What is FMAA?
The Financial and Managerial Accounting Associate (FMAA) is a foundational certification designed to equip early-career professionals with essential accounting and finance knowledge and skills. FMAA was introduced by IMA® (Institute of Management Accountants) and marks a significant addition to the accounting and finance sector.
Who should consider getting the FMAA certification?
The FMAA certification is an excellent starting point for individuals beginning their careers in accounting and finance. It provides a straightforward and effective way for those looking to demonstrate their business knowledge and make a strong impression on potential or current employers. Individuals who have management positions outside of accounting or finance may find that the skills covered in FMAA will help them gain the needed accounting and finance skills to take the next step in their career into higher levels of management. Mike DePrisco, IMA's president and CEO, emphasizes the growing need for foundational accounting knowledge in business and the FMAA's role in reducing entry barriers, welcoming individuals from various backgrounds and industries.
Why pursue the FMAA certification?
Pursuing the FMAA certification equips professionals with a globally relevant skill set in accounting and finance, enhancing their confidence and value to employers. This credential distinguishes early-career professionals, setting them apart as certified experts in their field. It offers a cost-effective and attainable path to gaining a competitive edge at the outset of one's career.
What are the FMAA eligibility requirements?
The FMAA certification stands out for its openness, requiring no prior qualifications from applicants. This welcoming policy enables a wide variety of business professionals to pursue the certification and start their careers in accounting and finance, regardless of their educational history and work experience, or learn foundational accounting and finance skills to help them advance in their career.
What is tested on the FMAA exam?
Candidates will be evaluated on five key areas in the FMAA exam, ensuring a comprehensive understanding of crucial accounting and finance concepts:
- 25% General Accounting and Financial Management
- 25% Financial Statement Preparation and Analysis
- 20% Planning and Budgeting
- 20% Cost Management and Performance Metrics
- 10% Professional Ethics
What is the FMAA exam format?
The two-hour exam consists of 80 multiple-choice questions. The examination structure is designed to assess a candidate's proficiency in the core areas of accounting and finance.
How long does it take to study for the FMAA exam?
It is recommended that candidates allocate approximately 75 hours to prepare for the FMAA exam.
How much does the FMAA exam cost?
The total cost has two components:
- FMAA Exam Registration: $249*
- HOCK FMAA Study Materials Subscription: $49 per month
*If you study with HOCK, the exam registration fee is $239.
Registration for the FMAA exam will open in January 2024, with the first testing window scheduled for March 2024. The exams will be conducted globally at Prometric testing centers.
How do I start studying for the FMAA exam?
The best way to start studying for the FMAA exam is to sign up for HOCK’s 3-day free trial. This is an excellent opportunity to see how you like the HOCK materials and if FMAA is the right certification for you. Read the textbook, answer MCQs, and get the most out of your free trial!
Our study materials are based on a monthly subscription. Subscribers gain access to HOCK's comprehensive FMAA materials, Passmap interactive learning system, and a personalized study planner.