CMA Part 2 exam: format, syllabus and passing score

What is the CMA Part 2 exam?

The Certified Management Accountant credential from IMA is earned by passing two exam parts. Part 1 is Financial Planning, Performance, and Analytics; Part 2 is Strategic Financial Management. ICMA, the IMA body that runs the exam program, requires both parts, and IMA states that you can sit for Part 1 or Part 2 in any order.

Part 2 is the finance-and-decisions half of the CMA: reading financial statements, corporate finance, decision analysis, risk, capital investment and professional ethics. Many candidates choose their order based on which half matches their current job, since the rules do not force a sequence.

Source: IMA — CMA getting started. Checked 10 October 2026.

How much does the CMA Part 2 exam cost?

IMA lists an exam fee of US$545 per part for professional members and US$407 per part for student and academic members. On top of that comes the CMA entrance fee, paid once when you enter the program: US$300 for professionals and US$225 for students and academics. You also need an active IMA membership.

IMA says the move to case-based questions does not change pricing. Because you cannot sit the same part twice in one testing window, a failed attempt also costs time: the next try is in the following window at the earliest.

Source: IMA — CMA getting started. Checked 10 October 2026.

CMA Part 2 exam format and the new case-based questions

Each part starts with 100 multiple-choice questions. The Handbook sets three hours for that section and one hour for the second section, four hours in total.

The second section is what changed in 2026. In the May/June 2026 window candidates could choose essays or case-based questions; IMA called it the final testing window with essays for the English exam. From September/October 2026, case-based questions are the standard format. China, Taiwan (China) and Japan continue to offer essays.

Case-based questions use short case studies to test analysis, calculations and judgement. IMA states that the exam length, pricing, content and difficulty stay the same, that the section carries the same weight as the essays did, and that partial credit is given. You must answer at least 50% of the multiple-choice questions correctly to be allowed into the case-based section.

Source: IMA — CMA case-based questions. Checked 10 October 2026.

What score do you need to pass CMA Part 2?

CMA scores are scaled from 0 to 500, and the passing score is 360. That figure is published by ICMA in the CMA Handbook and applies to both parts.

Two thresholds matter on test day. The first is the 50% gate in the multiple-choice section: miss it and you do not reach the second section at all. The second is the 360 overall. A strong multiple-choice section helps on both counts, which is why most of your study time belongs there.

According to the Handbook, candidates who test receive results approximately six weeks from the end of the month in which they tested.

Source: ICMA — CMA Handbook. Checked 10 October 2026.

CMA Part 2 syllabus: topics and weightings

ICMA publishes the content in its Content Specification Outline and Learning Outcome Statements, effective since 1 September 2024. IMA states that neither document changes with the switch to case-based questions, so the syllabus below is still the one tested.

Business Decision Analysis is the single heaviest section at 25%, and Professional Ethics carries 15% — more than either risk management or capital investment. Do not leave ethics to the last week.

• Financial Statement Analysis — 20%: comparative analysis, financial ratios, profitability analysis, special issues
• Corporate Finance — 20%: risk and return, long-term financial management, raising capital, working capital, corporate restructuring, international finance
• Business Decision Analysis — 25%: cost/volume/profit analysis, marginal analysis, pricing
• Enterprise Risk Management — 10%: enterprise risk
• Capital Investment Decisions — 10%: capital budgeting process, capital investment analysis methods
• Professional Ethics — 15%: business ethics, ethical considerations for professionals and for the organisation

Source: ICMA — CMA Learning Outcome Statements. Checked 10 October 2026.

CMA requirements: membership, education and experience

To start, you join IMA as a member and enrol as a CMA candidate. To be certified, the Handbook requires a bachelor’s degree from an accredited college or university, or one of the professional certifications ICMA accepts instead, plus two continuous years of professional experience in management accounting and/or financial management.

The experience can be completed before the exam or within seven years of passing it. The exam itself has a clock as well: candidates must complete the CMA program, both parts, within three years of entering it. A passed part expires if the other is not completed in that time.

Source: ICMA — CMA Handbook. Checked 10 October 2026.

When can you take the CMA Part 2 test?

Both parts are offered in three testing windows a year: January/February, May/June and September/October. The exams are delivered at Prometric testing centres.

You cannot take the same exam part more than once in a window. If you do not pass in, say, September/October, your next attempt at Part 2 is in January/February. Plan the three-year completion limit with that rhythm in mind.

Source: ICMA — CMA Handbook. Checked 10 October 2026.

How to study for CMA Part 2

Start from ICMA’s Learning Outcome Statements. They break each of the six sections into the specific outcomes you are expected to perform, and they are the document IMA says stays unchanged with the new format.

IMA offers downloadable examples of case-based questions, which show the format of the second section. Use them to practise working through a short case under time pressure: reading the case, choosing what matters and calculating cleanly.

Weight your study time like the exam: a quarter on decision analysis, a fifth each on financial statement analysis and corporate finance, and real time on ethics. And protect the 50% gate by practising multiple-choice questions until your accuracy is consistent across all sections.

Source: ICMA — CMA Learning Outcome Statements. Checked 10 October 2026.

Exam confidentiality: why leaked questions are a risk

Every candidate must agree not to disclose the contents of the examinations. The Handbook also states that candidates caught cheating will have their grades invalidated and be disqualified from future examinations, and that cheating leads to expulsion from IMA.

For preparation, that means relying on ICMA’s own outline and examples and on genuine practice questions, not on anything claiming to be real exam content.

Source: ICMA — CMA Handbook. Checked 10 October 2026.

CMA Part 2 practice questions

Certsqill’s CMA Part 2 practice questions are expert-developed: every answer option comes with an explanation, and your readiness score is shown per section, so you can see whether you clear the multiple-choice gate across all six areas before you book a window.

CMA Part 2 questions people ask

What is on the CMA Part 2 exam?

Strategic Financial Management: financial statement analysis 20%, corporate finance 20%, business decision analysis 25%, enterprise risk 10%, capital investment 10%, professional ethics 15%. Source: ICMA Learning Outcome Statements, checked 10 October 2026.

How many questions are on CMA Part 2?

100 multiple-choice questions, followed by a case-based question section (essays until May/June 2026 for the English exam). Source: ICMA Handbook and IMA, checked 10 October 2026.

How long is the CMA Part 2 exam?

Four hours. IMA states the switch to case-based questions does not change the exam length. Checked 10 October 2026.

What is the passing score for CMA Part 2?

360 on a scale of 0 to 500. Source: ICMA CMA Handbook, checked 10 October 2026.

How much does the CMA Part 2 exam cost?

US$545 per part for professional members, US$407 for student and academic members, plus a one-time entrance fee of US$300 or US$225. Source: IMA, checked 10 October 2026.

Are there still essays on CMA Part 2?

Not on the English exam from September/October 2026; case-based questions replaced them. China, Taiwan (China) and Japan keep essays. Source: IMA, checked 10 October 2026.

Can I take CMA Part 2 before Part 1?

Yes. IMA states that you can sit for Part 1 or Part 2 in any order. Checked 10 October 2026.

Can I take CMA Part 2 online?

IMA lists Prometric testing centres as the place the exams are offered. Source: IMA getting-started page, checked 10 October 2026.

How often can I retake CMA Part 2?

Once per testing window; there are three windows a year. Source: ICMA CMA Handbook, checked 10 October 2026.