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US CMA | CMA USA Practice Exams Detail Information

US CMA | CMA USA Practice Exams Detail Information

US CMA | CMA USA practice exams detail The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

US CMA | CMA USA practice exams detail  :The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organisations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers speciality credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

US CMA | CMA USA practice exams detail  : Founded in 1887, the AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organisations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

US CMA | CMA USA Practice Exams Detail Information

Financial Decision Making

A. Financial Statement Analysis (25%) (Level C)

Calculation and interpretation of financial ratios; evaluate performance utilising multiple ratios; market value vs. book value; profitability analysis; analytical issues including impact of foreign operations, effects of changing prices and inflation, off- balance sheet financing, and earnings quality.

B. Corporate Finance (20%) (Level C)

Types of risk; including credit, foreign exchange, interest rate, market, and political risk; capital instruments for long-term financing; initial and secondary public offerings; dividend policy; cost of capital; working capital management; raising capital; managing and financing working capital; mergers and acquisitions; and international finance.

C. Decision Analysis (20%) (Level C)

Relevant data concepts; cost-volume-profit analysis; marginal analysis; make vs. buy decisions; income tax implications for operational decision analysis; pricing methodologies including market comparable, cost-based and value-based approaches.

D. Risk Management (10%) (Level C)

Types of risk including business, hazard, financial, operational, strategic, legal compliance and political risk; risk mitigation; risk management; risk analysis; and ERM.

E. Investment Decisions (15%) (Level C)

Cash flow estimates; discounted cash flow concepts; net present value; internal rate of return, discounted payback; payback; income tax implications for investment decisions; risk analysis; and real options.

F. Professional Ethics (10%) (Level C)

Ethical considerations for management accounting professionals and for the organisation. A detailed content spec is available from the ICMA or it can be downloaded from on our website.

US CMA | CMA USA Practice Exams Detail Information : Tips for preparation of exam.

1. Read the Institute’s study material thoroughly. Highlight points that seem new or important to you, or points that you may wish to revisit during later readings.
2. During your reading, make very short notes of key words. These lists of key words for every topic would help you revise after having completed your course without having to flip through hundreds of pages of your study material.
3. Download and practice all the Re visionary Test Papers (RTP’s) issued by the Institute for the past 4-5 attempts. These are easily available on the Institute’s website.
4. Download and Practice all the Suggested Answers for the past 4-5 attempts.
5. Revisit the RTP’s and Suggested answers repeatedly till you can answer all the types of questions covered in these papers.
6. In my experience, I have noticed a number of calculation and formulae errors in the RTP’s. Therefore, it is important to have read your concepts from the study material thoroughly before starting with these papers so that you can identify all the misprints.

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US CMA | CMA USA Practice Exams Detail Information

US CMA | CMA USA practice exams detail  : CMA (Certified Management Accountant) awarded by IMA (Institute of Management Accountants, USA) is a global professional qualification. The CMA program is designed specifically to validate mastery of the advanced skills required to manage finance functions within an organisation, enabling you to deliver value in today’s complex
business environment. CMA’s play an integral role in the strategic decision-making process.

US CMA | CMA USA Practice Exams Detail Information

US CMA | CMA USA practice exams detail  :  Part 2 is all about financial analysis and decision making. There are six sections: financial statement analysis representing 25%, corporate finance at 20%, decision analysis at 20%, risk management at 10%, investment decisions at 15% and professional ethics at 10%.

US CMA | CMA USA practice exams detail

A. Financial Statement Analysis

This is the biggest section representing 25% of Part 2. Major topics include financial ratios, performance utilising multiple ratios, market value vs book value, profitability analysis, effects of changing prices and inflation, off-balance sheet financing, and special issues such as foreign currency fluctuations, fair value accounting, and US GAAP vs IFRS.

The coverage is similar to Section A of Part 1 on financial accounting, but the focus is more on analysis and comparison using key financial data and ratios. In other words, Section A part 1 is more on understanding past performance using financial statement, while Section A in Part 2 focuses on evaluating future prospect.

CMA exam candidates should be very familiar with these ratios and analytical tools. I suggest that you memorize the formulas of all key ratios. You will also need to know the applications, and understand how external investors use them to evaluate the company’s financial health.

B. Corporate Finance

Corporate finance is another important topic. Candidates should know the types of risk including the key concept of risk and return, capital instruments for financing, initial and secondary public offerings, dividend policy, cost of capital, working capital management, raising capital, mergers and acquisitions and international finance.

We should understand the short-term and long-term financial management, as well as the benefits and limitations of major financial instruments.

Candidates will see a mix of conceptual and computational questions. The variety of questions can be very broad, but the calculations are likely quite basic.

C. Decision Analysis

In this section candidates are tested on how management accountants provide data and perform analysis for the decision-making process.

Exam content includes relevant data concepts, cost volume profit analysis, marginal analysis, make vs buy decisions, income tax implication for operational decision analysis, and pricing methodologies.

Risk management is also part of decision analysis but we will go through this topic in Section D.

D. Risk Management

This section covers the types of risk, including business, hazard, financial, operational and legal risks; risk mitigation, risk management, risk analysis and enterprise risk management (ERM).

Organizational managers need to identify, assess and respond to risks in order for the organization to achieve its goal. In the CMA exam, the focus on ERM model. You are most likely to get conceptual questions in this section.

E. Investment Decisions

This section covers how management accountants help make important decisions whether to proceed with an investment, or to choose between investment alternatives. Topics include cash flow estimates, discounted cash flow concepts, net present value, internal rate of return, discounted payback, as well as risk analysis and real options.

F. Professional Ethics

The exam content is based on the IMA Statement of Ethical Standards. Topics include ethical considerations for management accounting professionals, and for the organisation as a whole.

The principles and standards are concise and easy to understand. Candidates should memorise the names of the 4 standards, and more importantly, to know how they are applied in real business situations.

 US CMA | CMA USA Practice Exams Detail Information

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US CMA | CMA USA Practice Exams Detail Information

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