CMA holders leverage their expertise in strategic planning to add value to any business, and are consistently in demand in corporate finance and accounting leadership roles. Most CMA holders earn the credential well after their four-year degree, but can you become a CMA in college? And are there benefits to beginning your CMA Exam prep before you graduate? Find out.
What is a CMA?
The term CMA refers to a Certified Management Accountant, a professional designation considered the gold standard of management accounting. The CMA designation is recognized around the world, and professionals who earn the certification are globally in demand . If you want to specialize in management accounting and gain the career opportunities that come with it, you should study for the CMA certification.
The Institute of Management Accountants (IMA) administers the CMA designation, and candidates must meet educational requirements and other standards. CMA candidates must also pass both parts of the CMA Exam, which covers a number of management accounting topics and ensures that certified CMAs have the knowledge and skills for high-level performance.
Becoming a CMA separates you from other accountants and enhances your other credentials. CMAs often take on management responsibilities and can advance quickly in their careers. As a CMA, you may specialize in financial analysis, cost accounting, or other areas.
Can you become a CMA in college?
The short answer is this: while you can't become a fully certified CMA in college, you can do all the legwork to prepare for and pass the CMA Exam—the most substantial requirement in becoming a CMA. This head start will accelerate your path to full CMA certification and the advanced career opportunities that come with the credential.
The basic CMA requirements are:
- IMA membership
- Passing the CMA Exam
- Bachelor's degree
- Two years of professional experience
While you're still in college, you can join the IMA and pass the CMA Exam. So, after you graduate, completing the education requirement, you'll only have the experience requirement left before full certification.
Is it worth preparing for the CMA in college?
If you’re planning to become a CMA, starting the process in college can be extremely beneficial. Here's why:
- Allows more time for your career after college
If you graduate having already passed the CMA Exam, you won’t have the stress of exam preparation after you’re done with school. When CMA Exam prep is behind you, you’ll have more time to focus on your career.
- Boosts your resume early
Candidates who pass the CMA Exam (or one of its parts) prior to graduating have a valuable resume addition while applying for entry-level accounting jobs. You may have an advantage over job candidates who have not started to study for the CMA Exam already.
- The content may be fresh after your college accounting courses
Much of the exam content is taught in higher-level accounting classes. So if you plan your exam prep while you're immersed in accounting coursework, the content will be fresh in mind.
Let’s assume that you take the exam a year after completing your undergraduate cost accounting course. As you study for the CMA Exam, the cost accounting topics will be familiar, and your CMA Exam prep may be an easier process than if you wait until years after taking the course. Once you start your career, you may not handle cost accounting transactions, and CMA Exam prep may be much harder.
- College students can earn discounts
You need to be an IMA member to sit for the CMA Exam, and the IMA offers discounts for college students.
Once you realize the value of studying while in college, determine how long to study for the CMA Exam so you know exactly when to start.
How long should you study for the CMA Exam?
When you register with the IMA and join the certificate program, the clock starts running for taking both parts of the exam. You have 12 months to start taking the exam, and you must complete the CMA program within three years.
The IMA recommends that candidates plan to study for 150 to 170 hours per exam part, and there are two exam parts. Each part is a four-hour test that includes 100 multiple-choice questions and two essay questions.
The content specification outlines list the topics on the exam in detail. Here is an overview of the exam content:
Part 1: Financial Planning, Performance, and Analytics (% of total exam)
- External Financial Reporting Decisions: 15%
- Planning, Budgeting, and Forecasting: 20%
- Performance Management: 20%
- Cost Management: 15%
- Internal Controls: 15%
- Technology and Analytics: 15%
Part 2: Strategic Financial Management (% of total exam)
- Financial Statement Analysis: 20%
- Corporate Finance: 20%
- Decision Analysis: 25%
- Risk Management: 10%
- Investment Decisions: 10%
- Professional Ethics: 15%
As you scan this overview, assess your strengths and weaknesses. If you did well in a recent cost management class, you may be able to spend less time on that topic. Other exam concepts, however, may be tougher for you. Plan your study with the goal of passing your first CMA Exam part within 12 months of enrollment, and either during college or soon after graduation. This will ensure that you both meet the IMA's CMA program requirement and optimize your CMA timeline to get a head start in your career.
Get started with CMA study
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