Exam Structure · IMA 2026
US CMA Exam Pattern 2026: The New CBQ Format Explained
🚨 2026 UPDATE: The IMA is replacing the essay section with Case-Based Questions (CBQs).
2 parts. 100 MCQs each. Passing score: 360/500. Here is the complete breakdown — topic by topic, format by format.
Part 1 — Syllabus Weights
6 Topics🚨 Sep 2026: Essays → Case-Based Questions (CBQs)
📌 2026 Format Change — What You Need to Know
From September 2026, the IMA is replacing the open-ended essay section with Case-Based Questions (CBQs)— structured scenarios with specific response prompts. The syllabus, passing score (360/500), and MCQ format remain unchanged. Only the essay format is affected. ClearCMA's mock exams reflect this updated format.
Part 1 — Financial Planning, Performance & Analytics
| Topic | Wt. |
|---|---|
External Financial Reporting Decisions Financial statements, revenue recognition, leases | 15% |
Planning, Budgeting & Forecasting Budget types, forecasting, variance analysis | 20% |
Performance Management Cost-volume-profit, balanced scorecard, KPIs | 20% |
Cost Management Overhead allocation, ABC, process costing | 15% |
Internal Controls Control environment, COSO, risk assessment | 15% |
Technology & Analytics Data analytics, ERP systems, AI in finance | 15% |
Part 2 — Strategic Financial Management
| Topic | Wt. |
|---|---|
Financial Statement Analysis Ratios, DuPont, quality of earnings | 20% |
Corporate Finance Capital structure, WACC, dividend policy | 20% |
Decision Analysis Make-or-buy, pricing, sensitivity analysis | 25% |
Risk Management Enterprise risk, hedging, derivatives | 10% |
Investment Decisions NPV, IRR, capital budgeting | 10% |
Professional Ethics IMA Statement of Ethical Professional Practice | 15% |
How Scoring Works
MCQ section
100 questions, 3 hours — contributes 75% of your total score
CBQ section (from Sep 2026)
2 case-based questions, 1 hour — contributes 25% of your total score
Passing threshold
360 out of 500 scaled score on each part independently
Score scale
Raw MCQ score (0–75 pts) is converted to a 0–500 scaled score via IMA's psychometric process
Testing Windows 2026
January / February
First window of the year — good for candidates who prepped over the holidays
May / June
Most popular window — aligns with many working professionals' annual review cycles
September / October
First window with mandatory CBQ format replacing essays
You have 3 years from enrollment to pass both parts
FAQ
CMA Exam Pattern — Common Questions
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