The CMA focuses on management accounting and corporate finance: planning, analysis, control and decision support inside a business. It has two parts, each combining multiple-choice questions with essays, and can be completed relatively quickly. The common mistakes are neglecting the essays and treating it like the CPA. This guide is study guidance only, with no real or simulated exam questions.
The two parts, and how to study each
Part 1 — Financial Planning, Performance and Analytics
External financial reporting decisions, planning/budgeting/forecasting, performance management, cost management, internal controls, and technology and analytics. Heavy on costing and analysis.
Part 2 — Strategic Financial Management
Financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, and professional ethics. More strategic and finance-oriented.
The essay section
Each part includes two essay scenarios after the multiple-choice section. They test whether you can apply concepts and communicate clearly, so practise writing structured, time-boxed answers — not just selecting answers.
How to prepare
Study one part at a time, master the cost and analysis material in Part 1 and the corporate-finance material in Part 2, and rehearse the essays under time pressure. Confirm the eligibility and experience requirements with IMA. Authoritative material comes from IMA’s resources.