Practice test for US. CMA Part 2 - 2026 Exams

2025 - 2026 CMA Part 2 Change

New content: Business Ethics, Sustainability and Social Responsibility
Deleted content: Off-Balance Sheet Financing, Bankruptcy, Tax Implications of Transfer Pricing

These will involve some shifts in coverage, as well as the addition of some new LOSs. Domain A: Financial Statement Analysis and Domain E: Investment Decisions will both see coverage reduced by 5%, while Domain C: Decision Analysis and Domain F: Professional Ethics will both see coverage increases of 5%. Domain F’s coverage increase is due, in part, to the inclusion of new LOSs on “groupthink”, “diversity of thought”, “ethical leadership and traits of ethical leaders”, and “facilitating payments”.

Given the increase in coverage of Professional Ethics, we can see that the ICMA is placing more value on workplace ethics, including the “tone at the top.” Additionally, the title change to Part 2 of the exam emphasizes the CMA’s evolving role as an important strategic asset to a company/organization rather than someone who simply does calculations and reporting.

CMA Part 1 vs. Part 2

Assessing and comparing the difficulty of part 1 and part 2 of the CMA exam isn’t going to yield consistent results. This is because the difficulty will depend — as with any test — on your personal mastery of the subject matter. As a general rule of thumb, if you’re an accounting major, start with Part 1, but if you’re a finance major, start with Part 2.

From an objective standpoint, the pass rates on each part are the same: part 1 has a 50% pass rate and part 2 has a 50% pass rate. This means some may find part 1 or 2 easier. With an equal pass rate, it is likely that the parts are similar in difficulty.

Both parts have 100 multiple-choice questions and an essay portion. Each section also must be completed in the same amount of time.

If your experience falls under the realm of accounting, you may find part 1 easier. If your specialty is in finance, you may prefer part 2.

There is no definitive answer for which section will be easier. So long as you dedicate an equal amount of time to studying for each part, you should be well-prepared to pass with flying colors.

CMA Part 2 Exam topics and format

While the CMA exam follows the same format for both parts, the topics are different.

CMA Part 2 is all about Strategic Financial Management. In this 4-hour long exam, you will have to complete 100 multiple choice questions and two essay scenarios.

To make it to the essay portion of the exam, you will have to earn at least 50% on the multiple-choice section.

There are six topics covered in CMA Part 2:

1. Financial Statement Analysis – 20%

2. Corporate Finance – 20%

3. Business Decision Analysis – 25%

4. Enterprise Risk Management – 10%

5. Capital Investment Decision – 10%

6. Professional Ethics – 15%