Professional recognition as a management accountant can be obtained by passing the examination required for a Certificate in Management Accounting (CMA).
The CMA exam consists of two parts:
- Financial Planning, Performance and Control
- Financial Decision Making
Students are eligible to apply to take the CMA exam during their (graduating) senior semester, and are also eligible to receive a 50 percent discount on the exam fee.
Under Wisconsin state law, any individual who practices public accounting, including auditing financial accounting records and preparing of accounting reports which are made public, must be licensed as a Certified Public Accountant (CPA). In Wisconsin, to sit for the exam the candidate must have 150 semester hours of education, an accounting concentration and a minimum of a bachelor's degree.
The CPA exam (150 hour requirement) has four sections:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Wisconsin also has a three-year practice requirement which must be met before a certificate is granted. This experience must include 1 1/2 years at a level where an individual is responsible for independent decisions.