By: The Capella University Editorial Team with Bradly E. Roh, PhD, DBA and Interim Dean and Vice President for the School of Business, Technology and Health Care Administration
Reading Time: 9 minutes
Job growth projections and salary figures are drawn from Lightcast data and reflect national trends. Your experience will depend on factors such as work history, industry, location, skills and economic conditions, and may not be representative of Capella University alumni results.
Becoming a certified management accountant (CMA) requires four things: active membership in Institute of Management Accountants (IMA), a bachelor’s degree from an accredited institution, passing the two-part exam and two years of relevant work experience.
For finance and accounting professionals looking to move into strategic leadership, a CMA is a credential that can be worth the effort.
The path to obtaining the certification demands real commitment, but with the right strategy and know-how, you can pursue a CMA even if you’re balancing a full-time job.
Learn what it takes to earn your CMA and how you can prepare for the exam strategically.
The CMA is a globally recognized professional credential for accounting and finance professionals. It is governed and awarded by the IMA, a global association for finance and accounting professionals.
The CMA is designed for professionals who work within organizations contributing to budget planning, cost management, performance analysis and strategic decisions that shape how a business operates and grows. This internal focus is also what distinguishes a CMA from a certified public accountant (CPA).
Where a CPA credential focuses on external reporting, audits and compliance, the CMA is oriented around strategy, helping leadership understand what the numbers mean and what to do next.
To become a CMA, you must be an active IMA member, have a bachelor’s degree from an accredited institution (or an IMA-approved professional certification), relevant work experience, and pass both parts of the CMA exam.
While the membership is a priority, you can get your degree and work experience before or after passing the exams, within a seven-year window.
If you’re working in management accounting or financial management, you’re already building toward the CMA experience requirement. You need two continuous years of full-time experience in these roles at a minimum.
You can sit for the CMA exam while you’re actively gaining work experience, then submit your verification once the two years are complete. This gives you the flexibility to continue your job while pursuing the certification.
You can take the CMA exam before you’ve finished your degree. However, you’ll need a bachelor’s degree or IMA-approved certification and two years of relevant work experience to obtain the final CMA credential.
As a student, you can apply for the IMA Student Membership at a reduced fee. The only requirements are that you must be a full-time student at an accredited college or university and taking at least six credit hours per semester.
Follow this breakdown and begin making your plan.
The first thing you need to do is become an IMA member and pay the CMA program entrance fee. IMA membership is what gives you access to the CMA exam and preparation resources.
The membership fees vary depending on where you are in your career. As of 2026, professional members must pay $295 per year, while students and academic members must pay $49 or $160, respectively. Note that the membership fee is subject to change.
Once you’re a member, you’ll pay a one-time non-refundable entrance fee to enroll in the CMA program.
The CMA exam has two parts and you can take them in any order.
Each part is four hours long and consists of 100 multiple-choice questions and two case-based questions. The minimum passing score is 360 out of 500 for both parts.
You can take the exams three times a year: January/February, May/June and September/October. You can choose different testing windows for the two exams or even take them on the same day. From the date of enrollment, you have three years to pass both. If a part expires before you complete the other, you lose that passing score and need to re-register and pay the exam fee.
For preparation, the IMA recommends around 170 hours of study for Part 1 and 130 hours for Part 2. You can plan these hours based on your shift schedules to create a realistic study routine.
The IMA accepts degrees in any field. But coursework in financial or managerial accounting, cost accounting or budgeting directly maps to the CMA exam content.
A Bachelor of Science in Business program can help you prepare for the real-world know-how of business management. Many business degrees offer several specializations, some of which are directly relevant to the CMA certification.
Learn the difference between finance and accounting.
To meet the CMA requirement of two continuous years of full-time experience in management accounting or financial management, you must work in qualifying roles, such as financial analysis, budget preparation, management accounting and auditing, management consulting and management information systems analysis. Internships, clerical, trainee and non-technical positions do not count.
If you’re working part time, positions of 20 hours per week in a qualifying role do count, at a rate of one year of experience for every two years of part-time work.
Once you’ve passed both exam parts, completed your degree and accumulated your work experience, you submit verification to the IMA. Transcripts go directly from your institution to IMA electronically. Work experience is submitted through the online CMA Experience Requirement Form on the IMA website.
After IMA reviews and approves your documentation, your certificate number is issued and you can begin using the CMA designation.
To keep the credential active, you’ll need to complete 30 hours of continuing professional education (CPE) each year, including at least two hours focused on ethics. You’ll also need to pay an annual fee covering the membership and CMA maintenance.
The CMA proves you have the skills needed for roles where both financial expertise and strategic decision-making skills are required. You can work across industries such as manufacturing, retail, healthcare, technology and financial services.
With a CMA, graduates may pursue staff-level roles such as financial analyst, senior accountant and staff accountant, as well as management positions including accounting manager, financial manager and divisional controller. Certification or degree obtainment can’t guarantee any specific job, promotion or other career outcomes. Individual results will vary.
According to Lightcast, the national median salary for financial analysts and advisors is $101,002. The median salary for accountants and auditors is $83,678, while for financial managers it’s $166,566. Salaries vary by position, experience, industry and location.
A CMA certification often helps you transition from executing financial processes to owning the financial functions. You get to access roles where you can participate in management decisions and help shape organizational finances.
Say you’re a financial analyst responsible for monthly reporting and variance analysis. With a CMA, you can apply for an FP&A manager role in which you would lead the budgeting cycle, build three-year forecasts and present assumptions directly to business unit heads. You would also advise the management on what should happen next.
When you’re trying to get your CMA certification while working full time, building a plan around your study schedule is the most important step. Treat the prep like a work project – scheduled, structured and deadline driven.
Considering IMA’s recommended study hours, you need roughly 10 to 12 hours of study per week over 15 weeks per part. Build your study plan backward from your testing window so you can stay on track without letting exam prep overwhelm your schedule.
If you’re sitting Part 1 in the September/October window and it is July today, you have roughly 10 weeks. That’s about 100 hours of study time if you put in 10 hours a week. Block out study time in your calendar and focus on consistency.
For someone juggling work with study, 10 to 12 hours of weekly study can be manageable. It comes down to being organized and disciplined with your schedule. For instance, you could have set 90-minute sessions on weekdays and longer sessions on weekends. Keep the plan flexible so you can adjust timings based on personal and professional commitments.
Here’s an example of what a simple weekly plan can look like:
| Days | Study block |
|---|---|
Monday to Thursday |
90 minutes after work |
Saturday |
3 hours in the morning |
Sunday |
2-hour review session |
Quick tip: Stick to one part of the exam at a time. Splitting focus across both parts simultaneously might reduce retention and extend your timeline.
Choose your starting point based on where your current role provides the most context. If your day-to-day involves budgeting or forecasting, Part 2 will feel familiar. If you work in reporting or financial analysis, start with Part 1.
For preparation, work through mock questions under timed conditions. Track which topic areas cost you the most marks, then redirect your remaining study hours there rather than going over topics you’ve already mastered.
Your CMA certification signals that you think strategically, know how to manage risk and contribute where financial and management decisions are made.
For working professionals, a CMA may support a move into senior leadership roles. For early career students, the flexibility to sit the exam before completing all requirements means you can build your credentials while your experience accumulates.
Regardless of where you are in your career, a bachelor’s degree from an accredited institution is the academic foundation you need to pursue CMA.
Capella University programs are specifically designed for working professionals, keeping their busy schedules in mind. They’re available online in the GuidedPath learning format, where you can complete your assignments at your own convenience within set deadlines, access the courseroom 24/7 and get feedback from faculty.
Capella’s BS in Business, Accounting specialization is also available in FlexPath, a self-paced learning format designed for students who are balancing education with careers and other commitments.
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