Indications of CMA Exam Difficulty: Exam Content and Structure
The
Institute of Certified Management Accountants (ICMA) has extrapolated on the
CMA exam content in the content specification outlines (CSOs). The CSOs reveal
that the CMA exam has 2 parts:
·
Part 1: Financial, Planning, Performance, and Analytics
·
Part 2: Strategic Financial Planning
The first exam part addresses 5 topics:
1.
External financial reporting
decisions
2.
Planning, budgeting, and forecasting
3.
Performance management
4.
Cost management
5.
Internal controls
6.
Technology and Analytics
The second
exam part covers 6 content areas:
1.
Financial statement analysis
2.
Corporate finance
3.
Decision analysis
4.
Risk management
5.
Investment decisions
6.
Professional ethics
Furthermore,
the CSOs list 22 total subject areas under Part 1 and 19 total subject areas
under Part 2. Then, the Learning Outcome Statements (LOSs), an additional exam
resource provided by the ICMA, digs deeper into the topics and subject areas
described in the CSOs to reveal the tasks CMAs must be able to perform. The
LOSs list hundreds of tasks under both Part 1 and Part 2.
Clearly, the
CMA exam covers a lot of topics. And it does so using a large number of
questions. Each CMA exam part contains 100 multiple-choice questions (MCQs) and
2 30-minute essay
scenarios containing about 8-10 written
response questions.
The CMA
exam is also quite long. To answer all of these questions, candidates have 4
hours of total testing time: 3 hours for the MCQs and 1 hour for the essays.
While the
CMA exam may not have as many parts, topics, or questions as some other
accounting certification exams, it nevertheless is a complex assessment that
asks a lot of candidates.
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