Expert Answers to Common CMA Exam & Certification Questions
Discover answers to the top CMA exam questions candidates ask at different stages of the certification process.
I see professionals with both the CPA and the CMA. Is only having the CMA a smart choice?
CMA certification is your most appropriate designation and the best choice if you are working in or wish to work in management accounting. That said, doubling your certifications is a great way to stand out in the job market and expand your career options.
I am currently a Controller. Would CMA certification help me move to the next level in the accounting field?
Yes. CMA certification is an excellent way to advance your career by gaining new skills and expanding your professional network.
I currently perform some management accounting functions but am not a manager. If I pass the CMA exam, must I be in management to keep the certification?
No.
I noticed that multiple session speakers have CMA & CGMA. Why one over the other?
We currently recommend CMA certification over the CGMA due to the history and rigors of the certification process. Learn more about why we recommend the CMA here.
It seems like CMA and CPA certifications may be more valuable than a master’s degree. Can you expand on that more?
This is a great question; the answer depends on your professional situation. In terms of time and money invested, the ROI of earning CMA and/or CPA certification can pay off much faster than a master’s degree. Even so, many job openings require a master’s degree as a minimum requirement to apply.
Here’s an example of how CMA certification proved more valuable than a master’s degree for one professional (who had a lot of experience).
What is the difference between management accounting and financial accounting?
Financial accounting focuses on financial statements—such as balance sheets, income statements, statements of cash flows, and statements of changes in stockholders’ equity—distributed outside of a company. Managerial accounting focuses on providing information within the company so that management can operate effectively. Examples include revenue and profit forecasts, operational budgeting, and capital budgeting.
Why is IMA membership important?
IMA membership is required to earn and maintain CMA certification. It has many benefits, including access to local chapters of other CMA professionals, continuing education opportunities, and various discounts and savings on events and publications.
If you are taking the CPA Exam, should you take the CMA first?
We recommend taking the CMA second, as some of the CPA Exam topics will apply to it. Click here for the exact topics that overlap on the CPA and CMA exams.
After earning CMA certification, are there requirements to keep the CMA? If so, are they similar to the CPA requirements?
Yes. You must maintain membership with IMA, including payment of your annual dues. You must also complete 30 hours of Continuing Professional Education (CPE), many of which can and do overlap with the CPE requirements for maintaining a CPA license.
If you do well on the multiple-choice questions but poorly on the essay section, do you still have a chance to pass the exam?
You cannot pass the CMA exam solely on the MCQ section, so you must pay equal attention to the essay portion. Most students perform better on the MCQ section and struggle with the essay portion. However, you can pass the CMA exam with the right strategy of focusing on providing the correct answer to the essay question—even if not in perfect essay form.
Which CMA exam part should I take first?
CMA exam topics are not interconnected between the two exam parts, so you will not see questions on Part 2 that are related to Part 1 topics. You should examine the CMA program syllabus closely to see which topics you are most familiar with and take that exam part first.
Is the exam like the CPA, where you get a certain time window to complete all the parts?
Yes. You have three years from your first exam date to pass both. Many motivated candidates pass within a year to 18 months.
Your website says 100+ hours of prep per part. Is that realistic for someone who has completed graduate-level coursework and is a working professional?
Yes. You need to thoroughly learn the IMA Learning Outcome Statements to pass the CMA exam, which can take more than 100 hours of dedicated study, even for professionals working in management accounting.
To keep your certification, do you have to be employed in the field, or can you simply complete the yearly credits and maintain membership with IMA?
You must complete your CPE hours and pay your annual IMA membership dues to maintain your CMA certification. Working in the field after achieving your certification is not required.
How often is the CMA exam administered?
The CMA exam is offered during three two-month windows throughout the year:
- January & February
- May & June
- September & October
Can I take the CMA exam outside of the US?
The CMA exam is administered in Prometric testing centers around the world. This certification takes a truly global approach to management accounting, and you can register for the exam at any of Prometric’s 800+ testing centers.
Are there any “in-person” classroom review classes offered?
Yes! We recommend using a certified training provider to ensure the best instruction.
Will the multiple-choice questions all carry the same weight?
Yes. The CMA exam is NOT adaptive like the CPA Exam.
How can I reschedule the CMA exam?
If you decide to reschedule early, there is no penalty. You can change your exam date through Prometric’s website or by calling. If you need to reschedule within 30 days of your exam date, the process is the same, but you must pay a $50 administration fee. All exam appointments must be scheduled at least 72 hours before the exam date.
Is the essay portion graded on the writing or sentence structure, or the overall content? Can essays be written in bullet points?
The essay portion is graded based on your answer and how you arrived at it, not on sentence structure and essay format. So, bullet points can be used to arrive at the correct answer, but we recommend learning how to craft essays correctly, as this will help you greatly in your professional career.
How many hours should you study for the CMA exam?
We recommend at least 100 hours per exam part.
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