CIMA

The exam contains 110 multiple-choice questions plus 10 pretest questions, and candidates complete it within four hours. The 10 pretest questions are included in the four-hour sitting. At 120 total items, that averages about two minutes per item, so practice timed sets and leave time for flagged questions.

The source page does not publish a passing score or scaled-score cutoff. Candidates should not rely on a fixed raw-score target; the exam is designed to test applied knowledge across five equally weighted domains. Use practice assessments and the official Candidate Handbook for current scoring and exam-day policies.

You must wait 30 days before retaking. The retake fee is $295 for members and $395 for nonmembers. There is no limit to the number of retakes. Use the waiting period to review weak domains, especially performance analysis and portfolio construction, rather than simply re-sitting immediately.

The Institute estimates the program takes about three to six months and recommends roughly 150 hours of preparation, including reading, instructional videos, knowledge checks, and module quizzes. Candidates with strong quantitative backgrounds may need less; those new to portfolio theory, attribution, and alternatives should budget closer to the upper end.

Candidates must pass a background check, have three full years of verified financial services work experience, complete the executive education program, pass the certification exam, pay an initial certification fee, and adhere to the Investments & Wealth Institute Code of Professional Responsibility. Meeting the education requirement alone does not confer the credential.

The CIMA program fee includes the application fee and background check, tuition and materials for the education program, test prep resources, and an initial exam sitting. Provider tuition varies: the source lists $6,295 for University of Chicago Booth and Yale, $5,250 for CIMA Direct, and $2,995 for CIMA Global Access.

CIMA certificants must complete 40 credit hours every two years, including 2 ethics hours and 1 tax/regulations hour. The requirement is part of the Institute’s continuing education cycle and is separate from the initial exam and education program. Track credits throughout the cycle rather than scrambling at the deadline.

A common mistake is studying definitions without practicing application. The exam uses case scenarios and asks you to choose the most appropriate method, benchmark, or recommendation. Weak spots often include attribution, risk-adjusted performance measures, behavioral biases, and manager due diligence. Build a study plan that forces calculation and scenario judgment, not just reading.