Hi Taxman2012,
The link below will provide you with the costs required to take the CMA exam.
https://www.imanet.org/cma_certification/exam_fees.aspx
Study materials will cost you anywhere from $500 up to $1,000 depending on how much review you need. Having the CPA already completed will give you a big advantage as there is some overlap between the two exams. If you decide to do it, sign up asap so the information will still be fresh in your mind from the CPA exams.
I live in the United States and I'm in the young professional category (under 33 years old) of the IMA's membership structure and it costs me $160 per year for my membership/recertification fee. I believe the costs are slightly higher for international CMAs. After age 33 the fees go up a little but nothing material and honestly it really costs me nothing to maintain the certification because my company reimburses me for all the costs. These days you could probably get most employers to pay for your study materials and exam costs as well. Just ask — you have nothing to lose and if nothing else it shows your employer you are interested in enhancing your skills (which is rarely a bad thing).
As a CPA, CMA, CIA myself I can tell you it is absolutely worth the effort and any costs out of your own pocket to obtain this designation. Here are three of my reasons just to name a few:
1. In this competitive job market you need something to set yourself apart from the crowd if you want to give yourself a better chance at landing a top finance/accounting job. There are tons of candidates these days getting more than one certification. Let's face it, the CPA is still the golden standard in accounting certifications but there are more and more of them being churned out of the Big 4 everyday. Recruiters and hiring managers are going to look for the candidates who made the extra effort to further their career and education. Lots of job descriptions are now listing “CPA or CMA preferred” in the requirements section. Why not have both? I have experienced the benefits of multiple certification. It gives you an edge over other candidates for jobs/promotions that have the same experience as you but only a CPA.
2. You learn a lot about Corporate finance from the exam and studying for it. If you are in industry (Not Big 4) or will eventually get out of public accounting, I think the certification could take months off the learning curve. In my opinion, the CMA was the hardest of all three of my certifications (CMA/CPA/CIA).
3. The CMA is an international certification which is blowing up overseas. It has already become the golden standard in accounting certification in China, India and the Middle East. It is picking up traction in Western Europe as well.
What I learned from my experience is that there are significant rewards from obtaining the certification. Decide what you want out of the process. Most companies will not give you a giant raise the day you pass the exam but it will come into play for promotions or better job offers. Additionally, you will significantly sharpen your corporate finance and business skills.
Hope this helps,
B_H_A_M, CPA, CMA, CIA, MBA