CIMA’s CGMA Professional Qualification is a grid: three levels (Operational, Management, Strategic) times three pillars (Enterprise, Performance, Financial), giving nine Objective Tests plus one Case Study per level - with the four-paper Certificate in Business Accounting as the entry route.
This page lists every subject in the qualification and what it covers, so you can see the whole journey at a glance. The official syllabus and examination blueprints (2026-2027) are the authoritative source: Objective Tests examine the updated syllabus from January 2026, Case Studies from the May 2026 window.
The whole qualification at a glance
| Stage | Enterprise pillar | Performance pillar | Financial pillar | Capstone |
|---|---|---|---|---|
| Certificate in Business Accounting | BA1 Business Economics | BA2 Management Accounting | BA3 Financial Accounting | BA4 Ethics, Governance and Law (no case study) |
| Operational level | E1 Managing Finance in a Digital World | P1 Management Accounting | F1 Financial Reporting | Operational Case Study |
| Management level | E2 Managing Performance | P2 Advanced Management Accounting | F2 Advanced Financial Reporting | Management Case Study |
| Strategic level | E3 Strategic Management | P3 Risk Management | F3 Financial Strategy | Strategic Case Study |
(BA1-BA4 are shown against the nearest pillar for orientation; formally they are simply the four Cert BA papers.)
Certificate in Business Accounting (entry level)
Four computer-based Objective Tests, two hours each, on demand. BA1-BA3 have 60 questions; BA4 has 85. CIMA publishes the topic weights inside each paper:
- BA1 Fundamentals of Business Economics - macroeconomics 25%, microeconomics 30%, the informational context of business 20%, the financial context of business 25%.
- BA2 Fundamentals of Management Accounting - management accounting 10%, costing 25%, planning and control 30%, decision making 35%.
- BA3 Fundamentals of Financial Accounting - principles, concepts and regulations 10%, recording transactions 50%, preparing single-entity accounts 30%, analysing financial statements 10%.
- BA4 Fundamentals of Ethics, Corporate Governance and Business Law - ethics and ethical conflict 30%, governance, controls and CSR 45%, legal system, contract and employment law 15%, company administration 10%.
Operational level - implementing decisions
Three 90-minute Objective Tests, then the Operational Case Study. Completing the level earns the CIMA Diploma in Management Accounting.
- E1 Managing Finance in a Digital World - the role and shape of the finance function, and how data, automation and digital technology change how finance creates value.
- P1 Management Accounting - cost classification and costing, budgeting and forecasting, variance analysis, and support for short-term decisions.
- F1 Financial Reporting - the regulatory environment, core financial statements, principles of taxation, and managing cash and working capital.
- Operational Case Study - a 3-hour written exam in the role of a finance officer, integrating all three subjects around a pre-seen company.
Management level - managing performance
Three 90-minute Objective Tests, then the Management Case Study. Completing the level earns the CIMA Advanced Diploma in Management Accounting. Officially published pass rates are lowest here (P2 46%, F2 49% for recent sittings), so most candidates budget this level the most time.
- E2 Managing Performance - business models, organisational structure and culture, and managing people and projects.
- P2 Advanced Management Accounting - responsibility centres and performance measurement, transfer pricing, risk in decisions, and long-term investment appraisal.
- F2 Advanced Financial Reporting - group accounts and more complex reporting, sources of finance, and analysing financial statements.
- Management Case Study - a 3-hour written exam in a manager’s role, advising on the pre-seen company’s plans.
Strategic level - setting direction
Three 90-minute Objective Tests, then the Strategic Case Study, the capstone of the qualification.
- E3 Strategic Management - formulating and implementing strategy, the external environment and stakeholders.
- P3 Risk Management - identifying, evaluating and responding to risk; internal controls and governance of risk.
- F3 Financial Strategy - financing decisions, dividend policy, valuation and restructuring.
- Strategic Case Study - a 3-hour written exam as a senior adviser; from the May 2026 window, passing also brings the Strategic Level Completion Certificate.
Beyond the exams: experience and membership
Exams alone do not confer the designation. Membership requires the Practical Experience Requirement (PER) - three years of verified relevant experience, gathered before, during or after study - after which you become a CIMA member and hold the ACMA, CGMA designation. An alternative route, the CGMA Finance Leadership Program, replaces the nine Objective Tests with guided learning and assessments but keeps the three Case Studies.
Plan your way through
To sequence the exams around your own calendar, see the CIMA study plan; for how to study each level and the case studies, the full CIMA study guide.