The CMA Exam: The Basics for CMA Candidates

With a 45% pass rate, the CMA exam is not the kind of test you want to figure out on the fly.

Before you even pick a testing window, there’s a lot you need to know about the exam—how many parts it has, what the format looks like, when it’s offered, and what counts as a passing score.

And with the exam format undergoing format changes, this is one of those cases where the basics actually matter.

Here’s a straightforward breakdown of what CMA candidates should know before they register.

Key Takeaways

• The CMA Exam Has Two Parts: You must pass both Part 1 and Part 2 to complete the exam requirement.
• You Have to Join IMA First: Before entering the CMA program, candidates need to become IMA members and enroll as CMA candidates.
• The Exam Changed: Case-based questions have taken the place of essay-style questions.
• Passing the Exam Isn’t the Only Requirement: You also need to meet CMA education and work experience rules.
• Timing Matters: You must complete the CMA program within three years of entering it, or your passed part can expire.

What Is the CMA Exam?

The CMA exam is the exam for the Certified Management Accountant credential.

It’s administered by ICMA, which is the certification arm responsible for developing, administering, and grading the exam. Before you can take it, you need to join IMA and enroll as a CMA candidate.

The exam is designed for people who want careers in management accounting and financial management. So this is less about public accounting and more about using accounting and finance skills to help businesses make decisions.

How Many Parts Are on the CMA Exam?

The CMA exam has two parts, and you need to pass both to move forward in the CMA program. The exam is offered in three testing windows each year, taken in person at Prometric centers, and scored on a 0 to 500 scale with 360 as the passing score. To earn the certification, you also need to meet IMA’s education and work experience requirements.

Those parts are:

• Part 1: Financial Planning, Performance, and Analytics
• Part 2: Strategic Financial Management

You can take them in any order, and you do not have to take them together.

That’s nice because it gives you some flexibility. If one part feels more manageable first, you can start there instead of forcing a “correct” order that may not actually help you.

What’s on Each Part?

Part 1 Topics

Part 1 covers:

• External Financial Reporting Decisions
• Planning, Budgeting, and Forecasting
• Performance Management
• Cost Management
• Internal Controls
• Technology and Analytics

Part 2 Topics

Part 2 covers:

• Financial Statement Analysis
• Corporate Finance
• Business Decision Analysis
• Enterprise Risk Management
• Capital Investment Decisions
• Professional Ethics

WordPress Tables

What Is the CMA Exam Format?

Each exam part is four hours long.

Under the current handbook, each part includes:

• 100 multiple-choice questions (MCQs)
• 2 case-based question sets (CBQs)

Candidates get:

• 3 hours for multiple-choice questions
• 1 hour for CBQs

What Are Case-Based Questions?

Each case-based question includes a short case study of about 250 words followed by a set of connected questions.

Each case has no more than 7 questions, and candidates receive 2 case-based questions in the second half of each exam part.

When Is the CMA Exam Offered?

The CMA exam is offered in three testing windows each year:

1. January/February
2. May/June
3. September/October

Registration deadlines matter, so don’t wait until the last minute and then act shocked when the system has rules.

Where Do You Take the Exam?

The CMA exam is taken in person at Prometric Test Centers in the U.S. and internationally.

Remote testing is not currently available.

That’s worth knowing early, especially if you were hoping to take it from home in sweatpants with ideal snack access.

How Is the CMA Exam Scored?

CMA exam scores use a 0 to 500 scaled score.

A 360 is the passing score.

Results are usually emailed and posted about six weeks after the end of the month in which you took the exam. If you fail a part, Prometric sends a performance report by email about 14 days after your results are posted.

That report can be useful if you need to regroup and figure out what went wrong instead of just staring at the score and taking it personally.

How Long Do You Have to Finish the CMA Program?

Candidates must complete the CMA program within three years of entering the program.

If you do not pass both exam parts within that period:

1. Any part you already passed expires
2. You have to repay the CMA entrance fee

So yes, there is some pressure to keep moving once you begin.

You also can’t take the same exam part more than once in a single testing window.

What Else Do You Need to Become a CMA?

Passing the exam is not the only requirement.

To earn the CMA certification, you also need to meet the following:

Education Requirement

You need either:

• A bachelor’s degree from an accredited college or university, or
• An approved professional certification

Education documentation must be submitted within seven years of completing the CMA exam.

Experience Requirement

You need two continuous years of professional experience in management or financial accounting. You can complete this requirement before you pass the exam, or within seven years after you pass.

Part-time work can count if it is continuous and at least 20 hours per week, but internships, trainee roles, and clerical jobs do not qualify.

A Few Rules Candidates Should Know

There are a couple of easy-to-miss rules that can cost you money if you’re not careful.

According to the handbook:

• If you do not schedule your exam or do not show up during your chosen testing window, you forfeit the exam fee.
• You can cancel and reschedule within the same testing window if you do it at least 72 hours before the appointment.
• If you cancel less than 72 hours before the appointment, you forfeit the fee and need a new registration.

Not fun, but definitely worth knowing before life happens.

Bottom Line

The CMA exam is pretty straightforward once you break it down: two exam parts, three testing windows a year, in-person testing, and a passing score of 360. But the bigger CMA process includes more than the exam. You also need to join IMA, enroll in the program, and meet the education and experience requirements to earn the certification.

If you’re considering the CMA path, the main thing is to understand the rules early. That makes it much easier to plan your timeline, budget your costs, and avoid preventable mistakes. A CMA review course can structure your study time around both parts.

FAQs