Free IMA CMA Part 2 (Strategic Financial Management) Practice Questions
The entire IMA CMA Part 2 question bank is free: 585 practice questions on financial statement analysis, corporate finance, business decision analysis, enterprise risk management, capital investment decisions, and professional ethics. Aligned to the current IMA Content Specification Outline. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
585 Questions
6 Topics
3 Difficulty Levels
2026 Syllabus
AI-native · Pay less · Access more
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your CMA Part 2 prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
✓
585+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
◎
Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
⦿
Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
✨
Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
✦
Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
⏱
Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
❖
AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
◆
Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
☰
Personalized Study PlanFELLOW
Adapts to your exam date and weakest topics.
What's Free — and What Fellow Unlocks
The 70% of CMA Part 2 prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
✓
Free forever
$0 · no credit card
585 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
✦
Fellow unlock
$59 / qtr · $149 / yr per track
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
Sample Questions
Question 1
Easy
In the COSO ERM framework, risk appetite is best described as:
🎉
Correct Answer: C
Solution
C is correct. COSO defines risk appetite as the broad-based amount of risk an entity is willing to accept in pursuit of value creation and the achievement of its strategic objectives. It is set by the board and senior management and frames more granular risk decisions.
Question 2
Medium
A risk officer is prioritizing among four identified risks using expected loss. Which risk carries the highest expected annual loss?
🎉
Correct Answer: C
Solution
C is correct. Expected loss equals probability multiplied by potential loss. For the correct choice, 0.05 × $2,000,000 = $100,000. The remaining alternatives compute to $80,000 (0.20 × $400,000), $80,000 (0.01 × $8,000,000), and $75,000 (0.30 × $250,000), all of which are smaller than $100,000.
Question 3
Hard
A company reports net income of $90,000, total equity of $600,000, and paid dividends of $36,000 during the year. Assuming the company maintains its current capital structure and profit margins, what is the maximum sustainable growth rate?
🎉
Correct Answer: C
Solution
C is correct. The sustainable growth rate (SGR) equals ROE multiplied by the retention ratio. Step 1: ROE = 90,000/600,000=15%. Step 2: Dividend payout ratio = 36,000/90,000=40%. Step 3: Retention ratio = 1−0.40=0.60. Step 4: SGR = 0.15×0.60=0.09, or 9.0%.
“I have been finding the FreeFellow materials incredibly helpful. The way you break down complex topics is making a real difference in my CPA prep.”
Joshua S.
“I really liked the access the free tier has. The amount of questions you made is incredible and very accurate to the real deal.”
Sam
“Such a great website, it's just amazing. I shared it with a friend who's using it, and he's finding it very helpful too.”
Ayesha
Frequently Asked Questions
How many free CMA Part 2 practice questions does FreeFellow have?
FreeFellow currently offers 585 free CMA Part 2 practice questions across 6 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What CMA Part 2 topics are covered?
The questions cover 6 topics: Financial Statement Analysis, Corporate Finance, Business Decision Analysis, Enterprise Risk Management, Capital Investment Decisions, Professional Ethics. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for CMA Part 2 prep, or is there a catch?
No catch. The 70% of CMA Part 2 prep you actually need to pass is free forever: the full question bank of 585 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for CMA Part 2?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else — questions, solutions, lessons — stays free.
How does FreeFellow compare to Gleim, Wiley CMAexcel, or Hock International on price?
Traditional CMA Part 2 prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass CMA Part 2 entirely on the free tier.
How should I use FreeFellow to study for CMA Part 2?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the CMA Part 2 pass rate?
The CMA Part 2 pass rate is approximately 50% based on IMA-published statistics. Both parts are widely regarded as challenging, with global pass rates running in the mid-40s to low-50s. IMA reports the rolling pass rate periodically and publishes the most recent figures on imanet.org.
What is the CMA Part 2 exam format?
Each CMA part is a 4-hour computer-based exam consisting of 100 multiple-choice questions and 2 essay questions. Candidates must score at least 50% on the MCQ section to have their essay section graded. The MCQ section accounts for 75% of the scaled score and the essay section accounts for 25%. The exam is administered at Prometric testing centers in three testing windows each year (January-February, May-June, September-October).
How many hours should I study for the CMA exam?
IMA and most prep providers recommend 150 to 170 hours per part for candidates with a relevant background, and 200+ hours per part for those with limited prior exposure to managerial accounting or finance. Part 1 leans more heavily on financial reporting and cost accounting; Part 2 leans more heavily on finance, risk management, and ethics. Consistent study over 3 to 4 months per part is the typical cadence.
What are the eligibility requirements to become a CMA?
To earn the CMA credential, candidates must (a) hold an active IMA membership, (b) hold a bachelor degree from an accredited institution or an equivalent professional certification, (c) pass both parts of the CMA exam, and (d) complete two continuous years of professional experience in management accounting or financial management. Candidates may sit for the exam before completing the degree or experience requirements as long as they finish within seven years of passing the first exam part.
CMA vs CPA: what is the difference?
The CMA (Certified Management Accountant) focuses on internal management accounting, financial planning, performance management, decision support, and corporate finance. It is the credential for accountants working inside companies (FP&A, controllership, treasury, internal audit, cost accounting). The CPA (Certified Public Accountant) focuses on external financial reporting, auditing and attestation, taxation, and regulation, and is required to sign public-company audit opinions. Many accountants hold both; the CMA is typically completed in 6 to 12 months while the CPA takes 12 to 18 months.
When can I take the CMA exam?
The CMA exam is offered three times per year during testing windows: January-February, May-June, and September-October. Candidates may take either part in any order and may sit for both parts in the same window if they wish. The exam is delivered at Prometric testing centers worldwide.
What calculator is allowed on the CMA exam?
Prometric permits a basic six-function calculator (Texas Instruments BA II Plus is the most commonly cited acceptable model) or the on-screen calculator provided by the testing software. Programmable, scientific, and graphing calculators are not allowed. Confirm current rules in the latest IMA CMA Candidate Handbook before testing.
What continuing education does the CMA require?
CMAs must complete 30 hours of continuing professional education each year, including at least 2 hours on ethics. CPE hours are reported annually to the IMA. Failure to meet CPE requirements suspends the active status of the credential until the deficit is cured.
What is FreeFellow's relationship with the IMA or ICMA?
FreeFellow is not affiliated with, sponsored by, or endorsed by the Institute of Management Accountants (IMA) or the Institute of Certified Management Accountants (ICMA). CMA, Certified Management Accountant, and ICMA are registered trademarks of the Institute of Certified Management Accountants; IMA is a registered trademark of the Institute of Management Accountants, Inc. ICMA does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services. FreeFellow materials are independently authored to complement the IMA Content Specification Outlines and Learning Outcome Statements.
FreeFellow is an AI-native exam prep platform for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. Every lesson ships with AI-narrated audio. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback. Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.