CMA Part 2 Guide: Syllabus, Case Format and Registration

CMA Part 2 is Strategic Financial Management, an IMA/ICMA exam distinct from Part 1. You may take the parts in either order. This guide concerns the English exam for candidates testing in Saudi Arabia.

The format since September/October 2026

The English exam in the Middle East has 100 multiple-choice questions followed by two case-based sets, replacing essays. Allow three hours for MCQs and one hour for cases. You need at least 50% in the MCQ section to access cases. After leaving MCQs you cannot return. The final result combines the sections; the 50% gate does not mean you passed.

This website provides supplemental MCQ training. Its 100-question, 180-minute practice setting covers that section. It does not reproduce the interactive case section or produce an official score. Use the case-format resources linked from the IMA handbook before test day.

What to study

Within statement analysis, work on comparative statements, ratios, profitability and special issues. Corporate finance covers risk and return, long-term finance, capital raising, working capital, restructuring and international finance. Decision analysis covers CVP, relevant-cost decisions and pricing. Practise risk assessment and responses, incremental project cash flows and investment appraisal. Ethics covers business conduct, professional obligations and organizational culture, including data ethics.

A practical study sequence

1. Start with comparative statements and ratio interpretation; explain why each ratio changes.
2. Link cost of capital to risk, financing choices and project appraisal.
3. Draw a contribution-margin model before solving CVP and relevant-cost decisions.
4. Separate sunk costs from incremental cash flows; include tax and working-capital effects when a question requires them.
5. Read ethics situations for the actual obligation and escalation process, rather than choosing a response that merely sounds strict.
6. Review errors by domain, then practise mixed timed MCQs and the separate IMA case simulation.

Registration and results

Join IMA, enroll in CMA, register for a testing window and use the authorization number to book Prometric. The regular windows are January/February, May/June and September/October. Check the available Saudi centers and seats when booking.

The published fee is US$545 per part for professional members or US$407 for student/academic members; membership and program entrance are additional. Check checkout for the amount applicable to you. Retakes need a new registration; only one attempt per part per window is allowed.

The passing standard is 360 on a 0–500 scale. It is not a fixed 72% correct-answer requirement. Case-format results are normally released around two weeks after the testing month ends. Both parts must be passed within three years of entering the program.

This is an independent website, unaffiliated with IMA, ICMA, ETEC or any government body.