To become a Certified Management Accountant (CMA), you’ll first have to pass your CMA examination. You probably already know that the CMA exam will take a huge investment of your time, but you’ll also incur some costs along the way.
Exactly how much does the CMA exam cost?
In this guide, we’ll explore everything from IMA membership and application fees all the way to licensure and CPE compliance, and discuss every out-of-pocket cost you can expect on your CMA journey. Plus, we’ll even explain some other surprising costs you may not be expecting.
Let’s dig in!
Contents
Overview of CMA Eligibility Requirements
Before we look into the CMA eligibility requirements, let’s get one small definition out of the way:
What is a CMA certificate?
The Certified Management Accountant (CMA) certification is one of the few certifications offered by the Institute of Management Accountants (IMA).
Among other things, a CMA license will help you stand out from your peers, giving you an edge in the job market for corporate accounting roles and managerial positions.
However, the CMA designation is not for just anyone. There are some prerequisites must meet for certification. Let’s look into them.
CMA Education Requirements
The Educational prerequisites for the CMA is a minimum of a bachelor’s degree from an accredited university or college. An independent agency must evaluate any unaccredited degree.
Approved professional certifications must be accompanied by an official confirmation letter from the approved certifying organization.
All required educational documents must be in English and submitted in a PDF format, along with the candidate’s IMA membership number.
CMA Work Experience Requirements
The work experience requirement for the CMA exam is a minimum of two years of continuous professional experience. Experience must be in financial management and/or management accounting before or within 7 years of passing the CMA examination.
Teaching counts as professional experience if done full-time and at least 60% of the courses taught are beyond the introductory level. Therefore, a full-time teaching job should suffice.
Continuous part-time work experience can qualify as well, so long as the overall hours are approximately equal. Therefore, 2 years of part-time employment at 20 hours / week would satisfy 1 year of full-time work experience.
Experience will be considered on an individual basis. ICMA will verify information given on the job experience form at random.
Other requirements include:
- Have an active IMA membership
- Pay the CMA entrance fee
- Write and pass all of the CMA examination parts
- Comply with the IMA Statement of Ethical Professional Practice
4 Main CMA Exam License Fees and Costs
Now, let’s look at the various costs you’ll incur to become a CMA.
1) IMA Membership
The first set of costs you’ll incur on your way to becoming a CMA is paying your IMA membership dues. The Institute of Management Accountants (IMA) oversees the Certified Management Accountant certificate and helps ensure the integrity of the license.
Some benefits of becoming an IMA member include access to professional resources, tools, and networks that will enrich your career. When combined with the required coursework, it’s easy to see how there’s a lot you can gain from an IMA membership.
- The fees associated with IMA membership vary depending on which of 5 IMA membership types you choose from, which are: Professional
- Student (1 & 2 yr.)
- Academic
- Employer Program
Professional members:
This is the IMA’s highest membership tier, and ideal for experienced professionals. At this level you’ll have access to essential tools like myIMA Network, a Job Board, IMA’s online social network, IMA-sponsored research, etc.
Professional membership costs $275.
Student members:
This membership level is designed for aspiring accountants looking to gain a competitive edge against their piers.
As an IMA Student member, you’ll learn more about the role of accountants and financial managers in business. You can also research job opportunities, and enhance your résumé and professional network.
Student members also get considerable discounts on several IMA membership features.
You can choose between a one-year or two-year membership: 1-year student membership costs $45, while the two-year membership is $90.
Academic members:
For those in academia, IMA membership can be just as valuable.
The IMA equips academic professionals with the skills and resources they need to train the industry’s future leaders. You’ll have access to the ethical curriculum, webinars, case studies, mentor programs, research grants, and lots of other teaching resources.
Academic membership costs $150.
Employer program:
IMA membership makes sense for employers looking to develop their workforce and keep them on the cutting edge of the profession.
In addition, the CMA program can help you improve your team’s performance: Assess their abilities using the IMA’s Competency Framework.
Pricing for this membership tier is variable and depends on the size of your organization.
2) CMA exam entrance fees
The CMA exam includes up-front entrance fees that cover the administrative costs for your exams and eventual licensure. These one-time fees vary depending on your membership level, and must be paid before you register for any exam sections:
- Professional members – $280
- Students and academic members – $210
3) Individual CMA exam section costs
After your CMA exam entrance fees, you’ll also need to pay individual exam fees for both parts of the exam. Exam fees also vary depending on your membership level.
- Professional members – $460 per part
- Students and academic members – $345 per part
4) Cost of Your CMA Exam Course
Can you pass the CMA exam with your old textbooks from college? Maybe, but it’s really not advisable.
The CMA exam is designed to test over a dozen different concepts and skills that go beyond what’s covered in a few college textbooks.
Instead, you’ll need to invest in a comprehensive CMA exam prep course that’s tailored to the latest CMA content specifications and has a deep library of content and CMA exam practice questions to study with.
The cost of CMA exam prep courses vary, but you can save real money with our exclusive CMA course discounts.
Other Hidden CMA Exam Costs
Before taking on the CMA exam, be mindful of these other hidden costs:
Opportunity cost of your time spent
The CMA exam prep goes beyond asking questions like, “how much does it cost to get CMA certification?” “how much is the CMA test?” and “how much does it cost to take the CMA exam?”
Preparing for the CMA exam will be a significant investment of your time as well. Many people who prepare for this CMA examination find it takes around 12 months to study for CMA exam and about 150 hours per part, or 300 hours total.
Each person studies and learns differently, so you should expect your time commitment to vary, and don’t be surprised if it takes you a little bit longer.
Costs of failing an exam
Unfortunately, failing the CMA examination is one possible outcome you might face, and it’ll cost you time and money. Sure, you might save some time studying the second time around, but you’ll have to repay those costly exam fees.
However, failing one section of the exam won’t jeopardize your score on the other. For example, if you pass Part 2 but fail Part 1, you’ll only need to retake Part 1 until you pass.
Still looking at CMA prep courses? Look for one that offers a discount or an access-until-you-pass guarantee if you don’t pass the exam on your first try. That way you can save some money if you have to retake a section.
Ongoing CPE and compliance costs to maintain license
After getting your CMA, you’ll need to complete 30 hours of continuing education each year, two of which must be in the area of ethics.
If you passed the CMA exam but didn’t meet the work experience requirements, you still need to meet the CPE requirements and retain your IMA membership until the work experience requirement is met.
Many companies arrange free CPE for their employees, but often fall short of meeting the 30-hour requirement. It’s up to you to stay on top of things and maintain compliance.
Since CPE is supposed to be about professional growth, it should ideally include a mix of practical training and areas for growth. That while you can stay informed on the latest topics and trends that affect your specific accounting role while also encouraging growth in areas that interest you.
Bottom Line
As you can see, the CMA exam is not cheap. It gets even more expensive if you don’t take your CMA prep seriously and fail the exam multiple times.
Once you’re sure that you can make the commitment, the next step on your journey is applying to the IMA. Then, pick up a CMA course that will help you pass the exam efficiently and your first time through.
Best of luck on the exam!
