IMA membership
RequiredJoin IMA and pay the CMA entrance fee before you register for an exam part. Keep your membership active to hold the CMA.
Certified Management Accountant (CMA) Exam Guide
Validates knowledge of financial planning, performance and cost management, internal controls, corporate finance, investment decisions and professional ethics.
The CMA is two separate four-hour exams. Each part has 100 multiple-choice questions and two case-based questions, and tests applied calculations and judgment across six sections. Study one part at a time, drill multiple-choice questions until they are fast and accurate, then practise case-based questions under time pressure.
Understand the exam
Syllabus
Sections and weights are shown for both exam parts.
APart 1: External financial reporting decisions15%
- 1Financial statements
- 2Recognition, measurement, and valuation
BPart 1: Planning, budgeting, and forecasting20%
- 1Strategic planning
- 2Budgeting concepts
- 3Forecasting techniques
- 4Budgeting methodologies
- 5Annual profit plan and supporting schedules
- 6Top-level planning and analysis
Example scenario: A manufacturer's sales forecast falls 10% mid-year. How would a flexible budget change the cost targets you report to plant managers?
CPart 1: Performance management20%
- 1Cost and variance measures
- 2Responsibility centers and reporting segments
- 3Performance measures
Example scenario: A division's ROI rose while its residual income fell. What does that suggest about the investments it turned down?
DPart 1: Cost management15%
- 1Measurement concepts
- 2Costing systems
- 3Overhead costs
- 4Supply chain management
- 5Business process improvement
EPart 1: Internal controls15%
- 1Governance, risk, and compliance
- 2System controls and security measures
FPart 1: Technology and analytics15%
- 1Information systems
- 2Data governance
- 3Technology-enabled finance transformation
- 4Data analytics
APart 2: Financial statement analysis20%
- 1Comparative financial statement analysis
- 2Financial ratios
- 3Profitability analysis
- 4Special issues
BPart 2: Corporate finance20%
- 1Financial risk and return
- 2Long-term financial management
- 3Raising capital
- 4Working capital management
- 5Corporate restructuring
- 6International finance
Example scenario: A supplier offers 2/10, net 30 terms while the company's credit line costs 9%. Should it take the discount?
CPart 2: Business decision analysis25%
- 1Cost/volume/profit analysis
- 2Marginal analysis
- 3Pricing
Example scenario: A customer offers a one-time order below the normal price. Which costs are relevant if the plant has spare capacity?
DPart 2: Enterprise risk management10%
- 1Enterprise risk
EPart 2: Capital investment decisions10%
- 1Capital budgeting process
- 2Capital investment analysis methods
FPart 2: Professional ethics15%
- 1Business ethics
- 2Ethical considerations for management accounting and financial management professionals
- 3Ethical considerations for the organization
CMA Content Specification Outlines · Effective September 2024
Format
- Questions
- 100 + 2 case-based
- Duration
- 4h per part
- Passing score
- 360 / 500
- Delivery
- Test centre
- Languages
- English, Chinese, Japanese
Question types
Choose the one best answer from the options; many questions require a calculation.
CertUp example
A product sells for $50 and has a variable cost of $30 per unit. Fixed costs are $100,000 a year. How many units must be sold to break even?
Show answer
C. The contribution margin is $20 per unit, so break-even is $100,000 / $20 = 5,000 units.
Read a short business case with exhibits, then complete up to seven tasks such as calculations, drag and drop, fill in the blank and select from a list.
CertUp example
A division earns $900,000 of operating income on an investment base of $5,000,000. The company's required return is 12%. Fill in the blank: the division's residual income is $____.
Show answer
$300,000. Residual income is operating income minus the required return on the investment base: $900,000 - (12% x $5,000,000).
Eligibility and booking
Join IMA and pay the entrance fee, then register for one part in a testing window (January and February, May and June, or September and October). Schedule your appointment at Prometric. An appointment cannot move to another window; missing it means paying the registration fee again.
Make a study plan
Plan one part at a time. Book the first part for a window, then start the second part once it is done.
Most candidates spend 120–180 hours. Hours are per part. Plan for the low end if you already work in management accounting; add time if cost accounting or corporate finance is new to you. Two parts take about twice as long.
- 1Understand the examRead the syllabus and format, check you’re eligible and pick a target date.8 h
- 3Learn the core conceptsWork through one main course or book, topic by topic.89 h
- 4Practice with mock examsTake timed practice tests and review every mistake.45 h
- 5Prepare for exam dayBook the exam and check the ID and delivery rules.8 h
Learn the core concepts
Use one full review course for each part. IMA's own support package is a useful supplement.
Best live classBecker CMA Review
Best for case questionsGleim Premium CMA Review
Best for MCQ practiceUWorld CMA ReviewQuestion first, then lesson. Try a topic's questions before reading it. If you score well, move on; if not, watch the lesson and retry.
Practice with mock exams
Use a large multiple-choice bank throughout, and add case-based questions once you know the sections.
See all 6 CMA practice tests →
Are you ready?
- You finish 100 mixed multiple-choice questions in under three hours with time to review.
- You clear the 50% multiple-choice threshold comfortably on every mock.
- You can work a case through its exhibits and explain each calculation.
Prepare for exam day
The CMA is taken at Prometric test centres only. Check these points before you go.
- Arrive 30 minutes early. If you are more than 15 minutes late, you lose the sitting and must register again.
- Bring one primary ID or two secondary IDs, original and unexpired, with a name that matches your registration exactly.
- Bring an allowed calculator, such as a basic six-function model, TI BA II Plus, HP 10bII+, HP 12c or HP 12c Platinum. An on-screen calculator is also available.
- Expect to sign in, give a fingerprint and be scanned before entering the room.
- Answer every multiple-choice question before moving to the case-based section; you cannot go back.
Advice from exam takers
Make the multiple-choice section your priority.
A candidate who failed Part 1 three times spent extra time on the second block, then never reached it because the multiple-choice score fell short. 2026 candidates describe the multiple-choice questions as more calculation-heavy and the case-based questions as the easier half.
Test yourself before you study a topic.
One passer did each topic's questions first and only watched the lessons when they scored under 80%. They also worked through the questions in IMA's support package and passed both parts despite mock scores of 70 to 75%.
Build on accounting coursework and a review course.
A first-attempt passer recommends having managerial, financial and intermediate accounting, statistics and corporate finance behind you, and says a review course is essential because the exam has its own question style.