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What is MM?
In finance and accounting, MM (or lowercase “mm”) commonly denotes that the units of figures presented are in millions. The Roman numeral M denotes thousands. In this context, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000,” which equals 1,000,000 (one million).
While Roman numerals are technically additive (MM is really 1,000 plus 1,000 or 2,000), MM is still a fairly common way of abbreviating millions, especially in certain industries like oil and gas. This guide will explore how the notation should be used, as well as alternative symbols that are used in practice.
Example of MM in Financial Statements
The Roman numerals MM are frequently used to designate that the units used in presenting information (financial and non-financial) are in millions. The example below shows how figures can be portrayed in millions.
In this example, we intentionally chose a piece of analysis that contained various different units, such as dollars and shares. When an analyst must present various different types of units, it is recommended to add a “units” column so that each item contains a label for easy reference.
When preparing financial statements, accountants will typically write a note at the top of the income statement or the balance sheet saying, “All figures are expressed in millions of U.S. dollars,” for example.
The use of two m’s to denote millions is becoming less common. Frequently, in finance and accounting settings now, an analyst will use k to denote thousands and a capitalized M to denote millions.
For example, $100k x 10 = $1M
The table below summarizes different notations you may encounter in business.
Hundreds
Thousands
Millions
Billions
Written
$ hundreds
$ thousands
$ millions
$ billions
0's
00's
000's
-
-
Roman
-
m
mm
-
Modern
-
k
M
B
Unfortunately, there isn’t a consistent approach to labeling units. The least ambiguous approach is to simply write them out in words, such as “$ thousands.” This is CFI’s recommended method, to avoid any potential confusion.
Additional Resources
Thank you for reading CFI’s guide to MM (Millions). To continue learning and advancing your career, these additional CFI resources will be helpful:
CFI is a global provider of financial modeling courses and of the FMVA Certification. CFI’s mission is to help all professionals improve their technical skills. If you are a student or looking for a career change, the CFI website has many free resources to help you jumpstart your Career in Finance. If you are seeking to improve your technical skills, check out some of our most popular courses. Below are some additional resources for you to further explore:
CFI is a global provider of financial modeling courses and of the FMVA Certification. CFI’s mission is to help all professionals improve their technical skills. If you are a student or looking for a career change, the CFI website has many free resources to help you jumpstart your Career in Finance. If you are seeking to improve your technical skills, check out some of our most popular courses. Below are some additional resources for you to further explore:
Below is a break down of subject weightings in the FMVA® financial analyst program. As you can see there is a heavy focus on financial modeling, finance, Excel, business valuation, budgeting/forecasting, PowerPoint presentations, accounting and business strategy.
A well rounded financial analyst possesses all of the above skills!
Additional Questions & Answers
CFI is the global institution behind the financial modeling and valuation analyst FMVA® Designation. CFI is on a mission to enable anyone to be a great financial analyst and have a great career path. In order to help you advance your career, CFI has compiled many resources to assist you along the path.
In order to become a great financial analyst, here are some more questions and answers for you to discover:
CFI is a global provider of financial modeling courses and of the FMVA Certification. CFI’s mission is to help all professionals improve their technical skills. If you are a student or looking for a career change, the CFI website has many free resources to help you jumpstart your Career in Finance. If you are seeking to improve your technical skills, check out some of our most popular courses. Below are some additional resources for you to further explore:
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