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US CMA | CMA USA Course Content For Part 1 Of The Exams

US CMA | CMA USA Course Content For Part 1 Of The Exams

US CMA | CMA USA Course Content For Part 1 Of The Exams:-

US CMA demonstrates your professional expertise in financial planning, analysis, control, decision support, and professional ethics – making you the preferred choice of the potential employers. CMA certification is widely accepted in India and in the job markets of US, Canada, Europe, Middle East and China.

There are certain requirements that most professional finance qualification holders need to fulfill in order to maintain their professional competence and to enhance their ability to perform well in the ever changing business scenarios. This holds true for the Certified Management Accountants (CMA) certified professionals as well. They need to fulfill the CMA CPE (Continuing Professional Education) requirements specified by IMA on a yearly basis.

US CMA | CMA USA Course Content For Part 1 Of The Exams

About US CMA Course:-

The US CMA® Course is globally recognised, advanced-level credential appropriate for accountants and financial professionals in business. Achieving the US CMA demonstrates your professional expertise in financial planning, analysis, control, decision support, and professional
ethics – skills that are in demand by organisations around the world. The US CMA is offered by the Institute of Management Accountants (IMA) USA and the content is regularly reviewed by the Institute of Certified Management Accountants (ICMA).

It’s offered since 1972 and has certified 40,000 professionals. US CMA® enhances the value that you bring to your current position, or expand your career potential, it will help you set the standard for professional excellence.

The CMA Exam has a unique scoring system that can sometimes be confusing for candidates. Here’s everything you need to know to correctly interpret your CMA Exam score.

US CMA | CMA USA Course Content For Part 1 Of The Exams

CMA Exam Part 1 is all about financial reporting, planning, performance and internal control. If you took CPA exam before, it feels like an intro version of FAR, a bit of AUD in terms of internal control, and a big, and more in-depth version of BEC.

There are five sections:

  • External financial reporting decisions (15%)
  • Planning, budgeting and forecasting (30%)
  • Performance management (20%)
  • Cost management (20%)
  • Internal control (15%)

US CMA | CMA USA Course Content For Part 1 Of The Exams

A. External Financial Reporting Decisions

This section has been added to the CMA exam since January 2015. It covers the basis of financial accounting, including preparation of financial statements, valuation of assets and liabilities; operating and capital leases; impact of equity transactions; revenue recognition; income measurement; major differences between U.S. GAAP and IFRS.

Candidates are required to understand and remember the items in balance sheet, income statement, statement of changes in equity, statement of cash flows, and how they relate to each other.

If you have studied any accounting before, this should be a relatively straightforward section. I suspect that most of the questions are computational.

US CMA | CMA USA Course Content For Part 1 Of The Exams

B. Planning, Budgeting and Forecasting

Budgeting is the biggest section in CMA Exam Part 1. It covers strategic planning process; budgeting concepts; annual profit plans and supporting schedules; types of budgets; top-level planning and analysis; and forecasting.

Candidates are expected to calculate the various items such as cost of goods sold, cost of goods manufactured and other items in the budget, as well as some conceptual questions such as the definition on budgeting. The coverage is more in-depth than that in Section A. The concepts are not difficult, but multiple choice questions can get lengthy and complex in some budgeting scenarios.

My tips for you is to read the questions slowly and get familiar with how questions are presented. Once you are used to the format and the type of calculations to be performed, the accuracy rate goes up dramatically.

US CMA | CMA USA Course Content For Part 1 Of The Exams

C. Performance Management

In this section candidates are tested on the ways performance is evaluated in a corporation. This includes factors for performance evaluation, variance analysis based on flexible budgets and standard costs; responsibility accounting; key performance indicators and balanced scorecards.

Most of the evaluation tools should be familiar to those who work in accounting department in a corporation. There are certain elements, such as standard costs, that are used mostly in manufacturing companies as opposed to service oriented companies. If you are working in a financial institution or other service companies, you may want to spend more time in understanding the standard cost concept.

US CMA | CMA USA Course Content For Part 1 Of The Exams

D. Cost Management

This is also an important section representing 20% of the exam. The first part of this section covers cost concepts, flow and terminology. Then we move on to alternative cost objectives; cost measurement concepts; cost accumulation systems; overhead cost allocation; supply chain management and business process performance.

The focus of this section includes the various costing methodologies such as job order costing, process costing, and activity-based costing. You are expected to be able to complete a full set of calculation. You should also be familiar with topics such as lean manufacturing, ERP, theory of constraints, value chain analysis, ABM, continuous improvement and efficient accounting processes.

US CMA | CMA USA Course Content For Part 1 Of The Exams

E. Internal Controls

Internal controls is the last section representing 15% in CMA Exam Part 1. It covers corporate governance; internal control risk; internal control environment, procedures, and standards; responsibility and authority for internal auditing; types of audits; assessing the adequacy of the accounting information system controls; and business continuity planning.

Internal controls questions are almost all conceptual. They are not difficult to understand, but the questions could be ambiguous and it’s pretty hard if you have to pick the best answer when a few seem to be somewhat correct. Don’t get frustrated if you think you breeze through the section, only to find that you do poorly in the practice questions. It happened to me back then, but things start to click once I stayed focus and reworked on the tough questions that I did wrong previously.

US CMA | CMA USA Course Content For Part 1 Of The Exams

Use following books for CMA Inter

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US CMA | CMA USA Course Content For Part 1 Of The Exams

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