Finance & Accounting
CMA (IMA)
Certified Management Accountant
Quick facts
| Provider | IMA (Institute of Management Accountants) |
|---|---|
| Exam code | CMA |
| Level | advanced |
| Format | Two parts, each with multiple choice and essays |
| Questions | 100 multiple-choice questions plus two essays per part |
| Duration | 4 hours |
| Passing score | 360 / 500 per part |
| Exam fee | $460 (per part, plus IMA membership and entrance fee) |
| Validity | Maintained through CPE |
| Languages | EN, ZH, AR |
Overview
The CMA (Certified Management Accountant) from IMA focuses on management accounting and corporate finance: planning, analysis, control, decision support and financial strategy inside a business. It is aimed at people in corporate finance rather than public accounting or investment analysis.
It is a two-part exam that combines multiple-choice questions with essays, and it can be completed relatively quickly compared with the CPA or CFA, while still requiring a degree and two years of relevant experience.
Who it is for
- Management accountants and FP&A professionals
- Finance business partners inside companies
- People in corporate finance rather than audit or investment roles
Who it is not for
- Public-accounting or audit careers — CPA fits better.
- Investment-management aspirants — consider CFA.
- Those wanting a single exam — CMA is two parts plus IMA membership.
Exam structure
| Part 1 — Financial Planning, Performance and Analytics | Planning, budgeting, performance, cost management, analytics |
|---|---|
| Part 2 — Strategic Financial Management | Financial statement analysis, corporate finance, decision analysis, risk |
Realistic study time
- Per part ~150-170 hours each
- Both parts 300+ hours, often 12-18 months
Bars show relative effort, not a guarantee. Your time depends on background and study method.
What it really costs
| Exam fee | ~US$460 per part — two parts |
|---|---|
| IMA membership | Annual fee, required |
| CMA entrance fee | One-time |
| Renewal | CPE plus membership |
Fees change and vary by region. Confirm the current amount on the official site before you register.
Is it worth it?
Worth it for corporate finance and management-accounting careers, where it is focused and faster to complete than the CPA or CFA. It is less relevant for public accounting (CPA) or investment analysis (CFA).
What to do next
CMA targets management accounting and corporate finance. Compare with CPA (public accounting) or CFA (investments) to confirm fit.
FAQ
- CMA, CPA or CFA?
- CMA is for management accounting and corporate finance; CPA is for public accounting and audit; CFA is for investment analysis. Choose by the role you want.
- How long does the CMA take?
- Many candidates complete both parts within a year, which is faster than the CPA or CFA, though it still requires a degree and two years of experience.
- Is the CMA recognised internationally?
- Yes. It is US-originated but globally recognised, and it is particularly popular in corporate finance roles in several regions.
Related exams
- US CPA (AICPA)— AICPA & CIMA (NASBA)
- ACCA Qualification— ACCA
- CFA Level I (CFA Institute)— CFA Institute