus placements in 2022.How many years does it take to complete CMA? ›
You're required to pass both CMA® (Certified Management Accountant) exam parts within three years, but you can pass (and start reaping the benefits) within one year with a dedicated study plan. Overestimating or underestimating how long it'll take you to prepare can negatively impact your studies.How many students pass CMA first attempt? ›
Well, Here is an answer to your question only 35% of the students pass the CMA exams on their first attempt. This happens because of multiple reasons like a busy work schedule, no guidance, outdated study materials, less dedicated study hours, and many others.
Is the CMA harder than CPA? ›
CPA vs CMA Exam Difficulty
Historically, the CMA exam has a slightly lower pass rate of around 45% for Part 1, Part 2 combined, compared to close to 50% for the combined CPA exam. Candidates for the CMA have three years to pass both parts of the exam.
The Certified Management Accountant (CMA) exam has, on average, a 50% pass rate globally. So, what happens if a candidate does not pass the exam on the first try? Candidates are allowed to retake either part of the two-part CMA exam but will have to pay the exam registration fee again.How do I pass CMA in first attempt? ›
- Learn Your Study Style. ...
- Don't Just Buy a Review Course – Use It. ...
- Give Your Brain a Break. ...
- Get a Study Buddy. ...
- Simulate the Exam Experience. ...
- Make the Multiple Choice Section Work For You. ...
- Dominate the Essay Section. ...
- Focus on Your Health.
Stay focused and study in concentrated 3-hour time intervals. Take a 1-hour break every three hours. Be sure to exercise – a healthy body is a healthy mind when it comes to these exams. Studying for three months, one hour a day is less effective than studying for one month at three hours a day from my experience.What's better CMA or RMA? ›
A CMA and an RMA perform the same duties and can apply for the same roles. The biggest difference is the educational background and training each require. Earning either credential may help you in your career or be a preference to employers.How many attempts are there for CMA exam? ›
1. How Many Exam attempts will be there in a year ? Ans : Every Year two attempts one is in June and one is in December.How many students pass CMA every year? ›
|Appeared for||Candidates appeared||Passed candidates|
|Group I only||18,351||3,762|
|Passed in either one of the group||7,767||841|
Part 1 or Part 2 examination of CMA USA can be taken in any order but you will only be qualified for the next one if you clear the first examination. Registration for an exam is valid only for one exam window, hence, you have to register again if you wish to appear again for the examination.
The answer is yes – you can self-study for the CMA exam.Can you self study for CMA exam? ›
You can prepare for the CMA exam in many ways: in a live classroom, in a virtual classroom, or on your own. You can select the method and materials that best match the way you like to study.
Do you get a calculator on the CMA exam? ›
Small battery- or solar-powered electronic calculators restricted to a maximum of six functions— addition, subtraction, multiplication, division, square root, and percentage—are allowed. The calculator must not be programmable and must not use any type of tape.How many years training for CMA 2022? ›
The Institute mandates 3 years of practical training for CMA students.Is CMA better than MBA? ›
CMA USA is an internationally recognized professional designation, while the MBA is an academic degree. Though both are desired career goals in the accounts field, CMA USA is focused on management accounting while an MBA in Finance covers a much broader scope of finance units.Which degree is better for CMA? ›
In order to become a CMA you must earn a Bachelor's Degree from an accredited university or college. You can also do so by getting a professional certification. CMA candidates often come from varying backgrounds, but the most common degrees include accounting, finance, economics, and general business.Is CMA worth in future? ›
You will find many more opportunities in big companies, especially among the Fortune 500. A sizable number of senior management in strategic planning, accounting, and finance are CMAs. These people want to help their fellow certificate holders and will be much more likely to hire you if they know you are also a CMA.Is CMA good for future? ›
Career Prospects after completing CMA
It will help you enhance your financial, accounting, and management skills that will expand your career potential and which will help you to stand out from the rest. Some of the job roles that you expect after completing CMA USA are: Finance Manager. Financial Analyst.
All you need is effective time management skills, an organized routine, and a step-by-step CMA exam prep course to see through the exam without sacrificing your day job. Once you decide how long to study for the CMA exam, you can implement a plan to make the most of your study time.Is CMA harder than MBA? ›
This, of course, depends on the MBA track and school, but earning your CMA certification is almost always faster than completing an MBA. You can even take the CMA Exam before finishing your undergraduate degree and then complete the certification process after you garner two years of experience in the field.Do CMA exams expire? ›
If both exam parts are not successfully completed within three years of paying the entrance fee, any passed part will expire and the entrance fee will need to be paid again. For more information on the CMA entrance fee, visit the CMA handbook.Can you pass CMA without essay? ›
Multiple-choice questions represent 75% of the score, and the essay questions cover 25%. A candidate must score at least 50% on the multiple-choice section to advance to the essay questions; but, you do not necessarily have to pass the essay sections to pass the CMA Exam.
Is CMA harder than CPA? ›
CPA vs CMA Exam Difficulty
Even so, the CMA exam has a slightly lower pass rate, at roughly 45% passing the two parts, collectively, while half (~50%) or better pass each section of the CPA exam. All CMA candidates have three years to pass both parts of the exam.
This can go up to nearly INR 80 Lakhs once you become a CFO of a company. The latest Global Salary Survey 2021, from IMA (Institute of Management Accountants) revealed that a median salary of a CMA professional is above 58% higher than non-CMAs and MBA.Is it worth doing CPA after CMA? ›
Now, the question arises of whether one can pursue CPA after CMA USA. Well, a candidate can apply for the CPA exam only if he fulfils the eligibility criteria as described above. A CPA CMA designation can add advantages to the accounting space and increase job opportunities in the market.Is CMA easy than CPA? ›
Yes, the CMA exam Part 1 is more difficult than the CPA exam. The core difference between CPA and CMA exams is that the comprehensive part of the CMA exam is considered harder. Rest CMA exam Part 2 and the CPA exam have around 30% – 40% of overlap in the course material.Is CMA the toughest exam? ›
The CMA exam is very difficult and it will test your intellectual limits. The industry average CMA pass rate for both sections is only 45%, meaning less than half of the people taking the test will pass. The CMA exam is notorious for its rigor and difficulty, and if you want to pass, you need to prepare.Is the CMA exam difficult? ›
The CMA exam sets the bar for mastery of these concepts high. As a result, the worldwide average pass rates for each part are fairly low, averaging only 43%. With pass rates rarely rising above 50%, the CMA exam has a reputation for being pretty tricky, and several specific factors contribute to its difficulty.