Thinking about becoming a Certified Management Accountant (CMA)?
Here’s what you need to know: the journey isn’t just about hard work and dedication—it also comes with its share of financial planning.
Recognized worldwide, the CMA credential can catapult your career in finance and accounting to new heights.
But what does it cost to sit for the exam?
I’ll show you a clear, concise breakdown of the CMA exam costs. From registration fees with the Institute of Management Accountants (IMA) to exam prep and budgeting tips, this guide covers it all, helping you navigate through your financial journey to CMA certification.
Key Takeaways
- IMA Membership: IMA membership is essential for CMA candidates, with annual fees ranging from $49 to $295, depending on membership type.
- CMA Program Entrance: The CMA program entrance fee varies, costing a one-time fee of $225 for students and academics and $300 for professional members.
- CMA Exam Fees: The exam fees for the CMA cost $370 per part for students and academics and $495 per part for professional members.
CMA Exam Costs: The Financial Breakdown
The journey toward earning your CMA certification involves several costs that candidates must budget for. These costs can be broadly categorized into registration fees, which include the cost of enrolling in the CMA program and the examination fees for both parts of the exam.
Registration Fees: An Overview
Registration fees for the CMA exam are comprised of two main components: the initial registration/enrollment fee and the CMA exam fees.
Initial Registration and Enrollment Fees
IMA Membership Fee: Before registering for the CMA exam, candidates must become members of the Institute of Management Accountants. Membership fees vary based on the membership type and are paid annually:
- Professional Membership: $295
- Student Membership: $49
- Academic Membership: $160
CMA Program Entrance Fee: This fee enrolls candidates into the CMA program and grants access to the CMA exam support package. This fee is separate from the examination fees and must be paid only once.
- Professional Members: $300
- Students/Academics: $225
It’s important to note that these fees are subject to change, and candidates should check the IMA website for the most current rates.
CMA Exam Fees
A CMA exam fee is charged for each part of the exam. Candidates need to pass both parts to earn their certification and become a CMA. The fees for each part of the exam are as follows:
- Professional Members: $495 per part
- Students/Academics: $370 per part
For a professional member, the total CMA exam costs for both parts would be approximately $990, while for student and academic members, it would be around $740.
Summary of CMA Exam Costs
The total cost of obtaining CMA certification for a professional member, excluding study materials and additional preparation costs, is approximately $1,585. This includes a $295 membership fee, a $300 entrance fee, and $990 for both parts of the CMA exam.
For students or academics, the total cost is considerably lower, around $1,035 for students ($49 for membership, $225 for the entrance fee, and $760 for both exam parts) and $1,060 for academics ($160 for membership, $225 for the entrance fee, and $740 for both CMA exam parts).
Fees for Canceling or Changing CMA Exam Dates
- Change to Next Testing Window: CMA candidates can request a change to the next testing window for a non-refundable fee of $75. This must be emailed to IMA Member Services at ima@imanet.org at least five days before the scheduled exam. The original appointment must be canceled prior to this request.
- Rescheduling/Cancellation Fee with Prometric: A fee of $50 is charged for canceling or rescheduling an exam within 3 to 30 days of the appointment. This fee is applied by Prometric and is non-waivable.
- Reschedule Within Same Testing Window: Candidates can reschedule within the same testing window without any fees from ICMA, but a $50 fee by Prometric will still apply if done within 3 to 30 days of the scheduled date.
- No-Show Policy: Missing an appointment without proper cancellation results in being marked as a “no-show” and forfeiture of the exam fee.
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Additional Expenses to Consider
Besides the fees mentioned above, candidates should also consider additional expenses such as study materials, CMA review courses, and possible retake fees if an exam part is not passed on the first attempt. If you prepare and study for the CMA with plenty of time and use one of these recommended CMA prep courses, you’ll pass the CMA exam.
Conclusion
Investing in the CMA certification is not just a financial decision but a career-enhancing step towards substantial professional growth. By understanding the CMA certification cost, including IMA membership fees, exam fees, and additional expenses, you are better prepared to budget effectively and make informed decisions. With strategic planning, the expenses incurred while becoming a CMA can transform into rewarding professional achievements and open doors to lucrative career opportunities across the globe.
FAQs
The total CMA certification cost for a professional member typically includes a $295 IMA membership fee, a $300 CMA entrance fee, and $990 in exam fees, summing up to approximately $1,585.
The IMA membership fee is an annual fee that must be renewed each year to maintain membership and access to various IMA resources and benefits.
CMA fees for exam registration include the CMA entrance fee and the exam fees, which are charged per part of the exam.
CMA exam dates during designated testing windows throughout the year are typically offered in January/February, May/June, and September/October.
While planning costs for a CMA review course, consider the costs of various preparation books, practice tests, and CMA courses that can vary significantly based on the provider and the comprehensiveness of the materials.
Financial assistance such as scholarships, employer reimbursements, and discounts on CMA review courses from Becker, Gleim, and Surgent can help reduce the overall CMA exam costs.
To maintain your CMA certification, you must pay an annual IMA membership fee, fulfill continuing education requirements, and adhere to professional ethical standards.
The top CMA review courses include Becker, Gleim, and Surgent. Each provides comprehensive study materials tailored to help candidates excel on the CMA exam.
