FAQs on the CMA/CFM Designations

To support management accounting and financial management internationally, the IMA is involved in multiple international professional, educational, and research projects. IMA's CMA and CFM certifications are global certifications. International membership and international chapters are growing very fast.

There are at least two reasons why your professional development and career advancement will significantly benefit from obtaining this designation. First, while studying for the CMA, you will obtain and systemize contemporary professional knowledge, as well as develop skills and abilities which are required by successful businesses. In short, it will improve your value as a financial professional. Second, the worldwide job market can be extremely competitive. To get the job you want, you will need to show that you can make a difference to your prospective employer. Having a CMA and/or a CFM designation shows not only a high level of competence in corporate finance and management accounting, but also a strong commitment to continuous improvement and high ethical standards. Many leading international companies consider the CMA/CFM designations as the ultimate mark of excellence.

What are the financial benefits of pursuing the CMA or CFM?
It is definitely a big decision to start the professional certification process, but quite rewarding. First, having the CMA or CFM designations leads to much faster career advancement. In addition, research conducted by IMA indicates that the IMA certified members' average salary and average total compensation is considerably higher than for non-certified professionals. Latest Salary Survey

What parts can I waive?
If you have passed the U.S. CPA exam, you can waive part 2-CMA. There is a $115 fee for the processing of this waiver. To grant a waiver, we need a letter from your state board confirming your licensure or passing of the U.S. CPA exam. This letter must be sent directly to the ICMA; copies are not acceptable.

If you have passed the U.S. CFA exam, you can waive part 2-CFM. There is a $115 fee for the processing of this waiver. To grant a waiver, we need a letter from the Association for Investment Management and Research (AIMR) confirming your passing all three levels of the CFA exam. This letter must be sent directly to the ICMA; copies are not acceptable.

If you have passed the Indian Cost & Works Accountant exams (CWA), you can waive parts 3 and 4 of the CMA/CFM exam To grant a waiver, we need a letter from the Institute of Cost and Works Accountants of India (ICWAI) confirming your passing all exams. This letter must be sent directly to the ICMA; copies are not acceptable.

Does the ICMA have any manuals or books to help study for the exam?
In an effort to help our candidates better prepare for their certification examinations, we have developed the Hints, Tips, and Strategies for CMA/CFM Exam Takers, which is in fact a detailed exam preparation manual with sample questions, comprehensive literature references, exam statistics, and exam taking strategies. Thus, either before you take the exam, or after you failed it and identified the areas that are marginal or need improvement through your Advanced Exam Performance Report, you would be able to study more productively and practice with the exam-like questions using the Hints, Tips, and Strategies for CMA/CFM Exam Takers.

Does the IMA or ICMA have review materials for computer-based testing?
Neither the IMA nor the ICMA provide review materials; however, a listing of review materials available from several national review course providers is available by clicking on "self-study courses." The ICMA does publish Hints, Tips, and Strategies for CMA/CFM exam takers, which helps familiarize candidates with the test-taking process.

Do I have to take all four parts of the CMA or CFM exams at once or can I take one part at a time?
You can take all four parts at once, or you can take one part at a time if you prefer.

It should be noted, that the same 120-day authorization period will apply to all of the parts that you register for, i.e., you must take all parts registered for within the same time period.

How many questions are on the exam?
There are 110 questions on each exam part, nine of which are unscored experimental questions. The experimental questions are being tested for future use and they are distributed randomly throughout the exam.

Will I receive my score immediately after finishing the exam on the computer?
Yes, you will receive a pass/fail notification and a scaled score on the computer screen, as well as a printout, which will be embossed at the site attesting to its authenticity. The ICMA does not send a separate notification until all required exam parts are completed.

What does the scaled score mean?
Candidates are given different "forms" of the exam and it is therefore necessary to establish a passing score for each form, taking into consideration the relative difficulty of the items contained in each form. In order to equate all scores for all forms of the exam, the scores for each part are placed along a scale from 200 to 700. On this scale, a score of 500 represents the minimum passing scaled score. One form of the exam might require a passing percentage of 70% and another a passing percentage of 65%; both of these passing percentages would represent a scaled score of 500. The scaled score allows candidates to know how they performed in relation to the passing standard of 500.

Are some questions on the exam weighted more heavily than other questions?
Individual questions are not weighted in the sense that one question is worth more points than another question. All questions are of equal point value. The individual questions do determine the relative difficulty of the entire set of questions, or "form," of the exam. When a candidate takes an exam, a set of questions is randomly selected. Each question, included in the set of questions, has a difficulty rating that, together with all the other questions, determines the relative difficulty of that particular set of questions. This relative difficulty determines the number of questions that must be answered correctly in order to pass. A relatively difficult exam will require fewer correct items than an easier exam.

Should I guess if I'm not sure of the correct answer to a question?
There is no penalty for incorrect answers. Therefore, you should select an option that seems reasonable rather than leave an answer blank, particularly if you can eliminate one or two of the options as being incorrect.

How can I receive an information kit?
You can request an information kit by calling the IMA at 800-638-4427, or contact us at the following e-mail address: ima@imanet.org You can also download a PDF version of the information kit from our website.

How can I receive a registration form for the exam?
Registration forms are mailed automatically each month to all CMA/CFM candidates who have taken an exam part in the previous month, have parts remaining, and have a current IMA membership. Registration forms are also mailed to candidates with current IMA memberships who registered for an exam part but did not take the part during the authorization period. All others should request an information kit or download a PDF version of the form from our website at www.imanet.org. You can also register for the exam via the Internet through our website.

When should I register for an exam part?
Approximately 2-4 weeks before you plan to take the part. New candidates for certification must supply all necessary forms before being authorized to sit. If you plan to sit for the exam before supplying educational credentials, you must choose the "later" code on the bottom of the application.

After I register for the exam, how long do I have to take the exam before my authorization period expires?
Candidates have 120 days after receiving authorization to sit for the exam.

What is the Credentialing Fee?
Credentialing fee of $75 is a one-time fee IMA charges to start the certification process. It is essentially an application fee for certification. The fee must be paid before an exam authorization process can start. It is not required at the time of IMA membership application.

Do I have to evaluate my university degree?
To meet educational requirements for CMA/CFM certifications, you need to hold a baccalaureate degree, in any area, from an accredited college or university. Degrees from accredited foreign institutions are acceptable (for a partial listing of foreign universities that are acceptable without an evaluation, click here). If your degree is from an accredited foreign institution, you must submit a transcript translated into English, showing the official university seal. If you are unable to obtain a translation with a university seal, a notarized translation is acceptable. We will require the proof of meeting education requirements only before issuance of the CMA/CFM certificate.

Where shall I send my applications and university degree?
You will need to mail your applications and all other required documents to the ICMA. Our mailing address is
10 Paragon Drive, Montvale, NJ, 07645, USA.

Where will computer-based tests be given?
At Thompson Prometric Testing Centers (formerly Sylvan). There are many locations throughout the U.S. and internationally. A listing of the site locations can be seen by clicking on "Prometric Testing Centers" above or visiting Prometric's website at http://www.2test.com/.

What is the policy for cancellation of a scheduled appointment with Thompson Prometric Testing Centers?
If you are unable to keep a scheduled appointment at Prometric, you must cancel three(3) business days before the appointment. To cancel an appointment, call Thompson Prometric at 800-479-6370 Monday through Saturday. If you do not comply with this cancellation policy, you will be considered a "no-show" and you will need to reregister with ICMA and repay the examination fee. For candidates taking the exam outside the U.S., you must cancel 5 business days prior to the scheduled testing date.

How much does the exam cost?
For candidates taking the exam in the US and Canada, the cost is $115 per part; for candidates taking the exam overseas, the cost is $165 per part, except in Japan where it is $235 per part. In addition, there is a one-time $75 credentialing fee for new candidates. This fee is not applicable to students attending U.S. and Canadian universities. Click here for a complete fee schedule.

Can I receive more detailed information on my test results?
Exam takers who do not pass an exam part automatically receive a Detail of Performance report within 2 to 3 weeks of their exam. The report is provided at no additional charge and shows performance by topic for the exam part that was taken. This information helps candidates identify subject matter areas where further study is needed.

In addition, you now have an opportunity to improve the quality of preparation for your next examination by specifically identifying the content areas you need to study. In an effort to help our candidates better prepare for their certification examinations, we have developed a new Advanced Exam Performance Report. This new report follows the Examination Content Specification Outlines, which means you will know exactly what topics and subtopics you need to study. An Advanced Exam Performance Report is available for a small fee.

What is the current policy with regard to retaining credit for a passed exam part?
All CMA and CFM candidates have four years to complete all four parts of either the CMA or CFM exam track. The time period will begin with the date of the first passed exam. If the four-part exam is not completed within four years, then parts which were passed more than four years prior will expire. The effective date is July 1, 2001. (Those who have credit for passed parts prior to July 1, 2001 will have four years from July 1, 2001 to complete the four parts of either the CMA or CFM.)

What is the continuing education requirement for CMA or CFM completers?
Both the CMA and the CFM require 30 hours of continuing education per year beginning the calendar year after completion of all exam parts. If you hold both designations, the same 30 hours will fulfill the obligation for both programs.

A written request is required to withdraw from the exam. Requests postmarked within 30 days of your authorization letter will be granted a non-refundable credit good for six months for exam fees, less a $25 processing fee. If you are unable to take the exam within the authorization period (and did not miss a scheduled appointment), your registration will be automatically withdrawn and a nonrefundable credit for 50% of the exam fees will be recorded in your file. You will be sent a new registration form and will have

What does a CMA in good standing have to do to become a CFM?
A CMA who is current with respect to IMA dues and continuing professional education can become a CFM by passing Part 2CFM. (The CMA parts do not expire.)