CMA Course and Examination

The CMA Program is divided into two parts, Level I and Level II, both consisting of courses and examinations. Level I covers basic principles and tools needed in financial 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.

CMA Course

The CMA Program comprises six topic areas: (1) Securities Analysis and Portfolio Management, (2) Financial Statement Analysis, (3) Corporate Finance, (4) Economics and Market Analysis, (5) Quantitative Analysis and Statistics, and (6) Ethics and Standards of Professional Conduct.

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

Level I : 8 months (June to January)

Candidates have to study all six topic areas at the same time. The Level I examinations are conducted by unit. Candidates who pass all three units can progress to the Level II course.

Candidates receive texts in booklet and PDF for each topic area on a bi-monthly basis, and are recommended to purchase some supplementary readings. The study tool is also prepared to offer candidates multiple questions from previous Level I examinations via “my-page”.

A candidate who does not pass all three units within the three years must re-register for the Level I course.

Level II : 8 months (August to March)

Candidates have to study all six topic areas at the same time. Candidates receive texts on a bi-monthly basis and are recommended to purchase some supplementary readings.

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 examination 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. Examinations are available in Japanese only.

Level I : total 6 hours consisting of three units

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

• Exam Content and Duration
• Unit 1: (170 minutes)
  - Securities Analysis and Portfolio Management
• Unit 2: (100 minutes)
  - Financial Statement Analysis
  - Corporate Finance
• Unit 3: (90 minutes)
  - Economics and Market Analysis
  - Quantitative Analysis and Statistics
  - Ethics and Standards of Professional Conduct

Level II : 6 hours

The Level II examination, a single comprehensive one covering all six topic areas, is held once a year, in June. Examination questions involve analysis of a wide variety of cases, information, and data. Almost all are essay questions including calculations.