For those preparing for the CMA USA 2023 exam, understanding the syllabus and exam pattern is crucial. Below, we provide a detailed breakdown of the syllabus for both Part 1 and Part 2, as well as key information about the exam pattern.

CMA USA Part 1 - Financial Planning, Performance, and Analytics Syllabus
Section A: External Financial Reporting Decisions (15%)
1. Financial statements

• Balance sheet
• Income statement
• Statement of changes in equity
• Statement of cash flows
• Integrated reporting

2. Recognition, measurement, valuation, and disclosure

• Asset valuation
• Valuation of liabilities
• Equity transactions
• Revenue recognition
• Income measurement
• Major differences between U.S. GAAP and IFRS

Section B: Planning, Budgeting, and Forecasting (20%)
1. Strategic planning

• Analysis of external and internal factors affecting strategy
• Long-term mission and goals
• Alignment of tactics with long-term strategic goals
• Strategic planning models and analytical techniques
• Characteristics of a successful strategic planning process

2. Budgeting concepts

• Operations and performance goals
• Characteristics of a successful budget process
• Resource allocation
• Other budgeting concepts

3. Forecasting techniques

• Regression analysis
• Learning curve analysis
• Expected value

4. Budgeting methodologies

• Annual business plans (master budgets)
• Project budgeting
• Activity-based budgeting
• Zero-based budgeting
• Continuous (rolling) budgets
• Flexible budgeting

5. Annual profit plan and supporting schedules

• Operational budgets
• Financial budgets
• Capital budgets

6. Top-level planning and analysis

• Pro forma income
• Financial statement projections
• Cash flow projections

Section C: Performance Management (20%)
1. Cost and variance measures

• Comparison of actual to planned results
• Use of flexible budgets to analyze performance
• Management by exception
• Use of standard cost systems
• Analysis of variation from standard cost expectations

2. Responsibility centers and reporting segments

• Types of responsibility centers
• Transfer pricing
• Reporting of organizational segments

3. Performance measures

• Product profitability analysis
• Business unit profitability analysis
• Customer profitability analysis
• Return on investment
• Residual income
• Investment base issues
• Key performance indicators (KPIs)
• Balanced scorecard

Section D: Cost Management (15%)
1. Measurement concepts

• Cost behavior and cost objects
• Actual and normal costs
• Standard costs
• Absorption (full) costing
• Variable (direct) costing
• Joint and by-product costing

2. Costing systems

• Job order costing
• Process costing
• Activity-based costing
• Life-cycle costing

3. Overhead costs

• Fixed and variable overhead expenses
• Plant-wide vs. departmental overhead
• Determination of allocation base
• Allocation of service department costs

4. Supply chain management

• Lean resource management techniques
• Enterprise resource planning (ERP)
• Theory of Constraints
• Capacity management and analysis

5. Business process improvement

• Value chain analysis
• Value-added concepts
• Process analysis, redesign, and standardization
• Activity-based management
• Continuous improvement concepts
• Best practice analysis
• Cost of quality analysis
• Efficient accounting processes

Section E: Internal Controls (15%)
1. Governance, risk, and compliance

• Internal control structure and management philosophy
• Internal control policies for safeguarding and assurance
• Internal control risk
• Corporate governance
• External audit requirements

2. System controls and security measures

• General accounting system controls
• Application and transaction controls
• Network controls
• Backup controls
• Business continuity planning

Section F: Technology and Analytics (15%)
1. Information systems

• Accounting information systems
• Enterprise resource planning systems
• Enterprise performance management systems

2. Data governance

• Data policies and procedures
• Life cycle of data
• Controls against security breaches

3. Technology-enabled finance transformation

• System development life cycle
• Process automation
• Innovative applications

4. Data analytics

• Business intelligence
• Data mining
• Analytic tools
• Data visualization

CMA USA Part 2 - Strategic Financial Management
Section A: Financial Statement Analysis (20%)
1. Basic financial statement analysis

• Common size financial statements
• Common base year financial statements

2. Financial ratios

• Liquidity
• Leverage
• Activity
• Profitability
• Market

3. Profitability analysis

• Income measurement analysis
• Revenue analysis
• Cost of sales analysis
• Expense analysis
• Variation analysis

4. Special issues

• Impact of foreign operations
• Effects of changing prices and inflation
• Impact of changes in accounting treatment
• Accounting and economic concepts of value and income
• Earnings quality

Section B: Corporate Finance (20%)
1. Risk and return

• Calculating return
• Types of risk
• Relationship between risk and return

2. Long-term financial management

• Term structure of interest rates
• Types of financial instruments
• Cost of capital
• Valuation of financial instruments

3. Raising capital

• Financial markets and regulation
• Market efficiency
• Financial institutions
• Initial and secondary public offerings
• Dividend policy and share repurchases
• Lease financing

4. Working capital management

• Working capital terminology
• Cash management
• Marketable securities management
• Accounts receivable management
• Inventory management
• Types of short-term credit
• Short-term credit management

5. Corporate restructuring

• Mergers and acquisitions
• Other forms of restructuring

6. International finance

• Fixed, flexible, and floating exchange rates
• Managing transaction exposure
• Financing international trade

Section C: Decision Analysis (25%)
1. Cost/volume/profit analysis

• Breakeven analysis
• Profit performance and alternative operating levels
• Analysis of multiple products

2. Marginal analysis

• Sunk costs, opportunity costs, and other related concepts
• Marginal costs and marginal revenue
• Special orders and pricing
• Make vs. buy
• Sell or process further
• Add or drop a segment
• Capacity considerations

3. Pricing

• Pricing methodologies
• Target costing
• Elasticity of demand
• Product life-cycle considerations
• Market structure considerations

Section D: Risk Management (10%)
1. Enterprise risk

• Types of risk
• Risk identification and assessment
• Risk mitigation strategies
• Managing risk

Section E: Investment Decisions (10%)
1. Capital budgeting process

• Stages of capital budgeting
• Incremental cash flows
• Income tax considerations
• Evaluating uncertainty

2. Capital investment analysis methods

• Net present value
• Internal rate of return
• Payback
• Comparison of investment analysis methods

Section F: Professional Ethics (15%)
1. Business ethics

• Moral philosophies and values
• Ethical decision making

CMA USA Exam Pattern 2023
Apart from the syllabus, it's essential to understand the exam pattern for the CMA USA 2023 exam. Here are the key details:

Part 1: Financial Planning, Performance, and Analytics Syllabus

• Exam Duration: 4 Hours
• Number of Questions: 102
• Type of Questions: 100 Multiple Choice Questions (MCQs) and 2 30-minute essays

Part 2: Strategic Financial Management

• Exam Duration: 4 Hours
• Number of Questions: 100 Multiple Choice Questions (MCQs) and 2 30-minute essays

The CMA exam will be conducted in a virtual mode at global test centers of ICMA. Understanding the syllabus and exam pattern is crucial for effective preparation. Best of luck with your CMA exam preparations!

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