Why a CMA or CPA?
The Accounting Professionals program is designed to prepare students to sit for the CMA (Certified Management Accountant) exam offered by the Institute for Management Accountants (IMA). Students may ask for departmental approval to study for the CPA (Certified Public Accountant) exam.
The CMA exam focuses on knowledge and skills required for business planning, internal controls, internal reporting and decision-making. CMAs are highly respected and internationally-recognized professionals. CMAs typically begin their careers as cost accountants or business analysts. With more experience, they can become accounting managers, controllers, or chief financial officers.
How is the CMA different from the CPA professional certification? Professionals taking the CMA exam typically expect to work for a business or governmental organization. The CMA is appropriate for those who want to become experts in helping their own organization with business planning, developing internal controls and improving decision-making and internal reporting. CMAs develop their careers from within a business organization. People taking the CPA exam expect to work for a public accounting firm which provides audits, tax advice and consulting to other companies. The CPA is typically an external consultant to the organizations where CMAs work. After several years experience with a CPA firm, many CPAs take jobs with businesses in management accounting or executive roles.
What are the requirements for the CMA and CPA exams? For information about the CMA exam, go to the website for the Institute for Management Accountants. For information about the CPA exam, go to the website for the American Institute of Certified Public Accountants.
Is the CMA or CPA exam a part of the MBA program? It is not a requirement of the MBA program that a student pass the CMA or CPA exam. The Accounting MBA program prepares students academically to take the CMA or CPA exam. However, it is the student’s choice and expense to register to take the exam at one of the many testing centers throughout the USA.
How will an MBA affect my future earning potential? A recent compensation survey conducted by the Institute for Management Accountants found that the average salary of its members is about 10% higher with a master’s degree. The IMA also indicates that the average person who passes the CMA (Certified Management Accountant) exam earns approximately 10% more than those who don’t have the CMA. (Source: Annual Career and Salary Guide, 2004)
Is passing the CMA exam equivalent to having complied with off-campus requirements? You demonstrate mastery of the material in each of the four distance education (DE) classes by either passing the University administered examination or passing each related part of the CMA examination.