If you’re planning to advance your career in accounting and finance, the CMA US is one of the best certifications you can pursue. The CMA US full form is Certified Management Accountant and is awarded by the IMA (Institute of Management Accountants) in the United States. This globally recognized credential demonstrates expertise in financial management, strategic management, and accounting.
In this article, we’ll cover the CMA USA fees, its equivalent in Indian Rupees, and other crucial details to help you make an informed decision about pursuing the certification.
What is CMA US?
The CMA US certification focuses on both management accounting and financial management, unlike other accounting credentials that mainly focus on financial accounting and auditing. CMAs are highly sought after for their skills in strategic decision-making, financial planning, and performance management.
CMA USA Fees Structure
The CMA USA fees consist of several components, including membership fees to the IMA, entrance fees, and exam fees. Here’s a breakdown:
IMA Membership Fees:
Professional members: $275 annually
Student members: $45 annually
Academic members: $135 annually
CMA Entrance Fees:
Professional members: $280
Student/Academic members: $210
CMA Exam Fees (for both Part 1 and Part 2):
Professional members: $460 per part
Student/Academic members: $345 per part
These fees are subject to periodic revisions, so it’s important to visit the IMA website or reach out to them for the most updated information.
CMA USA Fees in Indian Rupees (INR)
For Indian students or professionals, converting the CMA USA fees into Indian Rupees can help in budgeting. The exchange rate fluctuates, so for calculation purposes, let’s assume the conversion rate is 1 USD = 83 INR.
Here’s a rough estimate of the CMA USA fees in INR:
IMA Membership Fees (in INR):
Professional members: $275 × 83 = ₹22,825
Student members: $45 × 83 = ₹3,735
Academic members: $135 × 83 = ₹11,205
CMA Entrance Fees (in INR):
Professional members: $280 × 83 = ₹23,240
Student/Academic members: $210 × 83 = ₹17,430
CMA Exam Fees (for both Part 1 and Part 2 – in INR):
Professional members: $460 × 83 = ₹38,180 per part
Student/Academic members: $345 × 83 = ₹28,635 per part
Therefore, if you are a professional, the total CMA USA fees in Indian Rupees could come close to ₹1,22,405 (for both exam parts), and for students, it would be approximately ₹85,775, excluding any additional costs for study materials or training.
Note You will get 30 to 40% discount in your CMA US Fees if you enroll through Uplift Professionals. Click on the CMA Fees Structure in Uplift’s CMA page.
Additional Costs
In addition to the CMA USA fees, candidates often incur additional costs for preparation materials, review courses, and other resources that aid in exam preparation. Some of the best review courses can cost anywhere between $1,000 to $2,000 (₹83,000 to ₹1,66,000 in Indian Rupees), depending on the provider. At Uplift Professionals you get international materials and till you pass coaching at less than the above mentioned rates.
How to Save on CMA USA Fees?
Here are some tips to help you manage the cost of the CMA US certification:
Student Discounts:
If you’re a student, you can save significantly on both membership and exam fees.
Early Registration:
Registering early for the exams can sometimes offer discounts or early bird rates.
Corporate Sponsorship:
Many companies, especially those in the finance sector, offer support to employees pursuing certifications like the CMA. Check with your employer if they have any such programs.
Why Pursue CMA US?
The CMA US is recognized worldwide and opens up a wealth of opportunities in both multinational companies and domestic firms. With a strong focus on management accounting and financial strategy, it can pave the way for high-level management roles, including CFO or financial controller positions.
Moreover, professionals with a CMA certification often command higher salaries than their non-certified peers. In India, CMAs can expect salaries ranging from ₹7 lakhs to ₹20 lakhs per annum, depending on their experience and the industry they work in.
Conclusion
The CMA USA certification is a valuable investment for those looking to advance their careers in management accounting and finance. While the CMA USA fees may seem steep, they can be more manageable when converted into Indian Rupees and spread over time. Whether you’re a student or a professional, achieving this credential can lead to significant career growth and higher earning potential.
If you’re serious about enhancing your financial expertise and career prospects, the CMA US might be the right path for you!