Format and Structure
| CMA | ||
| PART | FORMAT | TIME |
| Part 1 – Financial Reporting, Planning, Performance, and Control | 100 MCQs, 2 essays | 4 hours |
| Part 2 – Financial Decision Making | 100 MCQs, 2 essays | 4 hours |
| CPA | ||
| PART | FORMAT | TIME |
| Auditing and Attestation
(AUD) |
72 MCQs, 7 TBS | 4 hours |
| Financial Accounting and Reporting
(FAR) |
62 MCQs, 4 TBS | 4 hours |
| Regulation
(REG) |
66 MCQs, 8 TBS | 4 hours |
| Business Environment and Concepts
(BEC) |
76 MCQs, 6 TBS | 4 hours |
| (TBS = task-based-simulations) | ||
Content
| CMA | ||
| PART | CONTENT | ALLOCATION |
| Part 1 – Financial Reporting, Planning, Performance, and Control | External Financial Reporting Decisions | 15% |
| Planning, Budgeting, and Forecasting | 30% | |
| Performance Management | 20% | |
| Cost Management | 20% | |
| Internal Controls | 15% | |
| Part 2 – Financial Decision Making | Financial Statement Analysis | 25% |
| Corporate Finance | 20% | |
| Decision Analysis | 20% | |
| Risk Management | 10% | |
| Investment Decisions | 15% | |
| Professional Ethics | 10% | |
| CPA | ||
| PART | CONTENT | ALLOCATION |
| Auditing and Attestation
(AUD) |
Ethics, Professional Responsibilities, and General Principles | 15-25% |
| Assessing Risk and Developing a Planned Response | 20-30% | |
| Performing Further Procedures and Obtaining Evidence | 30-40% | |
| Forming Conclusions and Reporting | 15-25% | |
| Financial Accounting and Reporting
(FAR) |
Conceptual Framework, Standard-Setting, and Financial Reporting | 25-35% |
| Select Financial Statement Accounts | 30-40% | |
| Select Transactions | 20-30% | |
| Regulation
(REG) |
Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% |
| Business Law | 10-20% | |
| Federal Taxation of Property Transactions | 12-22% | |
| Federal Taxation of Individuals | 15-25% | |
| Federal Taxation of Entities | 28-38% | |
| Business Environment and Concepts
(BEC) |
Corporate Governance | 17-27% |
| Economic Concepts and Analysis | 17-27% | |
| Financial Management | 11-21% | |
| Information Technology | 15-25% | |
| Operations Management | 15-25% | |
There is an overlap of certain topics in both CMA and CPA examinations, as given below:
| OVERLAPPING TOPICS | |
| CMA PART 1 TOPICS | APPEARANCE IN CPA |
| External Financial Reporting Decisions | FAR, REG |
| Planning, Budgeting, and Forecasting | BEC |
| Performance Management | BEC |
| Cost Management | BEC |
| Internal Controls | AUD |
| CMA PART 2 TOPICS | APPEARANCE IN CPA |
| Financial Statement Analysis | FAR, AUD |
| Corporate Finance | BEC |
| Decision Analysis | BEC |
| Risk Management | BEC, AUD |
| Investment Decisions | BEC |
| Professional Ethics | AUD |
However, this does not mean the candidate takes the preparation of either examination lightly. The table above only shows that after completing the CMA examination, the candidate will be comfortable in answering the questions in the CPA examination.
