New CMA Program
On November 24, 2010, the ICMA announced that they will be changing the CMA Exam from a 4-part
exam to a 2-part exam in 2010. Both, Part 1—Financial Planning, Performance and Control and
Part 2—Financial Decision Making will be 4-hours in length (3 hours for 100 multiple-choice
questions and 1 hour for two (2) essay questions.
Part 1-Financial Planning, Performance and Control (Levels A, B and C)
- Planning, Budgeting and Forecasting (30%)
- Performance Management (25%)
- Cost Management (25%)
- Internal Controls (15%)
- Professional Ethics (5%)
Part 2-Financial Decision Making (Levels A, B and C)
- Financial Statement Analysis (25%)
- Corporate Finance (25%)
- Decision Analysis and Risk Management (25%)
- Investment Decisions (20%)
Professional Ethics (5%)
According to the Institute of Certified Management Accountants (ICMA), which is the body that
prepares the CMA exam, the new two-part exam was reformatted to more closely align with the
knowledge, skills, and abilities that a management accountant or financial professional in business
uses on the job today. The new exam specifically focuses on testing critical skills in the areas
of financial planning, analysis, control, and decision support. Geared towards aiding in the
employability and profitability of its certification holders, the new CMA exam will allow employers
to more readily understand the applicability of the CMA to a corporate career path and allow the
candidate to more efficiently demonstrate the skills evidenced by the CMA in the workplace.
The CMA designation, which continues to be a career-enhancing credential valued and sought
by employers, will be updated next spring to align even more closely with the critical knowledge
and skill that management accountants and financial professionals use every day.
In the past, the ICMA described three (3) skill levels and designated which topics would be tested
at which levels. Level C: Requires all six skill levels: knowledge, comprehension, application,
analysis, synthesis and evaluation.
If you do not pass all four (4) examination parts of the current CMA program by the deadline, December
31, 2010, you will automatically be transferred into the new program.
For more information about certification, please visit IMA National’s web site at: