If you’re planning to take the CMA Exam to become a Certified Management Accountant, it’s important to be aware that the Institute of Management Accounting (IMA) is making changes to the CMA Exam which will go into effect on September 1, 2024. To help you plan and get ready, we’re outlining these changes from new topics to removed content.
About the CMA Exam
The IMA is the governing board for management accounting and offers the CMA certification. In addition to meeting experience and education requirements, they also require candidates to pass the CMA Exam. The exam is given in two separate parts. Each part is four hours long and consists of 100 multiple choice questions and two essay questions.
The exam is weighted so that the multiple-choice questions count for 75 percent of the grade and essay questions count for 25 percent. You’ll be scored from 0 to 500 on each part of the exam, though the IMA scales the exam scores to maintain consistency and fairness. To pass, you’ll need a minimum score of 360 on each part of the CMA Exam.
Why is the CMA Exam changing?
The IMA conducts periodic reviews of the CMA Exam content to ensure its testing knowledge and competency in topics relevant to real-world business practices. They are implementing the new update after a job analysis study to ensure the exam aligns closely with the knowledge, skills, and abilities that accountants and financial professionals use regularly. This ensures that new CMAs are ready to step into new roles and take on new responsibilities.
What are the changes to the CMA Exam?
Both parts of the exam cover six specific competencies (12 total) with specific topics in each. These core competencies and the percentage they are represented on the exam are not changing. Instead, the IMA is making changes to some of the topics within these competencies.
Exam Part 1: Financial Planning, Performance and Analytics
| Competency section | Current CMA Exam | New CMA Exam |
| External financial reporting decisions (15%) |
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| Planning, budgeting and forecasting (20%) |
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| Performance management (20%) |
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| Cost management (15%) |
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| Internal controls (15%) |
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| Technology and analytics (15%) |
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Removed exam content includes:
- Some process costing content
- High-low method
- Throughput costing
- Theory of Constraints
- Activity-based management
- Efficient accounting systems
This content only comes from the Cost Management section in Part 1.
Part 2: Strategic Financial Management
| Competency section | Current CMA Exam | New CMA Exam |
| Financial statement analysis (20%) |
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| Corporate finance (20%) |
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| Decision analysis (25%) |
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| Risk management (10%) |
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| Investment decisions (10%) |
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| Professional ethics (15%) |
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Removed exam content includes :
- Moral philosophies
- Statement on management accounting, "Value and Ethics: From Inception to Practice
- Facilitation payments
These sections were removed from the professional ethics section of Part 2.
When do the CMA Exam changes go into effect?
CMA candidates will start taking the new CMA Exam on September 1, 2024. However, it’s important to note that both parts of the CMA Exam are only given during the following periods each year:
- January 1 through February 29
- May 1 through June 28
- September 1 through October 31
So, the last day to take the current exam is June 28, 2024.
Don’t let CMA Exam changes stop you from studying
If upcoming changes to the CMA Exam make you re-think your timeline, we want to reassure you that now is still a great time to start studying! While there are updates to the topics within the core competencies, most of the exam stays the same so you can begin studying the material that won't change.
Get CMA Exam Day ReadySM with Becker
Becker has been working with the IMA to update our course to align with the CMA Exam changes and meet the updated Learning Outcome Statements. Our CMA Exam review course will be available on July 2, 2024, to ensure you have plenty of time to learn the updated information and get Exam Day ReadySM!
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