This page explains the CMA syllabus: the two exam parts, the content areas inside each part, and how much each area is worth. The CMA has two parts, both required, and you can sit them in either order. This is a plain-English summary of the IMA content specification, which is the authoritative source for the exact CMA exam content.
CMA exam content at a glance
| Part 1 | Part 2 | |
|---|---|---|
| Title | Financial Planning, Performance and Analytics | Strategic Financial Management |
| Format | 100 MCQs + 2 essays | 100 MCQs + 2 essays |
| Time | 3 hours (MCQ) + 1 hour (essays) | 3 hours (MCQ) + 1 hour (essays) |
| Focus | Costing, budgeting, performance, controls, analytics | Analysis, corporate finance, decisions, risk, ethics |
Both parts use the same shape, so once you know the rhythm of one part the other is familiar. The difference is the content, set out below.
Part 1 syllabus - Financial Planning, Performance and Analytics
Part 1 is the planning-and-control half of the CMA. It is heavy on costing and analysis: how a business builds budgets, measures performance, manages costs and controls its numbers. Every area is examined at Level C, the deepest cognitive level (apply, analyse and evaluate, not just recall).
| Content area | Weight |
|---|---|
| External Financial Reporting Decisions | 15% |
| Planning, Budgeting and Forecasting | 20% |
| Performance Management | 20% |
| Cost Management | 15% |
| Internal Controls | 15% |
| Technology and Analytics | 15% |
What each area covers:
- External Financial Reporting Decisions (15%) - financial statements, recognition and measurement, and the impact of US GAAP and IFRS on reported results.
- Planning, Budgeting and Forecasting (20%) - the budgeting process, forecasting techniques, the master budget and cash-flow projections.
- Performance Management (20%) - variance analysis, responsibility centres, key performance indicators and the balanced scorecard.
- Cost Management (15%) - measurement concepts, costing systems, overhead allocation, supply-chain and process improvement, and cost-of-quality analysis.
- Internal Controls (15%) - governance, risk and compliance, internal control systems, and audit-related controls.
- Technology and Analytics (15%) - information systems, data governance, data analytics, and data visualisation.
Part 2 syllabus - Strategic Financial Management
Part 2 is the strategy-and-finance half. It moves from running the numbers to using them: analysing statements, financing the business, making decisions under uncertainty, managing risk and acting ethically. Again, every area is examined at Level C.
| Content area | Weight |
|---|---|
| Financial Statement Analysis | 20% |
| Corporate Finance | 20% |
| Decision Analysis | 25% |
| Risk Management | 10% |
| Investment Decisions | 10% |
| Professional Ethics | 15% |
What each area covers:
- Financial Statement Analysis (20%) - ratio analysis, profitability and liquidity measures, off-balance-sheet items and earnings quality.
- Corporate Finance (20%) - risk and return, financial instruments, cost of capital, working-capital management, raising capital and international finance.
- Decision Analysis (25%) - the largest single area: cost/volume/profit analysis, marginal analysis, and pricing. Expect the most questions here.
- Risk Management (10%) - enterprise risk: identifying, measuring and managing risk exposures.
- Investment Decisions (10%) - capital budgeting, discounted cash-flow analysis, payback and sensitivity analysis.
- Professional Ethics (15%) - ethics for the individual and the organisation, and the IMA Statement of Ethical Professional Practice.
Format, scoring and requirements
Each part is a four-hour exam: 100 multiple-choice questions (three hours) followed by two essay scenarios (one hour). The multiple-choice section is worth 75% of the score and the essays 25%, and you only reach the essays after scoring at least 50% on the multiple-choice section. The essays require both written and quantitative answers, so you must show calculations and explain them. A scaled score of 360 out of 500 is required to pass each part. Certification then requires a bachelor’s degree, two years of relevant experience, and active IMA membership.
Turn the syllabus into a plan
Knowing the weights is the first step; the next is sequencing them. For a week-by-week schedule built around these content areas and your test date, use the study plan generator, and read the full CMA study guide for how to study each part and practise the essays. If you are still deciding between credentials, the CMA vs CPA comparison sets the two side by side.