Certified Management Accountant (CMA)/Certified in Financial Management (CFM)

• Author: Priscilla Payne
• Pages: 104-105

Page 104

The certified management accountant (CMA) and the certified in financial management (CFM) programs are designed to recognize the unique qualifications and expertise of those professionals engaged in management accounting and financial management. These certifications provide distinction in today's economic climate and afford the opportunity to certify expertise in the business

Page 105

areas that are critical to the decision-making process. The CMA and CFM certifications, introduced by the Institute of Management Accountants (IMA) in 1972 and 1996, respectively, have global recognition and have received the endorsement of approximately 200 corporate and academic organizations.

The CMA and CFM Programs have four objectives:

To establish management accounting and financial management as recognized professions by identifying the role of the professional, the underlying body of knowledge, and a course of study by which such knowledge is acquired

To encourage higher educational standards in the management accounting and financial management fields

To establish an objective measure of an individual's knowledge and competence in the fields of management accounting and financial management

To encourage continued professional development

The content of the certification examinations represents the knowledge, skills, and abilities required by business professionals in the fields of management accounting and financial management. The content is validated periodically by a practice analysis conducted by the IMA. The content, covered in four examination parts for each program, encompasses:

Economics, finance, and management

Financial accounting and reporting (CMA) or corporate financial management (CFM)

Management reporting, analysis, and behavioral issues

Decision analysis and information systems

The Financial Accounting and Reporting Exam is waived, upon request, for individuals who have passed the U.S. CPA Exam; this is not the case, however, for the Corporate Financial Management Exam.

Candidates for certification must meet the following criteria to become a CMA or CFM:

Education: Candidates must hold a baccalaureate degree, in any area, from an accredited college or university. Students attending accredited U.S. universities may take the examinations but must satisfy the education requirement prior to certification. Degrees from institutions outside the...