Cma Entrance Exam Study Guide
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There is one question that I get asked the most by CMA candidates. I can totally relate to it because that’s the same question that I had before my prep studies.
The question is, “Whose material will help me pass the exam!?” For a complete review of each CMA course,. Frankenstein study guide progeny press. With so many options to choose from, I understand your concern and worry over picking the wrong one. There’s also the concern of buying expensive material, spending months studying and fail because the material was not good enough to prepare you to pass the exams. Add the cost of paying for the exams on top of this and it just becomes too expensive.
I will share with you exactly what I did and the materials that I used (including the costs) to pass both CMA exams on my first try. I believe that this information will be useful to you because it’s derived from experience, and that experience yielded excellent results. Are you ready? Here we go: Which CMA Part Should I Take First? I took the Part 2 exam first. I made this decision because I was told it was the easiest part. After taking Part 1, I agree with that statement.
If you have experience in manufacturing, then perhaps Part 1 will be easier for you than it was for me. I will share with you the pertinent information in the order in which I took the exams. Download Handout No worries, your information is safe with me. I hate spam too!
CMA Part 2 Exam Preparation, Cost & Materials CMA Part 2 Exam Preparation I prepared for a total of 3 months, and this is what I did: a) Each day after work, I went to Starbucks, bought a latte, took out my iPad and my IMA book (now sold by Wiley CMAexcel) from my messenger bag and studied for 3 to 4 hours max. I took a 10-minute break in between hours and walked around to stretch my legs. B) During the weekends, I studied at a Starbucks 3 hours in the morning, 4 hours in the afternoon, and 3 hours at night. Again, took a 10 minute break in between hours. C) After finishing a section, I took the online practice test for that section. (The online tests are now administered by Wiley CMAexcel.
If I didn’t score at least 80%, I would go back and study the topics that I didn’t do so well in. This process was repeated until I scored 80% or higher. Only then I moved on to the next section.
CMA Part 2 Cost & Materials: Now as far as the cost and the materials that I used for Part 2: a) I had to register and pay $140 for the IMA Membership, $200 for the CMA Two-Part Program Entrance Fee, and $350 for the CMA Part 2 Exam Registration. The total is $690 to fulfill IMA’s pre-requisites to take the exam. B) Now for the material, here’s the breakdown: $195 for the LMS – CMA Online Intensive Review course, and $500 for the IMA book.
The total is $695 for materials. C) The grand total cost for preparing and taking the CMA Part 2 exam was $1,385. CMA Part 1 Exam Preparation, Cost & Materials CMA Part 1 Exam Preparations Preparing for this exam also took me a total of 3 months and used the same method as in Part 2. “If it ain’t broken, why fix it?”. CMA Part 1 Cost & Materials a) Because I didn’t take both exams within the same year, I had to pay $140 again for the IMA membership.
By the way, this fee has to be paid every year even after you have become a CMA. This time around I skipped the CMA Two-Part Program Entrance fee because I took the second exam within three years of taking the first one.
And paid $350 for the CMA Part 1 Exam Registration. The total is $490.
It’s lower than what I paid for Part 2. B) For Part 1, I used Hock CMA Review. I bought their books for both parts because I wanted to compare their books to IMA’s.
If I hadn’t bought both parts, I would’ve saved some money. Total cost for their materials, which included class recordings, was $475. For this part, I bought the LMS-CMA Online Intensive Review product again (this is now sold by Wiley CMAexcel), and paid $195 for it. The total for materials was $670.
C) The grand total cost for preparing and taking the CMA Part 1 exam was $1,160 As you can see, preparing for the CMA exam is not only time-demanding, but also costly. These are good reasons why you should pick the right CMA review test prep system to ensure exam success. If you are not sure which review system is best suited for you, feel free to email me at nathan at cmacoach dot com and I will help you pick one. I’ve done it for many, and I’d be happy to help you as well.
Unlike you, I didn’t have anyone to go to with questions or ask for help. When I became a CMA, I decided to guide you and others like you to pass both exams on your first try, and join the elite group of CMAs. My Recommendation Now we come back to the first question of whose material is better for your exam preparation. Each review course has its. It’s a matter of understanding which one will suit you best and match your learning style.
But between the two that I used, I would recommend LMS – Intensive Review, but unfortunately is no longer available in the market. (UPDATE: At the request of thousands of CMA candidates, I’ve recently launched where I personally teach the CMA subject matter through high-quality video lectures. If you are looking for an instructor-led CMA prep course, check it out.) Did explaining the process (the secrets) that I used to pass both exams on my first try help you? Did I miss anything? If I did, use the comments section below to leave your questions and I will respond to you as soon as possible.
Until next time, Nathan Liao, CMA Share the Love! Hi Tariq, I’m doing great, thank you. I hope you are too. I will be writing an article tonight about how to prepare for the essay questions and I’ll let you know when it’s posted, but let me give you a little preview.
In essence, an essay question will ask you to make multiple calculations and explain them. These are the quantitative measures, and the question will also ask you to make qualitative decisions, in which you’ll need to explain why you chose an answer over the others. I’ll get into more detail in the article. Thank you for posting your question. I’m sure many others have the same one you do. Hi Siva, Thank you. I’m glad you found it helpful.
Let me answer your questions in the same format as you have posed them: 1) CPE Requirements: As an IMA member, you have access to free online live webinars, and also to products that can be purchased to fulfill the required 30 hours of CPE. I personally attend almost every free webinar and start chipping away little by little. Each webinar is 1 to 1.5 hours. Here’s a link to the where you can find more information about the webinars and other products.
2) Exam Registration: The IMA’s website recommends that candidates register for their exam 4 weeks in advance. I personally registered 3 months in advance. By doing so, it pushed me to study and not procrastinate. For more info on exam registration. 3) Sitting for both exams: If you plan to sit for one exam during the 2013 May/June window, I would advice you to sit for the second exam during the 2014 January/February window. If you sit for the second exam during the 2013 September/October window, it may be too close to each other and not give you enough time to study. But if you have the commitment and the time to take both exams back to back, I don’t see why you couldn’t do it.
Pingback:. Hello, Congratulations in obtaining your MBA. That’s a great accomplishment! Your plan to take both exams in January is an ambitious one.
I think it can be done, but I’m a bit concerned that you may not have enough time to prepare. I recommend at least 3 months of preparation for each part, and that recommendation is for folks that have an accounting background. In your case, since you don’t have an accounting background, you may need an additional month or so. Having said that, taking a course at an institute will be very helpful and will give you a very good idea of your level of comprehension of the material.
I’ve listed a few excellent resources that may help you achieve your CMA credential. Please check it out and let me know if you have any other questions.
I’m always here to help you out. Hi Nathan, I’m really very happy to find out your article about CMA. I read it thoroughly & i found it really helpful. I need your advise for making a decision please. I’m working with a company as an accountant since one year & before that I had MBA in Finance. What would you recommend to me that shall i go for any kind of certification in accounting (i.e CMA) to strengthen my CV or would it beneficial for me to get experience first for few years and then plan for certifications?
Please advise. Regards Muhammad. Hello Nathan, Firstly appreciated so much your efforts in this blog, it’s really informative 😉 BTW I have a question and tried to search for it on google but didn’t find any clear answer regarding it, A friend of mine is in the beginning of his CMA studies, and he is going to take the exam within May/June 2014 testing window, and he will start by Part 1, suppose now he succeeded in his Part 1, now he will go and study for Part 2, my question now: What will happen if he failed Part 2, is it a must to retake and pass Part 1 again along with passing Part 2? Or his Part 1 success will still be valid and he will only apply for Part 2 again? Appreciated your help in advance Rgds.
Hi Nathan, I am graduate engineer since 1993. During 1995-2001 part of my job was budget forecasting/planning, costing analysis for new projects, cash book, pay roll, day to day maintenances and construction expanses, overtime, pensions etc (in addition to my core responsibilities). I am interested in CMA certification to get detail idea about accounting and budgeting etc. I can spent 4 hours daily (average) to study CMA material and can comfortably carry out self study plan. I have following questions. 1- Whether my part time experience (during 1995-2001) will be valid to fulfill CMA requirment i.e.
” Two continuous years of professional experience in management accounting or financial management”. 2- Based on my 4 hour daily (average) plan, is it worthwile to sit in exam in JAN 2015 for both parts or I have to change my paln.
3- Based on my entirly diffent field, which course provider you will recomend for me i.e. Among WIELY, GLIM, HOCK etc. Asad, Here are your answers: 1. I believe it will fulfill it BUT please contact the IMA to ensure it. They have the final say on this.
4 hours a day is sufficient time to study and prepare. I wouldn’t advice you to take both exams in the same testing window. Many candidates make that mistake and fail. If you can, start studying now for the Sept/Oct testing window, and only then prepare for the Jan/Feb 2015 testing window for the next part. I would recommend Wiley for you. Their textbooks are very detailed and will help you prepare well.
Gleim is a very good option too but it’s tailored for candidates with an accounting background. Let me know if you have any other questions. HI Nathan, Iam planning to take up CMA next year.
Can you tell me if the books are only sufficient or is there a necessity for an online class because I had enquired about the online course where they give two day online class for 2 months which is provided CPA / CMA university with the study materials but this is expensive the next option is that gleim guys give a complete study package but no online classes. So can you suggest which will be better and iam planning to give my part 1 in october do u think july to sep will be enough to prepare for part 1???? Hi Jisna, What is the cost of the CMA online classes you looked into?
If you have a good accounting background, self-study is an economical way to prepare. However, if you know that you are the type of student who needs lectures, then an online course will be more expensive but will benefit you better. Tell me a little more about yourself and I’ll guide you to the best option that fits you. If you start preparing in July, there will be sufficient time to prepare for the CMA exam in the Sept/Oct testing window, but you’ll need to study each day consistently. If you decide to go for an instructor-led course, check out my. HI, I gave up my part 2 exam on Feb and was expecting good grades as i was confident compared to part 1 but i got 340 marks only. When i approached IMA for justification on grade they said you have option of re grading but adding to it they explained whole process of initial grading & explaining how quality intensive it has been before publishing result.
Now this makes me confused whether is should send for re grading or not because spending $100 and getting same grades would definitely be disheartening. But something strike my mind i did MCQ good & Essay i wrote both good enough expect one or two question. When i cleared my part 1 i was able to write only 1 essay but now i gave all efforts still its fail. Hello Nathan, I am currently in ACCA studying paper F7 and F8.
Last year, A friend of mine was on the same stage as I am now, he decided to go for CMA along with his ACCA keeping the pace slow taking only F9 for the exam session that was ahead of him by then that was I guess June 14, and started CMA from a local college. He cleared his F9 and as well as both the CMA parts in just 8 months of time and he is now qualified ACCA and offcourse CMA. He is suggesting me to shift to this approach.
Its very supportive and always been pleasant to see successful Professional like you guiding and helping the young people following your paths. Thankyou, Regards, Hamza Akber.
Dear Nathan, thanks alot for this wonderful summary that you made about the two exam parts. It was really beneficial. For me, i used Wiley CMAExcel book and online test bank, it was really great in terms of explaining the concept in details and delivering some really helpful examples/problems. But i am afraid i won’t pass because i didn’t put the needed effort. Now, i just have one question please. If, say, one does not pass an exam and is willing to re-take the exam again, are they required to pay the Entrance & Membership fees again? Thanks for your Help, sir.
HI Nathan, I have some questions if you may, 1. The 3 years period to finish the CMA certificate, begins from the first sign-in as a member or passing the 1st exam? How many questions are the “50% of MCQ’s” I should complete rightfully to pass to essay part? I went for Part 1 exam before this year’s update and failed. I felt disappointed and waited so long for the 2nd trial, which is btw in the next few days and I need an advice before exam, What would you advise me to focus on?
Thanks in advance. Hi Nathan- thank you for publishing the above information, I have found it to be exceptionally clear and helpful when considering a tentative plan of action for the CMA.
I am a very recent graduate with a B.S. In Economics, my current role is as a plant analyst. I admit I have some trouble bridging some gaps between my educational background and my current role and am seeking more understanding regarding cash flow, over head cost determination etc.
I was hopeful that studying towards the CMA certification would make me more proficient in my field and the designation is certainly worthy of time and dedication, understanding that I struggle with some accounting principles do I have a fighting chance in using the CMA for educational and hopeful certification purposes or is this something out of my reach and perhaps accounting classes instead would be more attainable/worth my while and money? Thank you in advance for your time and consideration. Respectfully, Nina.
Hi Nathan, Thank you for creating this wonderful site. Reading from your blog, I gained insights on how to pass the CMA exam. I followed your advice about taking first the Part 2 of the exam.
I found it easier, less stressful, more convenient since the topic content in Part 2 is lesser compared to Part 1. Because it is less stressful in studying Part 2, I became more motivated to study Part 1 especially after receiving email that I passed the Part 2 on August 11, 2015 with the score of 400 points. Because I became more motivated to study Part 1, I scored higher by 20 points (I got a score of 420 points in Part 1!), and now my certification is already completed on November 18, 2015 (see the CMA directory). It took me six months to become a CMA. I am very grateful to all my friends and my family who supported me and to you Mr. Thank you once again. Hello Nathan.
Thank you for the priceless article and insights. I intend to take the part 2 in May (don’t think I can commit to the January date). I was about to pay the fees for enrolling and becoming a member in IMA, but would not it be wiser to just wait few months – since i will be studying anyway rather than wasting the membership money on a time that I wont use. Especially since I will get the material and pay for them outside of the IMA. I am getting Hock Int’l and Wiley part 2 plus bank. Btw i also emailed you about which material suits my background.
Thank you for your patience. Hi Sir, How are you doing? Dear sir I have done MBA IN FINANCE, AND GRADUATION IN COMMERCE, but I was not good in my academic. Like I was an average student. Now time has changed I want to do study and want to go on peak.
So my brother (C.A., C.S., ICWA) he suggested me to do CMA from pwc’s academy. I joined it also and I have chosen to take exam first for part 2 as they suggested. Every thing is OK I just want to know if you help me for this or is there any tips for ratio analysis I am loosing my too much time on that part. I am getting confused every time when I saw the question related to ratios on online test Bank. Currently I am working in a Canadian company as an Accountant in Dubai. Hi Nathan, You are doing a great job I have done MPA (Finance) in the year 2009 and now I am doing self study for CMA.I took free trial package of Wiley which seems good but due to some financial constraints i am not able to buy the full courseOne of my friend has given me Gleim 2015 study material plus multiple choice questions as wellso what i want to ask is.
Is it enough to study the given material and practise the questions to pass the CMA or its a waste of time because i am not taking any tuition or any Course package like WILEY or HOCK?? Moreover i want to appear for CMA Part 1 first in June 2017 and than for Part 2 in October 2017. So 3 months to pass Part 2 is a healthy period or not.
Hello Nathan I am currently studying for cma part 1 and I have my exam on 27 Feb.Somehow I decided to take this part with just 2 months of studies.I am on track with the study planner but I am only able to get 50% average with the units I have completed by now.What would you recommend me to do.Should I take this exam with ease and study for the next testing window as I am not able to get good scores?I have a full time job and I am from non accounting field.I am looking for guidance.Would greatly appreciate your help.Thank You. Hi Nathan, Great article, hope you are doing well. Ive worked in for about 12 yrs now. My company just gave us the opportunity to take the CMA exam and they will pay the fees.
I am on maternity leave for the next few months and will have a lot of down time to study, so this is an exciting opportunity for me. My question is this – are there any requirements to register with IMA or take the CMA exam? I dropped out of high school and have never gone back to graduate or get my GED. I’ve worked my tail off to get where I am career wise and have been able to enjoy the fruits of my labor.
Will this hurt me? Thank you, Christine. Dear Nathan How are you I am new to this can you please guide me, first let me introduce you about my background. I have done intermediate commerce in 2006 and unfortunately due to some family problems I was not able to continue my studies.
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From the same period till now I am still on job in a manufacturing firm as an accountant. Now I want to study more to grow up and meet the needs of recent accounting models.
I have heard so much about CMA as a good short and valuable certification. Can you please guide me from the beginning till end Thanks. Hi Shashank, I am well, thank you. Hope you are too 🙂 The CMA exam is definitely not easy, but with the right set of study tools and strong commitment you can surely pass the exam. I recommend my students to follow the when preparing for one part of the exam, as it has proven to be the most efficient of all.
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Check also my CMA coaching course. It has everything you need to successfully prepare for the exam and pass it on your very first attempt. Let me know if you have any other questions, I’ll be happy to help. Hi Nathan, Thanks for great article and helping people.
I have done bachelors in science and moved towards analytics. Have been working In finance for around 7 years now and have exposure to mostly all processes from re-engineering perspective. 3 years back i moved to FP&A role and reevaluating the decision made from long term perspective. I love finance and analytics both, i see CMA as a good option to ladder up in career but a bit confused if my science background it might be difficult to move outside.
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Let me know your views please This will help me make better decision. Hi Abhijit, It’d be difficult to move outside without an accounting accreditation so obtaining the CMA will give you broader opportunities than not having one if you want to stay in the finance/analytics field. The CMA can be obtained by anyone with a bachelor’s degree. The IMA has allowed this because many professionals find their passion in Management Accounting later in their careers. So regardless of the field of study, anyone can pursue the CMA. Let me know if you have any other questions 🙂. Hi Sachin, If you plan to build your career in India, then the Indian CMA is definitely more beneficial, as it focuses more on the Indian market and therefore is valued more than the US CMA.
However, ICWAI is not much recognized outside of India. The is a global certification and if you want to work in other countries too, then the US CMA is the way to go.
The good news is that both institutes have entered into a Memorandum of Understanding (MoU) to enable mutual recognition of the certificates. You can learn more here: Hope this helps. If you have any other questions, please let me know.