Why choose CMA (USA)?
The CMA (Certified Management Accountant) is the leading global qualification for finance professionals who want to combine technical expertise with strategic leadership. The CMA difference, at a glance:
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ExP's CMA (USA) courses give you the tools to succeed in your professional journey.
The CMA programme takes you from mastering planning, reporting, and analytics to applying advanced financial management, risk, and ethics for strategic leadership.
What you’ll study in CMA
Discover the key syllabus areas for each CMA exam part, from financial planning and performance to strategic management and professional ethics.
CMA Part 1: Financial Planning, Performance, and Analytics
CMA Part 1 equips candidates with skills in financial reporting, planning, budgeting, performance management, cost analysis, internal controls, and technology-enabled decision making. Covering areas like forecasting, variance analysis, data analytics, and governance, this part builds the foundation for evaluating organizational performance and supporting strategic decision making through advanced management accounting techniques.
External Financial Reporting Decisions
- Preparation and interpretation of financial statements (balance sheet, income statement, cash flow, equity).
- Recognition and measurement of assets, liabilities, equity, and revenue.
- Income measurement approaches.
- Differences between U.S. GAAP and IFRS.
- Consolidated and integrated reporting concepts.
Planning, Budgeting, and Forecasting
- Strategic planning models and goal alignment.
- Budgeting concepts, processes, and resource allocation.
- Forecasting techniques (regression, learning curves, expected value).
- Budgeting methodologies (master, project, activity-based, zero-based, flexible, rolling).
- Preparation of profit plans and financial projections.
Performance Management
- Variance analysis and use of flexible budgets.
- Responsibility centers, transfer pricing, and segment reporting.
- Profitability analysis at product, customer, and unit levels.
- Performance metrics (ROI, residual income, KPIs).
- Balanced scorecard and strategic performance measures.
Cost Management
- Cost behavior and measurement concepts.
- Costing systems (job order, activity-based, life-cycle).
- Overhead allocation and cost drivers.
- Supply chain management and capacity analysis.
- Process improvement, benchmarking, and quality cost analysis.
Internal Controls
- Governance, risk, and compliance frameworks.
- Internal control policies, testing, and remediation.
- Corporate governance and external audit requirements.
- IT system controls, backup, and business continuity planning.
Technology and Analytics
- Accounting information and ERP systems.
- Data governance, security, and lifecycle management.
- Finance transformation through automation and innovative tech.
- Business intelligence, data mining, analytics, and visualization.
CMA Part 2: Strategic Financial Management
CMA Part 2 focuses on financial statement analysis, corporate finance, business decision-making, risk management, and professional ethics. Candidates gain expertise in valuation, capital structure, investment decisions, and international finance. With emphasis on profitability analysis, capital budgeting, and ethical leadership, this part develops the strategic skills needed to drive financial performance and guide complex business decisions.
Financial Statement Analysis
- Common-size and trend analysis of financial statements.
- Ratio analysis (liquidity, leverage, activity, profitability, market).
- Profitability and earnings quality assessment.
- Impact of FX, inflation, and accounting changes on statements.
Corporate Finance
- Risk and return trade-offs, CAPM basics.
- Long-term financial management and valuation of instruments.
- Raising capital (equity, debt, IPOs, dividends, leasing).
- Working capital management (cash, receivables, inventory).
- Corporate restructuring, mergers, and acquisitions.
- International finance and managing exchange exposure.
Business Decision Analysis
- Cost/volume/profit and breakeven analysis.
- Marginal analysis for decisions (special orders, make vs. buy, add/drop segments).
- Pricing strategies (target costing, elasticity, lifecycle, market structure).
- Capacity considerations in decision-making.
Enterprise Risk Management (ERM)
- Types of risks (financial, operational, strategic).
- Risk identification, assessment, and mitigation strategies.
- Integration of ERM into decision-making and governance.
Capital Investment Decisions
- Capital budgeting process and incremental cash flow analysis.
- Evaluating uncertainty, discount rates, and tax impacts.
- Investment appraisal methods (NPV, IRR, payback, sensitivity).
- Comparing alternative investment decisions.
Professional Ethics
- Ethical decision-making frameworks.
- Types of business fraud and prevention methods.
- IMA’s Statement of Ethical Professional Practice.
- Organizational ethics, culture, and legal compliance.
- Sustainability, CSR, and data ethics.
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