Free IMA CMA Part 2 (Strategic Financial Management) Practice Questions

FreeFellow currently offers 585 free CMA Part 2 practice questions across 6 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.

The questions cover 6 topics: Financial Statement Analysis, Corporate Finance, Business Decision Analysis, Enterprise Risk Management, Capital Investment Decisions, Professional Ethics. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.

The CMA Part 2 delivers 100 multiple-choice questions (IMA). It also carries 2 constructed-response items (IMA). Testing time is 3 hours. FreeFellow's CMA Part 2 practice questions follow this format, and the free mixed practice draws from the full bank.

CMA Part 2 is graded at 360 on a 0-500 scaled score; at least 50% of points on the MCQ section to open the second section, and no return to the MCQ section after exiting it (IMA). FreeFellow's readiness score estimates where you sit against that bar from your own practice history, and it is free.

The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Timed mock exams, spaced-repetition flashcards, AI grading on supported exams (5 attempts a day), performance analytics, and a personalized study plan. Practice and grading usage limits apply.

Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.

The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, and written lessons stay free forever. Fellow is $39 per month or $79 per quarter, per exam family (USD). See https://freefellow.org/pricing for package prices and coverage.

Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. If you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.

The CMA Part 2 pass rate is approximately 50% based on IMA-published statistics. Both parts are widely regarded as challenging, with global pass rates running in the mid-40s to low-50s. IMA reports the rolling pass rate periodically and publishes the most recent figures on imanet.org.

Each CMA part is a 4-hour computer-based exam consisting of 100 multiple-choice questions and two case-based question sets from the September/October 2026 window (essays through May/June 2026; essays remain in mainland China, Hong Kong, Taiwan, and Japan). The MCQ section runs three hours; the case-based section runs one hour, about 30 minutes per set, and unlocks only if you earn at least 50% of the points on the MCQ section. MCQ and case-based scores are combined into one weighted scaled score; IMA has not published the exact weighting of the case-based section. The exam is administered at Prometric testing centers in three testing windows each year (January-February, May-June, September-October).

IMA and most prep providers recommend 150 to 170 hours per part for candidates with a relevant background, and 200+ hours per part for those with limited prior exposure to managerial accounting or finance. Part 1 leans more heavily on financial reporting and cost accounting; Part 2 leans more heavily on finance, risk management, and ethics. Consistent study over 3 to 4 months per part is the typical cadence.

To earn the CMA credential, candidates must (a) hold an active IMA membership, (b) hold a bachelor degree from an accredited institution or an equivalent professional certification, (c) pass both parts of the CMA exam, and (d) complete two continuous years of professional experience in management accounting or financial management. Candidates may sit for the exam before completing the degree or experience requirements as long as they finish within seven years of passing the first exam part.

The CMA (Certified Management Accountant) focuses on internal management accounting, financial planning, performance management, decision support, and corporate finance. It is the credential for accountants working inside companies (FP&A, controllership, treasury, internal audit, cost accounting). The CPA (Certified Public Accountant) focuses on external financial reporting, auditing and attestation, taxation, and regulation, and is required to sign public-company audit opinions. Many accountants hold both; the CMA is typically completed in 6 to 12 months while the CPA takes 12 to 18 months.

The CMA exam is offered three times per year during testing windows: January-February, May-June, and September-October. Candidates may take either part in any order and may sit for both parts in the same window if they wish. The exam is delivered at Prometric testing centers worldwide.

Prometric permits a basic six-function calculator (Texas Instruments BA II Plus is the most commonly cited acceptable model) or the on-screen calculator provided by the testing software. Programmable, scientific, and graphing calculators are not allowed. Confirm current rules in the latest IMA CMA Candidate Handbook before testing.

CMAs must complete 30 hours of continuing professional education each year, including at least 2 hours on ethics. CPE hours are reported annually to the IMA. Failure to meet CPE requirements suspends the active status of the credential until the deficit is cured.

FreeFellow is not affiliated with, sponsored by, or endorsed by the Institute of Management Accountants (IMA) or the Institute of Certified Management Accountants (ICMA). 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. ICMA does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services. FreeFellow materials are independently authored to complement the IMA Content Specification Outlines and Learning Outcome Statements.