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CMA guide

CMA exam format

Part 1 focuses on planning, performance, cost, controls, and analytics. Part 2 focuses on financial statement analysis, corporate finance, decision analysis, risk, investment decisions, and ethics. Most English-language regions move to case-based questions for the September/October 2026 window, while essay exceptions continue in Japan, Mainland China, and Taiwan. Confirm the IMA handbook for your booked sitting. Part 1 focuses on planning, performance, cost, controls, and analytics. Use MiloPrep tools to plan hours for CMA alongside practice in the app.

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Total sittings

2

Structure

2 parts

Combined content time

480 min

Combined item count

200

Who this fits

Fits you if

  • FP&A, corporate finance, and management accounting professionals who want a programme aimed at internal decision support rather than public audit.

Skip if

  • Candidates who need a CPA licence for attest work, or who want investment-management charters (CFA/CAIA) as their primary path.

How to use the format numbers

  1. Step 1

    Learn Part 1 topics as decision systems

    Budgeting, variance analysis, and cost methods show up as decisions, not definitions. Practise recommending an action. Tie this stage to the published CMA weights before you expand reading. Watch for: Strong MCQ scores that do not transfer to the required scenario format because the candidate has not practised the applicable technology-enhanced tasks or written response structure.

  2. Step 2

    Practise the applicable advanced format while MCQ is still fresh

    Do not save advanced items for the final week. Use technology-enhanced CBQ tasks or written essay responses according to your booked window and locale. Tie this stage to the published CMA weights before you expand reading. Watch for: Treating decision analysis as pure NPV arithmetic without showing the relevant-cost logic required by the applicable case-based or essay scenario.

  3. Step 3

    Build Part 2 decision-analysis drills

    Relevant cost, CVP, and pricing scenarios are a large Part 2 weight. Treat them as a daily block. Tie this stage to the published CMA weights before you expand reading. Watch for: Strong MCQ scores that do not transfer to the required scenario format because the candidate has not practised the applicable technology-enhanced tasks or written response structure.

  4. Step 4

    Integrate ethics into both parts

    Ethics is not a separate vibes section. Practise IMA standards against workplace conflict stems. Tie this stage to the published CMA weights before you expand reading. Watch for: Treating decision analysis as pure NPV arithmetic without showing the relevant-cost logic required by the applicable case-based or essay scenario.

  5. Step 5

    Sit full four-hour mocks

    Protect time for the two advanced items. Strong MCQ performance does not replace practice in the applicable CBQ or essay format. Tie this stage to the published CMA weights before you expand reading. Watch for: Strong MCQ scores that do not transfer to the required scenario format because the candidate has not practised the applicable technology-enhanced tasks or written response structure.

  6. Step 6

    Match practice blocks to sitting length

    At least once a week, practise a continuous block close to published content time. Timing skill decays faster than concept recall.

Format readiness checklist

  • Know question format and duration for the next sitting
  • Have run one timed block within 20% of published length
  • Have practised any non-MCQ format the sitting uses
  • Have a pacing plan for the first and last 30 minutes
  • Have confirmed break rules on the awarding-body page
  • Have listed all 2 sittings on a calendar with recovery gaps

CMA study-week checklist

  • Open the CMA hub and mark which sittings you will book first.
  • Spend at least one block on Part 1 - Financial Planning, Performance, and Analytics high-weight topics.
  • Run one mixed set, then log every stem you missed with the correct rule.
  • Schedule one timed block near published sitting length this week.
  • Revisit one troubleshooting symptom from the hub and apply the next step.
Pro tip

Variance storytelling: Compute the variance, then connect it to the operational cause supported by the stem. The decision logic matters in both CBQ tasks and essay responses.

Tip 2

Relevant-cost framing: List sunk, avoidable, and opportunity costs before you calculate. Wrong framing beats wrong arithmetic as a failure mode.

Tip 3

If mcq strong, advanced-item performance weak, Use a format-specific checklist for the CBQ tasks or essay responses in your booked sitting.

Tip 4

If part 2 decision analysis feels endless, Drill the top decision patterns daily for two weeks, then reintroduce rarer methods.

Tip 5

Treat 2 sittings as separate format projects — do not assume one timed mock covers every CMA part.

Tip 6

If mocks are accurate on content but late on the clock, cut new reading and raise timed format blocks for two weeks.

Without structured practiceWith MiloPrep-style loops
Read chapters end-to-end with no weight mapBudget weeks to published CMA content-area ranges
Untimed question dumps until exhaustionShort diagnostics → mixed drills → timed sitting blocks
Ignore format (sims / cases / item sets)Separate format drills that match each sitting
Repeat the same miss with no error logLog stem mistakes and retest within 72 hours
PartFocus reminderCommon failure
Part 1 - Financial Planning, Performance, and AnalyticsPlanning, budgeting, cost, performance, controls, and analytics. Four-hour sitting with muStrong MCQ scores that do not transfer to the required scenario format because the candida
Part 2 - Strategic Financial ManagementStrategic finance: statement analysis, corporate finance, decision analysis, risk, investmTreating decision analysis as pure NPV arithmetic without showing the relevant-cost logic

Sitting-by-sitting format

PartFormatQuestionsDurationSessions
Part 1 - Financial Planning, Performance, and Analytics100 MCQs + 2 CBQs or essay scenarios by window and locale100 + 2 advanced items240 min1
Part 2 - Strategic Financial Management100 MCQs + 2 CBQs or essay scenarios by window and locale100 + 2 advanced items240 min1

Confirm numbers on official pages

Each part retains 100 MCQs and two advanced scenarios, but the scenario format depends on window and locale. Most English-language regions move to case-based questions with the September/October 2026 window. Japan, Mainland China, and Taiwan continue with essays. Candidates must confirm the handbook for their booked sitting. Weights below are the published content-specification ranges for each part.

How we review structure facts

MiloPrep cites awarding-body materials for CMA. Fees and pass rates are excluded when they move too often to state as facts.

Stat highlight — sittings

CMA is tracked here as 2 sittings (2 parts). Combined published content time across those sittings is about 480 minutes before breaks — use that to size weekly stamina work, then confirm live rules on Institute of Management Accountants.

Practice access

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Next steps

CMA hub

Overview of Certified Management Accountant.

Open hub

Part 1 - Financial Planning, Performance, and Analytics practice

Blueprint and sample practice for Part 1 - Financial Planning, Performance, and Analytics.

Practice

Part 2 - Strategic Financial Management practice

Blueprint and sample practice for Part 2 - Strategic Financial Management.

Practice

CMA FAQs

How many parts is the CMA exam?
Two parts: Financial Planning, Performance, and Analytics; and Strategic Financial Management.
What is the format of each CMA part?
Each part is four hours with 100 MCQs plus two advanced items. Most English-language regions use case-based questions from the September/October 2026 window, while Japan, Mainland China, and Taiwan continue with essays. Confirm the IMA handbook for your booked sitting.
Is the CMA a substitute for the CPA?
No. CMA targets management accounting and strategic finance. CPA is the US public accounting licence path.
Does MiloPrep cover both CMA parts?
Yes. The all-access plan includes Part 1 and Part 2 practice.
Where do these CMA facts come from?
From IMA CMA exam materials linked in the official source callout. CBQ and essay delivery depends on window and locale, so re-check the handbook for the sitting you booked.
How many sittings does the CMA exam include?
CMA is structured as 2 parts. On this site we track 2 sittings: Part 1 - Financial Planning, Performance, and Analytics, Part 2 - Strategic Financial Management. Confirm current windows on Institute of Management Accountants pages.
What question format should I expect on CMA Part 1 - Financial Planning, Performance, and Analytics?
Part 1 - Financial Planning, Performance, and Analytics uses 100 MCQs + 2 CBQs or essay scenarios by window and locale across about 100 scored items plus 2 simulations or cases, with roughly 240 minutes of content time. Always re-check Institute of Management Accountants before you book.