what is CMA with give a full details information
Answers
Answer:
Certified Management Accountant (CMA) is a professional certification issued by Institute of Management Accountants) founded in 1919. It is an advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance.
Answer:
How to Become a CMA
The CMA program lets you proceed at your own pace. You can earn a CMA in just six months or over 3 years. Busy professionals will find the CMA program to be time-efficient.
What Are the Requirements to Become a CMA?
Membership in IMA®.
Bachelor’s degree from an accredited college or university or an equivalent degree as determined by an independent evaluation agency.
Two continuous years of professional experience in management accounting or financial management.
Entrance into the CMA program.
Completion of Part 1 and Part 2 of the CMA exam.
CMA Exam Procedures & Registration
Join IMA
Pay the CMA Certification Entrance Fee
Register for the CMA exam by paying the registration fee.
Receive a Registration acknowledgment form which provides your authorization number(s), testing window(s), the Instructions for Candidates, and access to the CMA Exam Support Package.
Schedule your exam appointment(s) with Prometric.
Select the best CMA review course for self-study or take my Online Instructor-Led Course.
Appear for your scheduled exam appointment(s) with the required identification documents.
CMA Exam Sessions
Exams are offered according to the following schedule:
- January and February
- May and June
- September and October
- MA Exam Retake Policy
An exam part may be taken only once in a testing window. All exam retakes require a new registration along with payment of appropriate fees.
Expiration of the CMA Exam Parts
All CMA candidates have three years to pass Part 1 and Part 2 of the exam. The time period will begin with the date of your entry into the CMA program. If you do not complete the two-part exam within three years, credit for the part passed will expire and you will have to retake the exam.
ICMA’s Relationship with the IMA
ICMA is an affiliate of the IMA responsible for:
Developing, administering, and grading the CMA exam
Establishing policies and procedures for the CMA exam
Ensuring the overall integrity of the CMA exam
Explanation:
CMA Part 1: Financial Reporting, Planning, Performance and Control
The percentages show the relative weight range given to each section in the exam.
A. External Financial Reporting Decisions 15%
Preparation of financial statements: balance sheet, income statement, statement of changes in equity, statement of cash flows; valuation of assets and liabilities; operating and capital leases; impact of equity transactions; revenue recognition; income measurement; major differences between U.S. GAAP and IFRS.
Topics Tested:
– Financial Statements
– Recognition, Measurement, Valuation and Disclosure
B. Planning, Budgeting and Forecasting – 30%
Planning process; budgeting concepts; annual profit plans and supporting schedules; types of budgets, including activity-based budgeting, project budgeting, flexible budgeting; top-level planning and analysis; and forecasting, including quantitative methods such regression analysis and learning curves.
Topics Tested:
– Strategic Planning
– Budgeting Concepts
– Forecasting Techniques
– Budgeting Methodologies
– Annual Profit Plan and Supporting Schedules
– Top-Level Planning and Analysis
C. Performance Management – 20%
Factors to be analyzed for control and performance evaluation including revenues, costs, profits, and investment in assets; variance analysis based on flexible budgets and standard costs; responsibility accounting for revenue, cost, contribution and profit centers; and balanced scorecard.
Topics Tested:
– Cost and Variance Measures
– Responsibility Centers & Reporting Segments
– Performance Measures
D. Cost Management – 20%
Cost concepts, flows and terminology; alternative cost objectives; cost measurement concepts; cost accumulation systems including job order costing, process costing, and activity-based costing; overhead cost allocation; operational efficiency and business process performance topics such as JIT, MRP, theory of constraints, value chain analysis, benchmarking, ABM, and continuous improvement.
Topics Tested:
– Measurement Concepts
– Costing Systems
– Overhead Costs
– Supply Chain Management
– Business Process Improvement
E. Internal Controls – 15%
Risk assessment; internal control environment, procedures, and standards; responsibility and authority for internal auditing; types of audits; and assessing the adequacy of the accounting information system controls.
Topics Tested:
– Governance, Risk and Compliance
– Internal Auditing
– Systems Controls and Security Measures
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