If you need help studying for the Certified Management Accountant (CMA) exam or just want some more information about what the test is like, you’ve come to the right place.
Click below to take a free CMA practice exam!
Exam Eligibility
Before you can register to take the CMA exam, you’ll have to meet the requirements below:
- You need a bachelor’s degree OR an approved professional certification
- You need at least two years of professional management accounting and/or financial management experience
- You need to pay the CMA entrance fee
If you meet these requirements, you’re set to begin the registration process!
What’s on the Exam?
The exam is split into two parts. Each part has 100 multiple-choice questions and two essays, and the time limit is set at 4 hours.
Even though the full exam contains 200 questions, only 180 questions will count toward your final score. Why is that?
The 20 unscored questions on the CMA exam are called “pretest” questions. These are added to the exam to determine if they’re good enough questions to add to future versions of the test.
The trick is that you won’t have any way of knowing which questions are scored and which ones are pretest. They will appear just like the scored questions throughout the test.
Let’s take a closer look at both parts of the exam.
Part 1: Financial Planning, Performance, and Analytics
100 questions | 2 essays | 4 hours
- Financial statements
- Recognition, measurement, and valuation
Planning, Budgeting, and Forecasting (20%)
- Strategic planning
- Budgeting concepts
- Forecasting techniques
- Budgeting methodologies
- Annual profit plan and supporting schedules
- Top-level planning and analysis
Performance Management (20%)
- Cost and variance measures
- Responsibility centers and reporting segments
- Performance measures
Cost Management (15%)
- Measurement concepts
- Costing systems
- Overhead costs
- Supply chain management
- Business process improvement
Internal Controls (15%)
- Governance, risk, and compliance
- System controls and security measures
Technology and Analytics (15%)
- Information systems
- Data governance
- Technology-enabled finance transformation
Part 2: Strategic Financial Management
100 questions | 2 essays | 4 hours
- Comparative financial statement analysis
- Financial ratios
- Profitability analysis
- Special issues
Corporate Finance (20%)
- Financial risk and return
- Long-term financial management
- Raising capital
- Working capital management
- Corporate restructuring
- International finance
Business Decision Analysis (25%)
- Cost/volume/profit analysis
- Marginal analysis
- Pricing
Enterprise Risk Management (10%)
- Types of risk
- Risk identification and assessment
- Risk mitigation strategies
- Managing risk
Capital Investment Decisions (10%)
- Capital budgeting process
- Capital investment analysis methods
Professional Ethics (15%)
- Business ethics
- Ethical considerations
How to Register
Once you’ve ensured that you meet all of the eligibility requirements, you can register for the exam.
To get started, you’ll need to be approved by ICMA. They’ll send you a letter of authorization if they approve you.
Then, all you need to do is schedule your testing date and pay the necessary testing fee. Professional IMA members pay $495 per part, while student members only pay $370 per part.
CMA Study Guide and Flashcards
Get practice questions, detailed study lessons, and complex subjects broken down into easily understandable concepts.
Exam Scores
The test is scored using a scaled scoring method. Here’s how it works:
You will need a score of 360 to pass the test.
The reason your raw score is converted to a scaled score is because everyone who takes the test is given a slightly different set of questions. Since everyone has a different arrangement of questions, and because some questions are harder than others, converting your raw score to a scaled score ensures a more even playing field.
Retaking the Exam
If you didn’t get a passing score on your first try, that’s okay! You can retake the test during the next available testing window.
Just keep in mind that you’ll need to go through the entire registration process for each retake (including paying the full testing fee).
FAQs
How many questions are on the CMA exam?
The exam contains 200 questions and four essays.
What is the time limit for the CMA exam?
The exam is timed at 4 hours per part.
What is the passing score for the CMA exam?
You’ll need to get a final scaled score of at least 360 to pass.
How much does the CMA exam cost?
The testing fee is $495 for professional IMA members and $370 for student members.
What does CMA stand for?
CMA stands for Certified Management Accountant.