In the following article Krippel and Mitchell estimate the total lifetime present value of the CMA and return per study hour for ages 22-59.
Krippel, G. L. and S. Mitchell. 2011. What's your CMA worth? We show you how to estimate the lifetime value of the certification. Strategic Finance (November): 41-47.
http://maaw.info/ArticleSummaries/ArtSumKrippelMitchell2011.htm
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