Candidates testing in China, Japan and Taiwan continue with the essay format for now.
CMA (USA) · IMA
CMA USA exam structure & syllabus.
Two parts, twelve subjects — what each one covers, how it's weighted, and how the exam itself is built.
Two parts, twelve subjects
What each part covers
Part 1 — Financial Planning, Performance, and Analytics
The more technical, computational half — internal management accounting, costing, and controls. [CMA (USA) Part 1 course](/courses/cma1clp).
15%External Financial Reporting Decisions
20%Planning, Budgeting, and Forecasting
20%Performance Management
15%Cost Management
15%Internal Controls
15%Technology and Analytics
Planning, Budgeting and Forecasting and Performance Management together make up 40% of Part 1 — the two highest-weighted areas.
Part 2 — Strategic Financial Management
The more strategic half — financial analysis, corporate finance, and business decision-making. [CMA (USA) Part 2 course](/courses/cma2clp).
20%Financial Statement Analysis
20%Corporate Finance
25%Decision Analysis
10%Risk Management
10%Investment Decisions
15%Professional Ethics
Decision Analysis, at 25%, is the single highest-weighted topic anywhere in the CMA syllabus.
Essays still apply in some regions
Scoring
Each part is scored on a scale of 0–500; you need 360 to pass. You can take Part 1 and Part 2 in either order. See [exam process, windows & results](/about-cma/exam-process-windows-and-results).
Questions
Frequently asked questions
How many parts does the CMA exam have?
Two — Part 1 (Financial Planning, Performance, and Analytics) and Part 2 (Strategic Financial Management).
Can I take Part 2 before Part 1?
Yes — you can sit the two parts in whichever order suits you.
What happens if I score below 50% on the multiple-choice section?
The exam ends there — you won't get access to the application section, and the attempt counts as an exam sitting.
What's changing about the exam in 2026?
The application section is moving from two open-ended essay questions to two structured Case-Based Questions, starting with the September/October 2026 window — the content, weighting and knowledge tested aren't changing.
Ready to study the CMA syllabus? Start with Vertex.
Expert-led tuition for both CMA parts — weighted to the topics that matter most on the exam.