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CMA-Getting Certified PRESENTED BY Palo Alto CHAPTER. Helping Financial Professionals Achieve Excellence. AGENDA. Certification Requirements Old & New CMA Format Becoming Certified (Steps) Steps to Succeed in Getting Certified Study Tips / Success Stories from Certified Members

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Helping financial professionals achieve excellence l.jpg

CMA-Getting Certified



Helping Financial Professionals Achieve Excellence

Agenda l.jpg

  • Certification Requirements

  • Old & New CMA Format

  • Becoming Certified (Steps)

  • Steps to Succeed in Getting Certified

  • Study Tips / Success Stories from Certified Members

  • Chapter reimbursement for passing parts

  • Benefits of Certification

  • Compare CPA to CMA

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IMA Vision:

Global leadership in education, certification, and practice of management accounting, finance and information management.

  • Certification Programs

    • Certified Management Accountant (CMA) - 1972

    • Certified in Financial Management (CFM) - 1996

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Certification Programs

The only Global Professional Designations for Management Accounting and Financial Management

The most relevant certifications for the 85% of accountants who work inside organizations

  • Certified Management Accountant (CMA)

    • For accounting financial and information management professionals, public accountants, accounting educators, and accounting students

  • Certified in Financial Management (CFM)

    • For corporate and banking financial management,

      business analysts, financial educators and students

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Becoming a CMA/CFM

  • First steps first … Member of the IMA

  • Apply for admission into certification program

  • Register for certification exam

  • Fulfill educational credentials

  • Pass exam and satisfy experience requirement

  • Comply with the Standards of Ethical Conduct

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Certification Exam Transition

Reorganized (FY05 to Present)

Original (Pre July 2004)

Part 1: Econ, Finance and Mgmt

Part 1: Business Analysis

Part 2 - CMA: Fin Accounting, Reporting, & Analysis

Part 2: Management Accounting & Reporting

Part 2 - CFM: Corp Financial Management

No Change

Part 3: Mgmt Reporting, Analysis & Behavioral Issues

Part 3: Strategic Management

Part 4: Decision Analysis, Info Sys, & Mgmt Controls

Part 4: Business Applications (Level C)

Ethical issues can appear in any of the examination parts

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Part 1

Revised (FY05+)

Original (Pre July 2004)

U.S. Bus Env


Corp Fin Mgmt


Fin Stmt Analysis


Global Business


Int’l Business Env


Quantitative Methods




Internal Controls


Org Str, Mgmt, & Comm




Bus Econ


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Part 2

Revised (FY05+)

Original (Pre July 2004)

Performance Measurement


Financial Statement Analysis


Cost Management


Preparation of Financial Statements


Budget Preparation


Information Management


Financial Accounting Environment


External Financial Reporting


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Part 3

Revised (FY05+)

Original (Pre July 2004)

Cost Measurement


Control and Performance Evaluation


Corporate Finance


Investment Decisions


Strategic Planning




Strategic Marketing


Behavioral Issues


Decision Analysis


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Part 4

  • Revised (FY05+)

  • Essay questions dealing with parts 1,2, and 3 as well as:

  • Organization management

  • Organization communication

  • Behavioral issues

  • Ethical considerations

Original (Pre July 2004)

Quantitative Methods for Decision Analysis


Decision Theory and Operational Decision Analysis


Investment Decision Analysis


Management Controls


Information Systems


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Part 2-CFM – Corporate Financial Management

Financial Statement Analysis


External Financial Environment


Employee Benefit Plans


Working Capital Policy and Management


Strategic Issues in Finance


Risk Management 15-20%

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Six Steps to Succeed on Exam

  • Buy Gleim CMA/CFM study material

  • Study each section per part using process:

    • Browse section to acquaint with main points

    • Count number of questions per section (to gauge proportions)

    • Reread sections in chapter to learn concepts

    • Stop after section and try some questions

  • Take software practice study sessions after reading material

  • Concentrate on important sections of Part (%s noted in Appendix)

  • Review sections and take notes

  • Take software study session exams each day during week of exam (60 questions, 1:15 mins)

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Success Stories / Study Tips

  • Prior CMA exam – Carroll

  • Current CMA candidate (Passed Part 1) – Mike

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Professional Development – IMA Certification Tools

  • IMA Certification Listserves – sign up at

  • New IMA CMA/CFM training tools

  • Lifelong Learning Center

  • Publications – Strategic Finance,

    Management Accounting Quarterly

IMA provides opportunities for members to take advantage of informative programs and to learn cutting-edge financial management solutions from experts while earning continuing professional education credits through:

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Palo Alto ChapterMember Certification Program

  • CMA and CFM Review Sessions

    • Start Part I October 2005 and finish before Christmas

    • Start Part II January 2006 and finish by March 2006

      • Meet at San Jose library

  • Gleim Initiative (Volume Priced Discount)

    • How it works

    • Old and New exam software

  • MicroMash Study System

  • IMA Study System

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Income Impact

Compensation by Age,

Average Salary

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Income Impact

Compensation by Age,

Average Total Compensation

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You The Member

Opportunity to demonstrate professional capabilities

Recognition of achievement

Reward, promotions, and salary increases

Your Company Can…

Identify motivated professionals for recognition and advancement

Provide a necessary component of professional development

Achieve and maintain a high level of knowledge, competence, and business understanding

Certification Benefits

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As a CMA/CFM, You Have:

  • Demonstrated substantial knowledge of accounting, finance, and important related fields, as well as ability to integrate accounting and financial information into the business decision process.

  • Significant practical experience in management accounting or financial management.

  • Proven ability to become a strategic business partner committed to a strict code of ethics and standard of excellence through a lifelong commitment to learning.

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As a CMA/CFM, You Have:

  • Confirmed broad business competency and mastery of management-level skills required to build quality business practices and add value to your organization by providing decision support, planning, and control over operations.

  • Joined an elite group of professionals inside organizations who are relied upon by businesses around the world not only for accounting, finance, and information management, but for the

    strategic planning necessary to successfully position the organization in the

    changing world of business.

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Next Steps

  • Determine want and need certification

  • Figure out timeline and plan

  • Join Chapter Study Group now!!!

  • Be prepared to buy study guides

    • GLEIM appears to be the best product for the money

  • Make more money once certified!!!

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Remaining a CMA/CFM

  • Maintain IMA Membership

  • Meet the Continuing Education Requirement – 30 Hours/Year (An easy way: Attend Local IMA Chapter Dinner Meetings)

  • Comply with the Standards of Ethical Conduct