how to answer cma essay questions

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The CMA Exam Essay Questions: Everything You Need to Know

The CMA Exam essay questions stress a lot of people out. After all, Certified Management Accountants  typically have a background in accounting or finance — we’re not writers!

As long as you’ve mastered the exam content enough to do well on the multiple-choice questions, some simple strategies will help you succeed on the essays, too.

I’d like to share with you some specific tips and strategies to practice as you study for the CMA exam, that will help you sail through the essay sections. These are all the things that worked for me and thousands of CMA candidates in my coaching program.

If you are worried about the CMA essay questions, take what I’m about to share, and you’ll be in a much better position to pass on your first try.

What will you learn from this post?

Understanding the CMA Exam Format

Cma essay questions part 1, cma essay questions part 2.

• The 12 Best CMA Essay Question Strategies
• What the CMA Exam Essay Questions Look Like
• Sample CMA Essay Questions

Originally published in 2018, this article was updated and republished on March 4, 2021.

Understanding the CMA exam format is crucial to performing well on the test. There are two parts to the CMA exam, which will be taken separately after discrete seasons of CMA exam preparation.

You can take Part 1 and Part 2 in any order, and they cover unique topics. Both tests will be composed of multiple-choice questions and essays.

When you are deciding how long to study for the CMA exam , remember that each part has a different syllabus. It’s best to study for and pass one of the exam parts before moving on to the next.

The CMA essay questions are based on the same content you need to know for the multiple-choice questions. They are just in a different format, requiring not only application of knowledge and skills, but also explanation.

This means a deep understanding of all the topics is crucial — make sure you choose a CMA prep course with thorough study materials and answer explanations.

Here is a breakdown of the topics covered on each part of the CMA exam and the format:

CMA Exam Part 1 – Financial Planning, Performance and Analytics

4 hours total, 100 multiple-choice questions, and two 30-minute essay scenarios

• External Financial Reporting Decisions (15% of the exam)
• Planning, Budgeting, and Forecasting (20% of the exam)
• Performance Management (20% of the exam)
• Cost Management (15% of the exam)
• Internal Controls (15% of the exam)
• Technology and Analytics (15% of the exam)

CMA Exam Part 2 – Strategic Financial Management

• Financial Statement Analysis (20% of the exam)
• Corporate Finance (20% of the exam)
• Decision Analysis (20% of the exam)
• Risk Management (10% of the exam)
• Investment Decisions (15% of the exam)
• Professional Ethics (10% of the exam)

CMA Exam Structure and Feedback

• 3 hours of multiple-choice questions – 75% of score
• 1 hour of essay scenarios – 25% of score
• You must earn at least 50% on multiple-choice sections in order to advance to the essay section. If you are not advanced to the essay section, it means that you failed the exam.
• You cannot return to the multiple-choice section once you’ve advanced to the essay section of the exam.

CMA Exam Scheduling & Testing Procedures

• Exams are administered at Prometric testing centers.
• The exam is entirely computer-based, including the essay questions.
• Schedule your exam date and time online, only after receiving your exam authorization from the IMA .
• There are three exam testing windows offered: January & February, May & June, September & October.

Part 1 of the CMA exam has two essay questions. You will read a scenario or passage of text and then use a word processor to type out your essay response.

The essay questions on the exam are meant to test your ability to articulately explain the application of relevant financial concepts and principles.

In part 1, the essay questions will revolve around related exam content and could include anything related to Financial Planning, Performance, and Analytics.

It’s important that you write clearly and concisely. During CMA exam prep, you’ll refine this skill.

The essay portion will account for 25% of your CMA exam score for part 1.

Similar in format and requirements, part 2 of the CMA exam will also include two essay questions. These, too, will account for 25% of your score.

It’s important that you learn how to take the CMA exam by practicing essay questions. You’ll get a rhythm down that caters to your strengths and enables you to thoroughly read, reflect, and then craft meaningful responses for your essays.

Part 2 CMA exam essays will cover the topics from that part of the CMA exam, including anything related to Strategic Financial Management.

Exam Secrets Handout

The 12 Best CMA Essay Questions Strategies

The IMA offers some tips on how to do well on the CMA essay portion. Over my years of coaching thousands of CMA students, I’ve created my own list. I’ve also put together a free CMA study guide , where you’ll find a lot more information to help you pass the exam and get certified.

These tips cover some common concerns and questions people have about how to approach the essay questions. They also include some super-effective strategies to help you get the most possible points in this section.

Here are my best CMA essay question tips and strategies:

Stay positive and don’t be afraid of this section

Not everyone is a writer. That doesn’t mean you can’t do well on the essay section of the CMA exam. You need basic, plain, and straightforward English, and a competent understanding of financial concepts. Anyone can learn enough to do well on this.

If you show your work and assumptions, you can earn partial credits

The IMA straight up says that graders want to give you as many points as possible. Because a human will be reading this, you have some room to explain yourself in an authentic way. Doing so (and showcasing that you really do know what you’re talking about) can earn you more points.

Expect 3 to 6 questions for each essay scenario

With each essay question on the CMA exam, you’ll read a brief scenario and then be asked as many as six questions. The questions will require you to use the information presented and apply financial concepts and principles to it. You’ll practice this as you study for the CMA exam.

You can scroll between questions and scenarios within the essay section

Scanning through the questions will help you assess how much time you’ll need for responses. You don’t have to answer the questions in order. You may see that the fourth question is a doozy and will take you a little more time. You can get a global view and then manage your time accordingly.

Pay close attention to verbs

Action words may be descriptive or directive. They are definitely clues. For instance, if the essay question says, “compare or contrast,” don’t spend time defining something. Only do what is asked in the question.

Read the entire question to understand all requirements

Details are your friends. Don’t miss one by skimming or jumping away once you think you “get the idea.” Take your time and read everything. All of the data, information, connections, and other content you need to form an articulate response are contained in the text.

Use good standard English, organization, and clarity

The IMA cites these metrics as what test graders are looking for in this section. People whose native language isn’t English often get anxious about the essay portion of the CMA exam. They needn’t be. It doesn’t require you to be verbose, rather to get to the point and state your meaning as plainly as possible.

Graders are looking for effective writing skills

Again, good English is simple. There are a finite amount of rules and you can master the kind of writing graders are looking for in CMA exam essays. Showcase your ability to use the right vocabulary, punctuation, grammar, and more.

Be brief and to the point

It’s tempting to think that writing a lot will get you the most points, but (as always), less is more. Don’t start waxing eloquent. Bullet points are acceptable. You are on the clock, after all.

Don’t leave questions blank

You should have looked ahead but even so, you can’t always anticipate exactly how long a response will take. Sometimes you just get hung up and run out of time. If you are short on time, at least write an outline of your main points.

Graders are looking to give you points, not take them away

Make it easy for the graders to give you points by showing your work. Sometimes, you can get carried away with the narrative. Having jotted down an outline or bullet points of your main ideas will help your case with graders.

Be sure to use all the time available to you

Maybe you aren’t in danger of running out the time at all. If you are a lightning fast writer, you don’t get extra points for speed. Take your time. Pace yourself. Practice this.

What the CMA Exam Essay Section Looks Like

Type your responses into the text box. This is similar to MS Word but easier and simpler. If you are familiar with MS Word, this won’t be an issue at all.

As you can see, the module shows you the number of questions on the top left-hand corner, and your time remaining on the top right-hand corner.

Sample CMA Exam Essay Questions

It may be helpful to see what a CMA exam essay question looks like. If you buy a CMA review course, you should get access to a test bank that will include plenty of sample essay questions. Practice questions are an essential piece of your CMA study material toolkit.

When you’re ready to start, check out what my course has to offer, including coaching, a huge test bank, and lots of CMA essay questions to practice. It’s all available in the CMA Coach Shop .

Don’t be afraid of this section of the exam. Many, including myself, have gone through it with success. If others could do it, you can too!

Still feel anxious or have questions about CMA essay questions? Drop a comment below and I’ll give you advice and guidance for how to sharpen your essay skills!

Hi, I’m Nathan Liao (aka the CMA Coach)! For the last 10 years, over 82,000 accounting and finance pros came knocking at my door seeking guidance and help. If you’re also aiming to conquer the CMA exam on your very first try—without wasting away time or money—you’ve found your ultimate guide. Dive in deeper to discover more about me and the dedicated team that powers CMA Exam Academy.  Click here and let’s embark on this journey together!

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84 Comments on “The CMA Exam Essay Questions: Everything You Need to Know”

Hey Nathan, Is US CMA really a good option for freshers? to get a good job in India? and how much is the average salary after US CMA.. and Indian companies hire US CMA? And how many exams do I need to give to get an Indian CMA degree after completing US CMA? Any responses would be appreciated.

The US CMA is recognized globally. I’m offering coaching for the US CMA exam only.

You can learn more about this designation here

Hello Nathan I use the wiley test bank When i practice essay questions, I noticed that for questions with calculations which needs to be tabulated, the alignment and intendation goes away after I save the answer. Is it the same on the exam and is it okay? Can u help with how to present a calculation with multiple columns like for eg for products A B C.. Thanks

Have you reached out to Wiley by any chance for customer support? They’ll be able to help answer your question as it relates to their study material.

I took part-one exam last February and I got only 340. I’m thinking that I should go for a revaluation. I’d written two more papers (Part-2) before but never had been able to succeed. What are the chances that the odds will be in my favor? How many of them who’d given the revaluation has actually made it with just 340?

Sorry to hear the news. Don’t give up.

Here’s an article I wrote to help candidates retake the exam and succeed: https://www.cmacoach.com/what-to-do-if-you-fail-the-cma-exam/

It’s hard to predict if a re-evaluation will work. Usually, if you had scored 350 it may be worth going through it, but at 340 it’s hard to tell.

please take me through how to purchase the whole course for part 1

I’m glad to hear you’re interested to pursue the CMA and I’d love to guide you through your journey!

To purchase our Part One course please visit https://cmaexamacademy.com/product/premium-cma-coaching-course-part-one . There you can choose between two payment options, one-time payment or a payment plan of four payments. Right above the Add to Cart button, there’s a dropdown to choose your Payment Option preference.

I look forward to seeing you in the Academy and helping you earn your CMA.

If you have any other questions, please don’t hesitate to reach out anytime. I’m happy to help.

Hi How to write numerical questions in exam , I mean how to show working in response box

In your online test bank, you’ll have model answers that’ll show you how to show your work.

If you don’t have an online test bank, here’s a link to ours https://cmaexamacademy.com/cma-study-tools/

In one of the Q&A, i read we should aim 75% MCQs and 75% essays to be correct to have a chance to pass. How will we know about 75% in a subjective thing like essay. Also, when the clock is ticking and you have to manage 12-14 questions in 1 hour, it looks like a humongous task to write as much as possible for every question. I got 13 questions of which 9 were theoretical, and i really don’t know what is “enough” in essays. Of corse, there are some answers i wrote well, some are not well written and I cud have written much more in them given the time was not ticking. People told me to finish MCQs 10 minutes earlier to get more time in essays, but its easy said than done.

Nupur, you won’t know how much you scored in each section of the exam unfortunately. You’ll just get a final score for the entire exam.

My time ran out while I was reviewing my answers in the essay portion. Will my answers be saved and submitted?

Yes, your answers are being saved automatically. Hope you passed! 🙂

Thanks, Nathan

Hey Nathan, how many words is required to explain a topic? 4-5 relevant bullets?

The IMA doesn’t provide a target number of words for the essay scenarios. Although they recommend candidates to be concise, make sure you are not too brief. You should use as many words as needed to explain your answers clearly and address all the components in the essay questions.

Thanks for giving us a platform to ask any query related to CMA exam. My question is how many essay questions will be given in the exam to solve, is it one essay question or more. Thanks in advance.

Great question! There will be two essay scenarios and each can have five to seven questions associated with it. You’ll be given 30 minutes to respond to each essay scenario.

DOES CMA PART 1 ESSAY QUESTION WILL ASK TO SOLVE COMPLETE QUESTION RELATED TO PREPARATION OF INCOME STATEMENT, OTHER COMPREHENSIVE INCOME, BALANCE SHEET (COMPLETE FINANCIAL STATEMENT)

It very well could. We don’t know what the essay questions will ask but be prepared for any type of question presented.

Hi Nathan, Is there any scratch paper to write down the calculations or essay draft? Thanks Ramtin

Yes, you will be provided with a scratch paper to use during the exam.

do you really need 1 hour for the essay or is there wiggle room there if I need to spend a little more time on the multiple choice questions?

Jo, if you finish your MCQs before your 3 hour limit, any remaining time will be carried over to the 1-hour essay section effectively giving you extra time in Essays. But this doesn’t work the other way around since the MCQ section is the first section of the exam. Thanks, Nathan

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Hello sir . My exams for part 2 will be held February 2019 .I want to ask you whether my Wiley material edition 2017 is good enough to prepare . Or I should purchase new material

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Dear NATHAN LIEO

is it necesssary to save the essay answers or can it saved automatically?

Hi Mohammed – the essay answers will be saved automatically when you proceed to the next one.

Hi Nathan. Is there grammar check in the writing section of the exam? Do they underline the words you spell wrong and provide the potential words you meant like in Word? Thanks.

No, unfortunately there is no grammar check in the essay section.

I am using Wiley… should I go for another online test bank. I would like to have more question bank only. I am fine with books but looking for more question for practice

Dear Nathan Liao,

How important to be proficient in English language to pass the CMA examination. i just thinking about how to pass essay questions. will it hard for the people who are bit weak in english writing? Appreciated your answer on this point.

It surely helps, but most candidates improve significantly their English as they study for the exam and practice answering essay questions. You may also take some additional business English classes if you feel you need them.

Do we have options in Essay question? Like out of 3 we need to answer 2.

Hi Khaleel,

We don’t. It’s best to answer all questions to get the most points.

Hi Nathan I am take the exam on 21/2/2017 and get score 340 after this time i stop reading CMA part 1 before two month i started again but i found some problem in section E and i need suitable material for it instead of hock and gliem. and when it possible for me to repeat the exam ? Thanks . Motwakel

Hi Motwakel,

You can repeat the exam anytime you’re ready.

I recommend you to check my video coaching course here . I’ll be there for you to answer any questions you have along the course and help you pass the exam the next time around.

Feel free to reach out if you have any other questions.

Hi Nathan Need more clarity on the essay questions. From the various comments above, I gather it is critical that we save the essay question as and when we move to the next one – is that right? Also, when asked to prepare Income Statement or Balance Sheet – how do you go about doing it in word? Do we first work it out on a paper and type it in? Is formatting mandatory?

Many thanks, Savita

Yes, save the essay questions. The system is designed to autosave but it’s best to do it yourself anyways for peace of mind.

All questions should be worked out on paper first except for theoretical ones of course.

Wish you best of luck on your exam!

Sir, How many marks carries a single multiple question….???? And howmany mark carries a single esaay question….????

Each mutiple choice question or essay question will have the same weight regardless of difficulty level.

Thanks and Regards, Nathan

I have written essay questions and when i moved to next and previous they were there. But I didnt click save button. Will it be saved? Furthermore, If I score 360 in MCQ without essay Q. What is the chance to pass?

Thanks and Regards,

The passing mark is 360 out of 500 scaled score. If you have scored 360 in MCQ, then you will surely pass the exam but you must finish the essay part to get a better score.

For a complete discussion on the grading system, you may check the link below:

https://www.cmacoach.com/cma-exam-graded/

As per IMA, for the period May 1, 2015 through February 29, 2016, the passing rates for Part 1 and Part 2 are 35% and 52% respectively.

dear , i wanna know that if a person has completed 50% score and he moves to 2nd window but there are remaining questions which are not answered yet then what will be the criteria for getting back and resolve them

Hi Muhammad,

You cannot get back to the multiple choice (MC) questions once you moved to the 2nd section. Unanswered questions will be graded as incorrect. That is why, it is advised to make educated guess if you do not know the answer or how to solve a particular MC question or you’re running out of time.

Regarding P1 essay questions, if I say that the two essay questions will be about internal control and budgeting planning & forecasting respectively, would it be a safe bet? from a scale of 1 to 10. I mean, what’s the chance of each section being essay questioned.

Hi Wenhao, thanks for your question. It’s really hard to predict what will be covered in the essay questions. Your best bet is to be fully prepared and know every section really well. Let me know if you have any follow up questions. Nathan

Hello, Please how many questions are there in the essay session? Are there just two compulsory questions or they are more?

Hello Jawula,

There are two essay scenarios and each one may contain more than one question.

Are you allowed to have a notepad to write notes and work calculations?

They will provide paper for you and pencil too!

Hello I have 2013 books where can i get the new added topics only instead of buying new books again?

Moza, it’d be probably best to get newly updated textbooks. The exam changed quite a bit in 2015 so any edition prior will not be the best tool to use.

Click here to get your updated textbooks and also test bank .

I’m a college student and I have my part 2 exam on the 25th of February. However, I’m really short on time because we are required to do a research paper as well during the coming month. I wanted to to know if it was honestly possible to study for part 2 in the remaining time with some hope of passing. It should be noted, most of the topics have been covered in my college syllabus.

Hi Jessica,

If you have covered these topics in college recently, then I think it’ll be possible to take and pass the exam if you dedicate enough hours from now until exam day. How many hours can you devote each week to study for your CMA exam? I would suggest at least 10 hours or more if you can, depending on how comfortable you are with the subject matter.

Have you taken mock exams at all yet?

which one is the best test bank Gleim or Hock?

Hi Ali, Both have excellent test banks. Are you looking strictly for a test bank only, or also textbooks?

How to prepare exam please share some techniques.

What is the probability of passing Part 1 of the CMA exam by knowing the theory 100% and just a little portion of the calculations?

Hi Rilky, it’s hard to predict but if you are not ready to perform calculations during the exam, your chances of passing are very slim.

What if we add more than what is required from us in the essay is that ok? eg. the essay question is asking to list 3 actions then I list 5 or 6 just to broaden my answer and to cover as much possible!

If you have time to add more answers go ahead. It doesn’t hurt to give graders more information to grade you with. But do this only if you have extra time. Otherwise focus on finishing the exam on time and completing ALL answers.

I have written essay question and when i mood to next and previous they were there. But I didnt click save button. How will it be. Furthermore, If I passed MCQ without essay Q. What is the chance to pass?

Thanks and Regards, Alto

Your tips have been helpful for me.

Wondering if Cost allocation techniques, Equivalent Unit ( conversion costs) have come up on essays over the last 3 -4 Part 1 exams??

Count on it. Study every single topic. Don’t skip any.

Dear Nathan

What should be the strategy to pass the CMA exam? Does practicing the online question bank provided by Wiley material sufficient to score 75% on the MCQs? Will the exam questions on the final exam day be based on the question bank provided by WIley? Kindly share your experience.

Is not enough to practice with the online test bank. You will also need to read the textbooks, use flashcards and get coaching if you need it.

The MCQs in the test bank are retired questions so you will not see exactly the same ones on the exam. If you score above 80% consistently using your test bank, I think you’ll be in good shape.

Hey! Your article is really helpful. However, I am worried about one thing. Will we have the facility to make a table to document our response for the essay question? In other words, what does that response box allow other than plain text?

I don’t believe you’ll have the option to create tables.

I am preparing for the Part II exam and my exam date is on 22.10.2014. I almost cover the topic and essay writing practice is pending. Now I am getting 80-85 score for gleim online.Expecting your advice for final review…

I NEED TO DOWNLOAD MCQS

Your best bet is to purchase a test bank from Gleim or Wiley . There are no free MCQ test banks to my knowledge.

I didn’t press save in the text box of the essay question .dose it saves automatically or my reply will be blank?

If you don’t press the Save button, I believe it won’t save your answer unfortunately.

I’m curious, in order to pass part 1 and/or part 2, one needs to score a 360+ out of 500. If the multiple choices account for 75% of the test, theoretically, I can pass both parts by answering all the multiple choices correctly. 75% of 500 is 375. I understand the degree of difficulty and improbability of answering all the multiple choices correctly, but I’m just speaking hypotheticals here.

I think it’s not correct. 75% of 500 is 375. Hense, the essay section would have 125 points (500-375=125). If you pass the MCQ section with 50% and essay section with 100% correct answers, you will get only 313 points (375/2+125=313), which less thn required 360.

Must earn at least 50% on multiple-choice section in order to advance to essay section. If in the exam you are not advanced to the essay section, it means that you failed the exam. –

If student gets 50 or more % in MCQs than does it mean that student has passed the exam or what ?

Candidates must earn at least 50% in the MCQ section in order to advance to the essay section. That does not mean you have passed the exam. It means that you have earned sufficient points to move onto the essay section. If a candidate scores below 50% in the MCQ section and scores 25% in the essay section, the candidate will have failed the exam due to insufficient points. This is why the IMA doesn’t let candidates with a score below 50% move onto the essay section because they have already failed.

have got part 1 & 2 ver3.0 books of IMA from one of my friends.

Would request you to suggest if these books are okay for studying or do I need to buy new books for taking exam in may14…?

Awaiting your response.

With borrowed books you won’t have access to the online test bank, which I think is very important for your preparation.

Did the writing skill ,spelling and grammar effect the the answer if it is correct, specially for those the English in not the mother tongue ? thank you

When are you going to post the essay notes part 2?

Ali, not anytime soon unfortunately. I’m working on videos at the moment.

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CMA Exam Essay Questions – Everything You Should Know

Does thinking of the CMA exam essay questions stress you out?

This is the case for many candidates. It sure was for me.

Just thinking about being faced with such a daunting unknown had my heart beating a little faster and sweat forming on my brow.

But while the CMA exam is difficult , I’m here to tell you that you’re not alone, and not without assistance.

To help remove some of the stress from CMA exam essay questions, I’m going to cover what you can expect on exam day, how you’ll be scored, and everything else you should know.

I’ll explore some actionable strategies that you can employ to gain the most points possible during this section of the exam.

Let’s dive in.

In this article:

The Two Sections of the CMA Exam Format

Setting realistic expectations for exam day, how to answer cma exam essay questions to score the most points possible, some rock solid essay prep tips you need to try, the most successful strategy, 12 of my best cma essay hacks, cma essay faqs, additional resources to help you with the cma exam essay questions.

Originally published in 2016, this article was updated and republished on March 14, 2024.

Let’s start with a little refresher on the CMA exam format.

Each part of the CMA exam is accomplished in two sections.

The first section consists of multiple choice questions which you’ll have three hours to complete. If you finish early, your time rolls over into the remaining section, which is where you’ll tackle two essay questions.

CMA exam essay questions are graded by human graders using a grading guide. The evaluator’s goal is not to deduct points from your essay answers but to award points. This means that even partial answers are worthwhile, because they add points to your final grade.

CMA Part 1 Essay Questions

Part one of the CMA exam covers six areas:

• External Financial Reporting Decisions
• Planning, Budgeting, and Forecasting
• Performance Management
• Cost Management
• Internal Controls
• Technology and Analytics

The IMA sample question handout includes examples of essay questions. Based on these examples, you can expect scenario-based questions that require critical thinking and analysis.

For instance, the first question involves a family-owned printing business and provides you with a few basic details about the business and financial statements.

Some of the expected tasks include:

• Defining and explaining costing structures
• Calculating unit cost of goods sold
• Preparing income statements
• Identifying and describing the advantages of various costing structures
• And defining and explaining related financial principles.

Example Essay Question from Part 1

Let’s look at a specific example essay question from the IMA covering Part One of the exam – financial reporting, planning, performance, and analytics.

You’re presented with a detailed scenario like the one below.

Brown Printing: 

Brown Printing, a small family-owned business, began operations on March 1, manufacturing premium quality books. The owners have expertise in printing but no accounting knowledge or experience. The company’s independent accountant compiled the following data for the month of March. They have also requested an income statement.

• Sales price: $90 per book
• Number of units produced: 15,000 books
• Number of units sold: 10,000 books
• Direct materials cost: $15 per book
• Direct labor cost: $6 per book
• Variable manufacturing overhead: $4 per book
• Fixed manufacturing overhead: $240,000 per month
• Selling cost: $3 per book
• Administrative expenses: $160,000 per month

The owners want to understand these numbers and how they can use the information to run the business.

You are then presented with several points to consider and explain using the information given:

• Define and explain absorption costing and variable costing.
• Calculate the unit cost of goods sold and prepare the income statement for March using variable costing.
• Calculate the unit cost of goods sold and prepare the income statement for March using absorption costing.
• Identify and describe two advantages of using variable costing and two limitations of using absorption costing.
• Explain why there is a difference in net income between variable costing and absorption costing. Show your calculations.
• Define and explain throughput costing.

CMA Part 2 Essay Questions

Part two of the CMA exam covers:

• Financial Statement Analysis
• Corporate Finance
• Business Decision Analysis
• Capital Investment Decisions
• Enterprise Risk Management
• Professional Ethics

You can be asked to write an essay that falls within these topics, likely on a scenario with a few different variables involved.

For instance, a company that is reviewing capital budget submissions. You may be given projects, project beta value, and internal rate of return.

You would then be asked to calculate the required return for various projects (showing your works), define and explain terms, and identify additional approaches or recommendations.

Regardless of the framing, essay questions are going to address the conceptual building blocks behind decision-making, reporting, regulatory compliance, and more.

Exam Secrets Cheat Sheet

The IMA expects that your answers will convey the following cognitive skills:

• Comprehension
• Application

You will be expected to be thoughtful, concise, pithy, and make substantial statements that prove in-depth understanding of the topics.

Example Essay Questions from Part 2

In Part 2, you will be given a similar scenario and set of expectations to demonstrate your understanding of strategic financial management.

Here’s a specific example from the IMA.

Grandeur Industries:

Grandeur Industries is currently in the process of reviewing capital budget submissions from its various divisions. Grandeur uses the Capital Asset Pricing Model (CAPM) for a variety of purposes, including the determination of benchmark investment returns. The company’s overall cost of capital is 16% and its beta value is 1.2. The risk-free rate is 4% and the expected return on the market is 14%. The following projects from different divisions are under consideration and there is no capital rationing in effect.

You’re then presented with several points to consider and explain using the information given:

• Calculate the required return for all four projects. Show your calculations.
• Identify which of the four projects under consideration should Grandeur accept. Support your decision.
• Define and explain beta.
• Describe four factors that would impact the beta value that is chosen for use in evaluating a project.
• Identify alternative approaches to dealing with risk in capital budgeting.

Back to table of contents

In addition to knowing how the CMA exam will be formatted, it’s important to plan for and have realistic expectations around exam day.

Writing an essay is a high-concentration exercise. To add to the pressure, it comes after your multiple choice question section, which could mean you are more mentally fatigued.

Managing this cognitive demand, in addition to dedicating enough time to studying , is something you should expect and be prepared for.

There are a number of ways you can plan for it ahead of time.

Firstly, make sure you get a great night’s sleep the night before the exam. On the day of the exam, eat a nutritious meal and plan time buffers to alleviate all unnecessary stress or strain on exam day.

Finally, pace yourself.

At this point, you should have spent plenty of time studying and worked through a number of practice essays. While you would have never seen the exact content before, this will ensure that you are completely familiar with and prepped to tackle the questions they throw at you.

On the face of it, answering a CMA exam essay question is fairly straightforward:

You assess the presented scenario, respond by completing a calculation and then explain your work and reasoning.

But there are some strategies you can employ within this basic framework to achieve the highest possible score.

• First, learn to slow down and read and understand every single word of the question. The test isn’t trying to trick you, but the essay questions can be quite complex. You don’t want to miss a key component that will negatively impact your logic or work.
• Second, complete as much as you can and show your work. Remember that you are awarded points for partial answers, so you don’t want to give up early or simply gloss over the details. Make your work as comprehensive as possible, because even if you can’t finish, you can demonstrate that you were on the right track and had the correct lines of critical thought.

There are additional essay strategies that we teach to our students inside CMA Exam Academy, but wanted to share a couple of them with you in this article.

The time crunch for CMA exam essay questions can be daunting, but with the right strategies, you’ll be well-equipped to score as high as you can:

• Practice, practice, practice — understand the content and practice answering. Don’t go off on tangents. Learn how to study for the CMA exam , and practice staying focused.
• Calculate what is actually asked of you , not what you think is asked of you.
• Know your formulas . You may need to calculate figures before you can answer the question at hand. The best way to memorize formulas is to write them down repeatedly and remain aware of them.
• Make use of practice essay questions.
• Hire a CMA tutor . A tutor can help clarify concepts and review your essay practice answers.

Each CMA exam essay question has clues to guide you to the correct answer.

By paying attention to these clues and keeping an eye open for the following terms, you can determine what the essay is asking:

Use the above verbs in your essay response. Fully understanding and following the directives contained in those words is a foremost strategy – you can’t succeed without it.

Preparation and tuning into MVP phrases are absolutely key. Pair those with these 12 essay hacks and you’ll be well-prepared to master CMA exam essay questions:

• Stay positive and stop fearing the essay section.
• Write down your calculations, work, and assumptions to earn partial credit. Keep in mind, this all must be done on the computer’s exam simulation. Scratch paper used during your exam will get thrown out after you leave the testing center.
• Expect 3-6 questions for each essay scenario.
• Scroll between questions and scenarios within the essay section before you start answering. This will help you manage time.
• Play close attention to verbs (like I mentioned above).
• Read the entire question to understand all of the requirements.
• Focus on organization, clarity, and the use of standard English.
• Be aware that graders look for effective writing skills.
• Be concise and to the point. Bullet points are okay.
• Don’t leave questions blank. Even if you’re running out of time, write an outline of your main points.
• Make it easy for graders to give you points by showing you work.
• Use all of the time available and use it well.

I want to answer some of the most common questions we hear about the essay questions on the CMA exam.

What types of essay questions are on the CMA exam?

The essay questions follow the same general format. You’ll be presented with a brief scenario and then asked between three and six questions. You’ll use the information presented in the scenario to answer the questions by applying financial concepts and principles. Any exam prep courses you choose should have specific examples of essay questions so you will feel comfortable with them on test day.

How are CMA exam essay questions graded?

The human graders want to give you points in this section. They’re looking for straightforward English in your answers—no need to break out your creative writing skills. You can earn partial credit, so you want to show your work so they can award as many points as possible. This means it’s better to at least answer part of the question or jot down a few thoughts because points will not be deducted for incorrect answers.

What are the best strategies for preparing for CMA exam essay questions?

There are a few steps you can take to feel prepared for the essay questions. First, you’ll want to have a study schedule in place to ensure you understand each of the subjects you’ll be presented with on the test. You should also choose a review course that has practice questions included so you are familiar with the format and feel comfortable with how best to tackle the answer.

Can you pass the CMA without answering the essays?

No. No one can pass the CMA exam without answering the essay questions – even getting a perfect score on the multiple-choice questions will not give you a pass. As stated earlier, you don’t lose points for incorrect answers, so it’s worth it to use all of your exam time to answer as many essay questions as possible.

At the CMA Exam Academy, we have a ton of great resources that can help you with the CMA exam essay questions:

• Our 16-week Accelerator Course
• Online Test Bank
• Textbooks in paperback

Have specific questions about CMA exam essay questions? Drop them below and we’ll talk in the comments.

Hi, I’m Nathan Liao (aka the CMA Coach)! For the last 10 years, over 82,000 accounting and finance pros came knocking at my door seeking guidance and help. If you’re also aiming to conquer the CMA exam on your very first try—without wasting away time or money—you’ve found your ultimate guide. Dive in deeper to discover more about me and the dedicated team that powers CMA Exam Academy.  Click here and let’s embark on this journey together!

Found it helpful? Share it with others

14 Comments on “CMA Exam Essay Questions – Everything You Should Know”

Dear mr: nathan

What the waight of essay questions is it .25 of total score of it is have an equal to MCQ .50 ?

Your respectful Abdalla Altayeb

Hi Abdalla,

75% of your overall score will come from the MCQ section and 25% from the essay section.

You can read more about passing scores in the following article: Understanding the CMA Exam Passing Score

Hi Nathan, I just wanted to know that the eligibility to reach essay questions in exams is to score 50% of 375 (mcq) or 50% of total score of 500.

Thanks & Regards Suyash Madkaikar

You would need to answer 50 MCQs correctly to reach the essay section of the exam.

Thanks, Nathan

Can I get any specific essay material for both the parts (ie,part 1 and 2) prepared by you?

Hi Ganpathy, we have essays in our test bank that you can use to practice with. Please click here to check it out. Thanks, Nathan

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Dear Sir, I want the CMA Part 2 book as well which is prepared by Mr.Nathan. Is there a way that I can get the Part 2.

Kindly assist me.

Please check this link for the CMA Part 2 book:

https://cmaexamacademy.com/product/cma-part-two-textbook-full-color/

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CMA Exam Essay Questions: How to Master Them

CMA exam essay questions  are critical to the  Certified Management Accountant (CMA) exam . These essays test your ability to apply accounting concepts in real-world business scenarios. Many candidates find this section challenging, but with the right strategies, you can confidently tackle the essay portion and significantly boost your score.

This guide will provide practical tips to excel in the essay section, from structuring your answers to managing your time and focusing on key concepts.

Understanding the CMA Exam Essay Questions

The  CMA exam  includes  two essay scenarios  for each part, and each scenario typically has  4–6 written response questions . These questions evaluate your ability to apply  financial management  and  accounting principles  in practical business scenarios.

Key Points:

• Two essay questions per part make up  25% of your overall score .
• Essays test both  conceptual understanding  and  problem-solving skills .
• Partial credit  is awarded for showing your work, even if you don’t arrive at the correct final answer.

How to Structure Your Answers for CMA Exam Essay Questions

When answering  CMA exam essay questions , structure is essential . A well-organized response helps the grader understand your thought process and evaluate your knowledge. Follow these steps to structure your answers:

Understand the Essay Format

Knowing the structure of the essay section will help you approach the questions confidently.

• Two essay scenarios : Each part includes two questions that may cover topics from the  multiple-choice questions (MCQs) . These could involve  budgeting ,  variance analysis , or  financial reporting .
• Partial credit : You can earn partial credit by showing your calculations and thought process, even if the answer is incorrect.

Develop Strong Writing Skills

Clear and structured writing is crucial for  CMA exam essays . Here's how to enhance your writing:

• Be concise and organized : Use short, clear sentences and divide your answer into sections.
• Start with an introduction : Review the question and outline your approach.
• Use bullet points or numbered lists : This helps highlight critical points.
• Conclude with a summary : Wrap up your answers by summarizing your findings.
• Use professional language : Avoid casual language—your answers should sound like advice you'd give a manager or board.

Practice Solving Essay Questions

Practicing essay questions under exam conditions is one of the best ways to get comfortable with the format.

• Use past exams : IMA provides practice exams that include essay questions. Utilize these to familiarize yourself with the question types.
• Simulate exam conditions : Practice in a timed environment to get used to writing essays within the 1-hour limit.
• Review sample answers : Review high-quality answers from  CMA exam prep  materials to understand how to structure complete and coherent responses.

Brush Up on Key Concepts

Essay questions often require you to explain or analyze  complex, scenario-based concepts . Focus on mastering critical topics like:

• Financial statement analysis
• Internal controls
• Budgeting and forecasting
• Cost accounting methods
• Ethics and corporate governance

Ensure you can explain these concepts clearly in your own words and apply them to real-world situations.

Show Your Work

Always show the steps involved in your calculations. Even if you make a mistake, showing the process can earn you partial credit.

• Work out calculations : Lay out each step, such as variance analysis or breakeven points.
• Explain reasoning : Accompany your calculations by explaining the numbers and why you took each step.

Check out our blog on  CMA Exam Scoring Explained for more insights into showing your work effectively.

Focus on Answering the Question

Directly addressing each part of the essay question is essential. Make sure you understand what’s being asked before you begin writing.

• Address each part : Break down multi-part questions and ensure you answer every section.
• Descriptive : Explain a concept.
• Analytical : Analyze a problem or scenario.
• Prescriptive : Provide a recommendation based on the information provided.

Manage Your Time Effectively

Time management is crucial for completing the essay section within the allotted 1-hour time frame.

• Allocate time per question : Spend   25–30 minutes  on each essay, leaving a few minutes for review.
• Move on if stuck : Don’t spend too much time on one part. If a question stumps you, move to the next and return later if time allows.

For more time-saving tips, check out our article on  CMA High yield topics .

Use the CMA Learning Outcome Statements (LOS)

The  CMA exam blueprint  provides specific  learning outcome statements (LOS)  that highlight what you’re expected to know. Use this as a study guide to focus on the concepts likely to appear in essay questions.

• Study practical applications  of the topics listed in the blueprint.
• Make sure you understand how to  apply theories  in real-world business contexts.

Stay Calm and Focused

Maintaining composure during the exam is essential to success.

• Stay positive : You don’t need perfect answers, just straightforward, logical, and structured responses.
• Break the question down : If faced with a challenging question, take a moment to break it into manageable parts and tackle each one step by step.

Example of an Essay Question Response

Let’s consider a sample essay question:.

"ABC Corporation is considering expanding its operations to a new market. As a financial manager, you are tasked with evaluating the financial risks and providing recommendations to management on how to mitigate these risks. In your response, explain the types of financial risks that ABC Corporation may face, the methods used to assess them, and specific strategies for mitigating them."

Step-by-Step Approach to Answering This Question

Step 1: Introduction

Start with a brief introduction to frame your answer. Define financial risk and link it to the context of expanding into a new market.

Example : "Financial risk refers to the possibility that a business will experience losses due to fluctuations in market conditions, exchange rates, interest rates, or credit. When expanding into a new market, ABC Corporation faces several financial risks that must be carefully evaluated and managed to ensure the success of the expansion."

Step 2: Identify and Explain Financial Risks

Next, discuss the various financial risks that the company may face. Break down your answer into clear subheadings or bullet points.

• This is the risk that the value of investments or operations will fluctuate due to changes in market conditions. In a new market, ABC Corporation may face uncertainties in demand for its products or services, leading to volatile revenue.
• If the new market involves international operations, fluctuations in exchange rates could impact the company's profitability. For example, if the foreign currency depreciates, revenues earned in that currency will be worth less when converted back into the company's home currency.
• This is the risk of non-payment by customers or suppliers in the new market. Expanding into a region with unfamiliar credit conditions or unreliable payment practices can increase the likelihood of bad debts.
• If ABC Corporation takes on debt to finance the expansion, changes in interest rates could increase the cost of borrowing, which may reduce profitability.
• This refers to the risk of loss resulting from inadequate or failed internal processes, systems, or external events. New markets may present operational challenges such as supply chain disruptions or regulatory changes.

Step 3: Methods to Assess Risks

Now, outline the tools or techniques that could be used to assess and quantify these risks.

• This involves changing key variables such as sales volume, exchange rates, or interest rates to see how these changes affect profitability. For example, ABC Corporation can use sensitivity analysis to understand how a 10% fluctuation in exchange rates would impact earnings.
• Scenario analysis considers different combinations of risks to examine possible future events. ABC Corporation could develop best-case, worst-case, and most likely-case scenarios for market entry and assess how each impacts the company's financial performance.
• VaR is a statistical technique that measures an asset or portfolio's potential loss in value due to adverse market conditions over a specific period. It helps quantify the amount of potential financial loss due to market and exchange rate risks.

Step 4: Risk Mitigation Strategies

Finally, suggest practical strategies for mitigating the identified risks. Again, break down your recommendations.

• ABC Corporation can use forward contracts or currency options to hedge against exchange rate fluctuations. This locks in exchange rates for future transactions, reducing exposure to currency volatility.
• Diversifying operations across multiple regions or product lines can reduce the impact of poor performance in one particular market . This reduces the company's reliance on any single revenue stream.
• ABC Corporation could implement stricter credit policies, require advance payments from customers, or use credit insurance to mitigate credit risk. This would reduce the chance of clients defaulting in the new market.
• ABC Corporation can use interest rate swaps to convert floating-rate debt into fixed-rate debt, thereby reducing exposure to rising interest rates.
• The company can purchase insurance to mitigate operational risk and cover potential supply chain disruptions, natural disasters, or other risks that may impact its operations.

Step 5: Conclusion

Summarize your key points and provide a final recommendation.

Example : "In conclusion, expanding into a new market presents ABC Corporation with several financial risks, including market, currency, credit, interest rate, and operational risks. The company can effectively mitigate these risks by using appropriate risk assessment tools such as sensitivity analysis and hedging strategies. ABC Corporation is recommended to implement a comprehensive risk management plan to ensure the success of its expansion while minimizing potential losses."

Key Points to Remember When Answering an Essay Question Like This :

• Structure your answer : Use headings or bullet points to make your answer clear and organized.
• Explain your reasoning : Don’t just list risks or strategies—explain why they matter and how they work in the context of the company’s expansion.
• Be concise but thorough : Ensure you cover all parts of the question without writing overly lengthy explanations.
• Use professional terminology : This shows a deep understanding of the topic.

Conclusion: Mastering CMA Exam Essay Questions

Mastering  CMA exam essay questions  requires practice, organization, and time management. You can confidently tackle the essay section by breaking down questions, showing your calculations, and structuring your answers logically. With consistent practice and a focus on critical concepts, you’ll improve your performance and increase your chances of passing the  CMA exam .

For a comprehensive overview of the CMA USA program, check out our detailed guide on  CMA USA Course Details .

For more resources on how to excel in the CMA exam, explore our related blogs:

• CMA Exam Scoring and How to Interpret Your Score
• How to Tackle MCQ questions
• What is the CMA Exam pattern
• How long does it take to become a US CMA
• How hard is the CMA Exam
• CMA Part 1 or Part 2, which to do first?
• CMA Exam centres

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Frequently Asked Questions About the CMA US Certification Course

The CMA US course is a globally recognized certification program for finance and accounting professionals, focusing on strategic financial management, budgeting, and performance management. It’s ideal for those looking to advance in corporate finance roles.

The CMA exam is known for being challenging, with an average global pass rate of around 45%. The exam consists of two parts: Part 1 focuses on Financial Planning, Performance, and Analytics, while Part 2 covers Strategic Financial Management. Each part has a mix of multiple-choice questions and essay questions, which test both theoretical knowledge and practical application. Most candidates find Part 1 more quantitative and Part 2 more strategic, with both requiring thorough preparation.

Most candidates complete the course in 6-18 months, depending on study time and preparation. The two exam parts can be scheduled separately, allowing for flexible pacing.

CMA aspirants have three years to successfully complete both components of the exam from the day they join their program. With ample time available, success is well within reach!

Most candidates report studying between 150 to 200 hours for each part of the CMA exam. If working full-time, this could translate to around 3-5 months per part, depending on your existing accounting knowledge and study habits. A structured study schedule, covering each section systematically and including ample time for practice questions and revision, is essential for success.

Here are all the links to CMA Resources

• ACCA vs CMA
• CMA Certification
• CMA Exam Centre. Locations
• CMA US online course 
• CMA Exam Dates: Complete Guide for your Test in 2025 
• CMA Exam Essay Questions: How to Master Them 
• CMA Exam fees. Updated for 2024 
• CMA Exam High Yield Topics: Where to focus 
• CMA Exam Pass Rates: Insights and Tips 
• CMA Exam Passing Score: How to Pass with ease
• CMA Exam pattern: Your Complete Guide 
• CMA Exam Tips: How to Pass on Your First Try in 2025
• CMA Part 1 Formula Sheet 
• CMA Part 1 or Part 2: Which to Take First? 
• CMA Performance report: How to Interpret Exam Scores 
• CMA Study Plan: How to Master the Exam in 2025 
• CMA Syllabus Changes 2025: Key Updates 
• CMA US CPE requirements: Complete Guide 
• CMA US Eligibility Requirements 
• CMA USA Course details: Comprehensive guide 
• CMA USA Results: What to Expect in 2025 
• CMA vs CA: Which is Better for Your Career?
• CMA vs CPA: Choosing the Right Path for Your Career  
• CMA Work Experience Requirement 

The CMA credential can open doors to various managerial and executive positions in finance, accounting, and corporate management. Common roles include financial analyst, management accountant, CFO, and financial controller. Salary expectations vary by region, but CMAs generally earn around 30-50% more than their non-certified peers. In the U.S., the average salary for CMAs can range from $80,000 to $150,000 annually, depending on experience and location.

Yes, many candidates complete the CMA while working full-time. Time management is crucial, and it may involve studying during evenings and weekends. Employers often support CMA candidates by providing study resources, financial assistance, or time off for exam preparation. Reddit users recommend setting realistic goals and maintaining a consistent study routine to balance work and study effectively.

The CMA is recognized in over 100 countries and is highly regarded in various industries, particularly in regions like the Middle East, China, and India. It is especially valuable for professionals interested in multinational corporations or companies with a global presence. In some countries, CMA-certified professionals may earn equivalent or even higher salaries than CPAs or local accounting professionals.

Many professionals with a CPA or another accounting certification pursue the CMA to gain expertise in management accounting and strategic decision-making. The two credentials can complement each other well, with the CPA focusing more on auditing and tax and the CMA emphasizing corporate finance and strategy. The choice depends on career goals—if you're aiming for managerial roles in corporate finance, the CMA is highly advantageous.

While automation and AI have affected traditional accounting roles, they have increased the demand for management accountants who can interpret data and contribute to strategic decision-making. CMAs are well-positioned to leverage these technologies, as their training covers data analytics and performance management, making them valuable assets in organizations seeking to innovate and optimize processes.

If you fail a part of the CMA exam, you can retake it during the next testing window. The IMA offers the exam in three testing windows each year: January-February, May-June, and September-October. Preparing for a retake may involve identifying areas of weakness, revising study materials, and perhaps trying different resources or study methods.

To be eligible, candidates must have a bachelor’s degree from an accredited institution, two years of relevant professional experience in financial or management accounting, and IMA membership.

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