The CMA (certified management accountant) designation is a great way to level up your accounting career and distinguish yourself from your peers.
Overseen by the Institute of Management Accountants (IMA), the CMA is quickly becoming a leading alternative to holding a CPA license. The CMA is becoming more relevant for people working in industry or managerial accounting roles, especially outside of the U.S.
In this post, I’ll break down everything you need to know about the CMA exam and what it takes to pass!
Contents
CMA Exam Format and Structure
The CMA exam consists of two separate 4-hour exams that may be taken in any order.
- Part 1: Financial Planning, Performance and Analytics
- Part 2: Strategic Financial Management
Additionally, each part is organized into two distinct sections that each have their own time limits, as follows:
- 100 multiple-choice questions – 3 hours
- Two essay questions – 1 hour
To appropriately budget your time during each exam, aim to complete all of the multiple-choice questions within 2 to 2.5 hours. This gives you up to 1.5 minutes to answer each question.
As you go along, flag any questions you may be struggling with or want to take another look at. Then, use the final 30 minutes to figure out your best and final answer.
Any extra time you have after the multiple-choice questions will automatically roll over to the essay portion of the test.
Keep in mind, you must score at least 50% on the multiple-choice section of the exam in order to move onto the essay portion of the test.
CMA Exam Topics and Content
Each part of the CMA exam tests your knowledge over a range of topics, or competencies, each weighted to a different degree.
CMA Exam Scoring
In order to pass, you need a total CMA exam score of 360 out of a possible 500 points.
Your CMA exam score is your combined score from Parts 1 and 2, so you don’t need to “pass” each one.
CMA exam scoring is weighted relative to your performance on the multiple choice and essay portions of the exam, as follows:
- Multiple-choice questions (75%)
- Essays (25%)
Additionally, the IMA measures your score based on the relative difficulty of the version of the exam you took.
For example, let’s say your true score on the exam was 350. If you took a more difficult version of the exam, the IMA may give you a final score of 380.
How Much Does the CMA Exam Cost?
Becoming a CMA requires several different fees and other costs you should be aware of. There are also two different price tiers, one for Professionals and another for Students/Academics.
- Professional
- IMA Membership – $275
- CMA Entrance Fee – $280
- Exam Registration Fee – $460 per part
- Student / Academic
- IMA Membership – $150
- CMA Entrance Fee – $210
- Exam Registration Fee – $345 per part
As you can see, the costs to become a CMA can add up. If you’re currently employed or will be in the near future, see if your employer will cover your exam costs or try to save money with a CMA review course discount.
CMA Exam Windows
The CMA exam is administered during three separate 2-month testing windows throughout the year, as follows:
- January 1 – February 28
- May 1 – June 30
- September 1 – October 31
You may register for the exam up until the 15th of February, June and October of each year. Plan to register at least 4-6 weeks ahead of time to help ensure you get your target exam date.
Frequently Asked Questions About the CMA Exam
What happens if you fail the CMA exam? Is it the end of the world?
Absolutely not! Failing any exam can be tough, especially one that can cost thousands of dollars between fees and study courses.
If you fail the CMA exam, the fist thing you need to do is figure out why. First, take note of questions or topics that gave you a tough time on exam day.
Next, review your CMA exam performance report. Your performance report shows how you did each key topic area, so it shouldn’t be a mystery which areas you need to improve on.
You can’t take an exam part more than once during a testing window, so you’ll likely have a few months until you can schedule a retake. Take this time to come up with a study plan that re-prioritizes your areas for improvement while maintaining your knowledge everywhere else. Then, schedule your re-take sometime during the next testing window to pass the exam once and for all!
Is the CMA exam worth it?
That depends on your career focus and what designations your employer (or potential employer) values.
The CMA is becoming more widely accepted as an alternative to holding a CPA license, especially for accounting and FP&A roles within industry.
So, while the CPA remains the gold standard accounting license, the CMA designation makes sense for anyone trying to level up or distinguish themselves in an industry or managerial accounting role.
Is the CMA exam hard to pass?
The CMA exam has an average pass rate of 50%, but that doesn’t necessarily mean it’s hard. Like anything else, your own results will be based on what you put into it.
The CMA exam, by its nature, focuses on topics that are more relevant for managerial accounting roles in industry.
If you’re taking the exam while you’re still in college or you’ve only worked in public accounting during your career, you may not have had much exposure to the topic areas being tested on the exam. If that’s the case, you may need to study a bit more than someone who has worked in an industry role or in FP&A for a few years.
How is the CMA exam scored?
The CMA exam is scored based on your overall performance on Part 1 and Part 2 of the exam, with an aggregate score of 360 (or above) out of a possible 500 needed to pass.
Your CMA exam score is weighted 75% based on multiple-choice questions (200 total) and 25% based on written essays (4 total).
How many times is the CMA exam conducted in a year?
The CMA exam is administered a total of six months out of the year, during three separate 2-month windows:
- January 1 – February 28
- May 1 – June 30
- September 1 – October 31
Ready to Prepare for the CMA Exam?
We covered everything you need to know about the CMA exam. Now, hopefully you’re ready to become a certified management accountant!
The next step in the process is to find a CMA prep course to help you pass the exam. Check out our expert reviews of the best CMA review courses and start your CMA exam prep today!
