Overview
The Certified Management Accountant (CMA) is a professional credential in management accounting and financial management, offered by the Institute of Management Accountants (IMA). The exam content specifications are issued by the Institute of Certified Management Accountants. IMA presents the CMA as a way to show you can explain and apply financial numbers to support business decisions.
The exam has two parts. Both parts must be passed, and the education and experience requirements must be met, before the credential is awarded.
Who can apply
To earn the CMA you need:
Active IMA membership.
A bachelor's degree from an accredited institution, or a related professional certification.
Two continuous years of professional experience in management accounting or financial management. IMA's FAQ says this can be completed before the exam or within seven years of passing it.
IMA states that you can take the two exam parts in any order, that both must be passed within three years of enrolling in the programme, and that the education and experience requirements must be completed within seven years of enrolling.
Exam pattern
Both Part 1 and Part 2 follow the same format, according to the content specification outlines effective 1 September 2024.
| Item | Detail |
|---|---|
| Length | 4 hours per part |
| Multiple-choice section | 100 questions, 3 hours |
| Essay section | 2 essay questions, 1 hour |
| Essay answers | Both written and quantitative responses are required |
A small number of the multiple-choice questions in each part are being trialled for future use and do not count towards the score.
Part 1: Financial Planning, Performance, and Analytics
| Topic | Weight |
|---|---|
| External Financial Reporting Decisions | 15% |
| Planning, Budgeting, and Forecasting | 20% |
| Performance Management | 20% |
| Cost Management | 15% |
| Internal Controls | 15% |
| Technology and Analytics | 15% |
Part 2: Strategic Financial Management
| Topic | Weight |
|---|---|
| Financial Statement Analysis | 20% |
| Corporate Finance | 20% |
| Business Decision Analysis | 25% |
| Enterprise Risk Management | 10% |
| Capital Investment Decisions | 10% |
| Professional Ethics | 15% |
Syllabus
The weights show how much of each part is drawn from each topic, and the number of questions on a topic roughly matches its weight. Every major topic is assessed at the highest coverage level, which expects candidates to remember, understand, apply, analyse, combine and evaluate material, not just recall it.
Candidates are assumed to already know how financial statements are prepared, business economics, the time value of money, statistics and probability. For US federal income tax, you are expected to understand how income taxes affect reported and analysed results, and how tax provisions such as depreciation and interest affect decisions. IMA also expects candidates to keep up with recent developments in accounting and business.
The full outline and the learning outcome statements are published on the IMA website.
Important dates
IMA states that exams are offered in three testing windows each year: January and February, May and June, and September and October. Exams are taken at Prometric test centres around the world.
How to apply
Join IMA as a member.
Enrol in the CMA programme.
Register for the exam part through IMA and receive an authorisation number.
Book an appointment with Prometric using that number, at least 72 hours in advance.
Fee amounts were not available on the IMA pages read for this review, so check the current fees on the IMA site before enrolling.
After the exam
To keep the CMA, you must report 30 hours of continuing professional education (CPE) each year, with at least two hours in ethics, and keep your IMA membership active.
Preparation tips
Study from the published content specification outline and learning outcome statements, since the exam is built from them.
Practise the essay section as well as multiple choice, because it needs both written explanation and calculations within one hour.
IMA offers a practice quiz and a test simulation, and lists course providers if you want a structured course.
How many parts does the CMA exam have?
Two. Part 1 covers Financial Planning, Performance, and Analytics, and Part 2 covers Strategic Financial Management.
How long do I have to pass both parts?
IMA states that both parts must be passed within three years of enrolling in the programme.
How much work experience is needed?
Two continuous years of professional experience in management accounting or financial management. IMA's pages give the time limit as seven years from enrolling, and its FAQ says the experience can be completed before the exam or within seven years of passing it, so check the candidate handbook.
When can I take the exam?
In one of three windows each year: January and February, May and June, or September and October.