200+ Free CMA Part 2 Practice Questions
Pass your CMA Part 2 Certified Management Accountant - Strategic Financial Management exam on the first try — instant access, no signup required.
Choose Your Practice Session
Select how many questions you want to practice
Questions by Category
Key Facts: CMA Part 2 Exam
~45%
First-Time Pass Rate
IMA
360/500
Passing Score
Scaled score
150-200 hrs
Study Time
Recommended
100K+
CMA Holders
Worldwide, IMA
$460-575
Exam Fee
IMA member/non-member
4 hrs
Time Limit
MCQs + Essays
CMA Part 2 has a first-time pass rate of approximately 45% (IMA data). The exam has 100 multiple-choice questions (MCQs) and 2 essay scenarios, with a 4-hour time limit. A scaled score of 360 out of 500 is needed to pass. Part 2 covers financial statement analysis (20%), corporate finance (20%), decision analysis (25%), risk management (10%), investment decisions (10%), and professional ethics (15%). The CMA credential is offered by the Institute of Management Accountants (IMA).
About the CMA Part 2 Exam
CMA Part 2 covers Strategic Financial Management. It tests advanced financial management skills including financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, and professional ethics. The CMA is globally recognized with over 100,000 certified professionals.
Questions
100 scored questions
Time Limit
4 hours
Passing Score
360/500
Exam Fee
$460-575 (IMA (Prometric))
CMA Part 2 Exam Content Outline
Financial Statement Analysis
Ratio analysis, cash flow, earnings quality, special items, financial statement comparisons
Corporate Finance
Cost of capital, capital structure, working capital, dividend policy, M&A, international finance
Decision Analysis
CVP analysis, marginal analysis, relevant costs, pricing, constraints, make-or-buy decisions
Risk Management
Enterprise risk, COSO framework, risk assessment, portfolio risk, hedging strategies
Investment Decisions
Capital budgeting, NPV, IRR, payback, real options, post-implementation audits
Professional Ethics
IMA Code of Ethics, ethical standards, conflict resolution, compliance, organizational ethics
How to Pass the CMA Part 2 Exam
What You Need to Know
- Passing score: 360/500
- Exam length: 100 questions
- Time limit: 4 hours
- Exam fee: $460-575
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
CMA Part 2 Study Tips from Top Performers
Frequently Asked Questions
What is the CMA Part 2 pass rate?
CMA Part 2 has a first-time pass rate of approximately 45%. The exam has 100 MCQs and 2 essay scenarios over 4 hours. You need a scaled score of 360 out of 500 to pass. Part 2 is often considered slightly more strategic and conceptual than Part 1.
How hard is CMA Part 2?
CMA Part 2 is challenging with its 45% pass rate. Decision Analysis (25% of exam) requires strong analytical skills for CVP and relevant cost problems. Corporate Finance involves complex calculations for WACC and capital budgeting. The Professional Ethics section (15%) tests application of IMA standards in scenarios. Plan for 150-200 hours of study.
What is on CMA Part 2?
CMA Part 2 covers: Financial Statement Analysis (20%), Corporate Finance (20%), Decision Analysis (25%), Risk Management (10%), Investment Decisions (10%), and Professional Ethics (15%). The exam has 100 MCQs (3 hours) and 2 essay scenarios (1 hour).
How long should I study for CMA Part 2?
Plan for 150-200 hours of study over 3-6 months. Focus on Decision Analysis (25% of exam) and Financial Statement Analysis/Corporate Finance (20% each). Practice NPV/IRR calculations, ratio analysis, and ethical decision-making frameworks. Write practice essays to prepare for the constructed response portion.
Can I take CMA Part 2 before Part 1?
Yes, you can take CMA Part 2 before Part 1. There is no required order. Some candidates find Part 2 more intuitive if they have a finance background, while others prefer to take Part 1 first as it covers more foundational material. You must pass both parts within 3 years of entering the CMA program.