The Learning Outcome Statements (LOS) are the detailed, granular lists of exactly what the IMA expects you to know for each topic on the CMA exam. They’re organized by part, section, and topic, and they describe the specific skills and knowledge you need to demonstrate — e.g., “Calculate the cost of equity using the dividend discount model” or “Identify the components of the COSO ERM framework.” The LOS are the gold standard for what’s on the exam. Every reputable review course maps its content directly to the LOS. I tell my students to download the current LOS from the IMA website and use them as a master checklist: if you can do everything on the LOS, you can pass the exam.
