The Certified Management Accountant (CMA) credential is a prestigious certification that can significantly boost your career in management accounting and financial management. As a CMA candidate, it’s essential to understand the total CMA certification cost involved in earning this designation, so you can plan your budget accordingly. This pillar article will walk you through the CMA exam cost, membership fees, study materials, review courses, and other essential components of the CMA program.

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What is the CMA Certification?

The CMA certification is awarded by the Institute of Management Accountants (IMA), and it is widely recognized in the accounting profession. Earning the CMA credential demonstrates your expertise in financial planning, performance management, financial analysis, and strategic decision-making. As a Certified Management Accountant, you’ll gain professional recognition, increase your salary potential, and open the door to advanced professional career opportunities in management accounting.

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Understanding the CMA Certification Cost Breakdown

The CMA exam cost involves several key components, such as exam fees, membership fees, study materials, and potential CMA review courses. Below is a breakdown of these costs:

1. IMA Membership Fee

To take the CMA exam, you must first become a member of the Institute of Management Accountants (IMA). The IMA membership grants you access to resources, networking opportunities, and the ability to register for the CMA exam. The cost of the IMA membership varies depending on your membership type:

• Professional Members:
  • Annual Membership Fee: $275
  • One-Time Processing Fee: $15
  • Total Initial Cost: $290
• Student or Academic Members:
  • Annual Membership Fee: $45
  • One-Time Processing Fee: $15
  • Total Initial Cost: $60

The annual membership fee for professional members is paid annually, while student members can access more affordable membership options.

2. CMA Entrance Fee

Before you can begin your CMA journey, you’ll need to pay the CMA entrance fee. This one-time fee grants you access to the CMA program and covers the cost of reviewing your qualifications.

• Professional Members: $300
• Student or Academic Members: $225

Once paid, this fee is non-refundable.

3. CMA Exam Fees

The CMA exam is divided into two parts:

• Part 1: Financial Planning, Performance, and Analytics
• Part 2: Strategic Financial Management

Each part of the CMA exam has an exam fee of $495, so the total cost for both parts is $990. This covers the development, administration, and scoring of the exam.

CMA exam fees are non-refundable, and if you need to reschedule your exam appointment, a $50 fee applies if the request is made within the allowed timeframe.

4. CMA Study Materials and Review Courses

To succeed in the CMA exam, investing in study materials or a CMA review course is highly recommended. The costs for CMA study materials vary significantly depending on the provider and the type of materials you choose.

• CMA Study Materials: $500 – $1,500
  • This includes textbooks, practice tests, and online resources.
• CMA Review Courses: $699 – $2,000+
  • These comprehensive courses often include video lectures, practice exams, study guides, and sometimes CMA exam support packages. Well-known providers include Becker CMA, Gleim, Wiley, Ninja CMA, and Surgent.

Review Course Provider	Cost
Becker CMA	$1,399 – $2,000+
Gleim CMA	$1,150 – $1,700
Wiley CMAexcel	$1,199 – $1,699
Ninja CMA	$67 per month
Surgent CMA	$1,200 – $2,000+

These courses are designed to give CMA candidates structured guidance, including exam prep, practice tests, and personalized support.

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Cost-Saving Strategies for CMA Certification

While the CMA certification cost can add up, there are several strategies you can use to minimize expenses and make the process more affordable:

1. Choose the Right Membership Type

Opting for a student membership or academic membership if you qualify can significantly reduce your IMA membership costs. If you’re a student or recent graduate, this option allows you to access the CMA program at a fraction of the price compared to a professional membership. IMA offers scholarships to high-achieving students, which can cover the CMA Program costs. Students must be enrolled in six credit hours at a university or college to qualify for student pricing.

2. Leverage Discounts on Review Courses

Many CMA review courses offer seasonal discounts or promotions, especially during holiday sales or at the start of the year. Additionally, some review course providers like Ninja CMA offer more affordable monthly subscription plans, allowing you to spread out the cost of study materials over time. Becker offers a 40% off promotion code for both IMA membership and the entrance fee when you purchase a CMA Exam Review Package.

3. Utilize Free Study Materials

Before investing in expensive CMA review courses, take advantage of free resources available online. Websites like the IMA offer sample questions, study guides, and webinars. Combining these with free or low-cost textbooks can help reduce the overall cost of CMA study materials.

4. Study Efficiently to Avoid Retakes

One of the best ways to save money on the CMA exam is to pass the CMA exam on your first attempt. This eliminates the cost of retake fees. Be sure to dedicate adequate time to study using practice tests and CMA review courses to maximize your chances of success.

5. Split Study Costs with a Peer

Consider studying with a partner or in a study group. Some review course providers allow you to share access, which can reduce individual costs. Collaborating with others also enhances learning and can help you stay motivated throughout your preparation.

By implementing these cost-saving strategies, you can reduce the overall CMA cost and make the certification process more manageable.

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Additional Costs to Consider

Beyond the CMA exam fees, other costs to consider include:

• Travel and Accommodation: If your Prometric testing center is far from your location, travel and accommodation expenses may arise.
• Continuing Education: To maintain your CMA certification, you must complete 30 hours of continuing professional education (CPE) annually.

Ongoing Certification Maintenance Payments:

To maintain your CMA credential, you’ll need to pay the annual IMA membership fee and continue meeting continuing education requirements.

• Professional Members: $275 per year
• Student Members: $45 per year

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Ongoing Costs of Maintaining the CMA Certification

Once you’ve earned your CMA certification, there are ongoing costs that are essential to maintaining your credential. These costs ensure that you stay current with industry trends and remain compliant with CMA certification requirements. Here’s a breakdown of the ongoing costs:

1. Annual Membership Fee

To retain your CMA designation, you must remain a member of the Institute of Management Accountants (IMA). The annual membership fee varies depending on your membership type:

• Professional Members: $275
• Student Members: $45
• Academic Members: $45

2. Continuing Education (CPE) Requirements

Maintaining your CMA credential also involves completing 30 hours of Continuing Professional Education (CPE) annually. These courses help you stay updated on the latest in management accounting and financial management. Some costs are associated with attending CPE events or completing CPE courses, which can range from free offerings to more expensive seminars or certifications.

3. Re-certification Fee

Every three years, you must renew your CMA credential. This involves submitting your CPE credits and paying a re-certification fee, typically around $100 to $200.

By budgeting for these ongoing costs, you ensure that your CMA certification remains active and valid, helping you continue to advance in your professional career.

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Total Estimated Cost of the CMA Certification

The total CMA certification cost includes membership fees, exam fees, study materials, and review courses. Here’s a quick breakdown:

• For Professional Members:
  • IMA Membership Fee: $275
  • CMA Entrance Fee: $300
  • CMA Exam Fee: $990 (for both parts)
  • Study Materials and Review Courses: $699 to $2,000+
  • Total Estimated Cost: $2,264 to $3,565+
• For Student Members:
  • IMA Membership Fee: $45
  • CMA Entrance Fee: $225
  • CMA Exam Fee: $990 (for both parts)
  • Study Materials and Review Courses: $699 to $2,000+
  • Total Estimated Cost: $1,959 to $3,260+

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Key Factors that Affect the CMA Exam Cost

Several factors can impact the CMA exam cost:

• Membership Type: Professional, student, or academic memberships come with different costs.
• Study Materials: The choice of CMA review courses and study materials will affect the total cost.
• Retakes: If you do not pass the CMA exam, you will incur additional costs to retake the exam. The retake fee for professional members is $495 per part, while student members pay $370 per part.

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CMA Exam Parts, Testing Windows, and Prometric Testing Centers

Understanding the logistics of the CMA exam is crucial. Below is an overview of the exam parts, testing windows, and the process for scheduling your exam appointment at a Prometric testing center.

CMA Exam Parts

The CMA exam is divided into two parts:

• Part 1: Financial Planning, Performance, and Analytics
• Part 2: Strategic Financial Management

Both parts test essential skills required in management accounting and financial management.

Testing Windows

The CMA exam is offered in three testing windows each year:

• January – February
• May – June
• September – October

Prometric Testing Centers

The CMA exam is administered at Prometric testing centers. These centers are available worldwide, allowing CMA candidates to register for the exam and sit for the exam at their convenience. You can schedule your exam appointment through the Prometric website.

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Return on Investment of the CMA Certification

The CMA certification is a valuable asset that can lead to higher earning potential and more career advancement opportunities in the accounting profession.

• Increased Salary Potential: Certified Management Accountants earn a median total compensation of $71,000 annually, with the potential for a 58% higher salary than non-certified professionals.
• Career Advancement: The CMA designation offers global recognition and greater opportunities for career growth, particularly in management accounting and financial management.

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Conclusion: Is the CMA Certification Worth It?

While the CMA certification cost can range from $2,584 to $3,595, the benefits of becoming a Certified Management Accountant far outweigh the initial investment. By obtaining your CMA designation, you’re positioning yourself for a long-term, prosperous career in financial management.

The CMA exam cost is a one-time investment that can lead to higher salary potential, professional recognition, and greater opportunities within the accounting profession. Whether you choose to take the CMA exam soon or plan your CMA journey over time, this certification offers a high return on investment for accounting professionals committed to advancing their careers.