CMA PART 2 MOCK EXAM UPDATED 2026 (LIKE REAL)

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%

Here is a high-level overview of what to expect from each domain in Part 2. It is not exhaustive. For a list of specific tasks, check the LOSs.

Financial Statement Analysis

CMAs take the basic information reported in the financial statements and extrapolate data for use in decision-making. You will need to calculate and understand the uses of the current ratio, the quick (acid-test) ratio, the cash ratio, the cash flow ratio, and the net working capital ratio. Advanced accounting knowledge is a prerequisite to recommending or defending a course of action. You have to know how the numbers support your claims.

Corporate Finance

CMAs should know how to raise and work with capital. You will need to understand how organizations generate a return long term, how interest and exchange rates affect revenues over time, and how international diversification can offset the costs inherent to cross-border transactions.

Decision Analysis

CMAs need a firm understanding on product and production decisions. CMAs must employ cost-volume-profit and marginal analysis at an advanced level. The exam may ask you to calculate a break-even point, calculate the effect of operating income on a make-or-buy decision, evaluate and recommend a pricing strategies, etc.

Risk Management

Risk assessment involving different types of systematic and unsystematic risks is integral because risks are a factor in every high-level business decision. An understanding of Enterprise Risk Management (ERM) generally (and more specifically, COSO Enterprise Risk Management – Integrated Framework) is required.

Investment Decisions

CMAs should understand capital budgeting with regard to investment decisions and be able to use the two main discounted cash flow (DCF) methods, net present value (NPV) and internal rate of return (IRR), to recommend project investments. This is an extension of the ideas established in Corporate Finance, but with an applied focus on investment decisions.

Professional Ethics

Underpinning all of this is the IMA’s focus on professional ethics, which may be tested in conjunction with any topic area.