I.

CMA Exam Content Specification Outlines

Part 1 TOPICS SUBTOPICS

FINANCIAL
REPORTING,
PLANNING,
PERFORMANCE
AND CONTROL;
4hrs

MCQ; 100 items; 3 hours; 15% External Financial Reporting Decisions 1. Financial Statements
75% ● The basis of financial accounting • Statement of Financial Position
● Preparation of financial statements • Statement of Financial Performance
● Valuation of assets and liabilities • Statement of Changes in Equity
● Operating and capital leases • Statement of Cash Flows
● Impact of equity transactions • Integrated Reporting
● Revenue recognition, income 2. Recognition, Measurement, Valuation and Disclosure
measurement, and the major • Asset Valuation
differences between U.S. GAAP • Valuation of Liabilities
and IFRS • Equity Transactions
• Revenue Recognition
• Income Measurement
• Significant Difference between US GAAP and IFRS
20% Planning, Budgeting and Forecasting 1. Strategic Planning
● How to make annual profit plans • Analysis of Internal and External Factors affecting Strategy
and supporting schedules • Long-term Mission and Goals
● Different types of budgeting, such • Alignment of Tactics with Long-term Strategic Goals
as activity-based budgeting, project • Analytical Techniques and Strategic Planning Models
budgeting, and flexible budgeting • Characteristics of Successful Strategic Planning Process
● Top-level planning and analysis 2. Budgeting Concepts
● Forecasting including quantitative • Operations and Performance Goals
methods, such as regression • Characteristics of a Successful Budget Process
analysis and learning curves • Resource Allocation
• Other Budgeting Concepts
3. Forecasting Techniques
• Regression Analysis
• Learning Curve Analysis
• Expected Value
4. Budgeting Methodologies
• Master Budgeting
• Project Budgeting

• Activity-based Budgeting
• Zero-based Budgeting
• Continuing Budgets
• Flexible Budgeting
5. Annual Profit Plan and Supporting Schedules
• Operational
• Financial
• Capital
6. Top-level Planning and Analysis
• Pro Forma Income
• Financial Statement Projects
• Cash Flow Projections
20% Performance Management 1. Cost and Variance Measures
● How to analyze financial statement • Actual v Planned Results
items such as revenue, cost, profit, • Use of Flexible Budgets to Analyze Performance
and investments in assets • Management by Exception
● Variance analysis based on flexible • Standard Cost Systems
budgets and standard costs • Analysis of Variation from Standard Cost Expectations
● Responsibility accounting for 2. Responsibility Centers and Reporting Segments
revenue, cost, contribution, and • Types of Responsibility Centers
profit centers • Transfer Pricing
● Balanced scorecards • Reporting of Organizational Segments
3. Performance Measures
• Product Profitability Analysis
• Business Unit Profitability Analysis
• Customer Profitability Analysis
• Return on Investment
• Residual Income
• Investment Base Issues
• Key Performance Indicators
• Balanced Scorecard

15% Cost Management 1. Measurement Concepts

● Cost concepts, flows, and • Cost Behavior and Cost Objects
terminology • Actual and Normal Costs
● Alternative cost objectives • Standard Costs
● Cost measurement concepts • Absorption (Full) Costing
● Cost accumulation systems, such as • Variable (Direct) Costing
job order costing, process costing,
and activity-based costing
● Overhead cost allocation
● Operational efficiency and business
process performance topics, such as
JIT, MRP, theory of constraints,
value chain analysis,
benchmarking, ABM, and
continuous improvement
 •Joint and By-product Costing
[Link] Systems
• Job Order
• Process
• Activity-based
• Lifecycle
[Link] Costs
• Fixed and Variable Overhead Expenses
• Plant-wide v Departmental Overhead
• Determination of Allocation Base
• Allocation of Service Department Costs
[Link] Chain Management
• Lean Resource Management Techniques
• Enterprise Resource Planning
• Theory of Constraints
• Capacity Management and Analysis
[Link] Process Improvement
• Value Chain Analysis
• Value-added Concepts
• Process Analysis, Redesign and Standardization
• Activity-based Management
• Continuous Improvement Concepts
• Best Practice Analysis
• Cost of Quality Analysis
• Efficient Accounting Processes
 15% Internal Controls [Link], Risk and Compliance
● Risk assessment • Internal Control Structure and Management Philosophy
● Internal control environment, • Internal Control Policies for Safeguarding and Assurance
procedures, and standards • Internal Control Risk
● Responsibility and authority of • Corporate Governance
internal auditing • External Audit Requirements
● Types of audits [Link] Controls and Security Measures
● Assessing the adequacy of • General Accounting System Controls
accounting information systems • Application and Transaction Controls
control • Network Controls
• Backup Controls
• Business continuity Planning

15% Technology and Analytics 1. Information Systems

• Accounting Information Systems
• Enterprise Resource Planning Systems
• Enterprise Performance Management Systems
2. Data Governance
• Data Policies and Procedures
• Life Cycle of Data
• Controls Against Security Breaches
3. Technology-Enabled Finance Transformation
• System Development Life Cycle
• Process Automation
• Innovative Applications
4. Data Analytics
• Business Intelligence
• Data Mining
• Analytic Tools
• Data Visualization

Essay Scenarios (Written Must earn at least 50% in the MCQ to be able to proceed in the essay section. You can use any time remaining from the multiple-choice
and Quantitative questions towards the essay portion.
Responses) There are two possible essay topics or scenarios, each consisting of several questions. You may be asked to complete a business memo or to
2 items; 1 hour (30 min per work on quantitative analysis.
Q); 25%

You’ll add your answers to the essay questions using a simple word processor that is similar to Notepad. For essays that require a computational
response, you should create simple tables and show calculations within the word processor space provided. It is a good idea to get familiar with
the testing program before your exam day so you can gain confidence in using the essay section’s word processor.

Part 2 TOPICS SUBTOPICS

STRATEGIC
FINANCIAL
MANAGEMENT: 4hrs

MCQ; 100 items; 3 hours; 20% Financial Statement Analysis 1. Basic Financial Statement Analysis
75% ● Principal financial statements and • Common Size Financial Statements
their uses • Common Base Year Financial Statements
● Limitation of financial statement 2. Financial Ratios
information • Liquidity
● Interpretation and analysis of • Leverage
financial statements, such as ratio • Activity
and comparative analyses • Profitability
● Market value vs. book value • Marketing
● Fair value accounting 3. Profitability Analysis
● The major differences between • Income Measure Analysis
IFRS and US GAAP
• Revenue Analysis
● Off-balance sheet financing
• Cost of Sales Analysis
● Cash-flow statement preparation,
• Expense Analysis
analysis, and reconciliation
● Earnings quality
 • Variation Analysis
[Link] Issues
• Impact of Foreign Operations
• Impact of Changing Prices and Inflation
• Impact of Changes in Accounting Treatment
• Accounting and Economic Concepts of Value and Income
• Earnings Equality
20% Corporate Finance [Link] and return
● Types of risk • Calculation of Return
● Measures of risk • Types of Risk
● Portfolio management • Relationship between Risk and Return
● Options and futures [Link]-term Financial Management
● Capital instruments for long-term •Term Structure of Interest Rates
financing •Types of Financial Instruments
● Dividend policy •Cost of Capital
● Factors influencing the optimal •Valuation of Financial Instruments
capital structure [Link] Capital
● Cost of capital • Financial Markets and Regulations
● Managing and financing working
• Market Efficiency
capital
• Financial Institutions
● Mergers and acquisitions
• Initial and Secondary Public Offerings
● International finance
• Dividend Policy and Share Repurchases
• Lease Financing
[Link] Capital Management
• Working Capital Terminology
• Cash Management
• Marketable Securities Management
• Accounts Receivable Management
• Inventory Management
• Types of Short-term Credit
[Link] Restructuring
• Mergers and Acquisitions
• Other Forms of Restructuring
• International Finance
• Fixed, Flexible and Floating Exchange Rates
•Managing Transaction Exposure
•Financing International Trade
25% Decision Analysis [Link]/ Volume/ Profit Analysis
● Relevant data concepts • Breakeven Analysis
● Cost-volume-profit analysis • Profit Performance and Alternative Operating Levels
● Marginal analysis • Analysis of Multiple Products
● Make vs. buy decisions [Link] Analysis
● Pricing • Sunk Costs, Opportunity Costs and Other Related Concepts
● Income tax implications for •Marginal Costs and Marginal Revenue
operational decision analysis • Special Orders and Pricing
● ERM • Make v Buy
• Sell or Process Further
• Add or Drop a Segment
• Capacity Considerations
[Link]
•Pricing Methodologies
•Target Costing
•Elasticity of Demand
•Product Life-cycle Considerations
•Market Structure Considerations

10% Risk Management [Link] Risk

● Operational risk, hazard risk, • Types of Risks
financial risk, and strategic risk • Risk Identification and Assessment
• Risk Mitigation Strategies
• Managing Risk

10% Investment Decision [Link] Budgeting Process

● Cash flow estimates •Stages of Capital Budgeting
● Concepts of DCF (discounted cash •Incremental Cash Flows
flow), net present value, IRR •Income Tax Considerations
(internal rate of return) •Evaluating Uncertainty
● Non-discounting analysis [Link] investment Analysis Methods
techniques • Net Present Values
● Income tax implications for • Internal Rate of Return
investment decisions • Payback
● Ranking investment projects • Comparison of Investment Analysis Methods
● Risk analysis
 ● Real options
● Valuation models

15% Professional Ethics [Link] Ethics

● Ethical consideration for both • Moral Philosophies and Values
management accountants and the • Ethical Decision Making
organization

2. Ethical Considerations for Management Accounting and Financial

Management Professionals
• IMA’s Statement of Ethical Professional Practice
• Fraud Triangle
• Evaluation and Resolution of Ethical Issues
3. Ethical Considerations for an Organization
• Organizational Factors and Ethical Culture
• IMA’s Statement on Management Accounting, “Values and Ethics: From
Inception to Practice
• Ethical Leadership
• Legal Compliance
• Responsibility for Ethical Conduct
• Sustainability and Social Responsibility

Essay Scenarios (Written Must earn at least 50% in the MCQ to be able to proceed in the essay section. You can use any time remaining from the multiple-choice
and Quantitative questions towards the essay portion.
Responses)
2 items; 1 hour (30 min per There are two possible essay topics or scenarios, each consisting of several questions. You may be asked to complete a business memo or to
Q); 25% work on quantitative analysis.

You’ll add your answers to the essay questions using a simple word processor that is similar to Notepad. For essays that require a computational
response, you should create simple tables and show calculations within the word processor space provided. It is a good idea to get familiar with
 the testing program before your exam day so you can gain confidence in using the essay section’s word processor.

II. CMA Exam Date

CMA Testing Window First Exam Date Last Exam Date Last Date to Register

January/February Jan. 1, 2023 Feb. 28, 2023 Feb. 15, 2023

May/June May 1, 2023 June 30, 2023 June 15, 2023

September/October Sept. 1, 2023 Oct. 31, 2023 Oct. 15, 2023

Additionally, the dates are the same for each section of the two-part exam. Therefore, the CMA exam part 2 dates are identical to the part 1 dates.

III. CMA Technicalities

Booking to Schedule CMA Exam with Prometric

You will schedule your test with Prometric. However, you can either take the CMA at a Prometric test center near you, or you can choose online remote proctoring from your
own computer at home. If you choose to take it in person, plan carefully since planning potential travel arrangements is also essential when you schedule a test. You can also use
the same Prometric dashboard to reschedule or cancel your test and confirm your test once you have scheduled it.

Next, in order to reserve a space at the Prometric exam site or to reserve a remote proctored time slot, you will need an authorization number. It is advised that you send in your
registration around 6 weeks before the intended date of your exam to ensure everything is processed on time. Keep in mind that many people are trying to register, and spots may
be limited, especially at more popular testing centers.

Finally, remember that you must be an IMA member before you register for the exam. You’ll need to meet all of the CMA requirements to get your certification.

CMA Schedule Tips

If possible, schedule your exam in the first month of a testing window (i.e., January, May, or September). This gives you more “wiggle room” if you need to reschedule. This
could save you money in the long run, as you can incur rescheduling fees.
Candidates are allowed to reschedule their exams for free within the same testing window as long as their test date is still 30 days away. For example, if you run out of studying
time, you can still postpone your January exam to February. If you schedule the exam in February, you can’t extend it to May and instead must pay in full for your next exam.

No one likes to think they will need to reschedule their exam, but you never know what will happen. Putting yourself in the position of having the free rescheduling time is a
smart move, just in case.

Now, how do you know which part of the exam you should take first? Do people always take the parts in order?

Which CMA Part Should You Take First?

Interestingly, you do not have to take the CMA exam Parts 1 and 2 in order. It’s completely up to you. For example, you can choose to take Part 2 first if you want. So, how do
you decide? The first step is to know what content each part contains. If one part seems significantly easier for you, then you can choose to tackle that one first. There really isn’t
a right or wrong way since, in the end, you need to complete and pass both parts to get your certification.

The IMA breaks it down like this:

Part 1: Financial Planning, Performance, and Analytics

​ 15% External Financial Reporting Decisions
​ 20% Planning, Budgeting, and Forecasting
​ 20% Performance Management
​ 15% Cost Management
​ 15% Internal Controls
​ 15% Technology and Analytics

Many candidates find Part 1 to be more difficult since it covers more topics and a wider array of subject matter. You can read more about CMA Exam Part 2 difficulty compared
to Part 1 if you want to learn more. In general, Part 2 has fewer subjects and units, so many people do consider it easier. Personally, I was more frustrated with Part 2. It seems
easier when you look at it, but the questions were not as straightforward as Part 1.

Part 2: Strategic Financial Management

​ 20% Financial Statement Analysis
​ 20% Corporate Finance
​ 25% Decision Analysis
​ 10% Risk Management
​ 10% Investment Decisions
​ 15% Professional Ethics
You will have an average of 12-18 months to complete each part, with 3 years to complete both. Many people sit for the exams in order, taking Part 1 first since it seems the
most logical. However, some people think Part 2 will be easier for them, so they register to take it first and get it out of the way. The choice is yours. If you want to review the
material a bit more and then make a decision, that is one option.

Other Important CMA Exam Dates IMA

In addition to knowing the exam windows, you should be aware of a few other restrictions for scheduling your CMA exam.
All exam appointments must be made with Prometric at least 72 hours before your exam date.
If you need to cancel an exam appointment, you must do so at least 72 hours before your date, according to Prometric’s policies.
Exam appointments must be scheduled within the same testing window. For example, if your original appointment was in the January/February window, you can’t
reschedule for the May/June window.

Understanding your CMA clock

Furthermore, you also need to understand your “CMA clock.” You have to complete all steps of the certification process within a certain timeline. Please note that the
countdown on your CMA exam clock starts the day you pay the CMA entrance fee. On this date, you’re officially “in” and your work to become a CMA begins.

Specifically, you must register for the exam within 12 months of entering the CMA program and pass both parts of the CMA exam within 3 years. Therefore, it is important to be
mindful of your window and not allow these dates to pass you by. If you run down your CMA exam clock, you must start all over again by repaying the entrance fee

Keeping a CMA calendar

To manage and track your CMA exam clock, most people keep a CMA calendar. You can also work this CMA exam calendar into your study program to help you stay on track.

It’s quite common for accounting certification exams to require candidates to pass their exams within a set amount of time. For example, CPA candidates have both an 18-month
rolling window and CPA credit expirations to consider. Therefore, the 3-year CMA competition deadline is quite normal and even generous, comparatively.

Example of Your CMA Exam Schedule Calendar

Next, let’s take a look at how the CMA exam calendar will work for you.

Let’s say today is January 1, 2023, and you plan to complete the CMA program within 6 months. Let’s also assume that you have already accumulated 2 years of relevant
working experience as an accountant working in a corporation.
Apply for IMA membership and pay the entrance fee – January 2023
Pick a CMA review course and start studying – January 2023
Pick your CMA test exam dates and register for the CMA exam – around mid-March 2023
Sit for the exam (Part 1) – May 2023
Sit for the exam (Part 2) – June 2023
Pass the 2 parts and get your CMA certification!
I can’t tell you exactly what your CMA exam calendar will look like since it needs to be personalized to you. However, I can guide you on how to create your own. As you see
from this example above, you can build your own calendar. Just base your calendar on the days that you register, become an IMA member, and take exams Parts 1 and 2. Look at
this roadmap to plan when and how to move through the CMA certification process.

Waiting On Your Test Results

Once you register and take the exam, you’ll receive your results based on an established CMA exam score release schedule. Like most people, you will probably be anxious to
get them. But it’s important to know that your results won’t just come straight away. The test results are still calculated manually, by hand. Therefore, there is a processing period
from when you take the test until you get the results back.

However, you don’t need to stalk your mail carrier every day! After all, it’s easy to figure out when you will get your results based on when you took that part of the exam. Let’s
explore this.

CMA Exam Results Release Date 2023

Your CMA exam result date is based on a formula depending on your test window. They say waiting is truly the hardest part. And while this may be true, you can do some
value-added things while you wait.

So, what are the 2023 CMA exam release dates? It’s easy to figure out with this formula.
Results come 6 weeks from the last day of the month you took the test, plus or minus a day.
Example:
​ If you take the exam on January 30, you will know the date sometime in the middle of March.
​ If you take the exam a few weeks earlier on January 2, your CMA exam result is released the same day as the above. Why? Well, you’ll wait 6 weeks after the end of the
month you tested.

So in this example, if you choose any CMA January 2023 exam date, you won’t get your results until March.

The results will be updated online in your IMA profile almost immediately from this date. Furthermore, Prometric will email you a performance report about 14 days after your
exam.

CMA Results 2023: Score Release Dates

This chart of score release dates will help you see when you can expect your scores, based on when you took the exam.

Testing
months Jan Feb May Jun Sep Oct
(2023)
Estimated
score release Mar 14 Apr 11 Jul 12 Aug 11 Nov 11 Dec 12
dates

# weeks after
the end of 6 6 6 6 6 6
testing month

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