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CMA ® Education & Examination Program

The CMA® (Chartered Member of the Securities Analysts Association of Japan) education and examination program has been in place since 1977 and is highly evaluated and widely recognized as the most advanced and unique professional educational program in the securities and investment filed in Japan. A large number of candidates annually attempt to obtain the prestigious CMA designation. CMA holders number 25,702 as of end-December 2013.

Note: CMA® Trademark Infringement


CMA® Correspondence Course and Examination

The CMA program is divided into two parts, Level I and Level II, both consisting of correspondence courses and examinations. Level I covers basic principles and tools needed in securities analysis and portfolio management, while Level II focuses on the integrated and practical application of such knowledge. While the CMA program is open to public (no age limit, no academic record required), texts/exams are available in Japanese only.

Those who pass Level I and Level II sequentially, have three or more years experience in financial and investment analysis and/or portfolio management, and meet other professional standards are awarded the CMA designation.


  Correspondence Course/Exam
Subjects
Exam Duration Exam Schedule
Level I
  • Economics
1.5 hours Level I Exams are conducted by subject and offered twice a year (April, and September or October).
  • Financial Accounting and Financial Statement Analysis
1.5 hours
  • Securities Analysis and Portfolio Management
3 hours
Level II
  • Ethics and Standards of Professional Conduct
  • Economics and Market Analysis
  • Corporate Finance and Valuation
  • Securities Analysis and Portfolio Management
7 hours (1 hour for ethics and 6 hours for other three subjects) Level II Exam is offered in June only.

CMA Correspondence Course

To take examinations, candidates must enroll for correspondence courses (available in Japanese only).

  • Level I: 8 months (June to January)

Candidates may enroll for as many subjects as they choose and in any sequence. Consequently, some candidates might take all three subjects at the same time, while others might enroll for one or two and then take the remaining subject(s) in following years.

Candidates receive correspondence texts for each subject on a bi-monthly basis, and are recommended to purchase some supplementary readings. Candidates are able to try multiple choice exercises and get answers and explanations via internet.

All three Level I course subjects must be undertaken within four years of initial registration for the program. A candidate who does not pass a subject within the three years must re-register for that subject.

  • Level II: 8 months (August to March)

Candidates have to study all four subjects at the same time since the Level II examination tests all in one exam paper. Candidates receive correspondence texts on a bi-monthly basis and are recommended to purchase some supplementary readings. There are no web exercises for Level II course, but, explanatory materials and CDs of lectures are sent to candidates.

The Level II course must be undertaken within three years from the year of successfully completing Level I examinations. A candidate who does not pass the Level II exam within three years must re-register for the Level II course.


CMA Examination

Both Level I and Level II examinations are held in nine domestic exam centers and three overseas centers: New York, London, and Hong Kong. Exams are available in Japanese only.

  • Level I: total 6 hours consisting of three subjects

Level I examinations are conducted by subject and offered twice a year (April, and September or October). While candidates may take as many subjects as they choose at a time, all three subjects must be passed before entering Level II correspondence course and examination. Level I examinations consist of multiple-choice questions.

  • Level II: 7 hours

The Level II examination, a single comprehensive one covering all four subjects, is held once a year, in June. Exam questions involve analysis of a wide variety of cases, information, and data. Almost all are essay questions.

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