Community & Corporate Training

CMA Program - Frequently Asked Questions

Frequently Asked Questions about the CMA Exam and the Lakeland College Advanced Industrial Accountancy Course

1. What is the 'CMA' certification?

The CMA stands for "Certified Management Accountant." It was started in 1972 under the auspices of the Institute of Management Accounting (IMA: www.imanet.org ) in hopes of bringing a positive reputation and respect to the skills used by accountants in business, industry, and government. The CMA has grown to be an international certificate of competency and integrity. Many large, multi-national manufacturers and employers regard highly the CMA designation.

2. What is the CMA exam like?

The CMA exam is a Computer-based exam offered during three testing windows (Jan/Feb; May/June; Sept/Oct) at testing sites throughout the country. The exam was changed in 2010 into a two-part format with each part to include 100 multiple choice (3 hours) and two 30-minute essay questions (1 hour) requiring knowledge in the two broad topical areas of:

  • Part 1: Financial Planning, Performance, and Control(4 hours)
  • Part 2: Financial Decision Making (4 hours)

A candidate has 36 months in order to pass both parts of the exam. See the IMA website for more information about the exam itself, including pass rates and costs to enroll.

The Content Specification Overview:

  • Part 1 — Financial Planning, Performance and Control (Levels A, B, and C) Planning, Budgeting and Forecasting (30%) Performance Management (25%) Cost Management (25%) Internal Controls (15%) Professional Ethics (5%)
  • Part 2 — Financial Decision Making (Levels A, B, and C) Financial Statement Analysis (25%) Corporate Finance (25%) Decision Analysis and Risk Management (25%) Investment Decisions (20%) Professional Ethics (5%)

Note: A candidate MUST answer at least 50% of the multiple-choice questions correctly to be eligible to take the essay section.

3. When can I take the CMA exam?

See question 2 above for the three testing windows.

A Candidate qualifies to take the CMA exam if they possess a minimum of a bachelor's degree in accounting or business. Students may take the exam before they graduate, but do not receive their 'certification' until after graduation and completing other IMA certification criteria. Some students find it timely to take the CMA exam while still academically involved in similar classes and spreading the study for the CMA exam over a year or two in college.

4. I am a CPA right now, do I need to retake both parts of the CMA exam?

Under the new format of CMA begun in 2010, a CPA must take both CMA parts.

5. How is Lakeland's "Advanced Industrial Accountancy" Program set up?

This program involves two separate semester-long online graduate courses, each earning 3 credit hours. Part 1 (BA 767) covers materials found on CMA Exam Part 1, while Part 2 (BA 768) covers materials found on CMA Exam Part 2. Students may take one part per semester for two semesters OR both courses in the same semester. Time commitment is approximately 8-10 hours per week, per course.

Both online instructor-led courses are offered twice a year usually starting in September and January. For more specific information on dates, click ebrochures.

Students will receive, as part of the course fee, the Gleim Publications, Inc. CMA review curriculum (including books, software and audio tapes). Lakeland then employs experts to instruct these materials using an online teaching platform and periodic live, Saturday sessions. Exams, readings, case studies and review of old CMA exams gets the student ready for both the CMA exam AND a career as a professional accountant in Industry.

6. What course financing is available?

Financing for this course is available. If the student enrolls into the MBA program, regular loan programs are available. Also, Lakeland College Alumni are eligible for a special payment plan over a six-month period. Contact the financial aid office at (920) 565-2111 for further information.

7. Are CMA's licensed, like CPA's?

No. With CPA's each state licenses those individuals who meet specific state rules on licensure. The CMA designation is monitored and controlled by the IMA at the national level. In this way, only a single set of rules and requirements are in play for receiving the CMA certification. The CMA is not a license, rather it is merely a 'certification' of professional competency issued by the IMA.

8. Does Lakeland College guarantee that I will pass the CMA certification exams?

No. However, the primary intent of the course is to help the student get properly prepared to pass all 4 parts of the CMA Exam on the first try. If the student does their part by studying 8-10 hours per week per course and successfully completes all the weekly assignments this is highly likely to happen. If not, then we will help the student to get re-focused for a second try on those parts of the CMA Exam they need to re-take.

Any student achieving a course grade of "B" or better who fails some or all of the CMA certification exams on the first try will be allowed a one-time retake of the course, or sections of the course, at no additional tuition fee. A charge for new books and materials may result due to a timing factor if new course revisions are issued.

9. Do I have to attend the Saturday 'live' sessions to fulfill the course requirements?

No. The Saturday sessions are intended to provide the student with a face-to-face opportunity with the course instructor subject matter experts, and to obtain further understanding and skill in areas the student does not fully understand. Attendance is not taken, nor is it a factor in course grading. We highly encourage those who can attend, to do so. For students attending all Saturday sessions and taking the CMA exam during the term, we waive other course requirements.

10. How is the course unique in terms of preparing a student for practice as a CMA?

First, the course provides a very rigorous and extensive review of materials that individuals entering the CMA profession need to know. The CMA exam is the testing vehicle of this knowledge base. This course coaches the student through this extensive material, helping students overcome weak areas by having access to subject experts both online and through periodic face-to-face sessions. The course adds value to the text material by requiring students to stay on time in completing the text material, and by testing the student periodically during the term to demonstrate knowledge and retention.

Second, knowing the material not only helps in passing the CMA exam, but helps the student learn how to apply that material to real-world applications. Knowing what current practitioners in public and industrial practice are doing today is very important. The course brings into the classroom current practitioner issues via readings from the Management Accounting Quarterly and Strategic Finance magazines and via case studies from the practitioner case bank. These cases have been taken from other MBA courses Lakeland College offers in its MBA program accounting courses. Lakeland believes the graduates of this course gain both the ability and the confidence to effectively practice as a CMA, whether in public practice or industry.

11. Do I have to be admitted to the MBA program in order to take this course?

If this is the first course taken in the Lakeland College MBA program, the student DOES NOT need to apply for formal admittance into the MBA program. However, the student must have completed a baccalaureate degree prior to taking the course, or be a "senior status in good standing."

If a student has taken three or six credits of other Lakeland College MBA classes prior to taking this course, formal application into the MBA program is required. Also, BA 767 waives BA 720 Managerial Accounting and BA 768 waives one other 3-credit elective.

12. How does this online course meet each week?

Each week the student is to work on the assigned chapters of the text material and complete assigned readings. The course has a 'virtual' classroom using the Lakeland College online platform. The student can enter class at any time, pick up handouts, comment on class discussion items, ask questions of the professors, etc. Instruction on accessing and using these classroom facilities is a part of the Kick Off session to be held the Saturday before classes begin, or via web tutorials. The online portion of this course is easy and convenient. The student must own a personal PC and have access to the web via an ISP source. No special software is required on the student's PC.

13. How does the semester flow?

The student will receive a series of four textbooks (as they enroll in their program). From this material, the student will work through each of the lessons. Each lesson will entail working through a number of multiple choice questions, building flash cards of key points and concepts, studying the lesson material, asking faculty about issues and questions via online access and ultimately completing the lesson. A Lesson Completion Form is filled out and sent to the academic professor indicating completion of that lesson. During the term, two exams are administered online, using a proctor, to test and evaluate your skills.

All course readings are accessible via the Internet. A series of questions are provided by the professors, which the student completes and returns for grading. All grades are posted on the online platform for the student to monitor course progress. Cases are downloadable from the online platform and also require the student to analyze and present solutions to the case, referencing material learned during the review process and from online discussion of case issues. Cases are both started and completed AFTER the CMA exam has been completed. The student is expected to enter into dialogue with the professors via the online platform in three areas: discussion on lesson topics, discussion on case topics and general Q&A discussion with the faculty.

14. How much of a time commitment is needed for this course?

This course takes a lot of time. One of the keys to success of this (or any other) course or review is the student's desire to succeed. In order to complete the entire text material noted in the previous question. The student typically must put in 8-10 hours per week per course depending on student's previous knowledge of the topic. If you take both courses(BA767 and BA768)in the same semester you should plan on studying 16-20 hours per week.

We recommend to our students that the entire family support the students' goal of becoming a CMA, and to support this time commitment for the sake of the long-term family benefits.

15. Will the three or six MBA credits transfer to other institution MBA programs?

Good question, and one Lakeland College cannot answer conclusively. At this point, we have not had any student attempt such a transfer. The Lakeland College MBA program is fully accredited and thus, any other institution can view any course taken accordingly. Should another institution program require Core or Elective course(s) in Accounting, some or all of these credits should therefore transfer. The Lakeland College MBA is offered at all Kellett School centers and online.

16. What if I have other questions not addressed here?

If you have any additional questions, contact Richard Gaumer by email at, gaumerrk@lakeland.edu or call (920) 565-1351.

Refer to the following links for more information:

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