The CMA designation is a powerful way to boost your management accountancy knowledge and skills while showing both peers and employers that you are committed to professional excellence. One of the reasons why the Certified Management Accountant credential is so prestigious is its historically low exam pass rate. How do most candidates perform on the CMA exam?
Institute of Management Accountants last released a global pass rate for both parts of the CMA exam in 2020. While performance varies by region and country, the most recent global pass rate is 45% across Part 1 and Part 2 of the CMA exam.
CMA Exam Scoring System
IMA uses a scaled scoring system to accurately reflect your potential to be a CMA. Let’s break down the scoring scale.
Understanding Your CMA Exam Score
The CMA exam is scored on a scale of 0 to 500. You must earn at least 360 points to pass Part 1 and Part 2. Because there are multiple versions of the exam administered during each testing window, scores are scaled based on question difficulty level rather than percentage answered correctly to ensure fair grading.
In other words, answering 72% of all questions correctly will not guarantee a passing score. While not knowing which exam version you will confront on test day can seem daunting, remember that scaled scoring exists for a reason, and that the exam is designed to evaluate whether a candidate has the skills, knowledge, and ethical understanding of a CMA. If you allow yourself adequate time to prepare and study with trusted CMA exam review materials, you can earn a passing score.
CMA Exam Format
The CMA exam consists of two parts. Each part is its own “exam” and requires its own preparation, registration, and test date.
CMA Part 1 and Part 2 can be taken in any order, and both parts share the same format. Each exam includes 100 multiple-choice questions and 2 essay questions.
- Multiple-choice questions account for 75% of your exam score
- Essay questions account for 25% of your exam score
- In order to move onto the essay section, you must answer at least 50% of your multiple-choice questions correctly
Note that you do not lose points for answering questions incorrectly, so it is important to answer all multiple-choice questions with your best guesses. Essays are also eligible for partial credit, and are graded by individual CMA exam experts rather than a computer. This means that you should not leave essay questions blank, even if you are unsure — any points you earn from a partial answer of an essay question will only help your final score.
Reviewing Your CMA Exam Performance Report
All candidates who sit for a CMA exam part receive a performance report from Prometric within 14 days of exam results being released. It will come directly from Prometric via email. If you fail the exam, you will also receive a detailed report that includes your strengths and weaknesses on key topics in the multiple-choice section as well as your overall performance on the essay section.
- Satisfactory (S)
- Marginal (M)
- Unsatisfactory (U)
“S” ratings indicate strong performance. While you may not have answered every question correctly, you understand the subject well. “M” demonstrates that you have earned a passing score and that you have overall knowledge of the subject but may need to improve in executing concepts. “U” ratings indicate that you need more preparation to gain the required expertise to pass the examination.
Why Are CMA Exam Pass Rates Low?
The CMA exam may be one of the hardest accounting and finance certification exams to pass for several reasons:
- Challenging and extensive content: The CMA exam covers many complex topics. While Part 1 deals with financial planning, performance, and analytics, Part 2 focuses on financial statement analysis, corporate finance, and decision analysis.
- Language barrier: One of the most significant reasons for low CMA exam pass rates is a language barrier. The exam is conducted in English and Mandarin Chinese, but administered worldwide. A lack of proficiency in these languages can lead to misinterpretation of questions. Time constraints could also make it more difficult to stay on track.
- Lack of preparation: Personal commitments, a full-time job, and financial constraints keeping you from affording a quality review course can all lead to not preparing properly for the exam.
Strategies to Boost Your CMA Exam Score
While you have a 50/50 chance of passing the CMA exam, there are a few strategies that you can follow to better your chances as you prepare.
Use a well-structured study plan: Use a review course that offers a personalized study planner feature — simply enter your desired exam date, number of allotted study hours per week, and your course will build your custom schedule in seconds to keep you on track.
Take mock exams and practice with quality questions: One of the most effective ways to increase retention is practice. Mock exams and practice questions are the best tools for ensuring strong performance and confidence on exam day. Give equal importance to both MCQs and essay questions.
Track your progress: Identify which content areas need more attention by revisiting your personalized performance metrics — most review courses include performance data dashboards.
Answer every question: You are not penalized for answering a question incorrectly. If you can’t decide on a correct answer, narrow it down as best as you can and then take a guess.
Preparing to Pass with UWorld
UWorld’s CMA Review Course boasts an impressive 80% pass rate on both sections. With our expertly crafted practice questions, exclusive Live CMA Boot Camps, and active learning tools, we help you target weak areas and enhance your exam preparation. This proven approach gives you the best chance of success on the CMA exam.
