The Role of Managerial
Accounting and The IMA
Great Time to Be entering
Accounting Profession

The employment of accountants and
auditors is expected to grow through the
year 2016 according to the 2008-2009
Occupational Outlook Handbook from the
US Department of Labor
Why Expected Need for
Accountants and Auditors?

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Corporate governance reforms, an increasingly
global business environment, and rapidly
changing technologies are fueling a need for
accounting and finance professionals with
advanced skills and up-to-date knowledge
The best job prospects will be for accountants
and auditors who have a college degree or any
certification
What is Management Accounting?

Management Accounting is a professional
discipline that has an integral role in
formulating and implementing the
organization’s strategy
Who are Management
Accountants?

Management Accountants are part of the
management team, working within the
organization at many levels: from top-level
management to support-level accounting and
finance professionals. Management Accountants
apply their knowledge and experience in
accounting and financial reporting, budgeting,
decision support, risk and performance
management, internal control, and cost
management.
Management Accountants
The vast majority of accounting majors will
ultimately end up in private or
governmental accounting at some point
during their career
 American Institute of Certified Public
Accountants (AICPA) indicates that over
140,000 CPAs- more than 40% of its
membership –practice accounting in
business and industry

Certifications

RHI (Robert Half International) Guide to
Certifications lists 42 certifications for
accounting, finance, and operation
management
What Distinguishes IMA?

IMA is the exclusive organization that
promotes and offers the CMA certification.
About IMA
Founded 1919
 Mission-To provide a dynamic forum for
management accounting and finance
professionals to develop and advance
their careers through certification,
research, and practice development,
education, networking and the advocacy of
the highest ethical and professional
practices

More About IMA
Vision: The worlds leading association for
management accounting and finance
professionals
 Nearly 60,000 Members

 85%
U.S.
 15% International
Certification-It Pays

IMA 19th Annual Survey (Strategic Finance
June 2008 coauthored by Karl Reichardt,
Dean Valparaiso University and Calumet
Chapter IMA member) found that IMA
members who have a certification receive
a higher average salary and compensation
than those that don’t have a certification.
Certification Keeps Paying
The differences in compensation continue
to grow throughout an individual’s career
 On average, an accountant with CMA
certification will make 25% more than
accountants without certification
 On average, an accountant with both CMA
and CPA Certifications will make 32%
more than accountants without certification

What is CMA?



CMA= Certified Management Accountant
CMA certification targets corporate finance
professionals requiring the skills related to
management accounting
CMA certification indicates proven knowledge of
a variety of business-related topics, which allows
finance professionals to act more as strategic
business partners than as “number crunchers”
More about CMA
The CMA is a rigorous certification that
requires demonstration of the CMA body
of knowledge through a four part exam
and through educational and experience
requirements.
 CMA certification also requires a
commitment to continuing professional
education.

CMA EXAM TOPICS
Part 1 Business Analysis
 Part 2 Management Accounting and
Reporting
 Part 3 Strategic Management
 Part 4 Business Applications

Part I Business Analysis
110 Multiple Choice Questions
Business Economics (25%)
 Global Business(20%)
 Internal Controls(15%)
 Quantitative Methods(15%)
 Financial Statement Analysis (25%)
 Three hours allotted to complete
 Waiver available if CPA, CIA or CFA

Part 2 Management Accounting and Reporting
140 Multiple Choice Questions
Budget Preparation (15%)
 Cost Management (25%)
 Information Management (15%)
 Performance Measurement (20%
 External Financial Reporting (25%)
 Four hours allotted to complete

Part 3 Strategic Management
110 Multiple Choice Questions
Strategic Planning (15%)
 Strategic Marketing (15%)
 Corporate Finance (25%)
 Decision Analysis (25%)
 Investment Decisions Analysis (20%)
 Three hours allotted to complete

Results



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No penalty for incorrect answers
A score report is available immediately after
parts 1-3
Scaled Scores from 200-700
500 passing
If a passing score not received in 2-3 weeks will
receive a detail of performance report
Part 4 Business Applications
Between 3-7 written essays and quantitative
responses
Organization Management
 Organization Communications
 Ethical Consideration
 Capstone Case Studies of parts I-III
 Three hours allotted to complete
 Graded by Subject Matter Expert (SME)
 Pass Fail-Results in about 30 days

When is the CMA offered?

Parts 1,2 and 3 are offered
 January-February
 May-June
 September-October

Parts 4 offered 3 times per year (Must pass
parts 1-3 to take part 4)
 April
 August
 December
To Take the CMA Exam
Join the Institute of Management
Accountants
 Student Membership $39.00
 If join as student $15.00 membership
registration fee waived
 Can join online at http://www.imanet.org

Education Requirements for CMA

Bachelors Degree in any area from an
accredited college or university
 All
transcripts must be submitted in english and show
the official seal of the college or university
OR

Score in the 50th percentile or higher on either
the Graduate Management Admission Test
(GMAT) or the Graduate Record Examination
(GRE). OR
EDUCATIONAL REQUIREMENTS
CMA

Professional Qualification comparable to
the CMA –
 Charted
Financial Analyst (CFA)
 Certified Internal Auditor (CIA)
 Certified Public Accountant (CPA)
CAN TAKE THE EXAM AS A STUDENT
 NO 150 hour requirement

Experience Requirements for CMA


2 continuous years of professional experience in
management accounting or financial management
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 system 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
CMA Fees

$200 Certification Entrance Fee Includes
 Credential
review for educational qualification
 Credential review for experience qualification
 Electronic access to the CMA Resource guide
to exam preparation
 Access to the Certification Listserv for peer-to
peer networking
 Final Score Report
Also Include in Certification
Entrance Fee

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Personalized numbered Certificate
Congratulatory notification to employer or others
if desired
Maintenance of continuing education records
CMA Assessment tool for 6 months
Printable Q & A Electronic books
Retired Questions
Discounts for Students and Faculty
Certification Entrance Fee for students in
US, Canada and Mexico= $75.00
 Each Exam part is $190.00. For Students
50% off = $95.00 Faculty Members first
time Free, 2nd time around $95.00

Where to take the CMA Exam

Prometric Testing Centers
West 81st Street, Merrillville, IN.
 17936 South Halsted Street, Homewood, IL.
 606
After Become a CMA
30 hours of Continuing Professional
Education (CPE) required each year
 2 of the 30 hours must be in ethics
 Must maintain membership in IMA
 A good source of CPE and networking
opportunities- local chapters

Calumet Chapter IMA
Serves Northwest Indiana and Southern
Suburbs of Chicago
 Approximately 80 members
 Monthly Technical Meetings SeptemberMay excluding December
 Student Nights in October and March
 Students welcome at any meeting at
reduced price
