There are certain requirements that most professional finance qualification holders need to fulfill in order to maintain their professional competence and to enhance their ability to perform well in the ever changing business scenarios. This holds true for the Certified Management Accountants (CMA) certified professionals as well. They need to fulfill the CMA CPE (Continuing Professional Education) requirements specified by IMA on a yearly basis.
CMA CPE Requirements
Every year, the CMA certificate holder is required to:
- The CMA continuing education requirement is 30 hours per year
- Out these 30 hours, a minimum of 2 hours has to be spent in a course on Ethics.
- If the candidate spends more than two hours in the ethics course, then the extra hours can be carried forward to the next year.
- If the certified member completes more than 30 hours a year, then up to 10 hours can be carried forward to the next year;
For example, if a certified member completes 35 hours of education in a year, then 5 hours are carried forward. If a certified member completes 40 hours, then 10 hours are carried forward.
IMA recommends that the courses that the candidate must choose for CPE must pertain to finance management and Management Accounting. Ideally, the topics should pertain to ethics and how to make ethical decisions. Understanding of these concerts will be useful for the CMS certificate holders When they will be required to make Financial and accounting decisions and plans regarding how to drive their organization forward. This knowledge will also be beneficial for identifying frauds and compromise of internal controls in their organizations. The programs important to ethics in the general business scenario also.
Courses must be recognized by IMA
Credit will only be given for attending programs that are sponsored by IMA and its council, its constituent chapters, educational institutes, employers and other professional and trade bodies. No credit will be given for attending programs conducted by an organization not recognized by IMA.
If the candidate attends any program that is conducted by any organization registered under the National state boards of accountancy (NASBA), then due CPE credits will be given to them.
The CMA continuing education programs was be delivered in the form of workshops, lectures, case studies, group discussions, webinars, and formal business interactions. A variety of teaching aids can be used to augment the delivery process. These may include presentations, videos, films and other computer-aided delivery mechanisms.
The candidates can also get credit for any technical articles that they publish, any home study courses the examinations that they complete.
Reporting requirements for the CMA CPE
It is essential that the certified members report the CPE hours to get CMA CPE credit from IMA. However, they need not submit the documents that support the CPE hours that they have to spend. In the IMA website, the certified members have a member profile. They just need to enter their CPE hours for the records. The member profile section also automatically records all the CPE hours for all the courses that are undertaken.
To ensure that the data entered is authentic, IMA may sometimes do CMA CPE audit. Whenever in doubt, they might ask some selected members to produce and submit the CPE certificate as a proof.
When do members have to start taking the CMA CPE courses?
The CMA CPE program takes place throughout the year. After candidate pass the CMA examinations, even if it in the middle of the year, they do not need to immediately fulfill any CPE requirements. This is because the IMA provides a grace period for the rest of the year. You can start taking the classes whenever you have the time to take them.
How to Calculate CPE Hours
The following are the number of hours of credit that you will get for each course/activity that you will complete:
|College courses||Each semester||15 CE hours|
|Each quarter||10 CE hours|
|Non-credit courses, each 50 minutes||1 CE Hour|
|Short courses and seminars ( less than 10 weeks )||50 minutes||1 CE Hour|
|6.5 Hours ( as in a full-day course)||8 CE Hours|
|Professional Examination||10 Hours for each part of exam||1 CE Hour|
|Service as College Teacher||Course hours X the course meets the first time the course is taught||Equals the CE Hours|
|Service as a speaker/discussion leader||Twice the time of the presentation (i.e. Counting the preparation time)||CE Hours are equal|
|Technical Materials submitted for publication||Book and Monographs||20 CE Hours|
|Technical Publications||6 CE Hours (maximum)|
|Unpublished technical publication (50% of hours)||No CE credit|
|Periodicals and Computer Software Packages Examination||On completion of self-study examinations offered for appropriate periodicals and computer software packages||Equal CE Hours granted|