It’s no secret that the CMA exam is challenging. Preparing for it, studying, and fulfilling all the necessary requirements is a long, arduous process, and many people have reservations about the time and cost involved. That’s fair!
However, I know that it’s worth it. The CMA certification can open doors to more senior positions, higher salaries, and greater career satisfaction.
How do I know?
I earned my CMA in 2012, and in the years following that, I’ve helped thousands of people do the same. In that time, I’ve been asked many of the same questions.
I’m always happy to answer any questions, and to make those answers even easier to access, I’ve compiled them below into one CMA FAQ post.
Please scroll through for the answers—if there’s something I missed, leave a comment at the end, and I’ll be sure to respond.
Let’s get into these FAQs for CMA candidates.
- What is the first step in preparing for a CMA?
- How long does it take to complete a CMA course?
- What is the success rate of CMA Exam Academy students?
- Are there any prerequisites for the CMA?
- Am I too old for the CMA if I’m over 40+?
- What are the benefits of becoming a CMA?
- How should I prepare for the CMA exam?
- What are the continuing education requirements for CMAs?
- How much can I earn in annual salary after I get the CMA?
- How many times can you fail the CMA exam?
- How many questions can you get wrong on the CMA exam?
- Can I retake the CMA exam if I don’t pass?
- What’s the total investment needed to obtain the CMA?
- Can I open my own firm as a CMA?
- What does a CMA need to do to stay relevant?
- How many people pass the CMA exam first try?
- Which book is best for CMA preparation?
- Which CMA part is easier?
- What are common CMA mistakes to avoid?
- How should you adjust your prep strategy when the new Case-Based Questions (CBQs) format rolls out?
- What are the best ways to practice time management during the exam (MCQ and essays/CBQs)?
Originally published on July 18th, 2023, this article was updated and republished on March 3rd, 2026
What is the first step in preparing for a CMA?
I recommend that the first step you take in becoming a Certified Management Accountant (CMA) is to enroll in a CMA review program. Many candidates assume they should join the Institute of Management Accountants (IMA) first, but enrolling with a review provider such as CMA Exam Academy can offer meaningful advantages. For example, our students receive a 15% discount on IMA membership fees, making it more cost-effective to enroll with us before signing up directly.
Once enrolled, you can proceed with joining the IMA and registering for Part One and Part Two of the CMA exam. Given the rigor of the CMA, starting with a structured review program also ensures you have a clear roadmap and study plan from the outset, helping you stay organized, avoid delays, and make the most of both your time and financial investment.
How long does it take to complete a CMA course?
The duration of a CMA course can vary, but with dedicated preparation, it’s possible to complete the certification process and become a CMA in just over eight months. I designed my 16-Week Accelerator Program to help candidates pass both exam parts while balancing work and personal commitments.
However, the overall timeline to become a CMA can be longer when considering the full requirements. You’ll need an undergraduate degree and two years of professional experience. Preparation for the CMA exam itself often ranges from 8-12 months, depending on your schedule flexibility and study plan.
In total, becoming a CMA can take upwards of three years without factoring in the undergraduate degree.
What is the success rate of CMA Exam Academy students?
At CMA Exam Academy, we take pride in our students’ achievements. We have several case studies showcasing numerous success stories, with an impressive 92% pass rate among those who followed our structured study plan and utilized our resources effectively.
Here’s what one student had to say about her experience:
“CMA Exam Academy is the sole reason I am a CMA. I had previously purchased another program and found it so overwhelming, I gave up. The structure and pace provided by the Academy made it possible for me to master the material while working full-time. I also appreciated how responsive the team was to any questions I had. Thank you!”
-Stacey Baker, CMA
Are there any prerequisites for the CMA?
Yes, the CMA certification has specific prerequisites. Candidates must hold a bachelor’s degree (or equivalent professional certification) from an accredited institution, become a member of the Institute of Management Accountants (IMA), and meet the work experience requirements of two consecutive years in a relevant field, or four consecutive years in a part-time role.
Am I too old for the CMA if I’m over 40+?
Absolutely not! The CMA certification is valuable at any stage of your career. Many professionals pursue the CMA later in their careers to enhance their skills, advance to leadership roles, or transition into new industries.
Age is not a barrier. The key is your dedication and commitment to professional growth. I’ve had students in their 60s earn their CMA after completing our 16-Week Accelerator Program.
What are the benefits of becoming a CMA?
Earning the CMA certification has many benefits: it can significantly boost your career prospects and earning potential. Here are a few key advantages:
- Higher Earning Potential: CMAs consistently earn higher salaries compared to non-certified professionals. According to the IMA’s 2023 Salary Survey, the median base annual salary for CMAs in the USA was around $124,000, with the median total compensation reaching about $139,000.
- Diverse Career Opportunities: Becoming a CMA opens doors to a wide range of career paths across many industries. CMAs are highly sought after for roles such as corporate accountants, accounting managers, financial strategists, chief financial officers, and corporate controllers. The versatile skill set allows CMAs to thrive in both private and public organizations, as well as non-profit entities and academic institutions.
- Global Recognition and Mobility: As a globally recognized certification, the CMA is respected and valued by employers worldwide. This international recognition provides CMAs with increased career mobility, enabling them to pursue opportunities across borders and work in different countries without facing significant barriers.
- Enhanced Credibility and Expertise: Earning your CMA demonstrates a commitment to professional excellence and a mastery of critical skills in areas such as financial analysis, risk management, strategic decision-making, and corporate governance. This expertise enhances a CMA’s credibility and positions them as trusted advisors to senior management and stakeholders.
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How should I prepare for the CMA exam?
Structured preparation is critical for success on the CMA exam. I’ve compiled all of my essential study secrets into a single guide, including proven strategies and tips to help you study effectively, manage your time wisely, and approach the exam with confidence.
Utilizing a structured review course and practice materials can significantly improve your chances of passing on the first attempt.
What are the continuing education requirements for CMAs?
As with most professional certifications, CMAs need to earn continuing education hours each year.
To maintain their certification, CMAs must complete 30 hours of Continuing Professional Education (CPE) credits annually, with two of those hours dedicated to professional ethics. CPE hours are a great way to stay up-to-date with current technology and new trends in the industry.
CPE Flow, a platform offering engaging, entertaining video masterclasses, is a convenient and fun way to fulfill these requirements and ensure you stay up-to-date with the latest industry developments.
How much can I earn in annual salary after I get the CMA?
The CMA certification is highly valued in the job market, and certified professionals typically earn higher salaries than their non-certified counterparts. According to the latest salary survey, the median annual salary for CMAs in the USA is around $124,000, with total compensation reaching $139,000.
However, earning potential can vary based on industry, location, and experience.
How many times can you fail the CMA exam?
There is no lifetime limit on how many times you can retake the CMA exam. However, you must pass both exam parts within three years of entering the CMA certification program. If you only pass one part within that three-year window, you will need to take and pass both parts again after the window expires.
If you fail a part, you can register to retake it during a future testing window. Many successful CMAs did not pass on their first attempt, so it’s important not to give up. What matters most is identifying your weak areas, adjusting your study strategy, and strengthening your understanding before your next attempt. With the right preparation and persistence, passing the exam is absolutely achievable.
How many questions can you get wrong on the CMA exam?
The CMA exam is scored on a scale of 0 to 500, and you need a minimum score of 360 to pass. Because the exam uses scaled scoring, there isn’t a fixed number of questions you can get wrong and still pass. Your final score reflects overall performance rather than a simple percentage of correct answers.
Although the CMA exam uses scaled scoring, you must meet a minimum threshold in the multiple-choice section to advance. Each exam part includes 100 multiple-choice questions (MCQs), but only 90 are graded—the remaining 10 are pretest questions. To proceed to the next section, you must correctly answer at least 50% of the graded MCQs.
Can I retake the CMA exam if I don’t pass?
Yes, candidates who don’t pass the CMA exam on their first attempt can retake it as many times as needed, subject to the IMA’s policies and fees. Unfortunately, about half of all people who take the exam fail on their first attempt.
Because of this, I created a comprehensive guide on retaking the CMA exam. It’s full of valuable insights and strategies to improve your chances of success on subsequent attempts.
What’s the total investment needed to obtain the CMA?
The total investment needed to obtain the CMA certification includes the IMA membership fee, exam registration fees, study material costs, and potentially a review course. While costs can vary, my detailed breakdown of the CMA exam cost estimates the total investment to be around $2,000 to $3,000, which is worthwhile considering the long-term career benefits and earning potential.
Can I open my own firm as a CMA?
Absolutely! Becoming a CMA equips you with the knowledge and skills necessary to pursue various career paths, including starting your own accounting or consulting firm. Many CMAs have successfully established their own Fractional CFO businesses, leveraging their expertise in financial management, strategic planning, and business advisory services.
What does a CMA need to do to stay relevant?
To remain relevant in the ever-evolving management accounting field, CMAs might want to prioritize continuous learning and professional development. Staying up-to-date with industry trends, new technologies, and best practices through continuing education, networking groups, and active engagement in the CMA community is essential for career growth and adaptability.
How many people pass the CMA exam first try?
Globally, the average pass rate for each part of the CMA exam is around 50%. This means that roughly half of all candidates pass a given exam part on a single attempt.
While there is no official statistic specifically for first-time pass rates, these overall pass rates provide a good indication of the exam’s level of difficulty. The CMA exam is challenging, but it is passable with the right preparation.
In fact, students who follow a structured review approach tend to perform significantly better. For example, the CMA Exam Academy reports a 92% average pass rate among its students, proving the impact that guided preparation, consistent practice, and exam-focused strategy can have.
Your study approach plays a huge role in whether you pass the CMA exam on your first attempt. Following a structured study plan, completing enough practice questions, and taking full-length mock exams can significantly improve your chances of success on exam day.
Which book is best for CMA preparation?
There isn’t a single “best” book that guarantees success on the CMA exam. The IMA has not published an official branded textbook for the CMA program. Instead, several approved CMA partners, such as CMA Exam Academy, offer study resources, including textbooks and full review courses.
In most cases, the most effective way to prepare is through a comprehensive CMA review course rather than relying on a standalone textbook. A good CMA review program typically includes a structured study plan, textbooks, video lectures, practice questions, mock exams, and answer explanations.
While textbooks are useful for learning and understanding core concepts, passing the CMA exam requires more than just reading. A combination of different learning formats helps reinforce knowledge, improve retention, and give you ample opportunity to apply what you’ve learned through practice questions.
Which CMA part is easier?
Whether Part One or Part Two of the CMA exam feels easier depends largely on your academic background and professional experience.
Part One (Financial Planning, Performance, and Analytics) is often more manageable for candidates with a strong accounting foundation. On the other hand, Part Two (Strategic Financial Management) may feel more intuitive for candidates with a finance background.
The good news is that you can take Part One and Part Two in any order. Beginning with the section where you have a natural advantage can help you build confidence and momentum as you move through the process.
What are common CMA mistakes to avoid?
Some of the most common mistakes CMA candidates make include:
- Underestimating the difficulty of the exam
- Studying without a structured plan or clear goals
- Focusing too heavily on memorization instead of understanding and application
- Neglecting rest and overall physical or mental well-being
- Skipping practice questions and mock exams
- Poor time management during the exam
- Failing to review answers before submitting them
The CMA exam tests both your knowledge and your ability to apply core concepts in practical scenarios. That’s why your study strategy should go beyond simply reading or watching lectures. It should also include consistent practice, exam simulations, and active application of what you’ve learned.
This becomes even more important with the upcoming case-based questions (CBQs), which place greater emphasis on analytical thinking and real-world problem-solving.
How should you adjust your prep strategy when the new Case-Based Questions (CBQs) format rolls out?
With the introduction of case-based questions (CBQs) in 2026, the focus of the CMA exam shifts more toward the real-world application of learned concepts.
Rather than simply recalling formulas or memorizing definitions, candidates will need to interpret business scenarios, analyze data, and work through multi-step problems accurately. CBQs also place less emphasis on lengthy written responses and grammar.
Because of this change, your preparation should involve practicing scenario-based questions, strengthening your analytical and critical thinking skills, as well as learning to apply formulas and calculations to real-world business contexts.
It’s important to remember that the CMA syllabus itself is not changing. The same topics, concepts, and learning outcomes still apply. What’s evolving is simply the format of the written section.
What are the best ways to practice time management during the exam (MCQ and essays/CBQs)?
Time management is one of the most important skills you need to develop in order to pass the CMA exam. Even strong candidates can struggle if they mismanage their time.
For the MCQ section:
- Aim to spend about 1.5 minutes per question.
- Avoid getting stuck on particularly challenging questions.
- Flag difficult questions and return to them after completing the rest.
- If time is running short, make an educated guess, as there is no penalty for incorrect answers.
For the CBQ section:
- Read the scenario and questions carefully before beginning your response.
- Keep your answers structured, clear, and concise.
- Answer every question, even if you’re unsure, as partial credit is awarded even if your final answer isn’t 100% correct.
The best way to improve your time management skills is by taking full-length mock exams under timed conditions. Simulating exam-day pressure helps you refine your pacing and build confidence before sitting for the actual test.
CMA Exam Academy: Your Partner in Success
Ready to take the plunge and prepare for the CMA exam? The CMA Exam Academy’s 16-Week Accelerator Program includes structured guidance, expert instruction, and proven strategies to help you pass the CMA exam on your first attempt and unlock a world of career opportunities.
You’ll follow a detailed 16-week study plan for each part, have weekly coaching calls with your dedicated CMA coach, and receive weekly assignments with accountability follow-ups to keep you on track. You’ll also get access to 4,000+ practice questions, 35+ essay questions with model answers, complete video and audio review lectures, printed and digital textbooks covering 100% of the ICMA Learning Outcome Statements, formula guides, mobile flashcards, a 24/7 AI CMA Coach, and even an in-person exam rehearsal at a Prometric site.
Backed by a 92% average pass rate and our Pass-or-Refund Guarantee, the program gives you both the structure and personalized support you need to walk into exam day confident and fully prepared.
Let me know in the comments below if you have any additional questions.
Hi, I’m Nathan Liao (aka the CMA Coach)! For the last 10 years, over 82,000 accounting and finance pros came knocking at my door seeking guidance and help. If you’re also aiming to conquer the CMA exam on your very first try—without wasting away time or money—you’ve found your ultimate guide. Dive in deeper to discover more about me and the dedicated team that powers CMA Exam Academy. Click here and let’s embark on this journey together!
