CMA USA is among such premier designations to which budding or practicing finance professionals look up. It certifies competency in financial planning, analysis, and decision-making, which leads to lucrative opportunities. This blog is your one-stop guide to understanding the CMA USA fee structure.
What is the CMA USA?
The CMA USA is a professional certification in the field of finance; it caters to the areas of planning, analysis, control, and decision support within an organization or firm. A study by the Institute of Management Accountants claimed that, on average, a CMA would earn 21% more than their non-certified counterparts.
IMA is a global organization founded in the year 1957 to serve the management accounting profession, and today, over 140,000 members in 150 countries around the globe are members of IMA.
Understanding the CMA USA Fees Structure
Attaining a CMA USA certification involves paying a few fees. Let us critically look at the charges to ease the planning of your financial journey:
Key Point: Various Fees Relating to the CMA USA Course
1. Membership Fees
2. Entrance Fees
3. Exam Registration Fees
4. Other Costs
1. Membership Fees
Membership in the IMA is linked to the requirement as a mandate for enrollment in the CMA course. The IMA has several membership categories, classified between each other by the benefits and concomitant annual pay:
- Professional Membership: This membership is for experienced finance professionals. Membership Fee: For individuals who have completed the CMA program. The estimated annual fees are around $295.
- Student Membership: This is for those students pursuing or completing the CMA program. The yearly fees are way much cheaper, approximately about $49-$160 for the student category.
- Academic Membership: This is for educators and faculty teaching accounting in various institutions. The annual fees are based on different categories and types of institutions.
2. Entrance Fees
An entrance fee entails making a one-time payment to secure your admission into the CMA program. The CMA current entrance fee is about $300 for professional members and $225 for student members.
3. Exam Registration Fees
The CMA exam is single in level but in two parts, which are:
Part 1: Financial Planning, Performance, and Analytics
Part 2: Strategic Financial Management
Since both the parts are separate, the us cma registration fees are also separate:
- Part 1 Exam Fee: Currently, the CMA USA registration fees for Part 1 is about $495.
- Part 2 Exam Fee: The exam fees for CMA US registration fees Part 2 is also approximate $495.
- Bundled Discounts: At times, IMA also provides some discount or bundled pricing for registration in both parts together.
4. Other Costs
Apart from the significant costs, there are some optional costs as well:
- Study Costs: IMA provides official study material, which includes books, test questions, and online resources. The given prices are approximate and vary with the format and individual order.
- Exam Review Courses: Various test preparation vendors offer excellent review courses to help the candidates prepare for the CMA exam. But these courses always carry some extra amount.
SOE Global a coaching center located in Chennai that identifies needs and makes them excel in the career world with quality and intensive coaching. SOE Global courses include CMA USA review classes for students to introduce their skills, knowledge, and skills required to pass the exams.
Variable Costs:
- Reschedule charges to retake the examination.
- Retaking the test if a part of the exam is failed.
- Transportation and accommodation if that location is outside the geographical area of the residence.
Estimated Total Cost and Budgeting Tips:
General bottom line cost to be ready for securing the CMA US certification varies based on the member category, the resources of study that are to be expected to be provided, and some additional expenses. For estimation purposes only:
- Professional Membership: Join as a member, both parts of the exam, no extras: $1,585.
- Student Membership: Student: For students enrolled in university at any level who are agreeing to join now, electronic study material, plus a PIE registered option for both parts of the exam: Under $830.
Remember, All these figures are estimates only. More importantly, the unexpected costs need to be catered for and budgeted. Watch out for scholarships or financial assistance from the IMA or your employer that relieve the economic crunch.
Value for Money: ROI of CMA USA Certification
This is a high return on investment certification. Discussions show that, in general, CMAs earn more and have better career prospects than other capable counterparts in the field. This will help you realize the importance of your newly acquired knowledge and skills and the professional network for career movement.
Conclusion
Acquiring CMA USA certification is a considerable investment in your professional life. Understanding the CMA USA fee structure well in advance will help you plan your finances to take up this journey where the benefits will be so rich.
Are you ready to take those first steps toward your certification as a CMA, which will set you apart from other CMAs?
For more details on your CMA program, entry requisites, and instructions on how to apply for the program, please log on to the IMA website. Look for research coaching institutions like SOE Global to find their CMA USA review courses that best fit your learning style and pocket.