The US CMA exam has two parts: Financial Planning, Performance, and Analytics, and Strategic Financial Management. Each part covers six content areas and takes four hours. The current case-based format has 100 multiple-choice questions followed by two case-based sets.
Below are the official topic weights, the main subjects within each area, and the format rules to check before choosing your study materials. This guide covers IMA’s US Certified Management Accountant qualification.
Based on IMA/ICMA’s Content Specification Outlines and the current CMA examination handbook. The essay-format exceptions are explained below.
US CMA Syllabus at a Glance
Part 1 focuses on planning, reporting and managing business performance. It brings together budgets, cost information, controls and analytics. Part 2 examines how finance professionals assess results, evaluate alternatives and make financial decisions.
There are 12 content areas across two examination parts. You do not sit 12 separate papers. You can take the two parts in either order. For help choosing a starting point, see CMA Part 1 vs Part 2.
New to the qualification? Our US CMA career and certification guide explains its purpose. The tables here focus on what you will be examined on.
CMA Part 1 Syllabus and Topic Weights
Part 1 has six domains. Planning, Budgeting, and Forecasting and Performance Management each carry 20%. The other four areas each carry 15%.
On a small screen, swipe the table sideways to read the topic summaries.
| Content area | Weight | Main topics to study |
|---|---|---|
| A. External Financial Reporting Decisions | 15% | Financial statements and consolidation, recognition and valuation, integrated reporting, and major US GAAP/IFRS differences. |
| B. Planning, Budgeting, and Forecasting | 20% | Strategic planning, forecasting techniques, budget methods, profit plans and supporting financial schedules. |
| C. Performance Management | 20% | Cost and variance measures, responsibility centers, transfer pricing, profitability and performance evaluation. |
| D. Cost Management | 15% | Cost behavior, costing systems, overhead allocation, supply chains and business-process improvement. |
| E. Internal Controls | 15% | Governance, control risk, testing and remediation, accounting-system controls, security and business continuity. |
| F. Technology and Analytics | 15% | Information systems, data governance, finance transformation, data analytics and visualization. |
Source: ICMA’s official topic overview and detailed outline. These summaries are a starting point. Use the learning outcomes for the full examination objectives.
Reporting, Budgets and Performance
Financial reporting covers how transactions affect the statements, including recognition, measurement and selected differences between accounting frameworks. Budgeting then turns assumptions into operating and financial plans.
Performance Management asks you to evaluate results. That includes using flexible budgets, investigating variances and judging responsibility-center performance. Be prepared to interpret what a number means when activity levels, prices or costs change.
Costs, Controls and Technology
Cost Management examines how costs are measured, assigned and used. Internal Controls adds the systems and procedures that protect information and support reliable operations. Technology and Analytics covers the data and tools used in finance, including governance, automation and visualization.
These areas can connect in a scenario. For example, an automated reporting process may save time while still requiring access controls and reliable source data. Studying each chapter in isolation can leave that connection unclear.
CMA Part 2 Syllabus and Topic Weights
Business Decision Analysis is the largest Part 2 area at 25%. Financial Statement Analysis and Corporate Finance each carry 20%. Ethics, enterprise risk and capital investment complete the part.
Swipe sideways to compare the six areas and their main topics.
| Content area | Weight | Main topics to study |
|---|---|---|
| A. Financial Statement Analysis | 20% | Comparative statements, financial ratios, profitability, earnings quality and special analysis issues. |
| B. Corporate Finance | 20% | Risk and return, financing, cost of capital, working capital, restructuring and international finance. |
| C. Business Decision Analysis | 25% | Cost-volume-profit analysis, relevant costs, marginal analysis, pricing and capacity decisions. |
| D. Enterprise Risk Management | 10% | Enterprise-risk identification, assessment, mitigation and management. |
| E. Capital Investment Decisions | 10% | Incremental cash flows, tax effects, discount rates, net present value (NPV), internal rate of return (IRR), payback and sensitivity analysis. |
| F. Professional Ethics | 15% | IMA ethical practice, ethical decisions, fraud, organizational culture, sustainability and data ethics. |
Source: ICMA’s Part 2 content outline.
Analysis and Financial Decisions
Part 2 connects financial information with choices about funding, operations and investment. Ratio calculations are one element. You also need to interpret the result, recognize limitations and compare the alternatives in the facts provided.
Relevant-cost decisions include special orders, make-or-buy choices and keeping or dropping a segment. Capital-investment work adds the timing of cash flows and the effect of uncertainty on an investment appraisal.
Risk and Ethics Remain Examined Areas
The two 10% domains still need preparation. Ethics also carries 15% and can involve pressure, conflicts and the handling of information. A technically correct calculation does not settle an ethical decision.
US CMA Exam Format and Timing
Each exam part lasts four hours. In markets using the case-based format, you complete 100 multiple-choice questions and two case-based sets. Each set contains several tasks linked to a business scenario.
| Section | What you complete | Time allocated |
|---|---|---|
| Multiple-choice section | 100 MCQs across the part’s syllabus | 3 hours |
| Case-based section | 2 scenario-based item sets | 1 hour total |
| Entire part | Both examination sections | 4 hours |
Source: IMA’s current examination chapter. The same overall timing applies to the essay-based version, with two essay scenarios in the second section.
Regional exception: Mainland China, Hong Kong (China), Taiwan (China) and Japan continue with essays under IMA’s current handbook. Check the regional instructions for your appointment.
The 50% MCQ Threshold Is an Access Rule
You must earn at least 50% of the MCQ points to access the second section. Reaching it does not mean you have passed the examination. IMA combines performance across the sections to determine the result.
The second section appears after you complete the MCQs or the three-hour MCQ allocation ends. Once you exit the MCQ section, you cannot return to it. Review any flagged questions before leaving that section.
Passing Score and Results
The CMA passing score is 360 on a scaled reporting range of 0–500. It is not a requirement to answer exactly 72% of questions correctly. The scaled score reports examination performance rather than a simple raw percentage. See IMA’s grading explanation.
You will not receive an immediate pass/fail result. The current handbook describes results approximately two weeks after the end of the testing month for case-based exams, compared with approximately six weeks after month-end for essays. Those periods run from month-end, not from your appointment date.
For testing windows and appointment steps, see CMA exam dates and Prometric booking.
What Changed in the CMA Exam in 2026?
The main change is the second-section format. Beginning with the September/October 2026 window, case-based questions are the standard English format across the Americas, Europe, Middle East, Asia Pacific and Africa, subject to the regional exceptions below.
See the current IMA examination guidance.
Did the Topic Weights Change?
The content outline currently linked from IMA’s certification resources remains effective September 1, 2024. Its Part 1 Technology and Analytics weight is 15%. The 2026 question-format change should not be treated as a new 25% technology allocation.
If you already have study materials, check two things separately: coverage of the current learning outcomes, and practice for the format you will sit. An older explanation of a finance concept may still be useful, while its essay-only mock may no longer match your examination.
Official CMA Syllabus PDF and Learning Outcomes
Use both official documents. They answer different preparation questions.
Content Specification Outlines
Shows the content areas, relative topic weights and coverage levels for both parts.
Open the official CMA content outline PDFLearning Outcome Statements
Explains the knowledge and skills expected within each area, using actions such as calculate, analyse and evaluate.
Open the official CMA learning outcomes PDFBoth are linked from IMA’s CMA certification resources. The links above go directly to IMA. No enquiry or registration with EduDelphi is required to open them.
The outline PDF retains older essay-format wording. Use it for the topics and weights, and the current online handbook for examination delivery. This avoids confusing the date of the content blueprint with the later question-format change.
How to Use the Syllabus to Prepare
Map your materials to the learning outcomes before building a revision timetable. A chapter title can sound familiar while leaving out an objective you still need to practise.
- Confirm the part and format. Check the current handbook and any regional instructions.
- Assess all six domains in that part. Record the topics you can explain and apply, alongside those needing review.
- Use weights to guide coverage. Give larger domains adequate attention without dropping a lower-weight area.
- Review mixed, timed practice. Separate knowledge gaps from calculation errors, weak interpretation and pacing problems.
The weights describe relative coverage. They do not guarantee an exact count of questions on your paper, and ICMA does not assign separate published weights to every subtopic. A scenario can combine several concepts.
All major areas allow testing through Level C. That includes applying knowledge, analysing a situation and evaluating a decision. For example, recognizing a formula is different from deciding which cash flows belong in the calculation.
For scheduling guidance, see how to plan your CMA study hours. If you are still checking the certification requirements, use our CMA education and experience guide. Examination costs are covered separately in the CMA certification cost guide.
US CMA Syllabus and Format FAQs
How many subjects and exam papers are in US CMA?
The US CMA syllabus has 12 major content areas, split equally between two examination parts. You take two exams, not 12 separate papers. This is different from the foundation, intermediate and final structure of India’s CMA qualification.
Which subjects have the highest weight in each part?
In Part 1, Planning, Budgeting, and Forecasting and Performance Management each carry 20%. In Part 2, Business Decision Analysis carries 25%. Cover the other areas as well: a lower weight does not remove a topic from the syllabus.
Does the CMA exam still include essay questions?
Yes, in IMA’s published exception regions: Mainland China, Hong Kong (China), Taiwan (China) and Japan. In most other regions, case-based questions became the standard English second section from the September/October 2026 window. Check the current regional instructions for your appointment.
Is 50% on the MCQs enough to pass the CMA exam?
No. The 50% MCQ-points threshold gives access to the second section. Your final result depends on combined examination performance. The passing scaled score is 360 out of 500, which should not be converted into a universal raw percentage.
Can I take CMA Part 2 before Part 1?
Yes. IMA permits either order. Choose using your knowledge, preparation needs and available study time. Our Part 1 vs Part 2 guide explains the decision.
Can I use older CMA study materials?
Check whether they cover the current official learning outcomes and your examination’s question format. A cover date alone does not establish suitability. Ask the publisher about content updates and obtain current-format practice where an older course provides essays only.
Where can I download the official CMA syllabus?
IMA provides the Content Specification Outlines and Learning Outcome Statements. Download both: one maps the areas and weights, while the other describes the skills expected.
Does the US CMA syllabus differ between countries?
The US CMA qualification uses ICMA’s content outline. Do not confuse it with a different country’s accounting qualification that also uses the initials CMA. Examination language, delivery format and regional arrangements can differ, so check those separately from the topic blueprint.
Identify Your CMA Study Priorities
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