FMAA Exam: An Overview and Exam Guide

If you’re a new management accountant looking to increase your hireability and earning power with a professional certification, the CMA exam isn’t your only option. Now, the Institute of Management Accountants (ICMA) also offers the FMAA exam. Although it also covers management accounting topics, it’s substantially different from the CMA exam.

What’s on the FMAA exam? Who should take it? How is FMAA different from CMA? Below, I’ll answer these and more questions about this new exam. For even more information, download my FMAA Exam Guide.

What is the FMAA exam?

First offered in 2023, the Financial and Managerial Accounting Associate (FMAA) exam is an entry-level managerial accounting exam. It covers accounting terminology and basic financial management concepts in five key competencies. Overall, it’s a single-part exam that consists of 80 multiple-choice questions (MCQs), and you’ll have two hours to answer them.

What does the FMAA exam cover?

The ICMA states that the exam covers five key competencies. Here are these competencies and the percentage of questions that come from each.

1. General accounting and financial management (25%)
2. Financial statement preparation and analysis (25%)
3. Planning and budgeting (20%)
4. Cost management and performance metrics (20%)
5. Professional ethics (10%)

Who is the FMAA exam for?

In short, the FMAA certification is best for those new to the accounting profession. Because there is no degree or work experience requirement, accounting students in two- and four-year programs can take this exam. If you’re just starting out and you’re looking for an entry-level accounting job, the FMAA is probably for you.

What’s the difference between FMAA and CMA?

Both the FMAA and CMA certifications can benefit your management accounting career. However, they cover the concepts in different levels of depth. The FMAA exam is shorter, and it covers fundamental analytical skills and accounting management theory. In contrast, the CMA exam is more complex, lengthy, and rigorous. It tests more advanced financial skills, and it requires more study time and financial investment.

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Essentially, the FMAA exam is for candidates at the beginning of their careers. It provides a good foundation on which to build. Alternatively, the CMA exam is for candidates with some job experience and moderate to advanced accounting knowledge. And the CMA requirements for exam candidates are far more extensive, including work experience and IMA membership.

Of course, there is no reason you can’t eventually take both. Studying for and taking the FMAA exam now will give you studying and test-taking experience that will serve you well later. Then, when you have your degree and the experience requirements, you can take the CMA exam.

How do I take the FMAA exam?

First, you’ll need to register with the Institute of Management Accountants (IMA). You don’t need to be an IMA member to take the exam, but you will need a registration number. Then, you can schedule your exam appointment at a local Prometric texting center.

Currently, the ICMA offers the FMAA exam in English, Chinese, and Arabic. If you take the exam in English or Chinese, you can take it at any time of year. However, if you wish to take it in Arabic, you will need to schedule during a specific testing window. The remaining windows for 2025 are May 11-19 and September 14-22.

How much does the FMAA exam cost?

Initially, the fee to take the FMAA exam is $299. Then, once you pass it, you will need to pay a $49 yearly fee to the IMA to maintain your certification. However, I also recommend purchasing an FMAA review course.

How can I prepare for the FMAA exam?

Although there are no prerequisites to taking the FMAA exam, you should study with a dedicated review course. Because the exam is so new, there aren’t many review courses for it yet. However, the trusted test prep company Gleim offers an FMAA review package, and it gets my recommendation for best FMAA study course. With this course, you’ll receive a digital text book, a large MCQ test bank, and a realistic practice exam.

Want more information about the FMAA exam, including study tips and actual practice questions? Download my FMAA Exam Guide, which also contains peeks at Gleim’s review course.