CMA syllabus and blueprints: 2027 exam planning
Planning to take the CMA in 2027? Start with January/February, then May/June or September/October. Both parts follow the same annual windows. Choose a target month, check that your exam authorization covers it, and reserve a Prometric appointment. The complete Part 1 and Part 2 syllabus follows the planning tables.
2027 CMA exam windows and planning dates
January/February 2027 is named in IMA’s regional exam information. The later 2027 rows apply IMA’s published annual window pattern; they are planning periods, not a separately verified 2027 appointment calendar. Exact seats depend on your location, language and authorization.
| 2027 testing window | Book ahead: planning target* | Expected results, if the six-week guidance applies** |
|---|---|---|
| January / February 2027 | January sitting: aim for December 2026. February sitting: aim for January 2027. | January test: around mid-March 2027. February test: around mid-April 2027. |
| May / June 2027 | May sitting: aim for April 2027. June sitting: aim for May 2027. | May test: around mid-July 2027. June test: around mid-August 2027. |
| September / October 2027 | September sitting: aim for August 2027. October sitting: aim for September 2027. | September test: around mid-November 2027. October test: around mid-December 2027. |
2027 registration deadlines and booking steps
For a new English CBQ purchase, IMA’s current terms give you eight months from the invoice date to sit. That is an eligibility limit, not a reserved appointment. First check that the target 2027 sitting falls inside that period, then use the dates on your authorization when booking with Prometric.
Do not assume that buying now covers every 2027 window. A late-2026 purchase can expire before a September or October 2027 sitting. A promotion can also have narrower terms. Match the purchase to the intended appointment instead of paying early simply to secure a discount.
| Checkpoint | What to do for a 2027 sitting |
|---|---|
| Before buying an exam part | Choose your part, language, region and target month. Check the purchase terms and your separate three-year program deadline. |
| After payment | Save the invoice and authorization email. Verify the eligibility start and end dates; both must allow your intended appointment. |
| Reserve the appointment | Book with Prometric at least four weeks ahead where possible. IMA states a minimum of 72 hours, but that does not guarantee a seat. |
| Published registration cutoff | No universal 2027 cutoff verified. Do not reuse February 15, June 15 or October 15 from older fixed-window terms as confirmed 2027 deadlines. |
| If the target date is unavailable | Check other appointments within your eligibility period. Ask IMA before changing windows or allowing the authorization to expire. |
| Change or cancel | Check your current appointment terms before acting. Cancellation does not itself extend the authorization or move your program deadline. |
Results and score publication
Count from the end of your testing month. For example, a January 2027 sitting points to roughly mid-March 2027, while a February sitting points to roughly mid-April. Do not count six weeks from your individual appointment day.
IMA Middle East gives the six-week estimate generally; the March handbook places it in the essay-exam section. Neither checked source provides a dated CBQ release calendar. Follow your sitting’s IMA notice if it gives a different schedule.
| What is published | Where or when to look |
|---|---|
| Official exam result | IMA emails the result and posts it to your personal IMA transcript/profile. |
| Performance report after an unsuccessful attempt | Prometric emails the report approximately 14 days after results become available. |
| A specific 2027 score-release day | No fixed 2027 release calendar verified. Use the estimates for planning and the IMA notice for your actual sitting. |
Budget for a 2027 CMA sitting
Use these current USD rates as a budget baseline, not guaranteed 2027 prices. The enrollment and FAQ rates were checked on 11 October 2026; confirm your member-category price when purchasing. No separate 2027 fee schedule was verified. Membership, preparation materials, travel, retakes and appointment-change costs are additional.
| Payment to IMA | Professional | Student / academic |
|---|---|---|
| CMA program entrance | $300 | $225 |
| Part 1 registration | $545 | $407 |
| Part 2 registration | $545 | $407 |
| Entrance + one attempt at each part | $1,390 | $1,039 |
| IMA membership | Required and charged separately | Required; category eligibility applies |
CMA syllabus: Part 1 and Part 2 weights
Each part has six domains totaling 100%. These are the official content weights, not a prediction of your score or an exact MCQ count. Use the Learning Outcome Statements for the skills within each domain.
Part 1 · Planning and performance
- External Financial Reporting Decisions15%
- Planning, Budgeting, and Forecasting20%
- Performance Management20%
- Cost Management15%
- Internal Controls15%
- Technology and Analytics15%
Bar scale: 0-100% of this part. Curriculum weights, not sample coverage.
Part 2 · Strategic financial management
- Financial Statement Analysis20%
- Corporate Finance20%
- Business Decision Analysis25%
- Enterprise Risk Management10%
- Capital Investment Decisions10%
- Professional Ethics15%
Bar scale: 0-100% of this part. Curriculum weights, not sample coverage.
What the Part 1 syllabus covers
Part 1 follows the production and use of operating information: recognize transactions, plan resources, measure performance and keep the underlying data reliable.
The explanations below are a guided syllabus map with original applications. They summarize major areas rather than reproduce every official learning outcome. Open the linked lesson for instruction and the official Learning Outcome Statements for the complete checklist.
1.A · External Financial Reporting Decisions · 15%
Start with how a transaction becomes information in the financial statements. This area includes asset and liability measurement, revenue, equity, consolidation, integrated reporting and important differences between US GAAP and IFRS. Knowing an account name is only the starting point.
Practise tracing one event through profit, the balance sheet and cash flow. For example, collecting an existing receivable increases cash and reduces receivables; it does not create a second sale. A useful check is whether your explanation keeps recognition, measurement and collection separate. The detailed reporting lesson develops those statement links.
1.B · Planning, Budgeting, and Forecasting · 20%
This domain connects strategy to forecasts, operating budgets and financing needs. A sales forecast drives production, materials and labor requirements, but the timing of cash receipts and payments can differ from the timing of sales and expense recognition. Budget methods should fit the decision and uncertainty being managed.
Build a small set of linked schedules before attempting a large master budget. If sales rise, explain what happens to production, inventory, collections and borrowing. Check a forecast’s assumptions as carefully as its arithmetic: a precise regression output can still be unsuitable when the underlying relationship has changed.
1.C · Performance Management · 20%
Performance management asks why results differ and who can act on the difference. Study flexible budgets, standards, responsibility centers, transfer pricing and financial and nonfinancial performance measures. A variance is a signal to investigate, not a complete explanation of a manager’s performance.
Separate the effect of activity from the effect of prices or resource use. Then ask whether a measure rewards behavior that benefits the whole business. A division can raise its own return on investment by rejecting a worthwhile project; that tension is why evaluating the incentive can matter as much as calculating the ratio.
1.D · Cost Management · 15%
Cost management explains how resources are measured, assigned and improved. Topics include cost behavior, costing systems, overhead allocation, supply-chain processes and quality costs. Keep the measurement question separate from the decision question: an allocated product cost need not be avoidable if the product is discontinued.
For an original illustration, $24,000 of setup support spread across 12 setups gives $2,000 per setup. A product using three setups receives $6,000. Explain why setups are a defensible driver before accepting the allocation. Also consider whether reducing setups saves cash now or only releases capacity for future work.
1.E · Internal Controls · 15%
Internal controls connects governance and systems safeguards to particular risks. You need to recognize control weaknesses, distinguish prevention from detection, and evaluate how a control is tested and corrected. A policy statement is not evidence that the policy operates consistently.
Consider a clerk who can create suppliers and release payments. Separate authorization from execution, then identify evidence that the separation works, such as an independently reviewed change log. If a small team cannot fully divide duties, evaluate a specific compensating review rather than simply assuming that every small organization lacks controls.
1.F · Technology and Analytics · 15%
Technology and analytics concerns information systems, data governance, automation and analysis used in finance. The aim is to judge whether information is dependable and useful for a decision. A dashboard with attractive charts can still mislead if its underlying transactions are incomplete or inconsistently classified.
Before interpreting a sales trend, check the unit of observation, duplicate records, missing periods and changes in product mix. Separate a description of what happened from a prediction or a proposed action. If two variables move together, identify plausible alternative explanations before claiming that one caused the other.
What the Part 2 syllabus covers
Part 2 uses financial information to choose among alternatives: interpret performance, obtain funds, evaluate projects and manage risk while meeting professional obligations.
The explanations below are a guided syllabus map with original applications. They summarize major areas rather than reproduce every official learning outcome. Open the linked lesson for instruction and the official Learning Outcome Statements for the complete checklist.
2.A · Financial Statement Analysis · 20%
Financial statement analysis uses reported information to assess liquidity, profitability, efficiency and financial risk. Ratios need context: business models, seasonality and accounting choices can make two superficially similar numbers mean different things. Earnings quality and cash conversion help test the story told by profit.
Suppose receivables grow substantially faster than sales. That may signal slower collections, a change in credit policy, an acquisition or a different sales mix. Calculate the relevant measures, identify the information needed to distinguish those explanations, and avoid treating a single ratio as a diagnosis.
2.B · Corporate Finance · 20%
Corporate finance connects funding, risk and liquidity. Study financing choices, capital markets, cost of capital, working capital and international financial considerations. Match the financial claim and cash flow being evaluated: a rate appropriate for equity is not automatically appropriate for all operating cash flows.
A profitable business can still face a cash shortage if customers pay after suppliers must be paid. Trace the operating cycle, compare financing choices and examine the costs and constraints of each. A low quoted borrowing rate does not by itself answer questions about maturity, access to funds or exposure to rate changes.
2.C · Business Decision Analysis · 25%
Business decision analysis brings together contribution, pricing and incremental alternatives. The relevant model depends on capacity and on which costs change. Learn to distinguish sunk expenditure, unavoidable allocations and genuine opportunity costs before using a familiar formula.
For example, a special order can add contribution when a factory is idle but destroy value if it displaces more profitable regular work. Write the alternatives and the scarce resource first. In a product-mix problem, contribution per machine hour may be the useful comparison even when another product has higher contribution per unit.
2.D · Enterprise Risk Management · 10%
Enterprise risk management considers uncertainty in relation to objectives, risk appetite and possible responses. Evaluate likelihood, impact, dependencies and the exposure that remains after a response. Transferring one financial consequence does not remove every operational or reputational consequence.
Imagine a manufacturer with one critical supplier. Insurance may reimburse some losses but cannot necessarily provide an immediate replacement component. Compare a second supplier, safety stock and contractual protections against their costs and remaining risks. Explain which objective each response protects and what evidence would justify changing the response.
2.E · Capital Investment Decisions · 10%
Capital investment analysis evaluates projects using dated incremental cash flows. Study cash-flow estimation, discounted methods, risk and the treatment of taxes and working capital. Project profit, cash payback and net present value answer different questions and need consistent assumptions.
Draw a timeline that distinguishes equipment purchased now, operating flows later and working capital recovered at the end. Exclude sunk research spending while including a valuable alternative use of an existing asset. After calculating a base case, change a material input such as sales volume to see whether the recommendation remains credible.
2.F · Professional Ethics · 15%
Professional ethics requires applying duties to reporting and business conduct. Learn the IMA principles and standards, then use the facts of a case to explain the issue and a justified response. Multiple duties can matter at once; a conflict of interest may also make an incomplete report misleading.
If an analyst hides a downside forecast to protect a bonus, the response must address the omitted information and the personal incentive. Identify the material facts, applicable policy and appropriate resolution route. An answer that merely says “be ethical” does not explain what should happen next or how confidentiality will be respected.
Read the outcome verb before choosing a practice task
The outline assigns coverage levels as well as domain weights. Its highest coverage level includes applying and evaluating knowledge; definitions alone are not enough. Use a progression from explaining a concept to calculating with it and then judging whether it fits a particular decision.
Take contribution margin as an example. First explain what remains after variable costs. Next calculate the contribution from a proposed order. Finally evaluate the order when machine time is scarce or a regular customer would be displaced. The topic label stays the same, but the required reasoning changes.
| Practice stage | Original task | Evidence of understanding |
|---|---|---|
| Explain | Why can allocated fixed overhead be irrelevant to one decision? | Identify whether the underlying cost changes. |
| Calculate | An order adds $9,000 revenue and $6,500 avoidable costs. | Calculate the $2,500 incremental benefit. |
| Evaluate | The order also displaces $3,200 of contribution. | Explain why the net effect becomes a $700 loss. |
Which syllabus and format should you use for 2027?
The outline currently linked by IMA is effective September 2024. That is its effective date, not an expiry date or proof of a new annual syllabus. No replacement 2027 outline or future publication date was verified. Start with the linked outline and learning outcomes, then recheck them before buying materials and before your sitting.
| Document or change | Date or period | What it means for your plan |
|---|---|---|
| Content Specification Outlines | Effective September 2024 | The outline currently linked by IMA. Use it for the twelve domain weights and scope. |
| Learning Outcome Statements | Effective September 2024 | Use the listed verbs to define what you must be able to do. |
| CMA Handbook checked here | March 2026 version | Retain it for policy detail, but use the current purchase terms and actual authorization for eligibility. |
| English CBQ format | Standard from September/October 2026 in most locations | Prepare for CBQs for a 2027 English sitting where offered. Confirm the region and language on your booking. |
| Japanese-language exams | CBQs announced from January 2027 | IMA Japan announces CBQs for Japanese-language exams. Do not extend the older blanket Japan essay exception to them. |
| Other regional/language formats | Appointment-specific | Check the current registration details for your location and exam language. The general calendar does not replace a local-language schedule. |
Choose a 2027 window with enough preparation time
For January/February 2027, begin planning in late 2026 and check appointment availability before making travel commitments. Work backward from the exact day, including time for mixed practice and scenario tasks. A January target leaves less preparation time than a February target.
If your foundation work or available weekly hours make that unrealistic, use May/June 2027 as the next planning option. September/October 2027 offers a later target, but check when to purchase so the authorization still covers it. A later target must also fit inside your three-year program limit.
The linked 90-day plan is an illustrative schedule for one selected part. It is not evidence that every candidate needs only 90 days. Select the window from your workload and fresh-question performance, then use the syllabus below to check complete coverage.
Turn a syllabus line into a study checkpoint
A domain percentage is an exam-content allocation, not an exact promise about the questions on your sitting and not a personal study-hours prescription. Large weights deserve sustained practice; a smaller unfamiliar domain can still need more of your time.
Step 1
Locate the domain
Mark the domain code and the associated Learning Outcome Statement.
Step 2
Translate the verb
For “calculate,” produce a result. For “evaluate,” explain a decision and its assumptions.
Step 3
Attempt a fresh task
Remove the notes and use unfamiliar inputs; a remembered answer is weak evidence.
Step 4
Record the next repair
Name the rule, interpretation or calculation step you could not reproduce.
Allocate time without confusing weights and weaknesses
Start with published weights, then adjust for what practice shows. The following is a planning example, not an IMA study-hour recommendation.
Original worked example
You have 20 review hours for Part 2. A purely weight-based starting allocation gives Business Decision Analysis 25% of that time.
20 × 25% = 5 hours as a starting allocation.
If finance errors recur while decision analysis is already secure on fresh tasks, move some hours to finance. Keep every domain in the review cycle; do not interpret 25% as a guaranteed question count.
Common questions
- Do Part 1 and Part 2 have different exam windows?
- No. Both use the January/February, May/June and September/October computer-based windows, and you can take either part first. Your authorization and available Prometric appointments determine your actual sitting.
- What is the next CMA window after October 2026?
- January/February 2027 is the next window in IMA’s annual pattern and is named in IMA Middle East’s exam information. Check your authorization and the available Prometric appointments before selecting a day.
- When will I receive my 2027 CMA results?
- If IMA’s approximate six-week guidance after the testing month applies, January 2027 points to around mid-March and February to around mid-April. These are planning estimates, not announced dates. Follow the notice for your CBQ sitting.
- What are the CMA registration deadlines for 2027?
- No universal 2027 cutoff was verified. IMA’s current English CBQ purchase terms give eight months from the invoice date to sit; your authorization supplies the actual dates. Book the appointment separately, preferably at least four weeks ahead. Do not treat older February 15, June 15 or October 15 cutoffs as confirmed 2027 deadlines.
- Does the fee total include everything?
- No. $1,390 professional or $1,039 student/academic covers program entrance and one registration for each part at the listed rates. Membership and other costs are separate; confirm the price for your member category at checkout.
- Is there a new CMA syllabus for 2027?
- No replacement 2027 outline was verified in the checked sources. IMA currently links the outline effective September 2024. Use it and the Learning Outcome Statements to prepare, and check for a replacement before your sitting.
- Do smaller topics have their own weights?
- The outline publishes weights for the major domains, not every subtopic. Do not infer weighting from the order or number of listed subtopics.
- Where can I download the official CMA syllabus?
- Open Sources and editorial notes at the bottom of this page for the official Content Specification Outlines and Learning Outcome Statements links. They are separate from the optional practice PDFs offered by email.
Sources and editorial notes
Source check: . MiloPrep editorial team. Official facts and provider offer claims are identified below. Study schedules, examples and recommendations are editorial; they are not official questions, a required study-hour total or a passing guarantee.
- IMA certification steps and resources ↗
Part order, recurring windows and certification steps. Its brief deadline summary conflicts with the detailed handbook; see the requirements guide.
- IMA Middle East: January/February 2027 window reference ↗
Names January/February 2027 as an exam window. The promotion expired on 14 September 2026; it is not a current discount, registration deadline or complete 2027 calendar.
- IMA English CBQ purchase and eligibility window ↗
Current purchase page: eight months from invoice purchase date to sit; eligibility dates confirmed in Prometric. This differs from the March handbook’s fixed-window registration wording.
- IMA Middle East: exam results and performance reports ↗
Approximately six weeks after the testing month ends; results by email and IMA transcript. Failed-candidate reports about 14 days later. No fixed CBQ release calendar is supplied.
- IMA CMA Handbook, March 2026 (PDF) ↗
Pages 4-6: certification deadlines; 7-9: format, windows, older registration cutoffs and appointment changes; 10-13: exam day, scoring and reports. The current CBQ purchase page describes a different, eight-month authorization period.
- IMA CMA enrollment and public prices ↗
Browser check on 11 October 2026: $300 entrance fee and $545 per part before member-category discounts; active membership required. Confirm the applicable purchasing page for your location and exam language.
- IMA CMA frequently asked questions ↗
Retakes, reports and the fee section: $300/$545 professional; $225/$407 student or academic. A separate older retake paragraph lists conflicting prices. Verify the applicable member price at checkout.
- IMA Content Specification Outlines (PDF) ↗
Effective September 2024; page 5 lists the twelve domain weights. Use the newer handbook for question format.
- IMA Learning Outcome Statements (PDF) ↗
Expected knowledge and application within each domain; not a question bank or a study-hour requirement.
- IMA Japan Chapter: January 2027 CBQ announcement ↗
Japanese-language CBQs announced from January 2027. The former campaign schedule now redirects; use the Japan Chapter and current local registration for dates. Do not generalize to English-language exams.
MiloPrep is an independent study resource and is not affiliated with or endorsed by IMA or the providers discussed. Editorial methodology · About the editorial team.
Notes
- * Booking targets: Booking targets are recommendations, not registration deadlines: aim at least four weeks before your chosen day. For current English CBQ purchases, IMA gives eight months from the invoice date to sit; use your authorization’s actual end date. No universal 2027 registration cutoff was verified at the 11 October 2026 check. ↩ Return to content
- ** Result estimates: Result months are estimates, not announced release dates. Confirm CBQ timing in your IMA notice. ↩ Return to content