It is definitely a benefit that it is broken up the way it is. Keep in mind that the CMA exam requires a higher level of thinking than just reciting facts or working with basic equations.
Here is a further breakdown of each topic area, with a reminder of their percentage for relative weight range:. This section of the CMA largely deals with financial statements for accounting information. External financial reports are viewed by people outside an organization, so they have to align with specific requirements.
They may be prepared by accountants within a reporting entity and are usually some type of disclosure, statement, or summary. This section of the CMA will test your ability to blend accounting concepts with practical skills in finance.
This is where you will demonstrate the high-level strategy skills Certified Management Accountants are known for in planning, budgeting, and forecasting. A lot of the study you will do for this section will require you to work through financial scenarios using sound budgeting and accounting principles. Topically, this section of the CMA exam will deal with flexible budgets, transfer pricing methods, a balanced scorecard, standard costing, variance analysis and more.
There will be a lot of defining and developing as questions will address your ability to explain the relationships between metrics like KPIs and a strategic financial plan. Cost management will deal with accounting and operational aspects of business, like costing, overhead, and supply chain. You will need to apply your understanding of how to use different methods to identify portions of mixed costs.
There will be a lot of analysis-oriented questions, including ones on process value, best practice and business reengineering. The procedures for internal controls are subject to legislation. This section will require you to know a lot of statutes and regulatory guidelines for things like governance, structures, policies, risk and audits.
Your CMA studies may provide text content or flashcards that help you memorize overarching rules, laws or acts. You will also need to have a firm grasp on how internal controls apply to different kinds of companies private, public, etc. This section of the CMA exam is the most recent addition. Other areas were reduced to fit it in. It was added to make the exam more relevant to accounting professionals, who use a lot of technology and integrated systems to do their work.
That should tell you just how hard the CMA is. Putting in the time to prepare, using a quality CMA course, and practicing the format as much as you can will give you a huge advantage on exam day.
The CMA exam format contains two standard elements, which are a multiple-choice section and an essay section. The raw score how many points you get based on how many right answers is used to create your final score, which is calculated based on a uniform scoring system. For the CMA, the uniform scoring system runs from A passing score is The exam is entirely computer-based and completed at a Prometric testing center , which has locations all over the world.
Each question on the multiple choice part of the exam is equally weighted. There are no points deducted for wrong answers, only points given for correct answers. Not every test-taker is getting the same questions or having the same experience. Some versions of the exam may be slightly more difficult than others. Make sure your review course for CMA Part 1 includes a large and realistic test bank.
The essay questions are only accessible if you have passed the multiple choice section by correctly answering at least half of the questions. Coming in second, you will be presented with two essay questions, both of which you must answer. You will write your answers to essay questions into a very simple word processor on the computer. Some essays will require you to solve equations or do calculations, which can also be done within the word processor. Many people find it useful to do simulations of this, so they can get familiar with how to use the interface before the day of the test.
You will be allowed one hour to write both of your essays. In order to pass the first part of the CMA exam, you need a plan.
Like I said, you want to allocate at least 16 weeks per section of the CMA exam, but this is only the start of the planning you need to do. Over the course of four months, you will want to schedule your CMA study time, just like you would a job or school.
Set in advance which days and for how many hours a day you plan to study. Create a study plan and stick to it. Part of your CMA exam studies has to be preparing for the different question types. All of these should have extensive detail and give you plenty of opportunity to practice CMA question types. I recommend using certified management accountant practice tests throughout your studies. Take one at the beginning to find out where you stand.
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This book revolves around the concept of value and it is organised into two parts. Part I Performance Measurement Consists of three chapters, all of which focus on the real and fairly complex set of financial statements of DaimlerChrysler AG. The first two chapters provide a detailed guided tour of the financial statements which deconstruct the complexity and then reconstruct the financials to provide a clearer base for analysis.
These chapters have been arranged to deal with each line item of financial statements which have been highlighted in such a way to allow the reader to treat the materials as a reference as well as a sequential read. Chapter three presents a framework for evaluating financial health and introduces a cash flow based model for understanding the short and medium term constraints on a firm's growth.
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His areas of interest include corporate and financial strategy, mergers and acquisitions, venture capital, financial markets, corporate ownership and governance, risk management and international finance.
He is currently visiting professor at the Harvard Business School.
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