The CMA certification is a professional credential offered by the Institute of Management Accountants (IMA) that verifies a person’s knowledge in management accounting, corporate finance, and business management including strategic planning. Since 1972, being a CMA has been the global standard for validating knowledge and competence in the accounting field.

As business leaders, CMAs make informed business decisions and help set strategic direction using their expertise in accounting and finance. Within an organization, CMAs are frequently found as financial analysts, controllers, or accountant managers. If want to set yourself apart in your profession, CMA delivers.

Being a CMA gives you more freedom when developing your accounting or finance career. According to the IMA, 83% of CMA’s surveyed said certification boosted their professional confidence, and 69% said it accelerated their professional growth. Additionally, CMA’s said their certification delivered salaries an average of 21% higher than their peers without a CMA. If want to set yourself apart in accounting and finance, CMA delivers.

The total cost to become a CMA includes both 1) exam registration fees and 2) exam prep materials.

1) Exam Registration Fees

Through our relationship with IMA, all HOCK students are able to take advantage of a 30% discount on your IMA Membership Fee and your CMA Entrance Fee – a savings of more than $175.

The costs to become a CMA depend on whether you are a professional or full-time University student. With the HOCK discount:

• Professional - $1,406.50
  • $206.50 Membership Fee
  • $210 Entrance Fee
  • $495 Exam Fee for Part 1
  • $495 Exam Fee for Part 2
• Student - $931.80
  • $34.30 Membership Fee
  • $157.50 Entrance Fee
  • $370 Exam Fee for Part 1
  • $370 Exam Fee for Part 2

These totals assume that you pass the exams on your first attempt, re-takes will increase the total cost.

2) Exam Prep Materials

While our competitors’ materials can cost $1,000 - $2,000 or more, HOCK offers a CMA subscription for only $59 per month, $249 per 6 months, or $999 for 2 years. 

Because most students study for about 18 months, this means you can prepare for your exams with HOCK’s all-inclusive and comprehensive CMA Exam Review for under $750.

Before becoming a CMA, an individual must meet certain requirements:

1. Education: A Bachelor’s degree (in any subject) from an accredited college or university.
2. Experience: Two continuous years of work experience in management accounting or financial management.
3. Membership: Active IMA membership as a member in good standing.
4. Exams: Passing Parts 1 and 2 of the CMA exam within three years of entering the CMA program.

For complete eligibility details and other exam procedures, you can see our dedicated CMA Exam Requirements page or download the ICMA’s CMA Handbook (PDF).

The CMA exam has 2 Parts with 6 Sections each covering topics relevant to Management Accounting:

• CMA Part 1
  1. External Financial Reporting Decisions
  2. Planning, Budgeting, and Forecasting
  3. Performance Management
  4. Cost Management
  5. Internal Controls
  6. Technology and Analytics.

• CMA Part 2
  1. Financial Statement Analysis
  2. Corporate Finance
  3. Business Decision Analysis
  4. Enterprise Risk Management
  5. Capital Investment Decisions
  6. Professional Ethics.

You can also view the detailed CMA exam syllabus (provided by the IMA).

Each Part of the CMA exam contains two segments:

• 100 multiple-choice questions - 3 hours
• 2 essay/written-response scenarios in - 1 hour

Exam registration is done through the IMA and exams are taken in-person at Prometric Testing Centers located in major cities worldwide. Find the closest test center to your location.

We have a dedicated How do I Register for the CMA Exam? page with step by step details how to pay the exam fees, locate a testing center, and schedule your exam.

Based on the difficulty of the questions randomly selected for your exam and the number of questions that you got correct you are given a “scaled score” between 0 and 500. A 360 score is required to pass the exam.

Note: 360 does NOT translate to 72%. It is simply a score and not a percentage of anything.

Candidates receive exam results via email about six weeks after the month in which the exam was taken.

More details about how the CMA exam is graded are available on our How is My CMA Exam Score Determined? page.

Once you have your CMA certification, you must maintain your IMA membership and earn 30 hours of CPE every year. You can earn CPE by attending webinars, many of which are free. Failure to maintain your membership and CPE will result in your removal from the IMA's records of certified members.

The IMA has a CPE page with additional details.

While every student will study at a different pace, it usually takes about 4-6 months of study per Part. Our PassMap Learning Management System lets you customize your learning experience. By simply entering your target exam date into PassMap, you will have a weekly study schedule to stay on track for your target exam date.

For even more in-depth articles about choosing a certification, preparing for exams, and professional development, visit the free HOCK Resource Library. If you have any other questions about the exam or study for the exam, please get in touch and we will be glad to help.