US. CMA Part 1 - Practice Exam NEW 2026

CMA Part 1 Exam Updates & Preparation Strategies (2024-2025)

The CMA (Certified Management Accountant) Part 1 exam is undergoing several updates for the 2024-2025 testing window. Here's a breakdown of key changes and essential study tips to help you succeed.

Key Changes to the CMA Part 1 Exam (2024-2025)

Consolidated Financial Statements (Section A.1):

• Understanding Consolidated Statements: Candidates must now demonstrate proficiency in defining consolidated financial statements.
• Consolidation Models: Knowledge of two consolidation models is required: the variable interest entity model and the voting interest model.
• Consolidation Accounting: A strong understanding of three types of consolidation accounting is crucial: full consolidation, proportionate consolidation, and equity consolidation.
• Intracompany Transactions: You need to understand how to identify and eliminate intracompany balances and transactions during the consolidation process.

Contribution Margins (Section C.2):

• Calculating Contribution Margins: The exam now includes questions requiring you to calculate contribution margins.
• Analyzing Contribution Margin Reports: You'll need to be able to analyze contribution margin reports and evaluate performance based on this information.

Types of Costs and Cost Behavior (Measurement Concepts):

• Updated Focus: The topic "Cost Behavior and Cost Objects" has been updated to "Types of Costs and Cost Behavior."

Process Costing and Other Costing Systems (Section D.2):

• Process Costing Removed: Process Costing is no longer a focus area. This knowledge is now covered under the broader category of "Other Costing Systems."

Corporate Overhead (Section D.3):

• Terminology Update: The term "plant-wide overhead" has been updated to "corporate overhead."

Theory of Constraints (Section D.4):

• No Longer Tested: The Theory of Constraints is no longer a part of the exam content.

Business Process Improvements (Section D.5):

• Changes to Topics: Significant updates have been made to business process improvements.
  • Activity-based management and efficient accounting practices have been removed.
  • Best practice analysis is now "benchmarking and best practice analysis."

Governance, Risk, and Compliance (Section E.1):

• New Topics: Two new topics have been added: "testing methods for internal controls" and "control deficiency remediation."

Data Management (Section F.2):

• Data Governance Focus: Topics related to data management have been integrated into the data governance section.

Data Analytics (Section F.4):

• Updated Scope: "Data Analytics" has been updated to "Types of Data Analytics."
• Exam Focus: Candidates must now be able to:
  • Explain the challenge of fitting an analytics model to the data.
  • Define the different types of data analytics, including descriptive, diagnostic, predictive, and prescriptive.

CMA Part 1 Exam Structure

• Format: 4 hours
• Questions: 100 multiple-choice questions and 2 essay questions.
• Key Content Areas:
  • External Financial Reporting Decisions (15%)
  • Planning, Budgeting, and Forecasting (20%)
  • Performance Management (20%)
  • Cost Management (15%)
  • Internal Controls (15%)
  • Technology and Analytics (15%)

CMA Part 2 Exam Structure

• Format: 4 hours
• Questions: 100 multiple-choice questions and 2 essay questions.
• Key Content Areas:
  • Financial Statement Analysis (20%)
  • Corporate Finance (20%)
  • Business Decision Analysis (25%)
  • Enterprise Risk Management (10%)
  • Capital Investment Decisions (10%)
  • Professional Ethics (15%)

Effective Study & Test-Taking Strategies

Thorough preparation is key to success on the CMA exam. Here are some strategies to maximize your performance:

1. Prioritize: Answer questions you know first to maximize time.
2. Review Difficult Questions: Mark challenging questions for later review.
3. Read Carefully: Pay close attention to keywords and question wording.
4. Mental Practice: Try answering questions in your mind