US CMA Scholarship: What is its eligibility & how can you apply?

As one of the most prestigious management accounting certifications, the US CMA can be costly for some students. While it is cheaper than other courses, many individuals pay between Rs 1.6 lakhs and Rs 1.8 lakhs as the total fees. The Institute of Management Accountants (IMA) founded the US CMA scholarship to reach out to deserving students.

This course changes the lives of many people. It opens up many opportunities in the corporate world and enables certified candidates to get hired by some of the leading companies in the world. Some of the best accounting professionals are US CMA holders doing exceptionally well for themselves. Imagine if they couldn’t realise their full potential due to an inability to bear the expenses.

The CMA US scholarship corrects such oversights. They want to ensure all students get equal footing when applying for the US CMA program.

If you believe you are a worthy candidate for the US CMA scholarship, here are the answers to all your queries about this educational endowment.

Everything You Must Know About The US CMA Scholarship

The IMA launched the scholarship programme to award commendable candidates, and every capable student has a chance. So here are all the details you should know if you want to apply.

US CMA Scholarship Eligibility & Who is it for?

Every year, ten high-achieving students are chosen from IMA-endorsed schools for the IMA scholarship, and they can choose to take the US CMA or the FMAA (Financial and Managerial Accounting Associate). At the same time, three students are nominated from IMA Partner schools. You can check on the official IMA website to see if your university qualifies.

The CMA US has a string of fees, such as the IMA membership, registration fees and exam costs. The IMA understands that not all students can afford these charges.

This scholarship is not for working professionals or anyone who is not a student.

Indian candidates who wish to apply for the US CMA scholarship must currently be registered in a full-time undergraduate program relevant to finance and accounting. To qualify, you must be a full-time student currently enrolled in a program. Unfortunately, if you’ve already graduated, you won’t be eligible.

For bachelor’s degree students, there’s a preference for those who are completing their third year (junior year) of the program.

Get Offline US CMA Coaching In Your City with Exam Pass Commitment

How Does the US CMA Scholarship Nomination Process Work?

• Faculty Nomination: Scholarships are awarded based on faculty nominations. So, connect with your professors or department chair to express your interest and stand out as a deserving candidate.
• Coordination is Key: Universities are allowed to submit nominations as a group, in smaller groups, or even individually throughout the year. However, the total nominations cannot exceed 5 students per academic year.
• Special Guidelines for India and Neighboring Countries: If you’re studying in India, Sri Lanka, Pakistan, Bangladesh, or the Middle East, your university’s department chair will need to submit a letter on official letterhead confirming the selected nominees.

What do the accepted students receive?

The CMA US scholarship offers mentorship, access to professional programs and special assistance to students. The most important benefit of this scholarship is the financial support.

The awardees receive:

• A free IMA membership for three years
• The US CMA entrance fee
• The total exam package includes fees, course content and study materials.

Also Read – Becoming a US CMA: The Complete Process & Preparation!

How To Apply For The US CMA Scholarship?

There are certain procedures and steps to follow when applying for the US CMA scholarship.

1. Your university principal or HOD should nominate you as a candidate for the scholarship.

2. PhD students can submit themselves as candidates.

3. Forms are available on the IMA website for download.

4. You can upload your transcripts for your college course to prove your grades are acceptable.

5. A letter of recommendation from any staff member or teacher will help your chances.

6. You need a resume listing your educational background, extracurriculars and work experience, if any.

7. You also need to write a personal essay that explains why you want to do the US CMA course, why you should be considered for the US CMA scholarship and what your future goals are.

8. The application submission window is September 1 to June 30 every year. Indian students need to submit their applications to the email id – – indiascholarships@imanet.org

Check the exact deadline for the scholarship online and ensure you send in your application before it closes.

Also Read – How to Register for US CMA: Simplified Step-by-Step Guide!

4 Additional US CMA Scholarships You Can Leverage

1. The IMA Century Scholarship

The IMA board selects two benefactors who receive an award of $7,500 and a US CMA scholarship. The chosen candidates must show signs of leadership and passion for a future in management accounting.

2. Stuart Cameron & Margaret McLeod Memorial Scholarship (SCMS)

The recipient will receive up to $5000 along with free registration for IMA events. Your travel and lodging expenses for IMA conferences will be provided. You will also receive a mentor to help you with professional guidance.

3. CMA Doctoral Scholarship

This scholarship is for students in an accredited doctoral accounting program in management accounting or financial management. They can sit for the CMA exams without paying the fees.

4. IMA Doctoral Scholars program

This award is for students in a doctorate program who are focused on research practices in management accounting. They will receive up to $10,000.

Also Read – US CMA Course Fees – Exam, Coaching, Study Material, Total Cost etc.

How Does The US CMA Scholarship Benefit You?

You study the world’s best management accounting course for free while enjoying additional benefits such as mentorship with industry professionals, access to IMA events and conferences and professional opportunities.

7 Tips For Your US CMA Scholarship Application

1. Read the requirements for the scholarship programme at least twice and make notes of everything expected of you.
2. Pay special attention to the deadline and ensure you submit your paperwork in advance.
3. Take advice from professors or industry professionals on your application content.
4. Get two or three letters of recommendation from teachers or employers.
5. Your personal essay is important. Start writing that first and get it vetted by others before you submit a final draft.
6. Make a checklist for every step of the application process and tick them off one by one so you don’t miss anything.
7. Proofread all documents for grammatical or factual mistakes. You are competing with people from all over the world and there is no room for error.

Enroll With Proschool For Acing US CMA Easily!

As one of India’s top US CMA Offline Coaching Institutes, Proschool has helped 15,000+ students to reach their professional goals over the years. The US CMA course is known to have a rigorous syllabus and challenging exams, but if you study under Proschool’s top-rated faculty, you’ll find the subjects easier to grasp.

The professors have considerable industry experience. They help students master complex concepts and knowledge through active learning methods and innovative training techniques. You also learn additional skills, enhance your professional personality and develop industry acumen.

Under Proschool’s expert tutelage, you’ll become a global management accountant within six months of enrolling.

Why students trust Proschool:

• You can attend any of the 15+ coaching centres across major cities in India.
• Proschool’s US CMA course offers classroom-based training for 6 months.
• Students can access the free foundation course to learn basic finance concepts.
• To help you revise, Proschool has a stock of over 4,000 MCQs and 90 essay questions.
• Professors provide revision classes, customised study plans and doubt-clearing sessions.
• You will learn the updated, IMA-approved syllabus.
• Proschool has an exam pass commitment. If you fail an exam, you receive additional study sessions.
• The exclusive placement portal is available to all certified students
• There is a strong focus on resume building, aptitude and professional interview etiquette.

FAQs

Are Indians eligible for US CMA scholarships?

Any Indian student can apply for the US CMA scholarship if they follow the guidelines and instructions set by the IMA. Here’s the link of the US CMA Scholarship application form for Indian students

How expensive is the US CMA course?

While the exact fee depends on whether you have a professional or student membership, the range is between Rs 1.6 lakhs to Rs 1.8 lakhs.

Is it worth the extra fees to sign up with a US CMA coaching centre?

Yes. A coaching centre will support your learning progress and ensure you have all the tools and resources to pass the exams on the first attempt.

Is the US CMA course difficult to pass in India?

The US CMA course is tough, but it is not impossible to pass. 50 per cent of all students who take the exams pass. These students are well-prepared and put in a lot of hard work. Registering with a coaching institute like Proschool can also help boost your chances of success.

Do the US CMA scholarships cover all costs associated with the certification?

Yes, the scholarships cover the IMA membership, entrance fees and exam costs (for the first attempt). In some cases, you also get additional financial benefits like a cash award or free registration at IMA events and US CMA conferences.

How do I activate my US CMA scholarship?

If you are a high-ranking student, your professional can nominate you for the scholarship. Go online to the official website and upload all the required documents. After that, the IMA committee will consider your application and inform you if you have been selected.

Can I get a loan for US CMA?

While some banks do not grant loans for professional courses, institutions like SBI offer student loans for courses such as the US CMA.

How much does the US CMA course cost?

The total cost of the US CMA course is approximately Rs 1.6 lakhs to Rs 1.8 lakhs. Student members are charged less than professional members.

Conclusion

The US CMA scholarship is open for deserving students at the top of the class. All you have to do is follow the directions given on the official website. Simply upload all your paperwork and keep your fingers crossed! The US CMA program is an excellent course for management accounting and financial management. It will help you build considerable expertise and relevant skills to flourish in a competitive industry.