[Anonymous]

Is it at all worth it to get the CMA certification if you have the CGMA?

The AICPA/CIMA released this certification early this year, as I was in the process of preparing for the CMA exams. Now that I have the CGMA cert, not sure if I should continue with the CMA. Even though it won’t take much to pass at this point, still don’t know if the $700 of exam fees and annual dues are worth it to pay. I would definitely do it if it was free though.

What do you think? Advice much appreciated!

Arthur

[jeff]

Absolutely. I still believe the CMA carries more weight.

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Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[LongJourney]

I am a CPA, CMA, CIA, CFE, CGMA holder. First let's get the CMA-CGMA comparison out of the way. The CGMA right now isn't worth it, you haven't learned anything related to management accounting by simply buying a designation. It certainly won't help your career since everyone knows that you didn't do anything to obtain it. It might even damage you if you appear as someone who simply likes to add acronyms after his name (especially if you are already a CPA). The situation might change in 2015 when there is an actual exam, but I don't believe that CGMA made any good impact on management accounting credentials yet. Frankly speaking, I got the CGMA credential even though I'm not planning to put it after my name soon because I know that I have the skills and knowledge to call myself a management accountant and I'm too lazy to take more exams for a credential that might have an actual future.

Now to the real question. Is the CMA by itself worth it? Depends on your situation. If you are there for the learning, CMA can be interesting and useful if you are into corporate/managerial accounting. If you are there for the job opportunities, you might get disappointed by the strength of the CMA brand as compared to the CPA but there is still a market for the CMA. At the end it comes down to what you want to do with your life.

REG: 80 (02/02/2012)
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Ethics: 90 (02/11/2012)

[Sandra]

I WANT to say go for it, but I have some hesitation.

Now it has less to do with the GCMA and more to do with the IMA. If I had to do it over I'm not sure I would, although for me there was a lot of study involved since I hadn't started on my CPA. Now that i'm studying for FAR I'm certainly glad that I took the CMA. I'm sure that it will help me tremendously as I prepare for the BEC as well.

There is a lot of frustration within the CMA community as it relates to the IMA.

The good news is that a lot of your CPE for your CPA will count towards the CMA as well, meaning the ongoing costs will be minimal. I don't think most CPAs will have a hard time passing the CMA.

So theres my wishy washy answer. I don't think it hurts to have and if you think you can pass it with minimal effort I'd say go for it. Really the more people take it the more recognition it will get and at some point the IMA will have to shape up.

[mena je twa]

Are all of these designations ever used in corporate America. What i am trying to say is do you ever apply what you have learned in a CMA to real world experience at your job.

Licensed CPA, Texas - 2012

[Anonymous]

CMA may carry more weight now, but can that change in a few years? Especially once testing begins in 2015.

@mena – of course. But it depends what you do. There's a lot of mindless work in accounting that high school students could probably do, so in that sense you don't need these credentials but they'll help you get that job in a tougher job market. But if you plan to grow into a position that requires more thought and knowledge, I think what you learn from these exams provides a pretty good starting point and foundation. It will also help you to move towards that higher position as the credentials are more desirable in the higher roles.

[taxman2012]

Is CMA still worth it after AICPA rolled CGMA course. Starting 2015 AICPA will conduct exams for CGMA so will CMA become worthless after that considering that AICPA has tied up with CIMA?

[jeff]

First – that's at least 2 years away before the exams even take place, right?

Second – you can never have too many certs.

Third – the CMA is legit.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Sandra]

I interviewed with Microsoft this past week and they really liked my CMA, along with some of the other random things on my resume. I was a little bummed in that my CPA didn't even get a mention. I guess because its a total expectation, instead of something “extra”.

I will also say that if you do anything other than just tax/audits the stuff you learn on your CMA will come in handy a lot. In that way I really enjoyed studying for it. Learning that stuff actually made me better at my job and when it comes up in an interview I can talk about that stuff and sound like I have at least a little bit of a clue.

[Sandra]

Oh- and being an IMA member has some perks. I joined their leadership group and have had some SUPER networking oppurtunites that way. I'm starting to apply to some of the big companies around here- MS, Amazon, Starbucks etc… but if I needed a high level job for a smaller private company I am CERTAIN that I could find something through the connections I've made there. That alone is almost worth it I think.

[PhDCPA]

Sandra, you mentioned that some CMAs are frustrated with the IMA, what issues are they having?

[Sandra]

Well I'll address this from both the perspective of the candidates as well as CMA members.

They are tiny in terms of size when compared to any of the CPA bodies… As a candidate it can be frustrating, because the organization isn't quite there. On the other hand there is less confusion as to whom you have to contact for what (state vs. NASBA, etc). Ultimately the CMA has grown and their membership base has increased- perhaps so much so that they are no longer able to manage it effectively with their current system.

For instance- the IMA has a message board with access restricted to only current members (candidates or licensed). The study boards are filled with exam disclosure. While the IMA responds quickly when one of us reports it the boards are not monitored by their staff.

Many CMAs feel that the IMA isn’t doing much to actively promote the credential. This is of increasing concern now that the CGMA designation is around. Leadership is mostly by older individuals, which perhaps have too little focus on long term needs.

Ultimately it all comes down to the fine line between increasing membership without “dumbing it down” and devaluing it. It’s difficult because the CMA will never be truly competitive with the CPA designation, so the IMA cannot take a stance of “we don’t care”. The NASBA and each state board can, within some limits, do what they want, because candidates will always jump through their hoops. The IMA can’t really do that because people will just stop taking the test.

The change to 2 sections from 4 was very controversial, although I understand why it was done and don’t think it really harmed the program as a whole. The same volume and depth of material is covered, but testing is a bit more random. Sort of like taking FAR and not getting questions on a whole section of material. People that had taken the test under the old format were pissed while new candidates were pissed because they had to study more for each section. The IMA made the decision to make it seem like a more manageable undertaking for potential candidates. Personally I think it was a good decision, but as I said, it’s caused much frustration amongst members.

Currently you just need a 4 year degree of any kind and work experience (I forget how much, I think it’s 2 years?) to get the designation after passing the tests. There has been talk about changing that, but again the fear is driving more members away.

Current CMAs can be grouped into two main categories… Those that feel like we need to increase awareness and membership ASAP and those that feel like we need to make things harder and make it more of an “elite” title. I guess this is primarily frustration between members and not totally directed at the IMA. But the IMA leadership has been somewhat silent on these issues and their plans. There is no question that something has to change. As someone who paid to take their tests, invested a $hitton of time and pay my annual membership dues this is important to me personally and many of their other members. Given my “investment” in the designation I want to be supportive of whatever direction they choose, but they need to choose one.

Further there is much they could be doing (in my opinion at least) to help out without making changes to the actual program. They really need to invest more into awareness type programs, especially as the CGMA gains popularity. They have been around long enough that there isn’t a good excuse for the questions like “What does CMA even stand for?!”

It also seems that many of the current candidates are from overseas and this has posed some issues. For one there is a significant language barrier. Pass rates in the US are 53% while Arabic test takers have a pass rate of I believe 19% (don’t quote me- I know its under 20). The CMA differs from the CPA exam in that both sections have essay sections which are worth 25%, making passing the test for non-english speakers more difficult. The IMA is heavily promoting the designation to those individuals but isn’t really doing much to accommodate them. Again the NASBA doesn’t have to accommodate those people, while arguably the IMA really should.

They need to increase their oversight over their own message boards and manage communication with their members better. Message boards filled with exam disclosure, member emails with spelling errors, etc are just not acceptable.

In short it just seems like perhaps the IMA isn’t as motivated and “hungry” as it should be. I think in some ways they are approaching it from the same perspective as the NASBA- except the two organizations (at least SHOULD) have completely different goals. The number of CPAs is hardly in danger of dwindling, and if anything the tests and requirements are designed to keep that number down. In the meantime the IMA needs to increase its membership base and can’t afford the same luxuries.

Does any of that make sense? I sort of got a bit “rambly”

[Anonymous]

The CPA certification rules in the profession and always will!! Unfortunately, the AICPA loves to invent new certs and sort of give them away if you have the cash. Case in point, the psf financial planning cert. The CFP cert has in my opinion, blown away the PFS cert in regards to public/industry recognition. Secondly, the IT cert from the AICPA is not nearly as valuable as the CISA cert. Lastly, the new management accounting cert is a joke. No exam = not legit

IMA's niche market today seems to be foreign or domestic candidates who cannot qualify for CPA exams. This could be due to education or experience requirements. If I were in this boat, I would definitely become a cma. If you want to pad your resume, the CMA is a great cert If you pass the CMA exam, you will have gained valuable knowledge as well.

Ima will always be second fiddle but there is always a niche market where others have failed The question is, will the new AICPA cert Catch fire? The PFS and IT certs certainly have not.

[Author]

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