The ICMA has offered up to 100 scholarships per university annually to the top accounting graduates at selected universities in Australia and Asia to undertake the ‘CMA Emerging Professional’ Scholarship program on the completion of their degree.
Of these 100 students, the top 5 students will pay no fees at all. [There will be one ‘free’ scholarship for every 20 students enrolling in the scholarship program per university]. The balance 95 students will pay only a discounted fee of AUD 319 to complete the educational requirements of the prestigious post-graduate-level Australian CMA program.
The value of the scholarship for the top-5 students is AUD 3954, broken down as:
- ICMA student membership application fee (AUD 55)
- ICMA joining fee (AUD 99)
- ICMA annual GMA subscription fee for 3 years (in total AUD 330)
- ICMA exemption fee for 16 papers of GMA Program (in total AUD 1,760)
- ICMA Exam fee for the 2 CMA level subjects (AUD 110)
- ICMA Online Course Module (AUD 1,600)
The value the scholarship to the balance nominated students will be AUD 3,600, as they have to pay a minimal discounted fee of AUD 354, to complete the program.
All nominated scholarship holders will join ICMA Australia as student members and have access to:
- The online course modules of the CMA Program (2 subjects): Strategic Cost Management and Strategic Business Analysis;
- One sitting of the Exams for these two subjects in English.
On the successful completion of the exams, the students will be entitled to use the post-nominals GMA (Graduate Management Accountant) for a three-year period (after which time they pay annual membership fees).
Any ‘emerging professional’ can upgrade anytime to AMA (Associate Management Accountant) if they have 3-years business experience; or CMA (Certified Management Accountant) if they have 5-years business experience, upon the payment of the requisite upgrade membership fees.
The selected universities have entered into a simple agreement with ICMA, that they will nominate annually the top 100 graduating students who will be eligible to be awarded the scholarships by ICMA, and provide their contact details. The ICMA will contact such students with the news that they have been awarded a scholarship for their professional studies in management accounting. It is up to the students themselves to accept/decline the scholarship.
The university will announce the existence of the scholarship scheme to its students.