Key Takeaways
- CMA Part 1 covers Financial Planning, Performance, and Analytics—the foundation of management accounting.
- Exam has 100 MCQs (90 scored) plus 2 essay scenarios in 4 hours total.
- Passing score is 360 on a 0-500 scale; recent pass rates hover around 34-40%.
- Must score at least 50% on MCQs to access the essay section.
- Cost is \$415 (IMA members) or \$520 (non-members) per part.
About the CMA Part 1 Exam
Quick Answer: CMA Part 1 is a 4-hour exam with 100 MCQs (90 scored) and 2 essay scenarios. Topics include External Financial Reporting, Planning & Budgeting, Performance Management, Cost Management, Internal Controls, and Technology & Analytics. Passing score is 360 (scaled); pass rate is approximately 34-40%. Cost is $415 for IMA members.
The CMA (Certified Management Accountant) is administered by the Institute of Management Accountants (IMA) and is the gold standard certification for management accountants and financial professionals in corporate finance, accounting, and strategic management.
Exam Overview
| Detail | Information |
|---|---|
| Full Name | CMA Part 1: Financial Planning, Performance, and Analytics |
| Administered By | IMA via Prometric testing centers |
| Total MCQs | 100 multiple-choice (90 scored + 10 unscored) |
| Essay Questions | 2 essay scenarios |
| Time Limit | 4 hours total (3 hours MCQ + 1 hour essays) |
| Passing Score | 360 (scaled score out of 500) |
| Cost | $415 (IMA members) / $520 (non-members) |
| Pass Rate (2024) | ~34-40% |
| Validity | Must pass both parts within 3 years |
The Two CMA Exam Parts
| Part | Focus | Key Topics |
|---|---|---|
| Part 1 | Financial Planning, Performance, and Analytics | Reporting, budgeting, cost management, controls, technology |
| Part 2 | Strategic Financial Management | Corporate finance, decision analysis, risk management, investment decisions |
Important: You can take Part 1 and Part 2 in any order. Both parts must be passed within 3 years of entering the CMA program.
What the CMA Qualifies You For
The CMA certification qualifies you to:
- Lead financial planning and analysis (FP&A) at all organizational levels
- Make strategic financial decisions for business growth
- Manage costs and budgets across departments
- Implement internal controls for compliance and risk management
- Apply technology and analytics for data-driven decisions
- Work in corporate finance (CFO, Controller, Finance Director roles)
CMA vs. CPA Comparison
| Certification | Focus | Primary Employers |
|---|---|---|
| CMA | Management accounting, strategic finance | Corporations, industry |
| CPA | Public accounting, audit, tax | Accounting firms, public practice |
| CFA | Investment analysis, portfolio management | Investment firms, asset management |
| CFP | Personal financial planning | Financial advisory firms |
Who Should Pursue the CMA?
The CMA is ideal for:
- Corporate accountants seeking advancement to management roles
- Financial analysts wanting formal management accounting credentials
- Controllers and CFOs demonstrating expertise in strategic finance
- International professionals seeking a globally recognized certification
- Career changers entering corporate finance from other fields
Eligibility Requirements
| Requirement | Details |
|---|---|
| Education | Bachelor's degree from an accredited institution |
| Experience | 2 years of relevant professional experience (can complete within 7 years of passing) |
| IMA Membership | Required during certification period |
| Ethics | Must complete IMA's Statement of Ethical Professional Practice |
Note: You can sit for the exam before completing the experience requirement, but must fulfill it to receive certification.
Testing Windows
CMA exams are offered during three testing windows each year:
| Window | Months |
|---|---|
| January-February | New year testing period |
| May-June | Mid-year testing period |
| September-October | Fall testing period |
You can schedule your exam at any Prometric testing center during these windows.