IMA (Institute of Management Accountants)

CMA

Certified Management Accountant

A globally recognized credential for accountants and financial professionals in business, focused on management accounting and corporate finance. The CMA is earned by passing a two-part exam covering financial planning, analysis, control, decision support, and professional ethics.

$5454 hours per part
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Full program: 12 decks, 1,055 cards.

What's on the exam

CMA Content Specification Outlines (effective September 1, 2024)

Part 1 — Planning, Budgeting and Forecasting

20% of Part 1

Strategic planning · Budgeting concepts and methodologies · Forecasting techniques · Annual profit plans and supporting schedules · Top-level planning and analysis

Part 1 — Performance Management

20% of Part 1

Cost and variance measures · Responsibility centers and reporting · Performance measures (ROI, residual income, EVA) · Balanced scorecard · Transfer pricing

Part 1 — External Financial Reporting Decisions

15% of Part 1

Financial statements · Recognition, measurement, valuation · Revenue recognition · Inventory and long-lived assets · US GAAP vs IFRS

Part 1 — Cost Management

15% of Part 1

Cost concepts and behavior · Costing systems (job, process, ABC) · Overhead allocation · Supply chain (lean, JIT, TOC) · Business process improvement

Part 1 — Internal Controls

15% of Part 1

Governance, risk, compliance · COSO internal control and ERM · Sarbanes-Oxley Act · Internal and external audit · Systems controls and security

Part 1 — Technology and Analytics

15% of Part 1

Information systems (ERP, AIS) · Data governance · Technologies (big data, AI, cloud, blockchain, RPA) · Data analytics · Data visualization

Part 2 — Financial Statement Analysis

20% of Part 2

Ratio analysis · DuPont model · Common-size and horizontal analysis · Profitability and market measures · Special issues (FX, off-balance-sheet, fair value)

Part 2 — Corporate Finance

20% of Part 2

Risk and return · Financial instruments · Cost of capital (WACC) · Working capital management · Raising capital and capital structure · Dividend policy · International finance and M&A

Part 2 — Decision Analysis

25% of Part 2

Cost-volume-profit analysis · Marginal/relevant-cost analysis · Pricing strategies · Decision-making under risk and uncertainty

Part 2 — Risk Management

10% of Part 2

Enterprise risk management (ERM) · Types of risk · Risk identification, assessment and mitigation

Part 2 — Investment Decisions

10% of Part 2

Capital budgeting process · Cash-flow estimation · DCF analysis (NPV, IRR, MIRR) · Payback and risk analysis

Part 2 — Professional Ethics

15% of Part 2

IMA Statement of Ethical Professional Practice · Resolution of ethical conflict · Ethical considerations for the organization (FCPA, fraud, CSR)

Frequently asked questions

How much does the CMA cost?

The CMA costs $545. Exam registration is $545 per part for professional members ($407 per part for students/academics), plus a one-time $300 CMA entrance fee and required annual IMA membership dues.

How long is the CMA and how many questions does it have?

100 multiple-choice items and two case-based questions per part — 4 hours per part.

What do you need to pass the CMA?

Scaled score of 360 out of 500 required to pass each part.

Can you retake the CMA?

Must wait until the next testing window; new exam registration and fee required.

What is the best way to study for the CMA?

Start from the official outline and your primary study materials: the exam is weighted by domain (Part 1 — Planning, Budgeting and Forecasting 20% of Part 1, Part 1 — Performance Management 20% of Part 1, Part 1 — External Financial Reporting Decisions 15% of Part 1, Part 1 — Cost Management 15% of Part 1, Part 1 — Internal Controls 15% of Part 1, Part 1 — Technology and Analytics 15% of Part 1, Part 2 — Financial Statement Analysis 20% of Part 2, Part 2 — Corporate Finance 20% of Part 2, Part 2 — Decision Analysis 25% of Part 2, Part 2 — Risk Management 10% of Part 2, Part 2 — Investment Decisions 10% of Part 2, Part 2 — Professional Ethics 15% of Part 2). Once you've learned the material, spaced-repetition flashcards organized by those domains are an efficient way to retain it and refresh it before test day.

Ready to prepare?

Our CMA — Certified Management Accountant program is organized by this outline's domains and scheduled by spaced repetition, with a path from first card to test day.

Flashcards are a memory tool. Learn the material first, then use NoReread to retain it and refresh what you already know. It doesn't replace studying the subject.

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