Gleim CMA System for Success 15 th Edition, 1 st Printing Updates

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1 Page 1 of 6 Gleim CMA System for Success 15 th Edition, 1 st Printing Updates January 20, 2012 NOTE: Text that should be deleted from the outline is displayed with a line through the text. New text is shown with a blue background. Study Unit 1 The CMA Examination: An Overview Page 5, Subunit 1.7: These edits were made to update information regarding fees. CMAs are also required to pay a $30 CMA maintenance fee each year when they renew their IMA membership. 1.7 THE INSTITUTE OF MANAGEMENT ACCOUNTANTS (IMA) Conceived as an educational organization to develop the individual management accountant professionally and to provide business management with the most advanced techniques and procedures, the IMA was founded as the National Association of Cost Accountants in 1919 with 37 charter members. It grew rapidly, with 2,000 applications for membership in the first year, and today it is the largest management accounting association in the world, with approximately 60,000 members and more than 205 chapters in the U.S. and 10 abroad. The IMA has made major contributions to business management through its continuing education program, with courses and seminars conducted in numerous locations across the country; its two magazines, Strategic Finance, which is a monthly publication, and Management Accounting Quarterly, which is an online journal; other literature, including research reports, monographs, and books; a technical inquiry service; a library; the annual international conference; frequent meetings at chapter levels; and frequent communication through online member interest groups and exchanges. Membership in the IMA is open to all persons interested in advancing their knowledge of accounting or financial management. It is required for CMA candidates and CMAs. CMAs are also required to pay a $30 CMA maintenance fee each year when they renew their IMA membership. Through August 31, 2011 IMA Membership Application Fees* Beginning September 1, 2011 CMA Annual Recertification Fees Regular $195 $210 $225 Student $ 39 $ 39 $ 69 Young Professional $130 $140 $160 Academic $ 98 $105 $128 * All new members (except Students and Young Professionals) also pay a one-time registration fee of $15.

2 Page 2 of 6 Page 6, Subunit 1.9: The following edits update information concerning fee requirements. 1.9 REQUIREMENTS TO ATTAIN THE CMA DESIGNATION The CMA designation is granted only by the ICMA. Candidates must complete the following steps to become a CMA: 1. Become a member of the IMA ([$195 ($210 beginning September 1, 2011) per year for regular membership)]. 2. Register for the exam and pay the exam entrance fee ($ for domestic/international members, $75 for student/academic members). 3. Pass both parts of the exam within 3 years ($350 registration fee per part). 4. Satisfy the education requirement (bachelor s degree in any area from an accredited institution). 5. Satisfy the experience requirement [2 years (continuous) of professional experience]. 6. Comply with the IMA Statement of Ethical Professional Practice. Upon completion of all requirements, the ICMA will issue a numbered CMA certificate. To keep the certificate, a CMA must (1) maintain active membership in the IMA, (2) fulfill the requirements for continuing professional education, and (3) continue to comply with the IMA Statement of Ethical Professional Practice. Page 6, Subunit 1.10: The following edits update information concerning nonaccredited institutions EDUCATION REQUIREMENT Candidates seeking admission to the CMA program must hold a bachelor s degree, in any area, from an accredited college or university. Degrees from foreign nonaccredited institutions must be evaluated by an independent agency approved by the ICMA (for a list of foreign universities that are acceptable without an evaluation, visit Int.asp listed at or NOTE: Educational credentials must be submitted when applying or within 7 years of passing the examination. The educational credentials must qualify in order to be certified.

3 Page 3 of 6 Page 8, Subunit 1.12: These edits were made to correct the Certification Entrance Fee and the registration process for the CMA exam. First, you are required to apply both for membership in the IMA and for admission into the Certification Program. Apply to join the IMA and the Certification Program today -- it takes only a few minutes. Application to the ICMA requires education, employment, and reference data. The education and experience requirements are discussed beginning on page 6. You must provide two references if requested: one from your employer and the second from someone other than a family member or fellow employee. An official transcript providing proof of graduation is also required after you have completed the exams. There is a $ Certification Entrance Fee ($75 for students and academics), and everyone who enters the certification program receives 6 months access to sample questions and answers and the CMA Assessment Tool. Once a person has become a candidate, (s)he must register for an exam part within the first 12 months or repay the entrance fee. Also, there is no participant s fee other than IMA membership dues unless a candidate does not register for a part within 12 months or complete the exam within 3 years, in which case the entrance fee must be paid again to take the exam. Second, it is necessary to register each time you wish to sit for the exams. The exam registration form is very simple and takes about 2 minutes to complete. The registration fee for each part of the exam is $350. North American student and academic members, as well as any candidate taking two parts in one testing window, have a discount price. See the table below for a concise listing of fees. If you register for a specific testing window and fail to take the exam, you must register again and repay the full registration fee. Entrance Fee Exam Fee One Part/Window Exam Fee Both Parts/Window Regular $ $350 $300 Student $75 $175 $125 Academic $75 $175 $125 The IMA encourages candidates to view information and complete the IMA membership application and exam registration forms online at Online registration for the new two-part exam begins in the Spring of You can also call to order a registration booklet and IMA application form from the ICMA at (800)

4 Page 4 of 6 Both Parts 1 and 2 are offered in three testing windows: January/February, May/June, and September/October. The first testing window for the new two-part exam is May/June Register about 6 weeks before the time you wish to take the exam. Registration for Parts 1 and 2 received on or after February 16, June 16, or October 16 will be authorized for the next any future testing window (May/June, September/October, and January/February, respectively i.e., not the current window, but the next window or later). For example, if you register for a part on February 16, 2011, the earliest you can take the exam is May 1, Registrations received before those dates will be authorized for the current any window including the current one. See the table below. If you register during October 16-February 15 February 16-June 15 June 16-October 15 You must The earliest you can take your exam in is January/February May/June September/October Page 9, Subunit 1.12: This edit was made to correct the timeline for when grades are released to candidates. The IMA recently announced that scores will be sent sooner than when it originally started the two-part program. Pass/Fail and Grade Reports The essay questions are graded at a later time, so you will not receive immediate pass/fail results. The scores for the multiple-choice and essay sections are added together for each part for a total weighted score of pass/fail reflected in a scaled score. The total score determines pass/fail status, so candidates are not required to receive passing scores on both sections. The scores will be mailed approximately 6 weeks after the close of the testing window from the end of the month in which you sat for your exam. A performance report will be provided for the multiple-choice section for those who did not pass the exam. See Study Unit 3, Subunit 6, for more details on the CMA exam grading process. If you fail the exam, you may register to take it again as soon as you like. However, you cannot take an exam part more than one time during a testing window.

5 Page 5 of 6 Page 9, Subunit 1.13: This edit was made to correct the timeline for when grades are released to candidates. The IMA recently announced that scores will be sent sooner than when it originally started the two-part program MAINTAINING YOUR CMA DESIGNATION Membership in the IMA is required to maintain your CMA certificate. The annual recertification CMA maintenance fee for regular members is $225 $30. The CMA maintenance fee is payable at the time of a CMA member s renewal term. The fee is used by the ICMA to promote the CMA program to increase brand awareness in the marketplace. It also covers the administrative costs of maintaining CMA records and providing confirmation of one s CMA credential to employers. See the table of fees in Subunit 1.7 for other levels of membership. There is no additional participant fee. Study Unit 6 Preparing to Pass the CMA Exam Page 50, Subunit 6.2: These edits were made to update our material to agree with the latest changes made by ICMA. 6.2 APPLYING FOR THE EXAM: HOW MANY PARTS TO TAKE AND WHEN TO APPLY We suggest that you take both parts in one window one at the beginning and one at the end. For example, if you register on June 20, 2010, you will be authorized for the September/October testing window (see table below). You can take Part 1 in early September and still have plenty of time to adequately prepare to take Part 2 by the end of October if you follow the study schedule recommended by the Gleim Personal Counselors (see Subunit 6.6). For a list of the Gleim study units in each part, see page iv. See Study Unit 2 for the ICMA Content Specification Outlines for each part. Our most successful candidates take one part of the exam at a time. Once a candidate takes one part, (s)he should immediately begin studying for the next part with the goal of taking it during the next available testing window. There is a savings on exam registration fees if a candidate can take both parts in one window one at the beginning and one at the end. For example, if you register on December 15, 2011, you will be eligible to schedule your exam in the January/February 2012 testing window. You can take Part 1 in early January and still have plenty of time to adequately prepare to take Part 2 by the end of February. Before registering for and scheduling your exams, contact the Gleim Personal Counselors for a recommended study schedule to assist with your exam goals (see Subunit 6.6). For a list of the Gleim study units in each part, see the Preface. See Study Unit 2 for the ICMA Content Specification Outlines for each part. CMA Part 1: Financial Planning, Performance, and Control CMA Part 2: Financial Decision Making Candidates can maintain credit for passed parts as long as they maintain continuous candidacy. Continuous candidacy includes IMA membership, and candidates must pass both parts of the exam within 3 years.

6 Page 6 of 6 After studying Study Unit 1 of this booklet and understanding the requirements and procedures for applying, decide when you will take the exam. Be sure to complete your registration application correctly. If information is incorrect or missing, the application will be returned and you may not have time to resubmit it. Also, be very careful to specify which part(s) you are taking. Both Parts 1 and 2 are offered in three testing windows: January/February, May/June, and September/October. The first testing window for the new two-part exam is May/June Register at least 6 weeks before the time you wish to take the exam. Registration for Parts 1 and 2 received on or after February 16, June 16, or October 16 will be authorized for the next testing window (May/June, September/October, and January/February, respectively) any future testing window (i.e., not the current window, but the next window or later). For example, if you register for a part on February 16, 2012, the earliest you can take the exam is May 1, Registrations received before those dates will be authorized for any window, including the current window one. See the table below. If you register during October 16-February 15 February 16-June 15 June 16-October 15 You must take your exam in The earliest you can take your exam is January/February May/June September/October When you register for an exam part, you will be sent authorization to take the exam in a testing window based on the date on which you registered (see Study Unit 1, Subunit 12).