CMA Foundation Exam

The CMA Foundation Exam consists of two parts, each comprising 100 multiple-choice questions. Candidates are given four hours to complete each part. The exam is administered in a computer-based format at Prometric testing centers worldwide.

Part 1 of the exam covers the following topics:

  • External Financial Reporting Decisions (15%)
  • Planning, Budgeting, and Forecasting (30%)
  • Performance Management (20%)
  • Cost Management (20%)
  • Internal Controls (15%)

Part 2 of the exam covers the following topics:

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

Exam Fees

The exam fees for the CMA Foundation Exam vary depending on the candidate’s country of residence. The fees range from $188 to $311 for each part of the exam. Candidates can also purchase study materials and review courses from the IMA at an additional cost.

Exam Scoring

The CMA Foundation Exam is scored on a scale of 0 to 500, with a passing score of 360 or higher. Candidates receive their scores immediately after completing the exam. The exam results are also sent to the IMA, which processes the scores and sends a notification to the candidate within six weeks of the exam date.

Exam Preparation

Preparing for the CMA Foundation Exam requires a significant amount of time and effort. Candidates are advised to follow a structured study plan and use study materials that are specifically designed for the exam. The IMA offers a variety of study materials and reviews courses that can help candidates prepare for the exam.

Exam Retake

Policy If a candidate fails to pass one or both parts of the CMA Foundation Exam, they can retake the exam in the following testing window. Candidates are allowed to retake the exam up to three times within a 12-month period. However, they must pay the full exam fees for each retake.


The CMA Foundation Exam is an important step towards obtaining the CMA certification. It tests candidates on their basic knowledge and skills in the areas of financial accounting, management accounting, business mathematics, and economics. Candidates must meet the eligibility criteria and prepare thoroughly for the exam to increase their chances of passing. With the right study materials and a structured study plan, candidates can successfully pass the CMA Foundation Exam and move on to the next level of certification.