CMA Exam Costs: Entrance, Exam, Membership, and Course

If you’re considering becoming a Certified Management Accountant, you know you’re pursuing a rewarding and satisfying career path.

But let’s talk about the elephant in the room: becoming a CMA isn’t cheap.

You’ll easily get your money back, as CMAs earn 21% more on average than their non-certified peers. However, the up-front investment can be scary for candidates.

Below, I’ll cover every expense you’ll need to budget for, from the CMA exam cost itself to the additional fees for materials and memberships. By the end, you’ll have a clear picture of every cost you’ll need to cover when it comes to earning your CMA designation.

Key Takeaways

• Entrance Fee Requirement: To enter the CMA program, you’ll need to pay a one-time entrance fee of $300 for professionals or $225 for students.
• Exam Fees for Both Parts: Each part of the two-part CMA exam has its own fee—$495 for professionals and $370 for students, totaling $990 or $740.
• Annual IMA Membership Fee: An active IMA membership is required to take the CMA exam. It costs $295 for professionals and $49 for students, with renewal fees each year.
• Cost of Study Materials: Many candidates invest in CMA review courses ranging from $600 to $2,000, making them a significant cost to consider for exam prep.
• Total Investment: Between entrance fees, exam fees, membership, and study materials, professionals can expect to spend roughly $3,000.

Understanding the CMA Exam Cost: The Big Picture

To become a CMA, you must pass a two-part exam and meet the requirements set by the IMA. This process involves several costs:

1. CMA Entrance Fee
2. CMA Exam Fees
3. IMA Membership Fees
4. Additional Study and Prep Costs

Let’s go over each of these costs so you can plan your budget wisely.

1. CMA Entrance Fee

The first fee you’ll come across is the CMA entrance fee. This is a one-time payment required to enter the CMA program. For professionals, the entrance fee is around $280, but if you’re a student, you’ll pay a discounted rate of about $210. This fee covers access to the CMA exam support package, including study materials, online resources, and other tools to help you prepare.

• Professional CMA Entrance Fee: $300
• Student CMA Entrance Fee: $225

💡 Tip: The entrance fee is non-refundable, so only pay it if you’re committed to taking the exam.

2. CMA Exam Fees

Once you’ve paid the entrance fee, it’s time to register for the actual CMA exam. The CMA exam has two parts, and you need to pass both to earn your certification. Each part has a separate exam fee, and here’s the breakdown:

• Exam Fee per Part (Professional): $495
• Exam Fee per Part (Student): $370

So, if you’re a professional, the total CMA exam cost for both parts will be $990. For students, it’s a bit cheaper at $740.

3. IMA Membership Fees

To take the CMA exam, you’ll also need to be a member of the IMA. There are different membership types with different costs, and your IMA membership fee will vary depending on whether you are a professional or student. Here’s a general idea:

• Professional Annual IMA Membership Fee: Around $295 per year
• Student Annual IMA Membership Fee: Around $49 per year

You’ll need to maintain this membership for as long as you’re working on your CMA certification. So, if it takes you two years to complete the program, you’ll need to factor in two years of membership fees.

4. Study Materials and CMA Review Courses

Most CMA candidates find that preparing for the CMA exam requires more than just the support package included with the entrance fee. Many people invest in additional CMA review courses or study materials, which can significantly affect their exam prep. These extra study aids can include:

• CMA Review Courses: $600 to $2,000+ depending on the provider and level of support
• Study Materials: $150 to $500 for textbooks, practice tests, and online resources

There are several popular CMA review courses out there, like Becker, Surgent, Gleim, and CMA Exam Academy, which offer extensive resources to help you pass. Most of these include practice tests, video lessons, and study guides, which can be invaluable for preparing.

Breaking Down the Total Cost: What You’re Looking At

Adding it all up, let’s look at the potential total CMA exam cost for professionals and students.

These totals represent a rough estimate, but they can help you plan your budget. You can save some money by choosing less expensive study materials or by becoming a member of the IMA as a student, which comes with significant discounts on exam fees and membership.

Other Costs to Consider

Here are a few other costs that could come up along the way:

• Prometric Testing Center Fees: This is the location where you’ll actually take your exam. If you need to reschedule or cancel, there may be additional charges.
• Continuing Education: After passing, you’ll need to complete continuing education courses to maintain your certification.
• Annual IMA Membership Fees: Remember, if you want to keep your CMA status active, you’ll need to keep up with the annual membership fee.

Tips to Manage the CMA Exam Cost

The CMA certification is a financial commitment, but there are ways to make it more manageable:

• Plan Ahead: Knowing each fee helps you plan and save. Don’t let the total cost catch you by surprise.
• Use Employer Sponsorship: Some employers are willing to sponsor the CMA certification as it can benefit them as well.
• Take Advantage of Discounts: Students can save significantly, and there are often discounts on study materials during certain times of the year.
• Save on Study Materials: Consider secondhand textbooks or online resources that offer free practice tests.

Conclusion: Is the CMA Exam Cost Worth It?

Earning your CMA certification is an investment in your career in management accounting and finance. While the CMA fees and exam costs can add up, many people find that the benefits—like higher earning potential, increased job opportunities, and specialized knowledge—are worth the upfront investment.

If you’re serious about pursuing the CMA, budgeting for these costs in advance will set you up for a smoother journey than just winging it. Plus, remember that while the cost may seem high, the benefits and career advancement it offers can more than pay back your initial investment.

ROI? ROI.

So, take a deep breath, get your budget ready, and start your journey toward becoming a Certified Management Accountant. You’ve got this!

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