Free IMA CMA Practice Questions, 2026 (Full Bank)
The entire IMA CMA Part 1 and Part 2 question banks are free on FreeFellow. That is 1,323 practice questions across the full IMA Content Specification Outline (738 for Part 1, 585 for Part 2), each with a detailed step-by-step solution and per-choice notes. The full bank is browsable without an account. No trial period, no question cap, no credit card.
- CMA Part 1 (Financial Planning, Performance, and Analytics)
- CMA Part 2 (Strategic Financial Management)
FreeFellow is a private review course and is not sponsored or endorsed by ICMA or the IMA. ICMA does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services.
What the CMA Exam Actually Tests
The CMA (Certified Management Accountant) is the IMA-administered credential for accountants who work inside companies rather than in public audit. Two 4-hour computer-based parts, each with 100 multiple-choice questions and 2 essay questions. MCQ section accounts for 75% of the scaled score; essay section accounts for 25%. Candidates must score at least 50% on the MCQ section to have their essay section graded.
Part 1: Financial Planning, Performance, and Analytics
| Topic | Weight | What it covers |
|---|---|---|
| External Financial Reporting Decisions | 15% | GAAP and IFRS balance sheet, income statement, statement of changes in equity, cash flow statement, revenue recognition under ASC 606, inventory, long-term assets, intangibles |
| Planning, Budgeting, and Forecasting | 20% | Strategic planning frameworks, operating and financial budgets, master budget, flexible and zero-based budgeting, forecasting techniques, projected financial statements |
| Performance Management | 20% | Cost-volume-profit, variance analysis, responsibility centers, KPIs, balanced scorecard, segment reporting |
| Cost Management | 15% | Cost concepts and behavior, job-order and process costing, activity-based costing, life-cycle costing, joint products and by-products, inventory management |
| Internal Controls | 15% | COSO Internal Control and Enterprise Risk Management frameworks, internal audit, systems controls, Sarbanes-Oxley, GDPR, SOC reports |
| Technology and Analytics | 15% | Information systems, data governance, RPA / AI / blockchain in finance, data analytics, business intelligence, data visualization |
Part 2: Strategic Financial Management
| Topic | Weight | What it covers |
|---|---|---|
| Financial Statement Analysis | 20% | Ratio analysis, DuPont decomposition, common-size statements, trend analysis, off-balance-sheet financing, fair value |
| Corporate Finance | 20% | CAPM, cost of capital and WACC, capital structure, working capital, raising capital, dividend policy, international finance |
| Decision Analysis | 25% | Relevant costing for short-term decisions, make-or-buy, special orders, drop-or-keep, sell-or-process-further, pricing methods |
| Enterprise Risk Management | 10% | COSO ERM, risk identification and assessment, risk responses, ICFR, operational risk, crisis management |
| Investment Decisions | 10% | NPV, IRR, payback, profitability index, after-tax cash flows, MACRS depreciation, sensitivity and scenario analysis |
| Professional Ethics | 15% | IMA Statement of Ethical Professional Practice (competence, confidentiality, integrity, credibility), conflict resolution, fraud risk, FCPA |
Pass Rates and Study Hours
Global pass rates run in the mid-40s to low-50s on each part based on IMA-published statistics, with Part 1 typically a few points lower than Part 2. IMA and most prep providers recommend 150 to 170 hours per part for candidates with a relevant background (managerial accounting coursework, finance work experience), and 200+ hours per part for those new to the material.
A typical timeline:
- 6 months total for working professionals studying 10 to 15 hours per week
- 4 months total for full-time students or candidates with a strong finance background
- 8 to 10 months for candidates who are also balancing CPA prep or other certifications
The candidates who pass tend to do two things consistently. They drill the high-weight topics (Part 1: budgeting and performance management at 40% combined; Part 2: decision analysis and FSA at 45% combined). And they take at least 2 full-length practice exams before sitting each part.
CMA vs CPA: How They Differ
For accountants evaluating both credentials, the answer is usually a matter of where you plan to work, not which exam is easier.
| Dimension | CMA | CPA |
|---|---|---|
| Focus | Internal management accounting, FP&A, decision support | External financial reporting, audit, tax |
| Required for | Senior FP&A / controllership / treasury / cost accounting roles in industry | Signing public-company audit opinions; many tax practice settings |
| Parts / sections | 2 parts | 4 sections (3 core + 1 discipline) |
| Total questions | ~200 MCQ + 4 essays across both parts | ~250+ MCQ + 24 TBS across four sections |
| Typical timeline | 6 to 12 months | 12 to 18 months |
| Education prereq | Bachelor degree (or equivalent professional cert) | 150 semester hours (above bachelor in most US states) |
| Experience prereq | 2 years management accounting / financial management | 1 to 2 years public accounting (state-dependent) |
| Total fees | ~$1,750 (IMA member + entrance + exam) | ~$1,500 to $3,000 (varies by state + section retake fees) |
| Continuing education | 30 hrs / year (incl. 2 hrs ethics) | 40 hrs / year (state-dependent) |
Many accountants hold both. The typical sequence is CPA first (because it is required for public audit and has stricter prereqs), then CMA when the candidate transitions into industry. A growing minority go CMA first when they know they want to stay in industry FP&A or controllership rather than audit.
If you are weighing both, the FreeFellow CFA vs CFP vs CPA comparison is a useful adjacent read since the CMA conversation often expands into CFA territory for finance-leaning candidates.
How FreeFellow Compares to Paid CMA Prep
The three dominant paid providers for CMA in the US market are Gleim, Wiley CMAexcel, and Hock International. Pricing as of 2026:
| Provider | Typical price | What you get |
|---|---|---|
| FreeFellow free tier | $0 | Entire question bank (1,323 questions), all 40 lessons with AI-narrated audio, mixed practice, formula reference, readiness tracking |
| FreeFellow Fellow | $59/qtr or $149/yr | All of the above plus 3 practice exam forms per part, spaced-repetition flashcards, topic-level performance analytics, personalized study plan, AI-assisted essay grading where available |
| Gleim CMA Mega Test Bank | $999 to $1,499 per part | Question bank + video lessons + practice exams |
| Wiley CMAexcel | $1,295 to $2,295 | Full prep suite + instructor support |
| Hock International | $549 to $899 per part | Question bank + textbook + practice exams |
For candidates who specifically want a tutor or instructor support, the paid options offer that. For self-directed candidates working from a published syllabus, the entire FreeFellow free tier is enough to pass.
Study Plan
If you have 6 months until exam day:
- Months 1 to 2: Part 1 lessons + 30 to 40 questions per day on the topic you just covered. Focus heavy time on variance analysis and budgeting (the two biggest topics, 40% combined).
- Month 3: Part 1 practice exams. Take at least 2 full-length forms under realistic conditions. Sit Part 1.
- Months 4 to 5: Part 2 lessons + 30 to 40 questions per day. Focus heavy time on decision analysis, FSA, and corporate finance (65% combined).
- Month 6: Part 2 practice exams. Sit Part 2.
The MCQ section is 75% of the scaled score, so MCQ practice dominates the study budget. The 2 essay questions per part are worth 25% combined but most candidates spend less than 25% of study time on them. Use the FreeFellow copy-to-AI prompt builder on the essay practice items to get feedback from your own ChatGPT or Claude at no cost.
Start Practicing
- CMA Part 1 free practice questions (738 questions, 6 topics)
- CMA Part 2 free practice questions (585 questions, 6 topics)
- Compare against the CPA path
FreeFellow is a private review course and is not sponsored or endorsed by ICMA or the IMA. CMA, Certified Management Accountant, and ICMA are registered trademarks of the Institute of Certified Management Accountants. IMA is a registered trademark of the Institute of Management Accountants, Inc.