Exam Information

The Certified Management Accountant (CMA) and the Certified in Financial Management (CFM) Programs have been designed to recognize the unique qualifications and expertise of those professionals engaged in management accounting and financial management. These certifications provide distinction in today's economic climate and afford the opportunity to certify your expertise in the business areas that are critical to the decision-making process.

Four Objectives of Certification Programs

  • To establish management accounting and financial management as recognized professions by identifying the role of the professional, the underlying body of knowledge, and a course of study by which such knowledge is acquired:
  • To encourage higher educational standards in the management accounting and financial management fields;
  • To establish an objective measure of an individual's knowledge and competence in the fields of management accounting and financial management fields;
  • To encourage continued professional development.

Requirements
The Certified Management Accountant and Certified in Financial Management designations are granted only by the ICMA. Candidates must meet the following criteria to become a CMA or CFM:

  • File an Application for Admission with the ICMA and register for the CMA or CFM examination.
  • Be a member of the Institute of Management Accountants (IMA).
  • Pass all four parts of the CMA or CFM examination.
  • Satisfy the experience requirement.
  • Comply with the Standards of Ethical Conduct.

Once the Certificate is earned, the CMA or CFM must meet the following to retain the Certificate:

  • Satisfy the continuing education requirement.
  • Comply with the Standards of Ethical Conduct.
  • Maintain membership in the IMA.

Admission
To be a candidate for the CMA or CFM, an applicant must meet one of the following:

  • Hold a baccalaureate degree, in any area, from an accredited college or university. Students attending accredited U.S. universities may apply and take the examination when they attain senior standing and will be permitted to seek certification upon receipt of degree. Degrees from foreign institutions must be evaluated by an independent agency approved by the ICMA; or
  • Hold a CPA license to practice or other professional qualification issued in a foreign country that is comparable to the CPA, CMA, CFM etc.;or
  • Achieve a score in the 50th percentile or higher on either the Graduate Management Admissions Test (GMAT) or the Graduate Record Examination (GRE).

It should be noted that if you qualify for one IMA Certification Program, you do not need to reapply for admission.

In addition, the applicant must:

  • Be a member of the Institute of Management Accountants or submit an IMA application when applying to the ICMA;
  • Be employed or expect to be employed in a position that meets the experience requirements;
  • Submit the names of two character references (one from employer, one from a person who is neither employed by the same firm nor a family member);
  • Be of good moral character; and
  • Comply with the Standards of Ethical Conduct.

A completed Application for Admission must be filed by new applicants along with the appropriate fee.

Experience Requirement

Candidates for the CMA or CFM Certificate must complete two continuous years of professional experience in management accounting and/or financial management. This requirement may be completed prior to or within seven years of passing the examination. Teachers can meet this requirement if the majority of their course load is in accounting and corporate financial management courses above the principles level. Professional experience is expected to be gained in full-time employment. However, continuous part-time positions of 20 hours per week meeting the definition of qualified experience will count toward this requirement at a rate of one year of experience for every two years of part-time employment.

Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. Such employment includes financial analysis, budget preparation, management information systems analysis, financial management, management accounting, and auditing in government, finance or industry; management consulting; auditing in public accounting; research, teaching or consulting related to management accounting or financial management. Employment requiring the occasional application of management accounting principles such as in computer operations, sales and marketing, manufacturing, engineering, personnel, and general management will not satisfy this requirement. Similarly, internships and trainee, clerical, or non-technical positions do not provide appropriate experience to fulfill this requirement.

Examination Procedures

Candidates for CMA certification must complete four examination parts: Parts 1, 2CMA, 3, and 4. Likewise, candidates for CFM certification must complete four examination parts: Parts 1, 2CFM, 3, and 4. It should be noted that Parts 1, 3 and 4 are the same for both certifications; therefore, if you complete one certification, you need only complete Part 2 of the other certification to complete the second program.

The CMA and CFM Examinations are given in a computer-based format. The examinations are 100% objective and consist of carefully constructed multiple-choice questions that test all levels of cognitive skills. The exams are offered daily (except Sundays and holidays) at an extensive network of Sylvan Technology Centers located throughout the U.S. and internationally. When you register with the ICMA, you will be assigned a 120-day period in which to schedule your examination with Sylvan.

Candidates who have fulfilled the admission requirements should follow the procedures described below to register for an examination. Your registration should be filed approximately six weeks before you wish to take an examination as the 120-day authorization period begins shortly after your registration is recorded by ICMA.

  • File the CMA/CFM Examination Registration Form indicating the parts you wish to take and remit the appropriate examination fee
  • Receive an acknowledge from ICMA authorizing you to sit for the examination and providing detailed instructions for scheduling your examination
  • Arrange to take your examination within the 120-day time period stated in your acknowledgment letter by calling the national registry center identified in the instructions provided by ICMA
  • Take the examination on the day scheduled by you and receive immediate pass/fail information on your performance.

Once authorization is received from ICMA, it is the responsibility of the candidate to schedule the examination within the stated time period and to appear at the test center when scheduled. The test registry has provisions that allow you to reschedule your examination up to 48 hours before your appointment if this becomes necessary; however, the examination must be taken within the 120-day time period. Failure to take the examination within the stated time period will result in the loss of your examination fees. There will be no refund of fees.

For admission to the examination, you will be required to present two forms of identification, one with a photograph, both with your signature. Approved photo Ids are a passport, driver's license, military ID, credit card with photo, or company ID. Student IDs are not acceptable. You will not be permitted into the examination without proper identification.

Examination retakes will be permitted after a 90-day waiting period. Following the procedures described above, you may register to retake the examination at any time; however, your authorization period will not begin until 90 days after your last examination sitting.

Waiver for Part 2CMA

Recognizing that successful completion of the U.S. CPA examination demonstrates a candidate's knowledge and competence in financial accounting and reporting, the ICMA Board of Regents will grant such candidates credit for Part 2 of the CMA exam. The candidate's State Board of Accountancy must verify that the CPA examination has been passed. To receive this credit, the appropriate fee must accompany the application to the CMA Program.

Retaining Exam Credits

Credit for passed exam parts can be retained indefinitely as long as continuous candidacy with ICMA is maintained. Continuous candidacy involves three criteria and is defined as:

1. Maintaining membership in IMA, and
2. Completing 20 hours of continuing professional education annually beginning with the calendar year after completion of the first examination part, and
3. Taking at least one examination part every two years.

As long as a candidate fulfills these three requirements for continuous candidacy, credit for passed examination parts will be retained. Conversely, if any one of the above criteria is not maintained, credit for all passed parts will be lost.

If you enroll in one of our classes, we will assist you in meeting all the above requirements. If you are a foreign student, we will assist in getting your college transcripts evaluated.