CMA® Part 2 — Strategic Financial Management
The second half of the CMA® — analysis, corporate finance, decisions, risk, investment and ethics for finance leaders.
About the exam
The CMA® (Certified Management Accountant) is IMA's credential for accountants and finance professionals who plan, analyze and control a business from the inside. Part 2, Strategic Financial Management, covers financial statement analysis, corporate finance, business decision analysis, enterprise risk management, capital investment decisions and professional ethics. You can take the two parts in either order, and you can sit them before you meet the degree and experience requirements.
Each part takes 4 hours: 100 multiple-choice questions in 3 hours, then — if you answer at least half of them correctly — a 1-hour section with 2 case-based questions (CBQs). From the September/October 2026 window, CBQs replace the old essays; each is a short business case with several multiple-choice, multiple-select, numeric-entry and drag-and-drop items. Multiple choice counts for 75% of the scaled score and CBQs for 25%; 360 out of 500 passes. Content follows IMA's outline effective September 1, 2024.
Our practice covers all six Part 2 sections with scenario and calculation questions weighted like the real exam, and our timed exam simulates the 100-question multiple-choice section at the real pace. Add flashcards for ratios and formulas, unfolding business case simulations that build the skills CBQs test, and illustrated guides to ratio analysis, cost of capital, CVP, capital budgeting and the IMA ethics standards.
How we track your progress
Every blueprint domain moves through five levels as you study:
- Not startedNo questions answered in this domain yet.
- Getting startedFirst questions answered — not enough yet to judge.
- DevelopingAt least 5 answered and 50% or better on your recent questions.
- ProficientAt least 15 answered and 70% or better on your recent questions.
- Exam readyAt least 25 answered, 80% or better recently, and holding up on hard questions.
The exam blueprint
IMA CMA Content Specification Outline effective September 1, 2024 — format from the September/October 2026 window: 100 MCQ + 2 case-based questions — 6 sections from financial statement analysis to professional ethics, each a set percentage of the exam. Tap a domain to see its topics.
1 Financial Statement Analysis 20% of the exam
90 practice questions in this domain so far
2 Corporate Finance 20% of the exam
90 practice questions in this domain so far
3 Business Decision Analysis 25% of the exam
112 practice questions in this domain so far
4 Enterprise Risk Management 10% of the exam
45 practice questions in this domain so far
5 Capital Investment Decisions 10% of the exam
45 practice questions in this domain so far
6 Professional Ethics 15% of the exam
68 practice questions in this domain so far
What you get when you access this exam
Free with your QuizMe account.
Questions built on the content outline
Every question is tagged to a CMA Part 2 section and topic — calculations, scenarios and the judgment calls a management accountant makes.
Hints that teach
Reveal the formula or principle behind the question when you're stuck. Every answer comes with the full worked rationale.
Adaptive practice
Questions steer toward your weakest sections, weighted like the real exam, and get harder as you get stronger.
Timed practice exams
Outline-weighted exams that simulate the 100-question, 3-hour multiple-choice section at the real pace — with a pacing indicator and full review.
Flashcards, case simulations and guides
120 flashcards, 8 unfolding business cases that build the skills case-based questions test, and interactive illustrated guides you explore hotspot by hotspot.
Progress in every section
Each section moves from Not started to Exam ready, so you know exactly what to study next.
Test at home or at a center
The CMA® exam is delivered by Prometric in three testing windows a year: January–February, May–June and September–October. Join IMA, pay the CMA entrance fee and register for a part, then schedule your seat with Prometric.
At a Prometric test center
- Prometric centers in the U.S. and worldwide — schedule early in the window, seats fill near the end.
- Bring current government-issued photo ID that matches your IMA registration exactly.
- Only IMA-approved calculators are allowed; check the current list in IMA's guidance before test day.
- Phones, bags, watches and notes go in a locker; rescheduling close to your date costs a Prometric fee.
Exam-day game plan
How to walk in ready — and how to pace 100 multiple-choice questions — the 3-hour MCQ section.
Pacing checkpoints
Checkpoints are for the 3-hour, 100-question multiple-choice section, which is what our timed exam simulates. On the real exam a 1-hour section with 2 case-based questions follows — each a short case with several multiple-choice, multiple-select, numeric-entry and drag-and-drop items. You reach it only if you answer at least 50% of the multiple choice correctly, and the CBQs count for 25% of your score.
The week before
- Take one full timed 100-question section 3–5 days out, then rest.
- Spend your last sessions on Business Decision Analysis — the heaviest section at 25% — plus Financial Statement Analysis and Corporate Finance, and anything still below Proficient.
- Drill ratios, WACC, breakeven and NPV/IRR on your approved calculator until the setups are automatic.
- Work a few case-based questions under a 30-minute-each clock so the CBQ hour holds no surprises.
During the exam
- Read the last line of the question first, then the data — know what you're solving for before you calculate.
- Watch for distractors built from common errors: wrong sign, wrong base, before-tax instead of after-tax.
- Pick your best answer, flag it and move on; revisit flags before the 3-hour section ends.
- Answer every question — there's no penalty for guessing, and 50% correct unlocks the CBQ section.
- In the CBQs, answer every sub-item: each is scored on its own and partial credit counts.
Keep your head
- A few nerves sharpen focus. If you freeze, take three slow breaths and reread the question.
- Your score is scaled against a fixed standard — 360 passes — not other candidates.
- One hard calculation doesn't sink a part. Bank the points you know and come back.
After you pass
- Pass both parts within 3 years of paying the CMA entrance fee, or passed parts expire.
- Once certified, keep IMA membership, pay the annual CMA maintenance fee and complete continuing education each year — currently 30 hours including ethics; confirm the current rules with IMA.
- Next step: schedule Part 1, and finish the bachelor's degree and 2 years of experience needed for certification.
Official sources and further reading
- IMA — Get started with the CMA ↗Membership, entrance and exam fees, and how to register.
- IMA — CMA case-based questions ↗How CBQs replaced the essays and how they are scored.
- IMA — FAQs on the 2024 CMA exam changes ↗The content outline effective September 1, 2024, testing windows and the 3-year program window.
Ready to start?
450 questions and scenarios across the blueprint — and growing.
CMA® and Certified Management Accountant® are registered trademarks of the Institute of Management Accountants (IMA). QuizMe and thinQtank Learning are not affiliated with or endorsed by IMA, the ICMA or Prometric. Details are summarized from IMA's published CMA content specification outline and exam information; fees and policies change — always confirm at imanet.org. Our Exam ready level asks for 80% or better.