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How To Become a Certified Management Accountant (CMA) - IN ONLY 8 STEPS - YouTube
Channel: CMA Coach
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Are you totally confused about how to
become a CMA? Watch this video to
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discover what you must do to earn your
CMA designation this year. And stay tuned
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until the end to find out how to get
your hands on my free CMA exam cheat
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sheet to guarantee your exam success. And for the best CMA exam strategies and
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tips, subscribe to my channel by hitting
the subscribe below to be notified when
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I publish a new video every single
Monday.
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Hi I'm Nathan Liao from CMAexamAcademy.com
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where we help you pass the CMA exam on the first try. in this video
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I'll show you my eight step process the
thousands of seeming candidates have
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followed, to become a certified
management accountant. There's a common
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misconception that becoming a CMA is
incredibly difficult and confusing. So by
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following my eight step plan in this
video, you can apply for your CMA
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certification in as little as six months.
In order to become a CMA you must earn a
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bachelor's degree from an accredited
university or college. You can also do so
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by getting a professional certification.
CMA candidates often come from varying
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backgrounds, but the most common degrees include accounting, finance, economics and
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general business. Did you know that you
can take the CMA exam before you even
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earn your degree? That's right! Even
though one of the requirements for to
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become a CMA, includes earning your
degree, you can get the exam out of the
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way first. And most candidates however,
choose to earn their degree or
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professional certification first, but the
choice is yours. Step 2 - in order to be
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eligible for the CMA certification, you
must be an active member of the
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Institute of Management
Accountants or IMA. Now wandering how to
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join the IMA? It's easy. Start by choosing
the IMA membership
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best suited for you. Here are your
options: Option number one - IMA
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professional membership. The fee to
become a professional member is
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$220 paid annually. This membership is geared towards
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individuals who already have a career in
accounting or finance. Think business
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accountants or financial managers. Next
you have the IMA young professional members.
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If you are 33 years old or
younger, and just starting out your career,
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then the young professional membership
could be the right fit for you. With an
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annual fee of $145, this option is great for young
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professionals looking to beef up their
resume with the CMA certification. The
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next one is the IMA student membership.
If you are a current student at an
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accredited college or university, then
this membership is for you. It is perfect
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for individuals looking to kick-start
their career in accounting and finance,
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with a nice low fee of only $39
per year student members
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worldwide can gain access to all IMA
resources for that amount. And lastly we
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have the academic members. This one
was created for a full-time faculty
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member of an accredited institution, and
this membership is $110 annually.
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Confused about which membership level is the right one for you? Drop me a comment
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below and ask me for my help, I'll gladly
assist you. Now step number three, while
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the CMA entrance fee; more on that later;
includes a six month access to the CMA
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support package, that the IMA provides,
the majority of candidates will not find
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this helpful enough. So instead I highly
recommend that you find a CMA review
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course that fits your learning style. And
when you're halfway through your CMA
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test preparation, go to step four - pay for
your CMA entrance fee. And this is a
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non-refundable fee that you pay to the
IMA to enter the CMA certification
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program. This means you must pay this fee in order to even take your exam and
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pricing varies depending on your
IMA membership, for example the cost
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for professional members is $240 but for students and
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academic members the fee is only $180. And once
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you've paid the fee you probably want to
know how long does it take to get the
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CMA certification. And to be clear, you
must complete the CMA program and pass
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both parts of the CMA exam within three
years of entry. So if you fail to do so,
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you will have to repay the entrance fee
and retake any past exams. And you must
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also register for one exam part within
the first 12 months of entry, or you have
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to repay the entrance fee again. Now,
there are several testing windows each
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year, so plan accordingly. My advice to
you is to wait to pay for the entrance
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fee until you are at least halfway
through your CMA review program.
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Step number five - there is no better way to
light a fire under your studying, than to
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register for one part of the exam. There
are three exam windows you can register
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for each year. January/February, May/June,
September/October. And you may register
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on the IMA online, store or by calling
1-800 638 4427. After your
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registration is complete, you will
receive your authorization from the ICMA.
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From there, you can schedule your testing
appointment at a Prometric testing
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center near you by going to Prometric.com/icma.
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Now step number six - now that you have
studied for months and prepare for them
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to the best of your ability, it is time
to take the CMA exam. The CMA exam is a
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computer-based exam, and as I mentioned
before, consists of two parts.
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While you certainly have the option to take part
1 and part 2 in the same exam window,
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I strongly recommend taking only one part
per window. This will allow you ample time
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to study and focus on each part individually. And
consequently, you'll feel more confident
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on exam day. And each part of the CMA
exam is four hours long. The first three
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hours is dedicated to multiple-choice
questions, while the final hour consists
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of an essay section with two essay
scenarios. Step number seven - another
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prerequisite for becoming a CMA is to
complete two years of professional
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experience. The good news is that you
have quite a large window in which you
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can complete this qualification. You must
complete your experience qualification
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either prior or within seven years of
passing both CMA exams. Why is this good news?
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Because it means that if you're a
college student or a professional
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looking to make a move into the
management accounting field, you can
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still take the exams now and you don't
have to fulfill the two years of
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accounting experience yet. Not only does
completing the CMA exam look great on
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your resume, but it's a great way to get
ahead of the game. And in order to
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fulfill the experience requirement,
you'll need two years experience in
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management accounting and/or financial
management. And you must hold a
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professional full-time position for this,
okay. Now on the other side is you can
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work part-time at twenty hours per week,
for four years in the same field.
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Qualifying experience may be anything
from working as a staff accountant to
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CFO or controller. And while the ICMA
prefers consecutive years of experience,
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each CMA membership is evaluated on a
case-by-case basis. So don't let this
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hold you back. If you are an academic and
at least 60% of your courses are
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accounting and corporate financial
management courses, above the fundamental
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level, you meet experienced qualification
as well. Now step number eight -
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Once you complete both parts of the CMA
exam and pass both on your first attempt,
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right, and meet the education and work
experience requirements. Now you can
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apply for your CMA certification. Whoohoo! To
do this, you send your application
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directly to the IMA. And instructions are
available inside your personal IMA
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account. So just follow my simple eight
step process to become a CMA, in the
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order they were presented, and you will
be well on your way to earning your
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designation. And this can happen in as
little as six months. Now want to
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supercharge your exam success? I've
written an exam secrets cheat sheet that
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is packed with the best techniques and
strategies to ace the exam. And it's
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completely free, and to grab your copy
I'm gonna drop a link in the description
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box below. If you liked this video, please
let me know by liking it, and also
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subscribe to my channel and share this
video with fellow CMA candidates who may
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be a little confused about how to become
a CMA. And if you have any questions
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about my eight step process, drop them in
the comments section below and I'll
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gladly chat with you about it and help
clarify any confusion.
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I will see you in Monday!
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