CMA Exam Awards and Scholarships

The Institute of Management Accountants (IMA) doesn’t just collect CMA exam fees—it also gives out a few monetary awards and scholarships. However, you’ll have to meet certain standards or do extremely well on the exam to qualify for them.  IMA has a series of CMA exam awards and scholarships to recognize top performers in management accounting.

CMA Exam Awards

This is the recognition given to those achieving the highest scores on the CMA exam. As you can see, CMA exam candidates with the highest, second-highest and third-highest scores in each testing window are awarded with the ICMA medals. They win gold, silver and bronze medal respectively. And in the case of ties, the medals are awarded to multiple recipients. However, the ICMA does not release the winners’ specific scores.

2024 ICMA Gold Medal Winners

• January/February 2023: Christopher Cody Forrester, CMA
• May/June 2023: Stefan Mihaylov, CMA (Amsterdam, Netherlands), and Bret Sheeley, CMA (Lincoln, NE)
• September/October 2023: Shun Yamamoto

2024 ICMA Silver Medal Winners

• January/February 2023: Rica Mae Opindo Albiso and Denmark Lucanas Dichosa
• May/June 2023: Razi Khaddage, CMA, CSCA (Abu Dhabi, U.A.E.)
• September/October 2023: Lyndon Giganto Asis and Rannie Medina, CMA, CPA

2024 ICMA Bronze Medal Winners

• January/February 2023: Billy Rey Bautista Reyes, CMA, CPA, and Joyce Marian Garcia Dela Cueva
• May/June 2023: Matthew Andrew Romanowski, CMA (Chesterton, IN)
• September/October 2023: Dr. James Cator Webb

Certificate of Distinguished Performance

Each testing window, several candidates also receive the Certificates of Distinguished Performance. However, the criteria of this award is not disclosed.

• January/February 2023: Bernise Mendoza Catuncan, CPA
• May/June 2023: Hongyang Fu, CMA (Singapore), and Joy Anne Pelagio Vicente (Bataan, Philippines)
• September/October 2023: Claribelle Dayhop Lee and Jayson Alfred de Jesus Dela Torre, CMA, CPA

Student Performance Awards

For the purposes of these awards, the ICMA separates professional test takers from candidates who are still students. Thus, the Priscilla S. Payne Student Performance Award is offered to the student candidate who receives the highest score in the testing window.

• May/June 2023: Shannen Cruz Jagwani (Antipolo City, Philippines)
• September/October 2023: John Davis Baguio

We have a Priscilla S. Payne Winner Among Us!

One of our readers, Hari, received this prestigious award in the Jan/Feb 2017 window. Check out his story and interview here.

Each exam window, the ICMA also hands out several Student Certificates of Distinguished Performance.

• May/June 2023: Jayson Holt (Provo, UT), Grace Anne Ericka Gadia Lui (Caloocan City, Philippines), and Shania Rose Lozano (Agusan del Sur, Philippines)
• September/October 2023: Jonathan Rodriguez Bagain, Derek Richard Koppes, and Jocelyn Faith Ramos Sumbi

Also, in the September/October 2023 window, an Outstanding Student Performance Award was given to Brandy Via.

IMA Student Case Competition

Each year, the IMA publishes a global business case and invites students to solve it. For example, the 2025 case asks candidates to use a cost-benefit analysis to build a championship roster of NBA players. Teams of three to five university students in one of four regions around the world submit a solution to that year’s case. Then the IMA selects four teams to present (virtually or in-person) at the regional finals in front of leading business professionals.

Specifics differ by region: Asia-Pacific, India, the Middle East, and the USA. If you want to compete, you’ll need to register in your region. However, in the past, the IMA has awarded $3,000 to each finalist and an additional $2,000 to the winner. Find more info at the IMA’s Student Case Competition website.

IMA Student Chapter Award of Excellence & Outstanding Student Chapter

IMA Student Chapters (IMASCs) enter this competition in promoting the IMA’s mission and providing activities or services to their student members. All chapters are eligible to participate. Chapters may win Gold, Silver, or Bronze awards and will receive an Award of Excellence Certificates. Additionally, chapters that meet Gold level requirements will receive a monetary prize of $500.

Overall, submitting your IMASC for this award requires two parts. First, you’ll need to submit a Letter of Intent and Chapter Plan, usually in October. Second, you’ll submit some administrative reports, plus planning, evaluation, and activities documentation. This second deadline is typically in April of the following year. The IMA hasn’t released the due dates for 2025-2026 applications, but you can find them at the Call for Submissions page.

Clark Johnson Achievement Award

Held annually since 2003, this award acknowledges a student chapter whose efforts best reflect outstanding leadership through innovation, organizational development, and interdependent partnerships. Furthermore, chapters should demonstrate necessary skills but focus on students’ best interests and have strategic action plans to keep the chapter succeeding for years to come. Most recently, the IMA gave this award to student chapters at Ashland University (2023) and University of Louisiana Lafayette (2022).

Winning chapters receive $5,000 and a commemorative plaque. To apply, you’ll need to fill out the appropriate form at the IMA’s Clark Johnson Achievement Award website and attach supporting documentation. The deadline is typically in the middle of March each year.

Global IMA Awards

Additionally, the IMA hands out a number of global awards to accomplished individual IMA members. Other IMA members may submit nominations each year. Here are a few of these prizes.

• The IMA Champion Award recognizes exceptional volunteerism and above-and-beyond leadership skills.
• The IMA Exemplary Young Professional Award recognizes creative problem solvers within accounting and finance under the age of 40.
• The IMA R. Lee Brummet Exemplary Educator Award recognizes distinguished teachers and faculty in the fields of management accounting and finance.

CMA Exam Scholarships

Additionally, the IMA offers a handful of scholarships that waive IMA fees, some of which come with additional monetary stipends.

IMA Student Scholarship Program

Current students enrolled in IMA-Endorsed or IMA Partner Schools looking to take the CMA or FMAA can be nominated for this program. Essentially, it is a CMA exam scholarship that covers the entrance fee, exam fees for Parts 1 and 2, two years of IMA Student Membership, and one year of access to Gleim Online Study materials. The exam fee waivers are one-time only; if you don’t pass on your first try, you’ll have to pay for the next attempt yourself. This scholarship also doesn’t cover traveling and accommodations to exam sites.

Moreover, you cannot apply yourself—you must ask your professor to nominate you during the academic year (September 1-June 30).  Additionally, you will have to create an IMA account, though you do not need to be a member. Note that schools are limited as to the number of students they can nominate. IMA-Endorsed Schools can nominate up to ten students, but IMA Partner Schools can only nominate up to three.

In order to qualify, students should be top 5% or top five students in their bachelor or master’s program. Juniors (third-year students) are typically preferred. For more information and nomination forms, consult the IMA Student Scholarship Program webpage.

Stuart Cameron & Margaret McLeod Memorial Scholarship

Management accounting students can also apply for a special scholarship presented by the Stuart Cameron McLeod Society (SCMS). To qualify, you must be an active IMA student member in good standing, be continuing in your academic program in the upcoming year, and intend to pursue a career in management accounting, financial management, or information technology.

The winner of the SCMS scholarship receives:

• Two installments of $2,500 for the fall and spring semesters of the upcoming year
• Complementary registration for the IMA25 Americas Accounting & Finance Conference and the IMA’s Student Leadership Conference
• Travel reimbursement for these conferences up to $1,000
• Mentorship from an SCMS member

Applications are due on March 15, 2025.

IMA Century Scholarship Award

Upcoming undergraduate seniors or graduate students are eligible to apply for the IMA Century Scholarship. This award recognizes active IMA student members with extensive volunteer and leadership experience. Winners will receive two installments of $3,750 plus a CMA exam scholarship, and they must take at least one CMA exam part before completing their degree.

CMA Doctoral Scholarship Program

This is the version of the CMA exam scholarship for students in accredited doctoral accounting program specializing in management accounting or financial management. The eligibility criteria, nomination process, and awards are the same as the IMA Student Scholarship listed above.

Grants for Doctoral Scholars

The IMA’s Research Foundation (IRF) offers research grants to students in doctorate programs doing relevant, thought-provoking research that furthers the knowledge and scope of accounting and financial management. Here are some of the available grants.

• The IMA Incubator Grant Program offers awards of up to $5,000 for Proof of Concept projects that create opportunities for more in-depth research.
• The Academic Research Program accepts management accounting research proposals to reimburse recipients for research assistants, data sets or software, transportation, and other research-related expenses.
• The Doctoral Scholars Program provides ongoing financial support up to $10,000 over multiple years for doctoral students doing management accounting research that’s likely to be published in an academic journal.

Other Ways to Cover CMA Exam Fees

Although there is some IMA money available to pay CMA exam fees, these scholarships are highly competitive. Additionally, they’re only offered to current students at certain universities. Thus, if you’ve already joined the work force, you’re out of luck. And even if you’re eligible, competition for these scholarships is fierce.

However, you may have some luck getting your boss to sponsor your CMA exam journey. To that end, the IMA recommends sending a letter to your boss (or the person at your company responsible for the training or tuition budget) outlining your intention to take the exam, the associated fees, and the benefits of this certification to your employer. Then, it’s a good idea to follow up with an in-person meeting to further explain the relevance of the CMA certification to your job and how you expect studying to affect your work performance.

The answer you receive will, obviously, depend on your employer. However, as long as you’re professional and polite, there is no harm in asking. And even a partial sponsorship is better than no money at all. Show confidence in yourself and give it a shot!