The CMA exam, explained
Last checked October 20, 2026 · Sources: IMA’s CMA certification pages and case-based questions page (format change, as also described by Becker, Gleim and UWorld); IMA fee schedule. Pass-rate figures are IMA’s last published global rate.
Two parts, about 300 hours of study, and roughly $1,700 in IMA fees before a review course. The CMA is the global credential for management accounting and corporate finance, and since September 2026 it has a new format. This is the whole process, in the order you will meet it.
The two CMA exam parts
Each part is a separate four-hour exam: 100 multiple-choice questions in three hours, then two case-based questions in one hour. You need at least 50% on multiple choice before the case-based section opens.
| Part | What it covers | Biggest topics | Study hours |
|---|---|---|---|
| Part 1 | Financial Planning, Performance and Analytics | Planning and budgeting, performance management (20% each) | 150 to 170 |
| Part 2 | Strategic Financial Management | Decision analysis (25%), financial statement analysis and corporate finance (20% each) | 150 to 170 |
Topic weightings from IMA’s current content specification. IMA recommends 150 to 170 study hours per part.
What changed in 2026
From the September/October 2026 window, the two essays at the end of each part are replaced by two case-based questions on English exams in most regions. Content, length, fees and the pass mark are unchanged.
What case-based questions mean for youThe path, start to certification
Membership comes first. Student rates cut every fee that follows, so check whether you qualify.
Paying the entrance fee starts a three-year window to pass both parts. Do it once you are ready to study seriously.
Three testing windows a year: January/February, May/June and September/October. Book your Prometric appointment at least four weeks ahead.
A bachelor's degree and two years of experience. Both can be completed after the exam; the experience within seven years of passing.
Study strategy
Count back four months from a testing window and register once you are two months in. A booked date keeps studying on track.
Multiple choice is 75% of your score and the gate to the rest. Let practice questions, not lectures, take most of your hours.
Case-based questions reward speed with exhibits and numbers. Practice timed case sets from the start, not in the final week.
Where CMA candidates talk
CMA candidates compare review courses and exam experiences on Reddit (mainly r/Accounting, where IMA has hosted an Ask Me Anything for CMA candidates) and on Quora. Many posts predate the 2026 switch from essays to case-based questions, so check format details against IMA. Our CMA community guide lists what to watch for. Weighing a different credential? See our CPA, CFA and EA guides.
Everything else on the CMA
Becker, Gleim, UWorld and HOCK compared on price, access and case-based practice.
→16 weeks per part, with hours by topic from IMA's weightings.
→Education, experience, ethics and how to enrol.
→Every IMA fee, plus realistic totals with a course.
→What IMA actually publishes, and what is guesswork.
→Testing windows, deadlines and when scores arrive.
→The 360 pass mark, the 50% gate and topic weightings.
→Six head-to-head comparisons of the four main courses.
→The low-cost options, and where saving money backfires.
→IMA fee partnerships, free trials and sales that are real.
→IMA's own materials, free trials and free question banks.
→IMA, then Prometric, in the right order.
→Check-in, pacing and the rules that catch people out.
→Two different credentials for two different careers.
→Corporate finance and management accounting against investment analysis.
→What our CMA pages are based on, and how affiliate money is handled.
→Common questions
How long does it take to get the CMA?
IMA says the typical candidate takes 12 to 18 months to pass both parts. You have three years from paying the entrance fee, and the two years of experience can run alongside.
Do I need to be in the US?
No. The CMA has no state rules or citizenship requirement. It is offered at Prometric centers worldwide, with the same requirements everywhere.
Is the CMA easier than the CPA?
It is a different credential, not an easier CPA. Two parts instead of four and a bachelor’s degree instead of 150 credit hours, but it leads to corporate finance roles rather than public accounting.
What is the CMA pass rate?
IMA last published a global pass rate in 2020: about 45% across both parts. Treat more precise figures you see quoted with caution.
Does the CMA still have essays?
No, not on English exams in most regions. From the September/October 2026 window, each part ends with two case-based questions in one hour instead of two essays. China, Taiwan and Japan keep essays, according to IMA as reported by Becker, Gleim and UWorld.
How much does the CMA exam cost?
$1,685 for professionals ($295 IMA membership, $300 entrance fee and $545 per part). Students pay $1,088 ($49 membership, $225 and $407 per part) and academics $1,199 ($160 membership, $225 and $407 per part), according to IMA, before any review course. See CMA exam cost.