How Difficult is the US CMA Exam? Insights, Challenges, and Strategies
Published on: December 26, 2024
Table of Contents
CMA is a globally recognized professional certification for accounting and financial professionals and is offered by the IMA (Institute of Management Accountants). The exam is challenging, testing the depths of your knowledge and expertise. With a historically low industry average pass rate of 45% for both parts, fewer than half of test-takers successfully pass. The CMA US exam's reputation for being rigorous and demanding necessitates thorough preparation to overcome the hurdles and achieve success. However, the difficulty of the exam is not solely due to its complexity. Often, candidates lack proper guidance, which can hinder their success.
Top 3 Reasons Contributing To The CMA Exam Difficulty
- Curriculum
The CMA exam curriculum is more focused compared to other prominent financial and accounting exams, such as the CPA and CFA. While the CPA exam is divided into four parts and covers a broader range of topics, including auditing, business law, and taxation, the CMA exam consists of only two parts.
Part 1 focuses on financial accounting, including planning, budgeting, forecasting, as well as performance and cost management, and internal controls. Part 2 includes financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, and professional ethics
- Pass Rates
To pass the CMA Exam, you need to earn at least 360 out of 500 points on each exam part. The national first-time CMA pass rate is only 45 percent. This is the case for both Part 1 and Part 2, as of 2020.
Here’s a year wise look into the passing rates of US CMA exams.
- Exam Composition
The CMA Exam consists of two separate tests, called Part 1 and Part 2. Each exam consists of 100 multiple-choice questions and two essay questions and covers six key competencies.
CMA US SYLLABUS
The US CMA exam syllabus comprises of two parts on is Financial Planning, Performance and Analytics and the other is Strategic Financial Management. In case you happen to fail in any of these papers, you need to register for the course again. To pass the CMA Exam, you need to earn at least 360 out of 500 points on each exam part.
Each topic tested has a certain weightage in parts 1 and 2 of the CMA exam in USA. The topic-wise weightage has been tabulated below:
EXAM PATTERN
The exams are conducted thrice a year and the students can select their convenient exam dates and time from the following three windows:-
- January-February window
- May-June window
- September-October window
The US CMA papers are about 4 hours long and are divided into two formats – MCQ type and essay. You get about three hours to complete the MCQ type questions and an hour to complete the essay questions.
To unlock the essay question section, candidates must correctly answer at least 50 out of 100 MCQs. Essay questions require both written and quantitative responses. You must be able to explain concepts in a logical flow and make calculations to answer a particular essay question.
The exam score range is 0-500 and you must score at least 360 for both parts to pass the exam. Your total score in both sections will determine whether you have passed the CMA exam.
Six weeks after the end of the month, in which you took the exam, you will receive an email with your exam results.
FAQs
Can CMA exam be taken remotely?
Remote testing is currently not available for the CMA exam.
Does one have to take part 1 and 2 in this order?
No, you can take parts 1 and 2 in any order. You have the option of taking both together on the same day, although many members choose to separate their testing dates.
How long do one have to complete the exam?
Candidates must complete the CMA program within three years from the date of entry into the certification program. If both exam parts are not successfully completed within three years of entering the program, any passed part will expire, and the CMA entrance fee will need to be repaid.
What if one doesn't complete the exam in 3 years?
Candidates will lose any previous passed scores and will need to register for the exam again.
What is the pass rate for the CMA exam?
The pass rate on the CMA differs by geographic region, but averages about 50% on both parts 1 and 2.
How can one check exam results or certification status?
On the IMA website, click “My Profile” and then “My Certifications.” There, you will find your exam status and transcript, information on your work experience and education, and more.
Can candidates retake the exam?
An exam part may be taken only once in a testing window. You can sit for as many testing windows as you need in your three-year period. All retakes require a new exam registration (not CMA entrance), along with payment of appropriate fees
When do one receive the exam Performance report?
Performance Reports are sent via e-mail from Prometric to all candidates who take an exam part. The performance reports are emailed approximately 14 days after exam results are posted to the candidate’s profile.
Candidates who do not pass the exam will receive a report that indicates their performance on each of the key topic areas in the multiple-choice section as well as their overall performance on the essay section of the exam.
CONCLUSION
Although the CMA exam has fewer sections, the breadth and depth of material covered in each part make it equally challenging. This means that candidates must study a substantial amount of information for each section to increase their chances of passing.
To overcome this hurdle, consider the following strategies:
- Create a rigorous study schedule to ensure thorough coverage of each topic.
- Allocate sufficient time for each subject matter to grasp complex concepts.
- Stay committed to your study plan, even if it makes the exam preparation more demanding.
By adopting a disciplined approach, you can effectively manage the vast amount of material and improve your chances of success in the CMA US exam.
