CMA (IMA) Exam Content Explained (Parts 1 and 2)

The CMA has two parts. This is a plain-English summary; IMA’s content specification is authoritative.

Part 1 — Financial Planning, Performance and Analytics

• External financial reporting decisions
• Planning, budgeting and forecasting
• Performance management
• Cost management
• Internal controls
• Technology and analytics

Part 2 — Strategic Financial Management

• Financial statement analysis
• Corporate finance
• Decision analysis
• Risk management
• Investment decisions
• Professional ethics

Format and requirements

Each part is 100 multiple-choice questions (three hours) plus two essay scenarios (one hour). A scaled score of 360 out of 500 is required to pass. Certification requires a bachelor’s degree, two years of relevant experience, and IMA membership.