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Aug 29, 2026
The key difference between CMA Part 1 and Part 2 is their subject focus. CMA Part 1 covers Financial Planning, Performance, and Analytics, while CMA Part 2 focuses on Strategic Financial Management.
Candidates must pass both parts to earn the Certified Management Accountant (CMA) certification. However, you can take them in either order.
CMA Part 1: Financial Planning, Performance, and Analytics
CMA Part 2: Strategic Financial Management
Both parts follow a similar exam framework, but the syllabus, skills tested, and topic emphasis are different. This guide provides a complete comparison of CMA Part 1 vs Part 2, including their syllabus, difficulty, exam structure, preparation, and other key differences.
This guide provides a complete comparison of CMA Part 1 vs Part 2, including their syllabus, difficulty, exam structure, preparation, and other key differences. For a broader overview of the certification, eligibility, exam process, and preparation requirements, see our complete CMA exam and course guide.
The table below highlights the key differences between CMA Part 1 and Part 2, including their focus, exam duration, passing score, testing windows, and major content areas.
| Feature | CMA Part 1 | CMA Part 2 |
|---|---|---|
| Official title | Financial Planning, Performance, and Analytics | Strategic Financial Management |
| Main focus | Planning, performance, cost, controls, and analytics | Financial analysis, finance, decisions, risk, and investments |
| Exam duration | 4 hours | 4 hours |
| Passing score | 360/500 | 360/500 |
| Testing windows | Jan/Feb, May/Jun, Sep/Oct | Jan/Feb, May/Jun, Sep/Oct |
| Can be taken first? | Yes | Yes |
| Largest content area | Planning, Budgeting, and Forecasting / Performance Management | Business Decision Analysis |
CMA Part 1 is officially called Financial Planning, Performance, and Analytics. It focuses on how organisations plan, measure, control, and analyse financial and operational performance. According to IMA's CMA content specification, Part 1 covers six major areas, including External Financial Reporting Decisions, Planning, Budgeting, and Forecasting, Performance Management, Cost Management, Internal Controls and Technology and Analytics.
| CMA Part 1 Subject | Weight |
|---|---|
| External Financial Reporting Decisions | 15% |
| Planning, Budgeting, and Forecasting |
20% |
| Performance Management | 20% |
| Cost Management | 15% |
| Internal Controls | 15% |
| Technology and Analytics | 15% |
CMA Part 2 is officially called Strategic Financial Management. While Part 1 emphasises planning and performance, Part 2 moves further into financial analysis and strategic decision-making.
Six core areas covered in the CMA Part 2 exam include;
| CMA Part 2 Subject | Weight |
|---|---|
| Financial Statement Analysis | 20% |
| Corporate Finance | 20% |
| Business Decision Analysis | 25% |
| Enterprise Risk Management | 10% |
| Capital Investment Decisions | 10% |
| Professional Ethics | 15% |
For a broader breakdown of the subjects, syllabus structure, and CMA course information, you can also explore our CMA syllabus and course guide.
The two exam parts follow the same general examination framework. Each part has a four-hour testing appointment. The English CMA exam is also undergoing a question-format transition.
For the May/June 2026 testing window, candidates could choose between essays and case-based questions for each part. This was the final English testing window in which essays were offered in most regions.
Beginning with the September/October 2026 testing window, case-based questions become the standard format for the English CMA exam in the Americas, Europe, the Middle East, Asia Pacific, and Africa, subject to the regional exceptions specified by IMA.
Case-based questions present information in a business scenario and require candidates to apply their knowledge to that scenario.
For a detailed explanation of the latest format and other updates, read our guide to the latest CMA exam changes.
The CMA exam is offered during three testing windows each year:
You can take Part 1 and Part 2 in different windows. For example
Or
The exact registration and scheduling deadlines should be checked on the IMA website before you register.
For the September/October 2026 window, IMA lists:
Both CMA exam parts use the same scoring system. The score ranges from 0 to 500, and the minimum passing score is 360. You must pass both parts. The 360 score is a scaled score. It should not be treated as a simple percentage of questions answered correctly.
IMA does not require candidates to pass Part 1 before taking Part 2. You can choose the order based on your background and preparation strategy.
There is no universally best order to start learning CMA. Your academic background, work experience, and familiarity with the subjects should guide your choice.
There is no official IMA classification stating that one part is harder than the other. Difficulty varies from candidate to candidate. A management accounting professional may find Part 1 more familiar. Someone with a finance background may find Part 2 more familiar. The best way to evaluate difficulty is to compare the content specification with your own strengths.
Before taking the exam, candidates need to enter the CMA program and register for an exam part. The general process involves:
The total cost depends on the candidate category and applicable IMA membership, entrance, and examination fees. Fees can change, so candidates should check the current IMA fee schedule rather than relying on older articles.
If you are planning to pursue the CMA in Dubai, you can also review our guide to CMA course fees and exam costs in Dubai.
IMA states that candidates generally need:
The experience requirement can generally be completed before or after passing the examination, subject to IMA's applicable rules.
If your goal is to build a CMA career in Dubai, our guide on how to become a CMA professional in Dubai explains the certification pathway and key requirements in more detail.
Candidates generally have three years from entering the CMA program to pass both exam parts. If you do not complete the examination requirement within the applicable period, IMA's rules may require you to re-enter the program and retake previously passed parts.
This makes exam planning important. Choose testing windows that give you enough preparation time rather than registering for an exam simply because a window is available.
If you do not pass an exam part, you can prepare for a future testing window and retake that part. IMA states that an exam part can only be taken once during a particular testing window.
You do not need to retake a part that you have already passed, subject to the applicable CMA program rules. Use an unsuccessful attempt to identify weak content areas and adjust your study plan before the next attempt.
Effective CMA exam preparation involves understanding the syllabus, practising exam-style questions, reviewing key concepts, and developing effective time-management strategies for the four-hour exam. Candidates can choose self-study or structured instructor-led preparation depending on their academic background, professional experience, and learning preferences. For candidates seeking guided preparation, the CMA course in Dubai provides information on course coverage, exam-focused learning, and available training options.
Candidates preparing for either CMA Part 1 or Part 2 can choose a study approach based on their experience, subject familiarity, schedule, and preferred learning format. Structured training can provide additional support with syllabus coverage, practice questions, revision, and exam preparation.
Candidates looking for structured CMA training can explore the options in Dubai, Qatar, or online based on their location and preferred mode of learning.
The CMA Part 1 vs Part 2 comparison becomes much easier once you separate the content from the exam framework.
Part 1 — Financial Planning, Performance, and Analytics focuses on budgeting, forecasting, performance management, cost management, internal controls, financial reporting, and technology and analytics.
Part 2 — Strategic Financial Management focuses on financial statement analysis, corporate finance, business decision analysis, risk management, capital investment decisions, and professional ethics.
The two parts share the same broad exam framework. Both have a four-hour testing appointment, use a 360/500 passing score, and are offered during the same three annual testing windows.
The English exam format is also changing in 2026. From the September/October 2026 testing window, case-based questions become the standard format in most regions. You can take either part first. The better choice depends on your academic background, professional experience, strengths, and available preparation time.
Before registering, always check the latest information from IMA, particularly for exam windows, fees, question format, eligibility, scheduling rules, and certification requirements.
No. Passing Part 1 is only one step.
You must pass both exam parts and satisfy the applicable education, professional experience, membership, and other certification requirements before earning the CMA credential.
Both CMA parts require candidates to apply concepts and perform calculations. The type and emphasis of calculations vary by topic. Part 1 commonly involves areas such as budgeting, cost management, forecasting, and performance measurement, while Part 2 includes financial analysis, corporate finance, investment, and decision-analysis calculations.
