CMA Exam Changes: Everything You Need to Know
Beginning in 2021, there are changes to both parts of the CMA exam, with the most significant changes occurring in Part 1 of the exam. Read here to learn more about them.
CMA Exam Updates
The CMA exam is updated every few years to ensure it is testing information that is most relevant to management accounting and finance professionals.
The ICMA’s most recent job analysis study showed content areas that needed adjusted based on the most in demand expertise for today’s management accounting professionals. This has resulted in changes to the CMA exam, and if you’re wondering what those changes are, you’re in luck! Read on. The most recent changes to the CMA exam took effect January 1, 2020 and are summarized here.
| CMA Exam Part 1 Changes | |
|---|---|
| New Title | Financial Planning, Performance, and Analytics |
| New Content | Technology and Analytics |
| Integrated Reporting | |
| Reduced Content | Planning, Budgeting |
| Forecasting, Cost Management | |
| Deleted Content | Internal Auditing, Off-Balance Sheet Financing |
| CMA Exam Part 2 Changes | |
|---|---|
| New Title | Strategic Financial Management |
| New Content | Business Ethics |
| Sustainability and Social Responsibility | |
| Reduced Content | Financial Statement Analysis |
| Investment Decisions | |
| Deleted Content | Bankruptcy |
Changes to Part 1
Technology is transforming the management accounting profession, and that is now reflected in Part 1 of the CMA exam with the addition of a new section on Technology and Analytics.
This new section accounts for 15% of the Part 1 exam and will cover:
- Information Systems
- Data Governance
- Technology-enabled Finance Transformation
- Data Analytics
With the addition of this new section, the Planning, Budgeting, and Forecasting section of the exam has been reduced from 30% to 20% of the Part 1 exam, and the Cost Management section has been reduced from 20% to 15%.
Other changes include the addition of testing integrated reporting in the External Financial Reporting Decisions section and removing off-balance sheet financing.
Part 1
Changes Summary:
- 1. New Title: Financial Planning, Performance, and Analytics
- 2. New Content: Technology and Analytics, Integrated Reporting
- 3. Reduced Content: Planning, Budgeting, and Forecasting, Cost Management
- 4. Deleted Content: Internal Auditing, Off-Balance Sheet Financing
Changes to Part 2
Being able to apply an ethical and strategic framework to decision making in a complex, digital world is a skill every accounting and finance professional needs.
In light of this, updates to Part 2 of the exam will expand the Professional Ethics and Decision Analysis sections by 5% each. To make room for this expansion, the Financial Statement Analysis and Investment Decisions sections will be reduced by 5% each.
Other changes include no longer testing bankruptcy, tax implications of transfer pricing, or the distinction between reorganization and liquidation in the Corporate Finance section and no longer testing methods to monitor ethical compliance or requirements of SOX Section 406 – Code of Ethics for Senior Financial Officers in the Professional Ethics section.
Part 2
Changes Summary:
- 1. New Title: Strategic Financial Management
- 2. New Content: Business Ethics, Sustainability and Social Responsibility
- 3. Reduced Content: Financial Statement Analysis, Investment Decisions
- 4. Deleted Content: Bankruptcy, Tax Implications of Transfer Pricing
More Resources on Taking the CMA Exam
We have an entire section of our site dedicated to resources about the CMA exam. You can check it out here, or you can choose from a few of our favorite articles below. Each tackles a specific pain point related to taking the CMA exam.
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