CGMA vs CMA: Which Is the Best Accounting Designation?

The CMA Opportunity program allows faculty to complete an application for the chance to have their CMA entrance fee and CMA exam fees paid for by the IMA. Since CMA exam costs vary by IMA membership type, this table will help you quickly see how much you can expect to pay based on where you are in your career right now. We explain the fees in greater detail as you scroll down the page. With over a dozen CMA exam prep courses to choose from, it can be tough to decide where to spend your money. To start, we looked at each company’s history, reputation, and IMA affiliation. We also compared each course’s pricing, free trials, and guarantees.

1. The CMA exam costs around $1,000 to $1,600 depending on whether you’re a student, professor, or professional.
2. According to the most recent CMA Salary Survey conducted by the IMA, those holding their CMA certification earn $140,000 while those who only hold a CPA make $135,758.
3. To qualify, you must be enrolled in six credit hours at a university or college.
4. These typically run between $1,000 and $2,000, depending on quality, features, vendor, volume of material, etc.
5. Learn about each of them to see how getting certified will advance your accounting career.

Holding a CMA certification may make you eligible for job titles such as financial analyst, corporate accountant, senior account, or chief financial officer. This survey also found that those who work in top management positions and hold the CMA earn 64 percent more in median base salary versus non-CMA employees at the same level [3]. Certified management accountants work in environments requiring financial planning, managing, and decision-making. The need for CMAs spans a number of industries, from manufacturing to transportation and construction to real estate.

Company

The pricing depends on what the program includes, including course materials, live instructions, program guarantees, and more. While some top-ranked programs tend to be more costly, disciplined students may find good value in the CMA self-study prep course options. The CMA is internationally recognized, with professionals earning 58% more worldwide, according to industry data. Still, you shouldn’t let that deter you from making this important investment in yourself and your career. CMAs earn approximately 58% more than non-CMAs, so it’s clear that the certification has a great ROI.

How We Chose the Best CMA Exam Prep Courses

Coursera is the global online learning platform that offers anyone, anywhere access to online course… What exactly is the minimum level of education and work experience needed to earn the CMA? CMAs need to abide by the IMA Statement of Ethical Professional Practice, plus all local laws that apply to their accounting practice. Finally, CMAs must pay the CMA annual fee, including IMA membership and a CMA maintenance fee. Each exam part takes four hours to complete, entailing 100 multiple-choice questions and two 30-minute essays. After completing and exiting the multiple-choice section, test-takers cannot go back.

Learn how to prepare for the certification, get started in corporate finance, and more. Not including the education and professional experience requirements, passing both parts of the CMA Exam typically takes around 12 to 18 months. However, from the time you register for the Exam, you have three years to earn your CMA certification, or else you will have to re-register is cma worth it and pay the fee again. If you want to advance in your career as an accountant, you have several paths available, depending on your skills, professional interests and career goals. Earning a CMA certification and becoming a Certified Management Accountant is becoming increasingly popular, especially for financial professionals seeking a leadership role.

Why Become a CMA?

While some requirements vary from state to state, all states require that CPAs pass the CPA exam and maintain 40 hours of Continuing Education per year. CMAs tend to have a more strategic role, while CPAs are more into taxation, bookkeeping and audit. CPAs often pursue a CMA certification on top of their license as it opens up more opportunities and allows them to pivot their careers toward financial management and leadership roles.

Internships are not sufficient to fulfill the requirement of professional experience. The IMA provides a list of qualifying professional experiences on its website. Career advancement and increased career opportunities are among the top reasons people earn the CMA certification. Holding the CMA can be the qualification you need to move into better-paying positions, holding job titles in upper-level management and beyond.

And management accountants often serve as the “translator” between the data scientists and business decision makers in an organization. Gleim snagged our number-one spot because of the company’s long-standing reputation, customer satisfaction, and comprehensive review program. Established in 1974, Gleim is a strategic partner of the Institute of Management Accountants (IMA) and a leading accounting exam prep provider. Based in Gainesville, Florida, the company offers prep courses for the CPA, CMA, CIA, EA, AFSP, and continuing education. Getting certified can propel your career in finance or accounting into the field of financial management. Expect more opportunities in your career, a potentially higher salary, and the reputation of being a certified financial professional.

Earning your CMA certification does take work – the IMA recommends 150 to 175 study hours for both Part 1 and Part 2 of the exam. However, it’s well worth it as becoming a CMA can be valuable to your career. This may not be your best choice if you are looking for a truly global accounting certification. The CMA is still a US-based certification, despite being available in other countries due to demand. I have received a lot of questions about the CMA in China recently since it has grown more popular. The simple answer is “yes,” the CMA could be helpful if you plan to work in China.

These are just some of the common titles that people will their certification might hold. The IMA reports that the global mean base CMA salary in 2021 was $70,000, while the global median base salary for non-CMA holders was $45,000. Typically, this will rise from year to year, so we can feel confident in steady increases for the years to come. If you decide to self-study, textbooks and online cram courses can be as affordable as $59 a pop, but they do not offer the same quality of teaching experience. The cost of review courses varies quite a bit and can be anywhere between $699 to $1,795 USD. You will also want to invest in a high quality CMA review course to help you prepare for the exam.

Qualifying reduces membership dues by 50% and the price of various services/fees. The Review Plus includes the test bank, textbook, mock exam, pass guarantee, and live online course, but the PRC Exam Review doesn’t offer the live class option. PRC PowersUp provides the basics without live classes or the textbook. While PRC does offer support for students, these programs are mostly self-study, particularly the Exam Review and PowersUp packages with no live course. For one part, there’s a standard bundle for $295 and premium bundle for $700. The company offers a 15-day demo, which is one day longer than a few competitors.

The company is among the most popular options because it offers top-quality CMA exam prep courses at an accessible price. All three courses provide access to the learning platform, access until you pass, a mobile app, and video lessons. The Platinum course has 5,500 https://business-accounting.net/ multiple choice questions, instructor mentoring, and an online test bank; the Platinum course also adds a final review and flashcards. Additionally, the Platinum course offers an 11th Hour Final Review with guidance from Wiley’s instructors to boost your confidence.