About the Certification Programs

CMA and CFM

The Certified Management Accountant (CMA) and the Certified in Financial Management (CFM) Programs have been designed to recognize the unique qualifications and expertise of those professionals engaged in management accounting and financial management. These certifications provide distinction in today’s economic climate and afford the opportunity to certify your expertise in the business areas that are critical to the decision-making process.

The Certification Programs have four objectives:

·  To establish management accounting and financial management as recognized professions by identifying the role of the professional, the underlying body of knowledge, and a course of study by which such knowledge is acquired;

·  To encourage higher educational standards in the management accounting and financial management fields;

·  To establish an objective measure of an individual’s knowledge and competence in the fields of management accounting and financial management; and

·  To encourage continued professional development.

Admission

To be a candidate for the CMA or CFM, an applicant must meet one of the following:

·  Hold a baccalaureate degree, in any area, from an accredited college or university. Students attending accredited U.S. universities may apply and take the examination when they attain senior standing and will be permitted to seek certification upon receipt of degree. Degrees from foreign institutions must be evaluated by an independent agency approved by the ICMA; or

·  Hold a CPA license to practice or other professional qualification issued in a foreign country that is comparable to the CPA, CMA, CFM, etc.; or

·  Achieve a score in the 50th percentile or higher on either the Graduate Management Admissions Test (GMAT) or the Graduate Record Examination (GRE). It should be noted that if you qualify for one IMA Certification Program, you do not need to reapply for admission.

In addition, the applicant must:

·  Be a member of the Institute of Management Accountants or submit an IMA application when applying to the ICMA;

·  Be employed or expect to be employed in a position that meets the experience requirement;

·  Submit the names of two character references (one from employer, one from a person who is neither employed by the same firm nor a family member);

·  Be of good moral character; and

·  Comply with the Standards of Ethical Conduct.

A completed Application for Admission must be filed by new applicants along with the

Experience Requirement

Candidates for the CMA or CFM Certificate must complete two continuous years of professional experience in management accounting and/or financial management. This requirement may be completed prior to or within seven years of passing the examination. Teachers can meet this requirement if the majority of their course load is in accounting and corporate financial management courses above the principles level. Professional experience is expected to be gained in full-time employment. However, continuous part-time positions of 20 hours per week meeting the definition of qualified experience will count toward this requirement at a rate of one year of experience for every two years of part-time employment.

Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. Such employment includes financial analysis, budget preparation, management information systems analysis, financial management, management accounting, and auditing in government, finance or industry; management consulting; auditing in public accounting; research, teaching or consulting related to management accounting or financial management. Employment requiring the occasional application of management accounting principles such as in computer operations, sales and marketing, manufacturing, engineering, personnel, and general management will not satisfy this requirement. Similarly, internships and trainee, clerical, or non-technical positions do not provide appropriate experience to fulfill this requirement.

Examination Procedures

Candidates for CMA certification must complete four examination parts: Parts 1, 2CMA, 3, and 4. Likewise, candidates for CFM certification must complete four examination parts:  Parts 1, 2CFM, 3, and 4. It should be noted that Parts 1, 3, and 4 are the same for both certifications; therefore, if you complete one certification, you need only complete Part 2 of the other certification to complete the second program. Detailed descriptions of the examination parts are on pages 4 and 5. Beginning December 1, 1997, the CMA and CFM Examinations, will be given in a computer-based format. The examinations will be 100% objective and will consist of carefully constructed multiple-choice questions that will test all levels of cognitive skills.

The exams will be offered daily (except Sundays and holidays) at an extensive network of Sylvan Technology Centers located throughout the U.S. and internationally. When you register with the ICMA, you will be assigned a 60-day period in which to schedule your examination with Sylvan.

Candidates who have fulfilled the admission requirements described should follow the procedures described below to register for an examination. Your registration should be filed approximately six weeks before you wish to take an examination as the 60-day authorization period begins shortly after your registration is recorded by ICMA.

·  File the CMA/CFM Examination Registration Form indicating the parts you wish to

Waiver for Part 2 CMA

Recognizing that successful completion of the U.S. CPA examination demonstrates a candidate’s knowledge and competence in financial accounting and reporting, the ICMA Board of Regents will grant such candidates credit for Part 2 of the CMA exam. The candidate’s State Board of Accountancy must verify that the CPA examination has been passed. To receive this credit, the appropriate fee must accompany the application to the CMA Program.

Examination Awards

Candidates for both the CMA and the CFM are eligible for examination awards based on the total score for all four parts. Those who exercise the option of waiving Part 2CMA under the CPA examination waiver provision are not eligible to compete for the CMA awards. To qualify for an award, the candidate must (1) complete each of the four parts on the first attempt, and (2)complete all four parts within six months. The awards available are described below.

·  Deloitte & Touche sponsors the Robert Beyer Gold, Silver, and Bronze Medals in honor of Robert Beyer, a former managing partner of Touche Ross & Co., and past national president of the IMA. They are awarded to the candidates achieving the top scores on the CMA Examination.

·  Johnson & Johnson sponsors the Gold, Silver, and Bronze Medals awarded to the candidates achieving the top scores on the CFM Examination.

·  A Student Performance Award is presented to the student candidate earning the highest score on the CMA and CFM.

·  The ICMA Board of Regents presents Certificates of Distinguished Performance to other candidates attaining superior scores.

Continuing Education Requirement

CMAs, CFMs, and candidates who have successfully completed an examination must maintain their professional competence through a regular program of continuing professional education. To remain in good standing with the Institute of Certified Management Accountants, 30 hours of continuing education must be completed each year subsequent to passing the exam. Reporting of continuing education is done in conjunction with renewal of IMA membership.

Credit will be given for subjects relevant to the CMA’s or CFM’s career development and related to employer needs. Such qualifying subjects include: management accounting, financial management, corporate taxation, computer science, systems analysis, statistics, management skills, insurance, marketing, and business law. CMAs can earn 12 hours of continuing education credit for successfully completing Part 2CFM; likewise, CFMs can earn 12 hours for completing Part 2CMA (using the waiver does not earn hours).

The ICMA will grant credit for programs sponsored by educational organizations, employers, business organizations, and professional and trade associations at the local or national level.  Programs may be in the form of courses, seminars, workshops, technical meetings, or selfstudy packages. Technical speeches and published articles will also be considered.