Summary by James R. Martin, Ph.D., CMA
Professor Emeritus, University of South Florida
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According to Hargadon and Fuller, undergraduate accounting students can obtain the CMA designation before graduation and the CPA designation within six months after graduation using the steps outlined below. The authors recognize that this is an extremely ambitious plan that may not appeal to all accounting majors.
| Hargadon/Fuller Plan for Obtaining the CMA and CPA Designations* | ||
| Time Period | Action | |
| 1 | Junior year: September-May | Complete intermediate accounting, corporate finance, operations management and a finance elective |
| 2 | Junior year: May-June | Study for Part 2 of the CMA exam using CMA program materials |
| 3 | End of May-June period | Take Part 2 of the CMA exam |
| 4 | Senior year: September-December | Compete cost/advanced managerial accounting, undergraduate business capstone course and/or a case course in finance, first tax course, and auditing course and begin study for Part 1 of the CMA exam using CMA program materials |
| 5 | Senior year: Winter break | Study for Part 1 of the CMA exam using CMA program materials |
| 6 | Senior year: January-May | Take Part 1 of the CMA exam |
| 7 | Senior year: January-May | Complete tax courses, business law, and advanced accounting |
| 8 | Senior year: May | Graduate |
| 9 | After graduation: June-August | Use CPA program materials to study for the Business Environment and Concepts, and Regulation Parts of the CPA exam |
| 10 | After graduation: July-August | Take the Business Environment and Concepts, and Regulation Parts of the CPA exam |
| 11 | After graduation: October-November | Use CPA program materials to study for the Auditing and Attestation, and Financial Accounting and Reporting Parts of the CPA exam |
| 12 | After graduation: Late November | Take the Auditing and Attestation, and Financial Accounting and Reporting Parts of the CPA exam |
* Adapted from Hargadon and Fuller's Table 2, page 52.
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Related summaries:
Brausch, J. M. and D. Whitney. 2009. CMA: The quest for increasing value. Strategic Finance (December): 9-10, 12. (Summary).
Krippel, G. L. and S. Mitchell. 2011. What's your CMA worth? We show you how to estimate the lifetime value of the certification. Strategic Finance (November): 41-47. (Note).
Schiffel, L., K. A. Smith and D. L. Schroeder. 2011. IMA 2010 salary survey: How's that recovery workin' for you? Strategic Finance (June): 26-46. (Summary).
VanZante, N. R. 2010. IMA's professional certification program has changed. Management Accounting Quarterly (Summer): 48-51. (Summary).