Certified Management Accountant is a professional certification credential in the management accounting and financial management fields.
And in this post we will be sharing the CMA Certification cost and CMA Entrance Fee, we will also go through the IMA membership types and which membership type is the best for you.
CMA Certification cost (CMA exam fees)
When you plan on taking the CMA exam, you need to take the CMA exam cost into consideration and whether there are annual fee for the membership or no and when are the testing windows to take the exam.
There has been an update lately for the CMA exam fees and for the IMA membership fee on the 1st of March 2022 but we will be sharing the CMA exam fees after the latest update.
Becoming a CMA
Starting your CMA certification journey you need to have an IMA membership in order to take the CMA exam, so what you need to pay for in order to participate in the CMA exam are the following:
- IMA Membership Fee
- CMA Entrance Fee
- Exam Fee
1- IMA Membership Fees
Let’s start with the IMA Membership fees:
there are three types of the IMA Membership
- Professional Membership 260$
- Academic Membership 135$
- Student Membership 45$
* There is a one-time processing fee of $15 for new Professional and Academic members.
Professional Membership
IMA provides cutting-edge resources to help you stand out in the crowd, broaden your knowledge base, sharpen your skills, and become a true strategic partner in your organization. You will be able to connect to valuable resources such as myIMA Network, our own online social network, IMA-sponsored research, a Job Board, and much more.
Academic membership
IMA provides academic professionals with the tools and resources they need to develop the industry’s future leaders. As an Academic Member, you will have access to our ethics curriculum, case studies, webinars, research grants, mentor program, and many other teaching resources.
Student Membership
IMA can help students open the door to a dynamic career. As an IMA Student member, you can learn about the role of accountants and financial managers in business, explore your career options, and build your résumé and professional network. We offer Student members access to many IMA membership benefits at significantly reduced rates. You can choose from a one-year membership or a two-year membership.
CMA Entrance Fee
And now after you become an IMA Member its time to pay the CMA entrance fee and the fees differ depending on your IMA Membership type:
- For Professional Membership the price will be 280$
- For Student/Academic Membership the price will be 210$
Exam Fees
Now it’s time to talk about the CMA exam fees, the CMA exam has two parts and you pay for each part separately, the cost for the CMA exam part differs depending on your IMA Membership type:
- For Professional Membership the price will be 460$ per part of the CMA
- For Student/Academic Membership the price will be 345$ per part of the CMA
CMA Annual Fees
CMA has an Annual fee you need to pay and this fee applies to certification holders only and includes your annual IMA membership fee.
In order to keep your CMA active, you have to pay this fee but if your country doesn’t really care about the membership being active then you can save some money and keep it inactive.
The annual fee also differs depending on your IMA Membership type:
- CMA annual fee – Professional 290$
- CMA annual fee – Academic 165$
- CMA annual fee – Student 75$
CMA Exam Review
When it comes to choosing the CMA Review Course you need to find the CMA review course that suits you and your study style.
What study material do you need to pass your CMA exam? Stay with us to discover the study tools you must have in order to pass on your first attempt.
we will share the top 10 study tools you must have in order to pass your exam. We know for a fact that these will work for you too! So let’s start with Number one.
1- Most online review courses are designed to be self-study.
This means candidates have to teach themselves the material outlined in the course. Now, for many candidates, this can be incredibly stressful, especially when they don’t understand a concept.
Now, unlike self-study courses, instructor-led programming, walks you through topic by topic. When questions pop up, you have the opportunity to dive even deeper into them with their help.
On top of all this, instructor led coaching holds you more accountable than self study courses. Rather than having to dig deep for the motivation to study, an instructor can help you streamline your focus.
2- Earning your CMA certification can be tough.
The amount of studying and preparing can take you away from your family and friends. And more often than not people struggle to find adequate moral support. A great review course should include some level of support.
This can be anything from regular accountability check-ins, study groups or simply encouragement when you’re feeling overwhelmed.
3- How will you know if your studying is paying off if you don’t receive any progress reports?
The reality is, you won’t. Regular progress reports outlining your strengths and weaknesses can really help you streamline your study efforts.
After all, why spend hours studying concepts you already understand rather than the ones you’re struggling with? In addition to that, CMA courses are often created around a certain study plan.
You are meant to complete core subjects at specific times. Progress reports can serve as reminders that you are falling behind or maybe even getting ahead of the game.
4- The biggest mistake in many self-study CMA review courses are super long.
Overly complicated tutorials. Great review courses offer bite-sized video tutorials. Each tutorial is broken down into easy-to-consume sizes so you can tackle one topic at a time. And don’t be confused with the term bite-sized, alright.
Though short, each tutorial contains very important detail you will need to understand so you don’t get caught off guard on exam day.
5- Unfamiliar with the format of the CMA exam.
Then you may not be aware that it is mostly comprised of multiple choice questions. For each part of the exam, you are allotted 4 hours total. 3 hours time to complete 100 multiple choice questions and 1 hour for 2 essay scenarios.
Many people struggle with multiple-choice questions so having access to thousands of practice test questions can be incredibly beneficial.
Out of these first 5 study tools, which one do you think is the most important?
6- The best way to prepare for the exam is to run through mock exams.
Mock exams mimic the structure and format that you will find on the day of your actual exam. In addition to getting familiar with the exam format, you will be timed so you can start to feel comfortable with the time crunch.
7- Every review course should come with a textbook containing all the material needed to pass the exam.
Whether you opt for a hard copy or an e-book is up to you. When preparing for the CMA exam, found it really useful to have a textbook that was easy to understand.
Not all textbooks are designed the same. Some require you to have an accounting background, and since many candidates do not, this can be overwhelming and confusing. So look out for a review course that has incredible textbooks.
8- In order to pass the exam you will need to memorize all the formulas.
If you don’t know every formula you can get tripped up and lose a lot of points on your exams. So formula guides are key.
9- Be organized and discover.
Using a course with a clear study plan really helped me take my studying to the next level. So, a clear study plan gave me the structure I needed to make sure I was covering all the essential concepts and material.
So look, I get it. Some of us simply aren’t planners, right? We lack time management skills and the ability to stick to a study plan. So in my opinion, choosing review courses that offer a proven study plan will make a world of difference for you.
10- Consider Audio lessons.
Want to study on the go? Washing dishes, folding laundry, commuting to work? The truth is, most candidates live busy lives and are trying to balance work, family, and studying.
So, audio lessons are a great way to study on the go. When it comes to audio lessons you want to make sure that the material covered in audio files is as detailed as in any video tutorial.
We would like to thank CMA Coach for inspiring us to write about the 10 tools so consider subscribing to his Youtube channel.