Wolves were left frustrated for the majority of the first half as they failed to keep possession for any sustained period of time at the Molineux.
The same player tested Ikeme just moments later with a drilled effort from outside the area but the home side's keeper responded well to the strike.
Ipswich were rewarded for their domination shortly before half time as Aaron Creswell collected a pass from DJ Campbell before firing the ball past the outstretched hand of Ikeme.
The visitors continued to control proceedings following the break as the home team's supporters voiced their disapproval of the performance from Stale Solbakken's men.
Ipswich took advantage of some poor defending in the 55th minute as Campbell broke away before firing the ball into the corner of the goal.
McCarthy's side relaxed following the second goal and were rarely threatened as they cruised to three points.