CMA scholarships are a great way to save money while achieving your goal of becoming a Certified Management Accountant.
With a scholarship from the Institute of Management Accountants (IMA), you can get access to the CMA program and testing at no cost.
This article will cover all the basics and steps for how to get a scholarship from the IMA.
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How to Get a CMA Scholarship from the IMA
As you begin your journey toward becoming a Certified Management Accountant, you’ll quickly realize there are costs, both in terms of your time and money.
For most people, the only way to pass the CMA exam is to use a CMA online review course. These are typically authored by CMA exam experts, and come with a host of features, such as videos, CMA textbooks, practice tests or questions and even tutoring or coaching.
They can range in price from a few hundred to a few thousand dollars. Because of the sheer quantity of content on each part of the CMA exam, most people who hope to pass will buy a course.
To offset the cost of studying for the CMA, the IMA offers a CMA scholarship. It’s available for people who are in school, either as undergraduates or graduate students.
IMA Scholarship Eligibility
According to the IMA website, more than 1,850 universities and colleges have participated in the CMA scholarship program, and $18 million of scholarships have been provided to help students become CMAs.
The IMA states that the following types of people are eligible for scholarships:
- High-performing students, from undergrad through PhD level
- People at any accredited university of college anywhere in the world
Two other factors impact eligibility for an IMA scholarship:
- Only 10 students from each school can be nominated for an IMA scholarship every academic year
- Except for PhD level students, professors must nominate students; no self-nominations are accepted
Nomination Process for CMA Scholarships
There are only two ways to get a CMA scholarship from the IMA: either by having a professor nominate you, or by applying as a PhD student.
- Professor-nominated students: To get nominated, ask your professor to fill out this form and submit it to the IMA. The link to grab it is in the video description below.
- PhD students: The CMA Doctoral Scholarship program is available to PhD students. Anyone in a globally accredited doctoral accounting program, focused on studying financial management or accounting, can apply here.
What You Get From a CMA Scholarship
CMA scholarship recipients get a comprehensive package that includes
- A three year IMA student membership
- Entrance fee to the CMA program
- An exam support package that has an assessment tool and study materials
- Registration fees for both parts of the CMA exam (first attempt only)
- Access to an online test bank for two years
The timeline for access starts as soon as a nominee joins the IMA and registers for the CMA program. You get three years to pass both parts of the CMA exam.
IMA Scholarship Options
There are a few types of IMA scholarships, some of which may be helpful toward a CMA certification:
- IMA Century Scholarship Award: Provides a CMA scholarship and a monetary award of $7,500
- CMA Doctoral Scholarship Program: Requires you to be actively studying in a PhD program
- CMA Scholarships: The same program delineated above and requires professor nomination
- IMA Doctoral Scholars Program: Provides research dollars up to $10,000 in total, given that you are studying management accounting
For many students, it’s immensely helpful to find a little extra financial support or an opportunity to accelerate your path to becoming a CMA.
CMA Scholarship: Last Dates for 2022
The application window for students applying to receive the IMA scholarship open on the 1st of September. Students have until the 30th of June 2023 to submit their application to the board for approval.
While it may seem as though you have plenty of time to wait, I would advise that you apply as soon as possible. If for whatever reason your application is denied, you will need time to budget for the expenses on your own. So, submit your application as soon as possible.
FAQs
Who is eligible for the IMA CMA Scholarship?
The IMA CMA Scholarship is available to high-performing students from undergraduate through PhD level at accredited colleges and universities worldwide. More than 1,850 schools have participated in the program, and the IMA has awarded over $18 million in scholarships to support future CMAs. Each school can nominate up to 10 students per academic year, and except for PhD students, candidates cannot nominate themselves: a professor must submit the nomination.
Can I apply for the CMA Scholarship on my own?
No, in most cases you cannot apply for the CMA Scholarship on your own because the IMA requires a professor’s nomination. Undergraduate and master’s students must have a professor complete and submit the official nomination form on their behalf. The exception is for PhD students enrolled in a globally accredited doctoral accounting program focused on financial management or accounting, who can apply directly through the CMA Doctoral Scholarship program. If you’re not a PhD candidate, speak with a professor early, as each school can nominate only 10 students per academic year.
What does the CMA Scholarship cover?
The CMA Scholarship covers most of the major costs associated with earning the CMA certification. Recipients receive a three-year IMA student membership, CMA program entrance fee, exam support package with study materials and an assessment tool, registration fees for the first attempt at both exam parts, and two years of access to an online test bank. While the scholarship waives the major IMA program and exam fees, it does not cover third-party review courses, which you may choose to purchase separately.
When is the CMA Scholarship application deadline?
The IMA CMA Scholarship application window typically opens on September 1 and closes on June 30 of the following year for board approval. While that gives candidates several months to apply, it’s best to start early so you have time to plan if your application is not approved and to avoid any last-minute issues. Because eligibility requirements and deadlines can change, and each school can nominate only 10 students per academic year, confirm the current details with the IMA and begin the professor nomination process as soon as possible.
How many times can I use the CMA Scholarship for each exam part?
The CMA Scholarship covers the registration fee for each exam part only once, meaning it pays for your first attempt at Part One and Part Two but does not cover retakes. If you need to retake an exam part, you’ll be responsible for the retake fee yourself, making thorough preparation especially important. In addition to first-attempt exam fees, the scholarship includes a three-year IMA student membership, the CMA program entrance fee, study materials, and two years of online test bank access, giving you three years to pass both exam parts. For questions about your specific situation, contact the IMA directly through imanet.org.
Invest in Yourself: CMA Scholarships, Studies and Success
Becoming a CMA takes time: if you are patient and disciplined, all of the success in the world lies in front of you.
Part of the early days of this journey do require working out how you will pay for the CMA exam, how you will carve out the time to study, and how you will set yourself up for the career you want.
All of these moves should have a strategy behind them.
Want insider tips? Check out The CMA Show: my podcast where I offer free guidance to anyone who wants to become a CMA.
Have more questions about CMA scholarships or other areas of managing this process?
Drop them below and let’s talk!
Hi, I’m Nathan Liao (aka the CMA Coach)! For the last 11 years, over 100,000 accounting and finance leaders came knocking at my door seeking guidance and help. If you’re also aiming to pass the CMA exam on your very first try—without wasting away time or money—you’ve found your ultimate guide. Dive in deeper to discover more about me and the dedicated team that powers CMA Exam Academy. Click here and let’s embark on this journey together!
30 Comments on “CMA Scholarship: The IMA Scholarship Program”
Will I get scholarship if I pay cma ir?
Hi Fatima,
If you have specific questions about the scholarship program, including how you can apply, we recommend getting in touch with the IMA team.
Check out their website at http://www.imanet.org for all the details.
Hello sir,
Will I get scholarship if I pay cma entrance fees?
Hi Hiba,
Paying the CMA entrance fee won’t qualify you for a scholarship.
Keep in mind that if you get a CMA scholarship from the IMA, all fees are waived.
For detailed information about the scholarship and how it works, please contact the IMA team directly at http://www.imanet.org
Hello sir,
Can you please tell me how many times I’ll be able to avail the scholarship for each part?
Hi Siddharth,
For any detailed inquiries about the scholarship program and how many times it’s possible to apply, it’s best to reach out to the IMA team directly.
You can visit their website at http://www.imanet.org for more information.
If there’s anything else I can help you with, please feel free to ask.
Hello, me and my friend applied for CMA scholarship together in September and did all the process correctly and recently few days back my friend got a mail of successfully getting the scholarship but I didn’t got any mail till the date. What am I supposed to do as the last date of taking membership is coming soon. Should I wait for the scholarship mail or should I take the paid membership?
Hi Unnati,
Thanks for reaching out.
I’d suggest you contact the IMA directly. They can provide the most accurate information regarding your scholarship application status.
Also, make sure to check your email Spam folder. Sometimes, emails from organizations can end up in the spam or junk folder. It’s a good idea to check there just in case.
I hope you hear positive news about your scholarship soon.
Nathan
Hey , I had applied for the scholarship but the mail was sent by the email of my hod instead of the college official mail id , what are the chances of it getting approved
Hi Anjaly,
For more information on this, it’s best to contact the IMA directly via http://www.imanet.org.
Nathan
I need scholarship to achieve cma degree because my finance conditions not well and i can’t paid cma fees for Institute
Hi Ronak,
For more information about the scholarship and the application process, please contact the IMA directly via http://www.imanet.org.
Nathan
Hello,
I am a cma student from logic institute. I had applied for cma scholarship from my college and even uploaded to ima institute. But due to certain mistakes in the nomination form our scholarship was cancelled and our college have not informed to the required students about the cancellation and didn’t gave reply back to the ima institute by rectifying the mistake frome the nomination form. Now we are not supposed to get scholarship. We didn’t done any mistake intentionally and we are going to suffer by paying the exam fees due to our financial background. If scholorship was there it would give us much more relief. I request you to accept our scholorship and help us during our toughest time.
With hopeful waiting for your reply.
Hi Ainul,
I’m sorry to hear about what happened with your scholarship application. The IMA handles such requests, not us. Please contact them directly through their website for further assistance in this matter. Or also ask your test prep institute for assistance.
Nathan
Sir, Post graduate students can apply this scholarship?
Hi Fayas,
For more info on how the scholarship from the IMA works, I invite you to visit https://www.imanet.org/cma-certification/cma-scholarship?ssopc=1
Nathan
What is the last date for the submission of scholarship application for May – June 2023 window?
Thankyou for this informative article.
Hi Jyothika,
For more information about the scholarship and the application process, please contact the IMA directly via http://www.imanet.org.
Nathan
Sir you’ve mentioned all the fee is comes under scholarship if the student is in his/her graduation. That means the student need not to pay any other fee to the IMA for CMA course… Am I correct or not sir?
Hi Harish,
If you get a CMA scholarship from the IMA, then there are no other fees to be paid.
Keep in mind that you can only apply if you are a PhD student or you have a professor nominate you.
Hey, i want to ask that only professor needs to fill the form and send it through college official email i’d or there is any requirement of principal signature or college stamp?? Plzz help
Hi Rahul,
If you have any specific questions about the process, I encourage you to contact the IMA directly via http://www.imanet.org.
They will provide you with further information.
Any Months we can apply for the scholarship, I am 2 nd year student of BBA can I apply know
Hi Sanskrati,
For more information about the scholarship and eligibility, the best course of action is to contact the IMA directly via http://www.imanet.org.
Nathan
Will I be able to get a scholarship with myself only by filling any kind of form???
Hi Kajal,
For more information about the scholarship and eligibility, the best course of action is to contact IMA directly via http://www.imanet.org.
Nathan
Hey, i want to ask that only professor needs to fill the form and send it through college official email i’d or there is any requirement of principal signature or college stamp??
Hi Varsha,
If you have any specific questions about the program and eligibility, I encourage you to reach out to the IMA directly via http://www.imanet.org.
Their customer service is top-notch and will be able to assist you further.
Nathan
How much time does it take to get CMA scholarship application approved?
Hi Hynas,
To see how much time it’ll take to get your scholarship approved, the best course of action is to contact the IMA directly.
They will provide you with further information.