How to get an IMA-CMA Scholarship : A step by step Guide
How to get an IMA-CMA Scholarship
This is a common question that many individuals face. No matter whatever exam one gives, proper preparation is important. A student who gets the CMA USA scholarship can have great career opportunities in the future. But before moving on with the career opportunities, let us understand what CMA USA course is all about.
CMA, i.e. Certified Management Accountant is a professional credential that a student acquires if he/she wants to gain expertise in financial accounting or management accounting. The certification course represents that the person has knowledge of financial planning, analyzing, decision support, etc. The Institute of Management Accountants (IMA) is one of the major bodies that administer the course.
CMA USA scholarships are provided by IMA. Once a student receives the IMA scholarship, a wide array of job opportunities are opened up. Now, let us talk about the exam. Before 2010, the CMA USA exam was organized into two parts,
- Financial Planning, Performance, and Analytics
- Strategic Financial Management
Since 2010, the exam has had a slight change. The exam consists of two parts with each of them having objective questions & descriptive questions. The 100 MCQs carrying 375 marks and two thirty-minute essay questions carrying 125 marks, which makes the total to 500 points or marks for the exam. A student scoring marks above 360 is considered to be qualified.
Candidates are provided with 3 hours to complete the Multiple-Choice Questions (MCQs) and one additional hour to complete the 2 essay questions.
The CMA exam consists of two parts.
Part 1 consists of financial planning, performance, and analytics.
Part 2 consists of strategic financial management.
Part one of the exam is quite hard. Therefore students are advised to prepare accordingly for the exam. Now, let us talk about the CMA scholarship.
Why Earn a CMA?
CMA is a professional credential that opens up a wide door of job opportunities. Of course, CMA is not everyoneís cup of tea. It is for people who wish to make a career in financial accounting or management accounting, and take up a comprehensive CMA certification course from reliable institutes like NorthStart Academy that offers numerous other professional courses.
US CMA scholarship course is for:
- High-achieving students who have completed a Bachelorís degree, Masterís degree, or PhD in any field.
- Students who have acquired a degree from an accredited college or university in the US.
Every year, ten students are nominated by the college or university professor for the CMA scholarship. Now, you must be wondering how to apply for a CMA scholarship? So, let us have a look at them.
How to Apply for CMA Scholarships?
CMA Scholarship is a great way to save money while achieving one of the established credentials of being a Certified Management Accountant. By having a CMA Scholarship from the Institute of Management Accountants, one can get access to the CMA USA course without any cost.
According to IMA, more than 1850 universities and colleges across the globe participate in CMA scholarship programs. You have seen the eligibility for applying for CMA Scholarship in the above section. Let us now look at the nominations and process of these scholarships.
As far as a CMA scholarship is concerned, there are only two ways to do so, i.e., either a professor nominates you or you apply as a PhD student.
- To get nominated by a professor, you need to ask your professor and fill out the form. Further, you need to submit the form to IMA.
- To gain the CMA scholarship, the second option is to apply for a doctoral degree. Scholarship programs are easily available to PhD students. Anyone having a PhD Degree in an accounting program can apply for the CMA USA course.
CMA Scholarship provides a student with lots of benefits. Let us have a look at them.
What do you Get from a CMA Scholarship?
Students gaining the CMA scholarship get a comprehensive package that includes the following:
- A three-year IMA student membership.
- Entrance fee to the course.
- An exam support package that includes tools for assessment and other study materials.
- Registration fee exemption from both parts of the CMA exam.
- Free access to test banks for a period of two years.
This package is provided to the student as soon as he/she joins the IMA and registers for the CMA program. Three years are provided to pass both Part 1 and Part 2 of the exam.
Apart from the exam, there are different types of IMA scholarships as well. Have a look!
Types of IMA Scholarships of CMA students in India
To gain a CMA certification, a student can apply for different kinds of IMA scholarships available.
Here they are!
- IMA Century Scholarship Award
In this, the student is provided with a CMA Scholarship and a monetary reward of $7,500.
- CMA Doctoral Scholarship Program
Students who have applied for PhD accounting programs get a scholarship in this case.
- CMA Scholarship
In this, a student requires the permission and nomination of a professor as mentioned above.
- IMA Doctoral Scholarship Program
CMA Scholarships are a great way if one wants to have a CMA credential without spending much money. Now that you know the ways to apply for the scholarship, let us look at how one can crack the CMA USA exam.
How to get an IMA CMA USA Scholarship?
There are certain tips and tricks on how you can crack the exam. We know that Part 1 of the CMA USA exam is quite hard and one needs to prepare accordingly. No doubt, CMA Scholarships provide you with lots of benefits. But still, there are certain preparatory steps that one must take.
General Guidelines - How to Crack the CMA USA Exam
- Know the Examination
To qualify for any exam, the first and the most important step is to know all the information about the exam. If you are giving the CMA exam, it is advised to know the marking scheme, course material, and all other information related to the course. In this way, you will know what part needs to be studied and how to do it. The passing score for the CMA exam is 360 out of 500.
Candidates should aim for smart studying rather than trying to perfect the topics they already know about. In simpler terms, candidates should set a target score of 85% in the mock tests. In this way, the preparation will be better and much easier.
- Choose the Study Tools Wisely
In order to clear the CMA USA exam with the IMA scholarship, it is essential to pick the right kind of study tools and material for preparation. Select the material that suits your learning style, rather than what others recommend.
Candidates are also advised to go over the list of course material, take free trials, and finally settle on one thing and start studying. It is suggested to get the latest version of the books and courses to stay updated regarding the changes in the exam.
- Make a Double Study Plan
Making a study plan proves to be very beneficial when one is preparing for such a hard course. It is good to make a study plan and follow it religiously during the preparation period. This will help you stay organized. In this way, you will complete the syllabus on time. There are two tools that can help you make a study plan, i.e., CMAexcel and Gleim.
- Better Time Management
If you are wondering if studying five hours a day is enough, then you are wrong. To complete the CMA syllabus and crack the exam, it is essential to study seriously for at least ten hours a week regularly for two months. You can either have a morning session or a night session to complete the syllabus. No matter whether you choose any of the sections, it is important to study properly with full attention.
- Prioritize your Goals
CMA USA is a highly established credential that can help you in boosting your career growth. When you prepare for the exam, it is best to prioritize your goals so that it helps in the future as well. Choose wisely, which part has to be studied in detail, and manage the time accordingly. It is essential to weigh the benefits and the productivity that the course will bring with it.
- Seek Help
If you feel that you are stuck between the preparations for the exams, it is best to seek help. If you have any doubts regarding the things you study, you must ask for help from the professionals who teach such courses. You can also take help from the online content and videos available to study and prepare in a better way for the exam. Seeking help from a top CMA course provider will help you a lot in preparation.
- Keep your Concepts Clear
The CMA USA exam is majorly multiple-choice. Thus, it is essential to prepare accordingly. Around 75% of the exam is multiple-choice. The examiners often test the candidates based on fundamental knowledge gained. This includes various concepts, definitions, and terms. Students are advised to have clear concepts so that whenever a difficult question is posed, you should be familiar with it to answer. Go through key points and definitions before the examination.
- Memorize Certain Concepts
It is important for the candidates to learn the concepts behind complex questions, rather than memorizing mnemonics. This will positively affect the performance of the candidate in the exam. Apart from this, the practice questions will help the candidates in grasping the important concepts and definitions that might come in the exam.
- Learn to Apply the Concepts Practically
A good way to learn the concepts is by applying them practically. Theoretical concepts are often understood better when they are practically used. In this way, candidates will get a fair view of how things work practically. A practical approach is better in terms of having a clear understanding of concepts.
- Note Down the Weak Areas
Identifying your weak areas and working on them is a great way of studying. After identifying the weak areas, it is important to keep them updated and reviewed. CMA USA course has an online review tracking system that keeps track of candidatesí weak areas via different methods. Candidates can take help from such courses and work effectively on their weak areas.
1. What is an IMA Scholarship?The Institute of Management Accountants provides scholarships to students who are undergraduate, post-graduate or are pursuing doctoral degrees. This IMA scholarship is for students who wish to study and earn professional credentials/certifications without spending much money. For example, it provides the CMA scholarship, CPA scholarships, ACCA scholarships, etc.
2. How do I get a 2022 IMA Scholarship?Applicants must be between the age of 18-30 years. IMA Scholarships are provided to students who are pursuing bachelorís degrees in management accounting or financial accounting. Professors too, can select the candidates and recommend them for attaining scholarships.
3. How much is the CMA scholarship?A student having the CMA scholarship is exempted from paying the fees. Up to $10,000 is exempted and the money is directly paid to the schools of the students.
4. How can I get a CMA scholarship in India?The CMA scholarship is activated once a candidate joins the IMA and registers for the CMA program. The candidate having the scholarship gets three years to complete the program. Either the professor of a student doing a bachelors or masterís degree is selected for the CMA scholarship.
5. What is US CMA Salary in India?CMA salary in India ranges between Rs. 4 Lakhs to Rs. 25 Lakhs per annum. The average annual salary is said to be Rs. 8 Lakhs. The change in salaries is based on the expertise and experience a person holds.
6. Is there any scholarship for CMA students?Yes, there are different kinds of CMA Scholarships provided by the IMA. With the help of these scholarships, candidates can get access to the CMA program and testing at no cost.
Becoming a CMA takes time and effort. If you are patient and disciplined, a wide array of job opportunities will be there for you. This article has provided you with all the information regarding CMA scholarship from IMA, how to earn them, etc. Keep in mind to follow the tips and tricks mentioned above in order to crack the CMA USA exam.
Keep in mind that the exam is quite hard. Thus, timely and proper preparation will get you through the exams. You can also enroll in the top courses of CMA to create a better understanding of the exam and prepare it with all corners covered.