Back in the day, there was a single Principles of Accounting CLEP exam that covered both Financial and Managerial Accounting. The College Board has since retired that exam and replaced it with the current Financial Accounting CLEP. To fulfill a Managerial Accounting requirement, you'll need to explore other options. However, this exam typically satisfies the Financial Accounting requirement for most business degree programs. It's also worth noting that the Financial Accounting CLEP has a relatively lower pass rate compared to other CLEP exams, indicating its difficulty level. I think part of this is people just taking it on a whim, but it still has a well-justified reputation of being a tough one. If you have any background in accounting or bookkeeping, much of the material should be familiar. If not, be prepared to invest time in studying. Many find this exam challenging, especially without prior experience, but people have passed without any background in accounting so don't think it's impossible. Take it seriously and you'll be fine.