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US CMA | CMA USA Tips on Taking the CMA Exam and Details

US CMA | CMA USA Tips on Taking the CMA Exam

US CMA | CMA USA Tips on Taking the CMA Exam : IMA’s CMA® (Certified Management Accountant) certification is a professional credential that can be earned in the advanced management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics, the skills most in demand on finance teams around the world. The CMA is a U.S.-based, globally recognized certification offered by The Institute of Management Accountants.

CMA-certified professionals work inside organizations of all sizes, industries, and types, including manufacturing and services, public and private enterprises, not-for-profit organizations, academic institutions, government entities, and multinational corporations. To date, more than 50,000 CMAs have been certified in more than 100 countries. To obtain certification, candidates must pass a rigorous exam, meet an educational requirement, experience requirement, and demonstrate a commitment to continuous learning through Continuing Professional Education (CPE).

Tips for Taking US CMA | CMA USA 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 Revisionary 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 misprivnts.

I have observed that the CMA study material is more theoretical than practical. It is possible that you may find the questions in RTP’s to be very different from the type of questions you may have studied in the primary material. To mitigate this, it would be a better practice to go through the topics covered in the study materials and then prepare them from books written for the CA exams. As there are more students for CA in the country, the number of books published for CA students is huge.

US CMA | CMA USA Tips on Taking the CMA Exam

The Certified Management Accountant Exam is a two part exam that must be passed as a prerequisite to earning the CMA designation. Prior to 2010, the CMA exam was organized into four parts: Business Analysis, Management Accounting and Reporting, Strategic Management. Since 2010, the exam has been condensed into two four-hour parts, covering largely the same material as the former four part exam with added emphasis on financial planning, analysis, control, and decision support. The CMA exams are given during three testing window periods: January/February, May/June and September/October at Prometric centers. Each exam consists of descriptive questions and two 30-minute essay questions. Candidates are given 3 hours to complete the multiple choice section and one hour to complete the essays. Candidates must show their work for the essay questions in order to receive credit. Parts 1 and 2 of the CMA exam are scored on a scale of 0-500 with a candidate’s raw score converted to a uniform scaled score against all exam candidates. On this scale, a score of 360 represents the minimum passing scaled score. Candidates are given three years from registering to pass both parts of the exam.

US CMA | CMA USA Tips on Taking the CMA Exam

US CMA | CMA USA Tips on Taking the CMA Exam

US CMA | CMA USA Tips on Taking the CMA Exam : Require two years of professional experience in Management accounting and or financial management or in the areas specified by IMA. This requirement may be completed prior to or within seven years of passing the examination. IMA is the global brand and ICMA is the certifying body.

Why CMA?

  • CMA global qualification is awarded by IMA (Institute of Management Accountants) USA
  • Strong Knowledge Base in Management Accounting and Financial Management
  • Significant Career Progression, Credibility & Job Prospects
  • Builds leadership Skills, International perspective towards business
  • Short Duration: 6-8 months to qualify the exam
  • Both students as well as working professionals can opt for this course
  • MOU with Institute of Cost Accountants of India (ICAI)

Who can Opt for CMA (USA) ?

  • Any Graduates, B.Com, BBA, MBA  and students persuing graduation  can join the course
  • Charterted Accountants & Cost Accountants, ACCA/CIMA
  • Any Graduate Working Professional who wish to move to a Management Level/career progression

The CMA® (Certified Management Accountant) credential demonstrates your mastery of management accounting knowledge and skills. It assures employers of your competency on the job to improve organisational performance. Exclusively for IMA® (Institute of Management Accountants) members, the CMA credential drives the career potential of candidates beyond their peers. 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.

US CMA | CMA USA Tips on Taking the CMA Exam

Topics and Examinations

Part I: Financial  Reporting, Planning, Performance and control- External Financial Reporting Decisions (15%), Planning, Budgeting & Forecasting
(30%), Performance Management (20%), Cost Management (20%), Internal Controls (15%)
Part II: Financial Decision Making -Financial Statement Analysis (25%), Corporate Finance
(20%), Decision Analysis  (20%) Risk Management (10%), Investment Decision (15%),
Professional Ethics (10%)

Exams 4 Hour Exam (100 multiple Choice and two 30 minutes essay questions
Computerised online exam in three sessions a year –Jan/ Feb, May/ June & Sept/Oct
Pass mark is 72%. 100 MCQs and two 30 minutes essay questions.

Each exam registration is valid for only one exam window. Students to take the exams before graduating.

The demand for CMAs in India is increasing with the arrival of MNCs and flow of off-shore establishments into our country.The positions CMA is most wanted are: Financial Analyst / Internal Auditor / Senior Executive / Finance Manager / Business Analyst / Pricing Analyst / Director- Finance / Chief Financial Officer (CFO)

US CMA | CMA USA Tips on Taking the CMA Exam

US CMA | CMA USA Tips on Taking the CMA Exam  : The requirements for earning the CMA certificate are as follows:

  • The candidate should have completed a bachelor’s degree course or earned a professional certification from a recognized college/ university/Institute
  • A work experience of at least 2 years in accounting, finance, or any of the related areas
  • Candidates must have successfully completed parts one and two of the CMA exam is held by IMA.

A CMA certification opens the possibilities for having a highly rewarding career in various companies. CMAs are experts in various finance and accounts related areas, and are highly skilled in practical applications as well. Hence, there is a demand for CMAs in a large number of companies. They also grow rapidly, both in terms of position as well as salary. A recent survey by IMA showed that the CMA’s in the USA draw up to 61% more salary than their non-CMA counterparts. Thus, by investing your time, money, and energy in completing the CMA course today, you will reap rich dividends for a lifetime.

US CMA | CMA USA Tips on Taking the CMA Exam

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