US CMA Part 2 Syllabus 2026 - Exam Pattern, Topic-wise Syllabus

US CMA 2026 Exam Pattern

Candidates preparing for the US CMA 2026 should also familiarise themselves with the exam pattern. The in-depth exam pattern of the US CMA is provided below.

US CMA Exam Pattern 2026

US CMA Part 2 Strategic Financial Management Syllabus

The following is the detailed USA CMA Part 2 syllabus for the Strategic Financial Management paper:

A. Financial Statement Analysis (Levels A, B, and C)

1. Basic financial statement analysis

a. Common size financial statements

b. Common base year financial statements

2. Financial ratios

a. Liquidity

b. Leverage

c. Activity

d. Profitability

e. Market

3. Profitability analysis

a. Income measurement analysis

b. Revenue analysis

c. Cost of sales analysis

d. Expense analysis

e. Variation analysis

4. Special issues

a. Impact of foreign operations

b. Effects of changing prices and inflation

c. Impact of changes in accounting treatment

d. Accounting and economic concepts of value and income

e. Earnings quality

B. Corporate Finance (Levels A, B, and C)

1. Risk and return

a. Calculating return

b. Types of risk

c. Relationship between risk and return

C. Decision Analysis (Levels A, B, and C)

1. Cost/volume/profit analysis

a. Breakeven analysis

b. Profit performance and alternative operating levels

c. Analysis of multiple products

2. Marginal analysis

a. Sunk costs, opportunity costs, and other related concepts

b. Marginal costs and marginal revenue

c. Special orders and pricing

d. Make vs. buy

e. Sell or process further

f. Add or drop a segment

g. Capacity considerations

3. Pricing

a. Pricing methodologies

b. Target costing

c. Elasticity of demand

d. Product life-cycle considerations

e. Market structure considerations

D. Risk Management (Levels A, B, and C)

1. Enterprise risk

a. Types of risk

b. Risk identification and assessment

c. Risk mitigation strategies

d. Managing risk

E. Investment Decisions (Levels A, B, and C)

1. Capital budgeting process

a. Stages of capital budgeting

b. Incremental cash flows

c. Income tax considerations

d. Evaluating uncertainty

2. Capital investment analysis methods

a. Net present value

b. Internal rate of return

c. Payback

d. Comparison of investment analysis methods

F. Professional Ethics (Levels A, B, and C)

1. Business ethics

a. Moral philosophies and values

b. Ethical decision making