CMA exam study guide: Part 1 and Part 2

Prepare for the CMA by studying Part 1 (planning, performance, cost, controls) and Part 2 (financial analysis, corporate finance, decisions, ethics), practising multiple-choice and essay questions, and taking mock exams. Most candidates plan 150 to 200 hours per part.

Part 1

Budgeting, performance management, cost management, internal controls and analytics. Build comfort with variance analysis and costing.

Part 2

Financial statement analysis, corporate finance, decision analysis, investment decisions and ethics. Practise capital budgeting and ratios.

Which first?

Part 1 is the usual starting point because its planning and costing topics build a base for Part 2.

Essay tips

Essays are scored against rubric points. Answer directly and cover each point in short, clear sentences.

Timeline

You must complete both parts within three years of passing your first. Many candidates finish in 6 to 12 months.

Frequently asked questions

Is the CMA exam hard?

It is demanding, with a 360 out of 500 pass mark, but it is manageable with consistent practice on both multiple-choice and essays.

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