# Presentation: 729187

## CMA/CFM  CERTIFICATION  PROGRAM

- CMA-Certified Management Accountant
- CFM-Corporate Financial Management
- WHY CMA/CFM?

## CMA/CFM CERTIFICATON

***** source:  IMA survey conducted in December 1998, published in June 1999.  The entire survey
-     can be found at:  	    _http://www.mamag.com/strategicfinance/1999/06g.htm_

*CMA/CFM CERTIFICATON*

**Notes:**
This was published in the June 1999 issue of IMA’s monthly publication, STRATEGIC FINANCE.

Also, mention marketability, the certification process provides for a sound knowledge base and provides proficiencies for success.

This survey  revealed some anomalies:

In some age groups, CMA’s earn more than CPA’s, in other age groups, vice versa.

In the 60+ age group, those WITHOUT certification earned more than those with certification.  The survey offered only a speculation that those with certifications had retired, and those without certifications were still working.

## CONVENIENCES  OF  TESTING  PROCESS:

**Computer based-can go back to change an answer.**
**Take **_**individual **_**parts at **
**your convenience!**
**Receive score instantly!**
**Credits for passed parts retained indefinitely** **+**

**+**** ****   **Must attempt remaining parts at least once every two years

**Notes:**
CPA is still a written exam, and there are essay questions.  CMA is all multiple choice, and is computer based.

You are required to take the entire CPA exam on your first sitting, and it is only offered in May and November.  For the CMA, you can elect to take one part at a time, and you can take it at your convenience at the Sylvan Learning Center in Puyallup, Lynnwood, or Spokane.

For the CPA, you wait 4 months for your score.  For the CMA, you get your score instantly!

Once you pass one part of the CPA, you must complete the remaining exam in 3 years or you lose your credits for passed parts.  For the CMA, you retain the credits for passed parts indefinitely, as long as you attempt to take a part once every 2 years.

## WHERE TO TAKE THE EXAM

- SYLVAN LEARNING CENTERS-Spokane is the closest licensed facility.
- Tri-cities Sylvan Learning Center does not offer these type of tests.
- Call  509-467-8715 a week or so ahead to make an appointment!

## EXAM REQUIREMENTS:	

**Bachelor’s degree from accredited college or university.**
**Member of IMA-Institute of Management Accountants.**
**Two continuous years of professional experience within seven years of passing the exam.**

- Complete list of all requirements can be found at:   _**http://web.imanet.org/icma/cert.htm**_

**Notes:**
Exam costs $80 per part with a $50 credentialling fee.  However, students can take the exam at a 50% discount, and the credentialling fee is waived.  

## EXAM  PARTS:

**Part 1 Economics, Finance, and Management**
**Part 2 Financial Accounting and Reporting (CMA) ****  #  **** or                                                                          Corporate Financial Management (CFM)  ****#**
**Part 3 Management Reporting, Analysis, and Behavioral Issues**
**Part 4 Decision Analysis and Information Systems**

**#**  This part is waived if you have passed the CPA Exam

**Notes:**
You pay a one time credentialing fee of $50, then it costs $80 per part.  Even if you manage to get part 2 waived, you still have to pay the $80.

Also, although each part is geared toward specific subject areas, expect  to see questions from other parts on each part.  I discovered this when I took Parts 1 and 2.  Although you can take individual parts of the exam, it might be helpful to study for the entire exam before you attempt to take one part.  

Mention the scoring process, it's a "scaled" thing, where 200 is equal to 0, and 700 is equal to 100%.  

## EXAM SPECIFICATIONS

**Each part of the CMA/CFM consists of 110 multiple choice questions over a 3 1/2 hour time period. A simple calculator is allowed.**
_**Broader**_** coverage than the CPA exam!**
**Offered year round!**

## GOOD REVIEW

- Broad exam-good review of materials from business courses from a four-year and/or MBA program!
- Review of outlines and practicing multiple choice are good exam strategies!

## EXAM SUMMARY

**As of 1998-Careers in Accounting booklet taking the exams in one year:**
**CPA 117,000**
**CMA 5,276**
**CIA 8,000**
**Other exams-EA (Enrolled Agent), CISA (Certified Information Systems Auditor), CFE (Certified Fraud Examiner).**

- Gleim publications at www.gleim.com

## EXAM PASS REQUIREMENTS

**Passing score 70% compared to the needed 75% on the CPA & CIA exams!**
**CPA exam started in 1916**
**CMA exam started in 1972**
**CIA exam started in 1974**

*REVIEW COURSES:*

_**Becker**_
**Computer based, on-line or live**
_**Gleim**_
**Computer, Books, Audio, CPE**
_**MicroMash**_
**Computer based**
_**Rigos**_
**Computer based, 3 day live session**

**Notes:**
I took a poll of Tri-Cities IMA members who had CMA’s.  I heard mixed reviews on MicroMash.  However, Gleim, Becker, and Rigos all got rave reviews.  

There is one additional review course called Lambers.  I heard rave reviews on it, but couldn’t find where it was offered in Washington.  

## GLEIM PRODUCTS 

**Books $22.95 per part**
**Audiotapes $60.00 per part**
**Software $35.00**
**Recommend a combination of software and books!**
**To order call (800)-87-GLEIM or www.gleim.com**

## FREE GLEIM CPE

**New this year! Chapter will reimburse members full cost of $25 per part (10 CPE) for completion of the CPE in the back of the Gleim/Fisher book.**
**Turn CPE credit slip to IMA treasurer for reimbursement!**
**The points add to our chapter competition!**

## STUDY TIME

**Per part-approximately 40 hours per part depending upon the individuals test taking and accounting skills!**

## WHY CMA/CFM ?

**CMA/CFM pin &certificates****	****	****	**
**Resume builder**
**Salary increase**
**Lifetime professional credential**

***CMA/CFM CERITICATES***

## LOCAL STUDY GROUP

**Members have gotten together to study for different parts this year!**
**How can we help you? Why wait-order study materials now and get started!**
**Contact your CMA/CFM director**!