In: Accounting
3- What is the difference between a CMA & a CGMA? Give relevant examples of each.
CMA: Certified Management Accountant and is offered by the Institute of Management Accountants, or IMA.
Where as CGMA means Chartered Global Management Accountant and is offered by through a partnership between the American Institute of Certified Public Accountants (AICPA), which administers the CPA Exam, and the Charted Institute of Management Accountants (CIMA) is Europe’s largest organization of management accountants.
The CMA Exam
Today, it is a two-part, timed computer-based exam. Each part is four hours in length and consists of 100 multiple-choice questions and two 30-minute essays testing cost accounting, internal control and financial management topics.
Candidates must register to take at least one exam part within the first 12 months of entering the CMA program and must complete both exam parts within three years.
After passing the exam and documenting a minimum of two years’ experience in management accounting requirements, candidates can obtain the CMA certification, This Certification has much value.
The CGMA Exam
Launched in January 2015, recently, the CGMA exam is a
three-hour computerized case study that requires you carryout three
to five management accounting tasks. You are given a data set and
industry information (via download) about a hypothetical
organization seven weeks prior to your test date. During the exam,
new information may be provided that will change the scenario and
require you to adapt your answers. Each task must be answered fully
in the allotted time.
It is better to do CMA than CGMA because of high reputation of CMA
Whereas CGMA has not much reputed and CMA is recognised by all
Employees world wide.
So, it is better to do CMA for a serious management accountant.