Eligibility, Registration, Cost, Scheduling, Format, Scoring, and More

The CMA exam is a two-part exam administered by the Institute of Management Accountants (IMA). Both parts of the CMA exam include multiple-choice questions, which account for 75% of the total score, and either essays or case-based questions (CBQs), which make up the remaining 25%.

CMA stands for Certified Management Accountant.

CMAs specialize in management accounting, strategic management, and business decision-making.

CMA candidates have up to seven years to meet additional requirements upon passing.

CMAs earn a higher average salary than CPAs and CFAs.

A CMA review course can help you pass the exam on your first try. 

What Is the Certified Management Accountant (CMA) Designation?

The Certified Management Accountant (CMA) designation is a globally recognized credential for professionals in management accounting and financial management. Those who pursue the CMA certification typically include professionals seeking to advance their careers in management accounting, finance, and business.

Passing both parts of the CMA exam demonstrates proficiency in these areas and signifies a commitment to excellence in management accounting.

Eligibility

CMA certification requirements include earning a bachelor’s degree, having two years of relevant work experience, and passing the CMA exam.

CMA Exam Format

Each exam part consists of:

• 100 multiple-choice questions.
• Two essay questions or two case-based questions (CBQs), depending on the testing window

You will have four hours to complete each exam part, but those four hours are broken down into:

• Three hours for the multiple-choice question section.
• One hour for both essays or CBQs.

Multiple-Choice Questions (75% of score): The multiple-choice section consists of 100 questions. You must score at least 50% on this section to be eligible to proceed to the essay or CBQ section. Once you complete or exit the multiple-choice section, you cannot go back.

Essays vs. Case-Based Questions (25% of score): The IMA is currently transitioning from essay questions to case-based questions on the CMA exam. Here’s what to expect depending on when you test:

• May/June 2026: Candidates may choose either the essay format or the CBQ format for each exam part.
• September/October 2026 and beyond: CBQs become the standard format for all English-language exams. Essays will no longer be tested.

Each CBQ presents a 250-word real-world business scenario followed by questions in formats such as drag and drop, fill in the blank, select from a list, and calculations. Like essays, CBQs award partial credit and carry the same weight toward your final score.

The essay or CBQ section begins after you complete the multiple-choice section, or after three hours — whichever comes first.

When is the CMA exam offered?

The  CMA exam is offered during two-month windows: January and February, May and June, and September and October.

CMA Exam Topics and Weightage

The CMA exam tests your comprehension of accounting, financial analysis, and business knowledge.

• CMA Part 1: Financial Planning, Performance, and Analytics
• CMA Part 2: Strategic Financial Management

Note: You sign up for and take the two parts of the CMA exam separately. You may take Part 2 before Part 1.

Each exam covers different topics based on the percentages below, showing how much coverage you can expect on that topic in the exam.

Part 1 of the CMA Exam Includes:

• External financial reporting decisions (15%)
• Planning, budgeting, and forecasting (20%)
• Performance management (20%)
• Cost management (15%)
• Internal controls (15%)
• Technology and analytics (15%)

Part 2 of the CMA Exam Includes:

• Financial statement analysis (20%)
• Corporate finance (20%)
• Business decision analysis (25%)
• Enterprise risk management (10%)
• Capital investment decisions (10%)
• Professional ethics (15%)

CMA Exam Duration

Both Part 1 and Part 2 are four hours long, giving you a total of eight hours of testing time spread across the two exam sections.

Part 1 – Financial Planning, Performance, and Analytics

Exam Duration: 4 hours

No break is allowed during this 4-hour testing window.

Part 2 – Strategic Financial Management

Exam Duration: 4 hours

Optional 30-minute break after 2 hours of testing.

Having a clear understanding of the exam timing for each part allows you to pace yourself appropriately and avoid running out of time on either CMA exam.

CMA Exam Scoring and Results

Performance Reports are sent via email from Prometric to all candidates who take an exam part. The performance reports are emailed approximately 14 days after exam results are posted to the candidate’s profile.

Candidates who do not pass the exam will receive a report that indicates their performance on each of the key topic areas in the multiple-choice section as well as their overall performance on the essay or CBQ section of the exam.

Pro tip: Use your performance ratings to identify which areas were your weak points on the exam. The areas of “marginal” performance are the low-hanging fruit that you can use to boost your score over the minimum 360 in the next go-round.

The CMA Exam Scoring Scale

The CMA exam has a unique scoring system that can sometimes be confusing for candidates. Here’s everything you need to know to correctly interpret how your CMA exam score is weighted.

• The multiple-choice questions section = 75% of the total score.
• Essays or case-based questions (CBQs) = 25% of the total score.
• To be able to take the essay or CBQ section, you must score at least 50% on the multiple-choice section.

CMA Exam Grading

Type	Score Pattern	Score
MCQ	75%	375
Essays or CBQs	25%	125
Total	100%	500

CMA Passing Score and Pass Rates

Parts 1 and 2 of the CMA exam are scored on a scale of 0 to 500. To equate all scores for all forms of the exam, the scores for each part are placed on a scale from 0 to 500. On this scale, a score of 360 represents the minimum passing scaled score. The scaled score allows candidates to know how they performed with the passing standard of 360.

The average pass rate is around 45-50%, so this is not an easy certification to get. However, with the right prep tools, you can set yourself up to pass on the first try.

Do I need to take the CMA exam parts in order?

Do I need to take the CMA exam parts in order?

Where can I take the CMA exam?

Exams are offered at Prometric test centers worldwide. Candidates can schedule their exams with Prometric at www.prometric.com/ICMA.
Remote testing is available using Prometric’s ProProctor™ service.

When are CMA exam scores released?

Multiple-choice questions count for 75% of candidates’ final scores, while essay questions make up the remaining 25%. Out of the 100 total multiple-choice questions (MCQs), only 90 count towards the exam score, while the remaining 10 are evaluated by the Institute of Certified Management Accountants (ICMA) as a possible future exam question and do not count toward candidates’ exam scores. Students must score a minimum of 50% on the multiple-choice portion of the exam to proceed to the essay portion.

How much does the CMA exam cost?

Students must pay a non-refundable CMA entrance fee of $210 and an exam fee of $345 per part. Professionals must pay a non-refundable CMA entrance fee of $280 and an exam fee of $460 per part. In addition, candidates must be members of the Institute of Management Accountants (IMA), which ranges from $45 for students to $275 for professionals.

Do CMAs have continuing education (CE) requirements?

Yes. CMAs must complete at least 30 hours of CE per year, including two hours on the subject of ethics. Additionally, CMAs maintain their certification by paying the CMA annual fee, which includes active membership in the IMA.