CMA Part 1 or Part 2: Which to Take First?

CMA Part 1 or Part 2 First: Which Exam Should You Tackle

Understanding your background and the specific content of each part is essential when deciding whether to take CMA Part 1 or Part 2 first of the CMA Certification. Both parts test crucial management accounting skills, but the topics and difficulty levels differ. Deciding which part to tackle first can significantly impact your study approach and exam success.

In this guide, we’ll explain how to decide whether to take CMA Part 1 or Part 2 first, incorporating different professional scenarios, such as CPA holders, undergraduates, or those with strong backgrounds in finance, tax, or GAAP.

Overview of CMA Part 1 and Part 2

CMA Part 1: Financial Planning, Performance, and Analytics

CMA Part 1 focuses on financial reporting, cost management, and planning. It covers:

• External Financial Reporting (15%)
• Planning, Budgeting, and Forecasting (20%)
• Performance Management (20%)
• Cost Management (15%)
• Internal Controls (15%)
• Technology and Analytics (15%)

CMA Part 1 is more technical and accounting-focused, covering cost accounting, performance evaluation, and internal controls. Candidates with a strong accounting background might find this section more familiar.

For more details on the topics covered, check out the CMA Exam Syllabus changes and how they change for your next sitting.

CMA Part 2: Strategic Financial Management

CMA Part 2 deals with financial decision-making and is more strategic in focus. It includes:

• Financial Statement Analysis (20%)
• Corporate Finance (20%)
• Decision Analysis (25%)
• Risk Management (10%)
• Investment Decisions (10%)
• Professional Ethics (15%)

Part 2 is often seen as more conceptual and strategy-based, making it ideal for candidates with experience in finance or business management.

Check out the complete CMA Exam Pattern to understand the structure of both parts.

Key Factors to Consider When Choosing CMA Part 1 or Part 2 First

Familiarity with the Topics

If your background is in accounting or financial planning, you may find Part 1 easier. If you are more experienced in corporate finance or strategic management, Part 2 might be a better fit.

• Start with Part 1 if You’re more comfortable with technical accounting areas like cost management, variance analysis, and budgeting.
• Start with Part 2 if You excel in financial strategy, decision-making, and risk management.

Perceived Difficulty

• CMA Part 1 is often seen as more technical and requires a deep understanding of cost accounting, internal controls, and financial planning. Some candidates may find this more challenging.
• CMA Part 2 tends to focus more on decision-making and strategy, which some may find more intuitive if they have experience in corporate finance or financial analysis.

To better understand what other candidates have experienced, check out How Hard is the CMA Exam to read about the perceived difficulty of each part.

Study Flow and Balance

• Start with Part 2 for momentum: If you prefer a more intuitive section, start with Part 2's strategic and conceptual focus to build confidence.
• Start with Part 1 to build a solid foundation: Candidates who prefer technical content should start with Part 1, which builds a strong foundation for Part 2's financial analysis.

Time Constraints

Your available study time will also play a role. If you’re under time pressure, consider which part you feel more comfortable with:

• Tight deadlines: IIf short on time, Part 2 may be quicker, especially with a finance background.
• Flexible schedule: With more time, start with Part 1 to build a solid understanding of accounting and financial performance for Part 2.

Read How Long Does It Take to Become a CMA for more details on how long it takes to prepare for each section.

Combination with Other Certifications

The order in which you take CMA Part 1 or Part 2 can depend on other certifications you hold or are pursuing:

• CPA or Strong in GAAP: If you’re a CPA or strong in GAAP, Part 1 overlaps with CPA exam topics such as cost accounting and financial reporting.
• Finance (FRM, CFA): If you have experience in finance (e.g., CFA or FRM), Part 2 will align more with your knowledge base, making it easier to start with.
• MBA Candidates: If you’ve covered corporate finance and decision-making in your MBA, Part 2 would likely be a smoother start.

Exam Testing Windows

The CMA exam is offered during three testing windows annually: January-February, May-June, and September-October.

• IIf taking both parts together, start with the one you're most comfortable with. You can find out more about the CMA Exam Fees and Costs, which might influence how you schedule your exams across the testing windows.

Recommended Path for Most Candidates for CMA Part 1 or Part 2

Here’s a simplified guide based on different scenarios:

• Start with Part 2 if:
  • You have a background in finance, corporate strategy, or business management.
  • You’re looking for a confidence boost before moving on to the technical topics in Part 1.
• Start with Part 1 if:
  • You have strong skills in accounting and want to build a solid technical foundation.
  • You prefer to tackle the more complex, calculation-based section first to get it out of the way.

For more resources, check out How to Register for the CMA Exam to ensure you’re fully prepared to start with your chosen part.

CMA Exam Pass Rates

It’s also helpful to consider CMA exam pass rates. Historically, Part 1 has a slightly lower pass rate due to its technical nature, while Part 2 tends to have a higher pass rate because of its more strategic focus. Review the CMA Exam Pass Rates to assess your potential for success in each part.

Conclusion on Should I take CMA Part 1 or Part 2 first

Choosing between CMA Part 1 or Part 2 first depends on your background, familiarity with the content, and study preferences. Both parts require dedicated preparation, but choosing the right one can set you up for success.

For further insights, visit the CMA Study Plan and Tips and build a schedule that fits your timeline and expertise.

For a comprehensive overview of the CMA USA program, check out our detailed guide on CMA USA Course Details.

Additional insights

• Tips to pass CMA Part 1 in first attempt
• CMA Part 1 forumlas for easy reference
• CMA Exam centres
• CMA High yield topics
• How to pass CMA Part 1