The complete CMA exam syllabus for Part 1 and Part 2 — topic weightage, key concepts, and study guidance from London Institute of Financial Studies (LIFS) Dubai. IMA official syllabus, updated for 2026.
| Topic | Weight | Key Concepts |
|---|---|---|
| External Financial Reporting Decisions | 15% | Financial statements, revenue recognition, inventory, long-term assets, investments, leases (US GAAP and IFRS) |
| Planning, Budgeting & Forecasting | 20% | Strategic planning, budgeting concepts, annual profit plans, project management, forecasting techniques |
| Performance Management | 20% | Cost and variance analysis, responsibility centres, performance measures, balanced scorecard |
| Cost Management | 15% | Measurement concepts, costing systems, overhead costs, supply chain, business process improvement |
| Internal Controls | 15% | Governance, risk, internal audit, systems controls, fraud prevention |
| Technology & Analytics | 15% | Information systems, data governance, technology-enabled finance, data analytics |
Exam format: 4 hours | 100 MCQs (75%) + 2 essay questions (25%) | Passing score: 360/500.
| Topic | Weight | Key Concepts |
|---|---|---|
| Financial Statement Analysis | 20% | Ratio analysis, profitability analysis, earnings quality, special topics |
| Corporate Finance | 20% | Risk and return, long-term financial management, raising capital, working capital, M&A |
| Decision Analysis | 25% | Cost-volume-profit analysis, marginal analysis, make-or-buy decisions, pricing |
| Risk Management | 10% | Enterprise risk management, risk identification, assessment, mitigation |
| Investment Decisions | 10% | Capital budgeting, NPV and IRR, payback, risk analysis in capital investment |
| Professional Ethics | 15% | Business ethics, IMA Statement of Ethical Professional Practice, fraud and the legal environment |
Exam format: 4 hours | 100 MCQs (75%) + 2 essay questions (25%) | Passing score: 360/500.
The CMA exam has two parts. Part 1 covers Financial Planning, Performance and Analytics (6 topics including budgeting, cost management, internal controls, and technology). Part 2 covers Strategic Financial Management (6 topics including financial analysis, corporate finance, decision analysis, and ethics). Each part is a 4-hour exam with 100 MCQs and 2 essay questions.
The IMA reviews and updates the CMA syllabus periodically; the current syllabus has been in effect since 2020 with minor updates. LIFS keeps all study materials current with the latest IMA syllabus.
Most candidates find Part 2 slightly harder due to the quantitative nature of financial statement analysis and corporate finance. With LIFS's structured preparation, both parts are achievable — the 93.9% pass rate applies to both.
IMA recommends 150–170 hours of study per part. LIFS's structured 3-month program per part covers all syllabus topics with live classes, practice exams, and revision sessions.
Absolutely. Budgeting and forecasting (Part 1) are core FP&A skills; financial statement analysis and corporate finance (Part 2) are essential for senior finance roles. Every Big 4 firm and major UAE bank values CMA-certified professionals.