The Certified Management Accountant (CMA) credential is the professional designation for management accountants and financial managers. The Certificate provides distinction in today's economic climate and is an opportunity to certify your expertise in business areas that are critical to the decision-making process.

In 1972, the Institute of Management Accountants (IMA) began the Certified Management Accountant program to provide professional recognition for the management accountant that would be a comparable designation of the Certified Public Accountant (CPA) for the public accountant. The first examination was given in December of that year. Sixty-one candidates passed all five parts, and certificates were awarded to the 54 candidates who met the experience requirement. Since then, the program has grown steadily. As of January 1996, 16,989 people have completed the exam.

The CMA program has four objectives:

To establish management accounting as a recognized profession by identifying the role of the management accountant and financial manager, the underlying body of knowledge, and course of study by which such knowledge is acquired;
• To encourage higher educational standards in the management accounting field;
• To establish an objective measure of an individual's knowledge and competence in the field of management accounting; and
• To encourage continued professional development by management accountants.

The IMA, who endorses the CMA Program, is the largest management accounting association in the world with approximately 82,000 members and more than 300 chapters. Founded in 1919 as an educational organization, the IMA helped expand the knowledge and professionalism of people specifically interested in cost accounting. Today the IMA is the leading voice of corporate accountants and financial executives and prepares accountants for a career other than public accounting.

The candidate must successfully complete a rigorous examination that serves as an objective measure of that individual's knowledge and competence in the field of management accounting. Moreover, the exam questions are constructed to test an individual's ability to analyze information and communicate the results in a meaningful and understandable manner to aid management in making decisions.

Beginning December 1, 1997, the CMA and CFM Examinations, will be given in a computer-based format. The examinations will be 100% objective and will consist of carefully constructed multiple-choice questions that will test all levels of cognitive skills. The exams will be offered daily (except Sundays and holidays) at an extensive network of Sylvan Technology Centers located throughout the U.S. and internationally.

The exam consists of four parts:

Part 1: Economics, Finance, and Management

Part 2: Financial Accounting and Reporting (* waived for individuals who have passed the U.S. CPA exam.)

Part 3: Management Reporting, Analysis, and Behavioral Issues

Part 4: Decision Analysis and Information Systems

Candidates seeking admission to the CMA Program must meet one of the following criteria:

1. Hold a baccalaureate degree from an accredited college or university;
2. Hold a CPA certificate or foreign equivalent;
3. Hold the foreign equivalent to the CMA; or
4. Achieve a score satisfactory to the Credentials Committee of the Institute on either the Graduate Record Examination or the Graduate management Admission Test. Note: This option to qualify for admission will not be available after June 30, 1996.

In addition, the candidate must:

1. Be or become a member of the Institute of Management Accountants;
2. Be employed or expect to be employed in management accounting or financial management; and
3. Submit the names of two character references.

To become a CMA:

• file an Application for Admission with the ICMA and register for the CMA Examination;
• become a member of the IMA;
• pass all four parts of the CMA Examination within a three-year period;
• satisfy the CMA experience requirement; and comply with the Standards of Ethical Conduct for Management Accountants.

Once the certificate is earned, the CMA must:

• satisfy the continuing education requirement;
• comply with the Standards of Ethical Conduct for Management Accountants; and
• maintain membership in the IMA.

Earning potential for management accountants and financial managers with the CMA designation are $9,000 - $15,000 (U.S. dollars) more than those without any designation, according to a recent survey of IMA members.

And, having a professional designation gives you the competitive edge. The CMA program is actively supported by over 170 corporation, both large and small. These business leaders recognize that the CMA identifies an individual determined to meet a professional challenge. Formal support of the program also demonstrates to employees your company's commitment to their professional development.

More and more, executives throughout the U.S. look for the CMA designation when filling key management accounting and financial management positions in their organization. The reason is simple. The Certified Management Accountant is a highly-qualified, skilled professional.

Seniors and graduate students attending accredited U.S. universities are eligible to take each part of the examination one time at a special reduced rate. Full-time faculty members employed by accredited U.S. universities are permitted to take the examination one time at no charge; the examination fee for any parts that must be retaken is 50% of the regular examination fee.

Each Exam Part