100+ Free CMSA Practice Questions
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Key Facts: CMSA Exam
70%
Passing Score
CFI
50 Qs
Final Exam Questions
Multiple-choice, randomized
2 hrs
Exam Time Limit
CFI
70-90 hrs
Estimated Study Time
CFI
$497/yr
Subscription Cost
CFI Self-Study plan
4.9/5
Program Rating
13,800+ ratings
The CMSA final exam consists of 50 randomized multiple-choice questions that must be completed within 2 hours. The program includes 42 total courses with 17 required for exam eligibility (10 core courses and 7 electives). CFI reports 4.9 out of 5 stars from over 13,800 ratings, and the estimated study time is 70-90 hours with an average completion time of 3-4 months.
About the CMSA Exam
The CMSA certification from CFI teaches essential skills for careers on both the buy-side and sell-side of capital markets. The program covers 42 courses spanning fixed income, derivatives, equities, foreign exchange, commodities, and analytical methodologies, with a timed 50-question final exam requiring a 70% passing score.
Questions
50 scored questions
Time Limit
2 hours
Passing Score
70%
Exam Fee
$497/year (CFI subscription) (Corporate Finance Institute (CFI))
CMSA Exam Content Outline
Derivatives
Options, swaps, futures, forwards, pricing, valuation, and derivative risk management
Fixed Income
Bond fundamentals, yield measures, duration, credit analysis, securitized products, repos
Analytical Methodologies
Technical analysis, behavioral finance, portfolio management, hedge fund fundamentals
Foreign Exchange
FX spot, forwards, swaps, options, currency trading strategies
Commodities
Commodity categories, pricing drivers, futures and options strategies
Equity
Cash equities, equity derivatives, institutional trading, risk management
How to Pass the CMSA Exam
What You Need to Know
- Passing score: 70%
- Exam length: 50 questions
- Time limit: 2 hours
- Exam fee: $497/year (CFI subscription)
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
CMSA Study Tips from Top Performers
Frequently Asked Questions
What is the CMSA certification?
The Capital Markets & Securities Analyst (CMSA) is a professional certification from the Corporate Finance Institute (CFI) that teaches essential skills for careers in capital markets. It covers fixed income, derivatives, equities, foreign exchange, commodities, and analytical methodologies across 42 courses. The certification is recognized by FINRA and is blockchain-verified.
How hard is the CMSA exam?
The CMSA exam is moderately challenging. The final exam consists of 50 multiple-choice questions in 2 hours, requiring a 70% passing score. You must also achieve 80% on each individual course assessment to qualify for the final exam. The program covers a broad range of capital markets topics, so thorough preparation across all asset classes is essential.
Is the CMSA worth it?
The CMSA is well-regarded for careers in sales and trading, asset management, wealth management, treasury, and research. It provides practical, hands-on training with real-world applications. With a 4.9/5 rating from over 13,800 reviews and recognition by major financial institutions like JP Morgan, UBS, and BlackRock, it offers strong career value at a reasonable cost compared to certifications like the CFA.
How long does it take to complete the CMSA?
CFI estimates 70-90 hours of total study time, with an average completion time of 3-4 months. The program is entirely self-paced and online, so you can move faster or slower depending on your schedule. You must complete 10 core courses and at least 7 electives before accessing the final exam.
What salary can CMSA holders expect?
CMSA holders typically work in roles like traders, research analysts, portfolio managers, and treasury professionals. Salaries vary by role and experience, but capital markets professionals in the U.S. typically earn $70,000-$150,000+. The certification enhances competitiveness for front-office roles at major financial institutions on both the buy-side and sell-side.