Understanding the Cost of the CMA Exam

 

The Certified Management Accountant (CMA) certification is a globally recognized credential that demonstrates expertise in financial planning, analysis, control, and decision support. Earning a CMA certification requires passing a two-part exam, which can be a significant investment of time and money. In this article, we will explore- how much does the CMA exam cost? and what you can expect to pay.



 

The cost of the CMA exam varies depending on several factors. The total cost includes the registration fee, exam fee, and study materials. As of 2023, the registration fee for the CMA exam is $250 for IMA members and $450 for non-members. The exam fee for each part is $415 for IMA members and $515 for non-members. This means that the total cost for the two-part exam can range from $1,330 to $1,940.

 

In addition to the registration and exam fees, candidates also need to consider the cost of study materials. The IMA offers a variety of study materials, including textbooks, online courses, and review courses. These materials can range in price from a few hundred to a few thousand dollars, depending on the level of support and resources provided.

 

It's important to note that the cost of the CMA exam can be significantly reduced for those who plan ahead and take advantage of early registration discounts. The IMA offers early registration discounts for both the registration and exam fees, which can save candidates hundreds of dollars. Additionally, some employers may offer to reimburse the cost of the exam and study materials for employees who earn the certification.

 

When considering the cost of the CMA exam, it's also important to factor in the potential return on investment. Earning a CMA certification can lead to higher earning potential and greater career opportunities. According to the IMA's 2020 Salary Survey, CMAs earn an average of 63% more than non-certified professionals in the same role. This means that the cost of the exam and study materials can quickly be recouped through higher salaries and better job prospects.

 

In conclusion, the cost of the CMA exam can be a significant investment, but it's important to consider the potential return on investment. By earning a CMA certification, candidates can increase their earning potential and open up new career opportunities. While the cost of the exam and study materials can seem daunting, early registration discounts and employer reimbursement programs can help reduce the overall cost. If you're considering pursuing a career in accounting and finance, the CMA certification is definitely worth considering.

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