If you’re someone who likes to procrastinate, don’t despair: There’s still time to take the current version of the CMA® (Certified Management Accountant) exam. The last day to take the current version of the exam is October 31, 2019. After that time, candidates must take the new exam, CMA 2020.
If you’re in the program but haven’t yet made an appointment to take the exam, you’re encouraged to register for Part 1 or register for Part 2 as soon as possible. The last day to register for an exam is October 15, 2019.
The new exam, CMA 2020, will take effect on January 1, 2020, and it will be different than the current exam. While the exam will still contain two parts – each a four-hour test with 100 multiple-choice questions and two essays – what will change is some of the content:
- Fifteen percent of Part 1 will feature a “Technology and Analytics” section. Part 1 will be titled “Financial Planning, Performance, and Analytics” and include content focusing on external financial reporting decisions, planning, budgeting and forecasting, performance and cost management, internal controls, and technology and analytics.
- The revisions to Part 2 will include greater emphasis on ethics and strategic decision making. Part 2 will be titled “Strategic Financial Management” and include content on financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, and professional ethics.
Candidates who do not finish both exam parts under the current program by the end of December 2019 will not need to retake parts passed under the current program as long as they finish within three years of entering the program.
For members who have been studying for the CMA exam, there’s clearly a benefit to taking the current version. Notes Dennis Whitney, CMA, ICMA senior vice president, “If you’ve invested your time and energy preparing to take the current version of the exam, we encourage you to sit for the exam by the end of October, rather than wait for the new exam in January. We recommend making the most of your time by taking the exam that most closely aligns with your preparation.”
For more information, please visit CMA certification.