US CMA Part 1 vs Part 2: Which to Take First, Pass Rates and a Study Plan

The US CMA has only two exams, and IMA lets you take them in either order. That freedom makes "Part 1 or Part 2 first?" one of the most common questions from new candidates. The honest answer is that there is no rule, but there is usually a better choice for your background. This guide compares the two parts, explains how to read IMA's pass rate figures, and lays out a study plan. Details are as of October 2026; IMA updates its content specification outlines from time to time, so download the current version from imanet.org before you start.

What the Two Parts Cover

Part 1, Financial Planning, Performance and Analytics, is about running the business from the inside. Its content areas are:

External financial reporting decisions
Planning, budgeting and forecasting
Performance management
Cost management
Internal controls
Technology and analytics

Part 2, Strategic Financial Management, is about decisions that shape the business. Its content areas are:

Financial statement analysis
Corporate finance
Decision analysis
Risk management
Investment decisions
Professional ethics

IMA's content specification outline gives the percentage weighting of each area. Use the current outline for exact figures; the weightings tell you where to spend your hours.

The Format Is the Same for Both Parts

Length: each part is a four-hour, computer-based exam.
Multiple choice: 100 questions in the first three hours, worth 75% of the score.
Essays: two scenario-based essay questions in the final hour, worth 25%.
The gate: you must answer at least 50% of the multiple-choice questions correctly to move on to the essay section. Below that, you cannot pass.
Scoring: results are reported on a scale of 0 to 500, and 360 is a pass.
Testing windows: exams are offered in set windows during the year (IMA has used January–February, May–June and September–October). Check the current calendar on imanet.org.

Because the format is identical, the choice of order comes down to content and your background, not exam style.

Pass Rates: What They Do and Do Not Tell You

IMA publishes historical global pass rates for each part on its website. Look them up there rather than trusting figures copied around the internet, which are often several years out of date. When you read them, keep three points in mind:

They are averages across very different candidates. A finance graduate and a non-finance professional face the same paper with different starting points.
They describe the past, not your exam. Neither part is a "free pass". Compare the latest figures for both parts yourself, but let your background, not a few percentage points, decide your order.
The gate matters more than the average. Failing to reach 50% on the multiple choice section rules out a pass completely, so a weak multiple-choice performance is the single biggest risk on either part.

Which Part Should You Take First?

Take Part 1 first if...

You work in accounting, FP&A, costing or audit. Budgeting, variances, costing and controls will feel familiar.
You come from ACCA, CIMA, ICAI or ICAP. Much of Part 1 overlaps with management accounting and financial reporting papers you may already have passed.
You prefer a broad, steady syllabus with many medium-difficulty topics.

Take Part 2 first if...

You work in finance, treasury or investment analysis. Ratios, cost of capital, capital budgeting and risk will feel familiar.
You studied corporate finance recently and want to use that knowledge while it is fresh.
You are comfortable with heavier calculations, such as NPV, IRR, CVP under uncertainty and valuation.

If none of this applies, Part 1 is the more common starting point. Its cost and budgeting concepts are a natural base for the decision analysis and investment topics in Part 2, so the second exam builds on the first.

One timing rule should shape your plan: once you join the CMA program, IMA expects you to complete both parts within a set period, currently three years. Check your exact deadline in your IMA account.

A Study Plan for Each Part

Most candidates study one part at a time. A plan of around 12 to 16 weeks per part, at 10 to 15 hours a week, is a reasonable starting point for someone working full time. Adjust based on your background.

Weeks 1–8: Content, one area at a time. Read or watch the material for one content area, then do 30 to 50 multiple-choice questions on it the same week. Start with the largest areas in the content outline.
Weeks 9–11: Mixed multiple choice. Switch to mixed question sets so you learn to identify the topic from the question. Track your accuracy by area and keep a list of the concepts you keep getting wrong.
Weeks 12–13: Essays. Practise writing essay answers under time pressure. Essays test the same content but require you to explain, not just choose. Show calculations clearly and write in full sentences.
Weeks 14–16: Full mocks. Sit at least two full four-hour mocks. The first teaches you about stamina; the second tells you whether you are ready.

Through all of it, keep doing a small number of mixed questions every day so earlier areas do not fade. Our free CMA Part 1 MCQ bank and CMA Part 2 MCQ bank are organised by content area, and the US CMA daily challenge gives you 10 questions a day. For unlimited timed simulations, Pro unlocks the full exam simulator.

Common Mistakes

Neglecting the essays. They are a quarter of the score. Candidates who only drill multiple choice often struggle to explain their reasoning in writing.
Ignoring smaller areas. In Part 2, professional ethics is a full content area and can appear in either section. In Part 1, internal controls and technology and analytics are easy to underestimate.
Booking too early. Pick a testing window that gives you the full plan, not the nearest date.

FAQs

Can I take CMA Part 2 before Part 1?
Yes. IMA lets you take the two parts in either order.

What is the CMA pass mark?
A scaled score of 360 out of 500 on each part.

Which CMA part is harder?
It depends on your background. Accountants often find Part 1 more familiar, and finance professionals often find Part 2 more familiar. Check IMA's published pass rates for the latest figures.

How long do I need to study for each part?
Many working candidates plan for three to four months per part. Use practice scores, not the calendar, to decide when you are ready.

Where can I practise CMA MCQs for free?
Use our Part 1 and Part 2 question banks, or start from the US CMA hub.