CMA Exam fees. Updated for 2024
US CMA Exam Fees: A Comprehensive Breakdown for Students and Professionals
US CMA exam fees are a key part of planning your journey toward becoming a Certified Management Accountant (CMA). Whether you're a student looking to break into the accounting field or a professional aiming to advance your career, it's essential to understand the financial commitment required for this globally recognized certification.
In this article, we’ll provide a detailed breakdown of the CMA exam fees for students and professionals and conversions into Indian Rupees (INR) for those pursuing the CMA certification in India.
Breakdown of US CMA Exam Fees
The total cost of pursuing the CMA certification depends on your status as a student or professional. The Institute of Management Accountants (IMA) offers different pricing structures for each category. Let's explore these costs in detail and how they translate into INR.
US CMA Fees for Students
The IMA provides discounted fees for students, making the certification more accessible. Here's the complete breakdown:
- IMA Membership Fee: $49 (In INR: ₹4,000)
- CMA Entrance Fee: $225 (In INR: ₹18,600)
- CMA Part 1 Fee: $370 (In INR: ₹30,700)
- CMA Part 2 Fee: $370 (In INR: ₹30,700)
- Total Fees for Students: $1,014 (In INR: ₹84,000)
US CMA Fees for Professionals
For professionals, the fee structure is slightly higher to reflect their working status. Here’s how the fees stack up:
- IMA Membership Fee: $295 (In INR: ₹24,400)
- CMA Entrance Fee: $300 (In INR: ₹24,800)
- CMA Part 1 Fee: $495 (In INR: ₹41,100)
- CMA Part 2 Fee: $495 (In INR: ₹41,100)
- Total Fees for Professionals: $1,585 (In INR: ₹131,500)
Note: Fees are subject to change, so always check the official IMA website for the latest updates.
Summary of total CMA US exam fees
| Expense | Cost in USD | Cost in INR (approx.) |
|---|---|---|
| Student Total IMA Fees | $1,014 | ₹84,000 |
| Professional Total IMA Fees | $1,585 | ₹131,500 |
Key Points
- IMA membership fees must be paid annually to maintain active status.
- The CMA Entrance Fee is paid once you join the program.
- Exam fees apply per part and must be paid before scheduling your exam.
- Review courses are optional but highly recommended to increase your chances of passing.
If you plan carefully and manage your time well, the investment in the CMA certification can yield significant returns in career opportunities and salary growth.
Why Are CMA Exam Fees Lower for Students?
The IMA offers reduced rates for students to encourage them to pursue the CMA certification early in their careers. These discounts aim to make the certification accessible and affordable to full-time students. Students benefit from reduced costs in all categories, including membership, entrance, and exam fees.
Difference Between Student and Professional Membership
Student Membership:
- Eligibility: Candidates must be enrolled full-time in an accredited degree program (undergraduate or graduate) to qualify for student rates.
- Proof Required: Students must provide documentation such as a current class schedule, student ID, or a letter from the registrar’s office that confirms full-time status.
- Benefits: In addition to reduced fees, student members have access to the same IMA benefits as professional members, including access to research materials, career resources, and networking opportunities.
Professional Membership:
- Eligibility: This category is for candidates who are currently working or have already completed their studies and do not qualify for student discounts.
- Benefits: Professionals gain access to IMA resources, including job boards, industry reports, and opportunities for continuous learning.
Additional CMA Costs to Consider
While the CMA exam fees are the primary costs, there are several additional expenses that candidates should account for in their budgets:
Study Materials:
Quality CMA study materials are essential for exam success. Review courses, textbooks, and practice exams can range from $500 to $2,000 (₹40,000 to ₹1,60,000). Investing in a good study package will help you stay prepared and confident.
Rescheduling Fees
If you need to reschedule your CMA exam:
- Rescheduling 30+ days in advance: Free of charge.
- Rescheduling within 30 days: $50 (₹4,100).
- Rescheduling less than three days before the exam: You forfeit the fee.
Travel and Accommodation
For candidates not living near a Prometric Testing Center, you may need to budget for travel and accommodation expenses. These costs will vary depending on your location and the nearest testing center.
Recertification and Continuing Education Costs
Once you become a CMA, you must pay the annual IMA membership fees to maintain your certification. In addition, CMAs must complete 30 hours of Continuing Professional Education (CPE) each year, including 2 hours in ethics. Costs for fulfilling these requirements can vary depending on how you obtain your CPE credits (e.g., online courses and seminars).
Comparing US CMA Exam Fees to ACCA Fees
When comparing the costs of CMA certification to those of other professional accounting certifications, like ACCA, the difference in structure and costs becomes evident.
ACCA Exam Fees:
- Registration Fee: £89 (₹9,000)
- ACCA Exam Fees: ACCA includes 13 exams, with fees ranging from £125-£300 per exam. The total exam cost can range from £1,700 to £2,000 (₹160,000 to ₹190,000).
US CMA vs ACCA Fees:
- CMA: Total cost for professionals is $1,585 (₹131,400), with only two exam parts.
- ACCA: Total cost is higher due to the 13 exams required, ranging from ₹160,000 to ₹190,000.
The CMA certification is more streamlined and cost-effective, especially if you’re targeting corporate finance or management accounting roles.
For more on comparing certifications, visit our CMA vs ACCA Guide.
FAQs About US CMA Exam Fees
Are CMA exam fees refundable?
No, the CMA exam fees are non-refundable. If you cannot attend your scheduled exam, you can reschedule but will not receive a refund for missed exams.
Do I have to pay the entrance fee again if I fail the exam?
No, the CMA entrance fee is a one-time payment. However, if you do not pass both parts within three years, you must repay the entrance fee to continue pursuing the certification.
Are there scholarships available for CMA candidates?
Yes, the IMA offers scholarships for students, covering membership, entrance, and exam fees. Contact us for available discounts.
Conclusion: Planning for US CMA Exam Fees
The US CMA exam fees are a necessary investment in your career, whether you are a student starting or a professional looking to advance in corporate finance and management accounting. You can budget effectively and avoid surprises with a clear understanding of the costs involved, including conversion into INR.
By leveraging student discounts, planning for additional costs like study materials, and comparing other certifications like ACCA, you can make informed decisions and ensure a smooth path to becoming a Certified Management Accountant.
For a comprehensive overview of the CMA USA program, check out our detailed guide on CMA USA Course Details.
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Frequently Asked Questions About the CMA US Certification Course
The CMA US course is a globally recognized certification program for finance and accounting professionals, focusing on strategic financial management, budgeting, and performance management. It’s ideal for those looking to advance in corporate finance roles.
The CMA exam is known for being challenging, with an average global pass rate of around 45%. The exam consists of two parts: Part 1 focuses on Financial Planning, Performance, and Analytics, while Part 2 covers Strategic Financial Management. Each part has a mix of multiple-choice questions and essay questions, which test both theoretical knowledge and practical application. Most candidates find Part 1 more quantitative and Part 2 more strategic, with both requiring thorough preparation.
Most candidates complete the course in 6-18 months, depending on study time and preparation. The two exam parts can be scheduled separately, allowing for flexible pacing.
CMA aspirants have three years to successfully complete both components of the exam from the day they join their program. With ample time available, success is well within reach!
Most candidates report studying between 150 to 200 hours for each part of the CMA exam. If working full-time, this could translate to around 3-5 months per part, depending on your existing accounting knowledge and study habits. A structured study schedule, covering each section systematically and including ample time for practice questions and revision, is essential for success.
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The CMA credential can open doors to various managerial and executive positions in finance, accounting, and corporate management. Common roles include financial analyst, management accountant, CFO, and financial controller. Salary expectations vary by region, but CMAs generally earn around 30-50% more than their non-certified peers. In the U.S., the average salary for CMAs can range from $80,000 to $150,000 annually, depending on experience and location.
Yes, many candidates complete the CMA while working full-time. Time management is crucial, and it may involve studying during evenings and weekends. Employers often support CMA candidates by providing study resources, financial assistance, or time off for exam preparation. Reddit users recommend setting realistic goals and maintaining a consistent study routine to balance work and study effectively.
The CMA is recognized in over 100 countries and is highly regarded in various industries, particularly in regions like the Middle East, China, and India. It is especially valuable for professionals interested in multinational corporations or companies with a global presence. In some countries, CMA-certified professionals may earn equivalent or even higher salaries than CPAs or local accounting professionals.
Many professionals with a CPA or another accounting certification pursue the CMA to gain expertise in management accounting and strategic decision-making. The two credentials can complement each other well, with the CPA focusing more on auditing and tax and the CMA emphasizing corporate finance and strategy. The choice depends on career goals—if you're aiming for managerial roles in corporate finance, the CMA is highly advantageous.
While automation and AI have affected traditional accounting roles, they have increased the demand for management accountants who can interpret data and contribute to strategic decision-making. CMAs are well-positioned to leverage these technologies, as their training covers data analytics and performance management, making them valuable assets in organizations seeking to innovate and optimize processes.
If you fail a part of the CMA exam, you can retake it during the next testing window. The IMA offers the exam in three testing windows each year: January-February, May-June, and September-October. Preparing for a retake may involve identifying areas of weakness, revising study materials, and perhaps trying different resources or study methods.
To be eligible, candidates must have a bachelor’s degree from an accredited institution, two years of relevant professional experience in financial or management accounting, and IMA membership.
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