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Part 1 and part II Order to take CMA USA exam

Part 1 and part II Order to take CMA USA exam

Part 1 and part II Order to take CMA USA exam : 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.

It depends based on your interest and more over you can take up the exam any way. You we have analysed the things below:

Part 1 and part II Order to take CMA USA exam

PART I

Part 1 and part II Order to take CMA USA exam : 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%)

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.

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.

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.

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.

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.

Part 1 and part II Order to take CMA USA exam

Part 1 and part II Order to take CMA USA 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.

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)

Part 1 and part II Order to take CMA USA exam

Part 1 and part II Order to take CMA USA 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.

Part 1 and part II Order to take CMA USA exam : 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.

Part 1 and part II Order to take CMA USA exam Detail Information

PART II

Part 1 and part II Order to take CMA USA exam :  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%.

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.

CMA USA registration form: 

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Above you can see the standard procedure for getting enrolled in the examination.

This is the further registration form see below:

CMA USA registration form

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Part 1 and part II Order to take CMA USA exam Detail Information : Entrance Fee

Entrance fees let you to take part in CMA Program. The fee ranges from $188 to $250.

CMA USA registration form,fee and exam details: Examination Fee

There was a increase in price for the examination fees in july 2015, the registration fee of the exam is $415 per part, which will added up to be $830.

Part 1 and part II Order to take CMA USA exam Detail Information: For 2017 examination cost:

Student
 Young Professional
Regular
 1. IMA membership [3] $39 $155$245
 2. CMA entrance fee $188 $250 $250
 3. Exam Registration
 Part 1 $311 $415 $415
 Part 2 $311 $415 $415
Total$849$1,235$1,325

Part 1 and part II Order to take CMA USA exam Detail Information

For More details on CMA USA use the following Visit cakart.in downloads section

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