CMA Part 1 Exam information
What it is, what's tested, and how it's scored.
CMA Part 1 exam details
The CMA Part 1 exam is the first step to becoming a Certified Management Accountant, a financial professional who acts as a strategic partner within an organization. Passing the associated exams and receiving your certification demonstrates competency in financial planning, risk mitigation, data analytics, and upholding compliance standards.
CMAs support business operations through fiscal analysis and planning, enabling companies to meet their goals and minimize risk. They focus on an organization's internal financial metrics, using data to forecast trends and create budgets to guide management decisions.
To become a CMA, you must pass a two-part exam covering essential reporting, regulatory, and management topics. This course will focus on Part 1 of the exam, which mainly covers planning and performance, accounting principles, and analytics.
The CMA Part 1 exam is hosted by Institute of Management Accountants and costs $545 for professionals, $407 for students/academics to register. Participants have 4 hours to answer 100 multiple-choice questions and two essay questions. The passing score is 360.
Time
4 hours
Format
100 multiple-choice questions
two essay questions
Exam fee
$545 for professionals, $407 for students/academics
Passing score
360
All CMA candidates must have a bachelor's degree or higher from an accredited university or college, or a related professional certification. Candidates must also have completed two consecutive years of work experience in management accounting or financial management at the non-trainee level.
To sit for the CMA examination, you must have an active membership with the Institute of Management Accountants (IMA), the organization that administers the exam. The IMA offers the following membership tiers:
Professionals: $295
Students: $49
Academics: $160
Once you are a member, you will need to pay an entrance fee for the CMA exam and receive the CMA support package, as well as all supporting documentation. Entrance fees are also tiered based on career status:
Professionals: $300
Students/Academics: $225
You will have three years to pass both sections of the CMA exam after paying the fee. To sit for Part 1, you will also need to pay the exam fee:
Professionals: $545
Students/Academics: $407
To register for the CMA Part 1, visit www.imaonlinestore.com to find a testing center near you and book your appointment online. You will be able to take the exam during one of three testing windows during the year:
January/February
May/June
September/October
It is highly recommended that you schedule your test at least four weeks before your planned test date; however, appointments can be made up to 72 hours before your scheduled test time.
IMA's CMA Part 1 exam summary
Multiple Choice
75% of exam
100 multiple-choice questions
- Planning, Budgeting, and Forecasting (20%)Tests familiarity with strategic and top-level planning, budgeting concepts and methodologies, forecasting techniques, and annual profit planning and scheduling.
- Performance Management (20%)Assesses knowledge of cost and variance measures, responsibility centers and reporting segments, and performance measures (ROIs, KPIs, etc.).
- External Financial Reporting Decisions (15%)Covers financial statements, accounting principles, and reporting standards.
- Cost Management (15%)Focuses on cost measurement, systems, categories (ex., overhead costs); supply chain management; and business process improvement.
- Internal Controls (15%)Assesses knowledge of governance, risk, and compliance standards, as well as system controls and security measures in accounting.
- Technology and Analytics (15%)Evaluates competency in accounting and enterprise systems, data governance, technology-enabled finance transformation, and data analytics.
Essay
25% of exam
2 essay questions
Two scenario-based, multi-step questions that require critical analysis and the application of financial knowledge.
Achievable CMA Part 1 content outline
1
External Financial Reporting Decisions
Covers preparation and analysis of financial statements, including income statements, balance sheets, statements of cash flows, and equity statements. Topics include revenue recognition, inventory, PPE, intangible assets, leases, income taxes, and equity transactions, with a comparison of U.S. GAAP vs. IFRS reporting standards.
2
Planning, Budgeting, and Forecasting
Focuses on strategic and operational planning, budgeting processes, forecasting techniques, and performance projections. Includes master budgets, capital budgets, rolling and flexible budgeting, and top-level financial analysis.
3
Performance Management
Teaches how to analyze and improve organizational performance. Covers cost and variance analysis, responsibility centers, segment reporting, transfer pricing, profitability metrics, and non-financial performance indicators.
4
Cost Management
Introduces cost measurement and control strategies. Topics include job order, process, and activity-based costing systems, cost behavior, life-cycle costing, supply chain management, lean practices, and continuous improvement techniques.
5
Internal Controls
Focuses on governance, risk, and compliance frameworks, including internal control structures, audit roles, SOX compliance, system controls, and business continuity planning.
6
Technology and Analytics
Explores accounting information systems, ERP, data governance, and analytics techniques. Covers data life cycles, business intelligence, data mining, and types of data analysis such as regression, time series, and visualization tools.