The Certified Management Accounting exam covers cost management, economics, corporate finance, and ethics. Registration is necessary, and preparation resources are available on the Institute of Management Accountants website, including study materials and practice exams. The exam changed in 2010 and is now split into two parts. Preparation courses are available, and advice from successful test-takers can be helpful.
The Certified Management Accounting exam provides credentialed financial management credentials covering areas such as cost management, economics, corporate finance, and ethics. Certification is awarded by the Institute of Certified Management Accountants (ICMA) to accountants worldwide. Some methods of preparing for the exam are optional, and others, such as registering for the test and knowing what to bring on test day, are absolutely necessary—takers can find requirements on the Institute of Management Accountants (IMA) website. The site also offers manuals, test content descriptions, recommended study material, and practice exams to help you prepare for the exam.
The first step in preparing for the Certified Management Accounting exam is to register. Those considering taking the exam should contact the IMA or visit the website to find current entry requirements. The IMA conducts the Certified Management Accounting exam and those wishing to complete the exam must first be registered members of the IMA. The candidate can register for the Certified Management Accounting exam on the IMA website after the fees have been paid and the candidate proves that he/she meets the education and experience requirements set by the IMA. In addition to this method, a form can be mailed or faxed, or the applicant can call the IMA to register.
The Certified Management Accounting exam changed in May 2010 from four parts to two parts. The first part covers financial planning, performance and control, while the second part is entirely about financial decision making. Specific subjects in these two general parts can be found on the IMA website. The site also provides test takers with resource guides for the exam and answers to frequently asked questions, such as whether it’s best to guess a question or leave an answer blank.
There are preparation courses offered for the Certified Managerial Accounting exam as well. One of the best known is the course offered by Boston University, which offers online self-study courses and on-site exam preparation courses. Courses are administered by the Boston Institute of Finance.
Those preparing for the Certified Management Accounting exam can also utilize people who have taken the exam before them. Successful test takers can tell candidates what the environment will be like during the exam and what to bring. Proper preparation and study should lead to a confident test and successful certification.
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