CMA Part 2 Syllabus: Sections and Question Counts
How the 100 CMA Part 2 questions split by section: Business Decision Analysis 25%, Financial Statement Analysis 20%, with the topics in each section and the source.
- Questions and time
- 100 MCQs plus two separate case-based sets · 180 minutes for MCQ practice; the real exam adds 60 minutes for cases
- Pass mark
- 360/500 scaled score; no fixed raw-percent equivalent
- Exam fee
- US$545 per part for professionals; US$407 for students/academics, excluding membership and program entrance fees
Start with 10 free questions to find what needs more work. No sign-up, with answer explanations.
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Start with 10 free questions to find what needs more work. No sign-up, with answer explanations.
Try 10 free questions and see your levelLast verified: 11 November 2026. This is an independent guide; it is not affiliated with Institute of Management Accountants (IMA) / Institute of Certified Management Accountants (ICMA) or any government body. Exam details can change, so check the exam page at Institute of Management Accountants (IMA) / Institute of Certified Management Accountants (ICMA) before relying on any figure.
How the questions are split
The exam has 100 questions in 180 minutes, split across the sections according to the exam specification from Institute of Management Accountants (IMA) / Institute of Certified Management Accountants (ICMA).
| Section | Questions | Share |
|---|---|---|
| Financial Statement Analysis | 20 | 20% |
| Corporate Finance | 20 | 20% |
| Business Decision Analysis | 25 | 25% |
| Enterprise Risk Management | 10 | 10% |
| Capital Investment Decisions | 10 | 10% |
| Professional Ethics | 15 | 15% |
| Total | 100 | 100% |
The two largest sections are Business Decision Analysis and Financial Statement Analysis: together 45 of the 100 questions (45%). Start with them, then take the rest in order of size.
Notes on this split
- From September/October 2026, English exams in the Middle East use cases in place of essays. This bank does not simulate the two interactive case sets.
- At least 50% on the MCQ section is required to access cases; this is an access condition, not the final pass mark.
Topics in each section
Financial Statement Analysis (20 questions)
- Comparative financial statement analysis
- Financial ratios
- Profitability analysis
- Special issues in financial analysis
Corporate Finance (20 questions)
- Financial risk and return
- Long-term financial management
- Raising capital
- Working capital management
- Corporate restructuring
- International finance
Business Decision Analysis (25 questions)
- Cost/volume/profit analysis
- Marginal analysis
- Pricing
Capital Investment Decisions (10 questions)
- Capital budgeting process
- Capital investment analysis methods
Professional Ethics (15 questions)
- Business ethics
- Ethical considerations for management accounting and financial management professionals
- Ethical considerations for the organization
How to use this split
Start with the 10 free questions, no sign-up: your score comes back split by section, so you see the weakest one. Then spread your study days according to the table above, as laid out in the study plan.
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Sources and references
- Institute of Management Accountants (IMA) / Institute of Certified Management Accountants (ICMA) – exam page imaglobal.org
- Institute of Management Accountants (IMA) / Institute of Certified Management Accountants (ICMA) – exam specification imaglobal.org
- Institute of Management Accountants (IMA) / Institute of Certified Management Accountants (ICMA) – exam specification (2) imaglobal.org