If you are an accountant or a finance student and heard about a certification called CMA and want to know more about the CMA Certification then stick around because we will be discussing everything about the CMA certification Exam.
In light of the rapid development and fierce competition in accounting and management professions, this is the right time to keep pace with development, enhance your capabilities and develop your skills with an international and professional certificate. The whole world raises its hat
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How many exams does the CMA have?
what is the pass rate for the CMA exam?
How many questions are on the CMA exam?
How do I pass CMA on the first attempt?
How many hours study for the CMA exam?
How many attempts are allowed for CMA?
The certification body that acknowledges that you are a certified management accountant in all countries of the world is a very ancient body and one of the greatest institutes in accrediting management accountants in the world is the IMA Institute (Institute of Management Accountants) based in the United States of America in the state of the new jersey
How hard is the CMA exam?
The CMA Exam is very difficult and it will test your intellectual limits. The average CMA pass rate is 45%, which shows how hard the exam is.
And if you want to pass the exam you need to prepare well for it, first by picking the right course review that suits you and second by putting enough time and focus on studying and preparing for the exam.
How many exams does the CMA have?
The CMA exam consists of two parts, the first part, and the second part.
Any part of the exam can be submitted first, but we recommend starting with the first part.
Let’s talk about the sections of each exam
Part One:
- External Financial Reporting 15%
We call it FAR and we will get out of it with useful and valuable information in which we will know many things about financial accounting, financial statements, and the new part that was added in 2020 Recognition of revenue, customers, suppliers, and assets. - Costing 15%
It is the section in which we will know the cost of the product and the cost of the period, and when we have a product, it will cost us in detail to help us determine the selling price and the total cost. - Budgeting 20%
The budgeting is that today I am in the year 2022 and entered the year 2023, so I have to make budgets such as the production budget and the sales budget until we reach a text and the comparison is done at the end of the year when preparing the financial statements. - Performance Management 20%
Performance management and analysis is the comparison between the budget and the actual financial statements to analyze and evaluate the actual performance of the organization. - Internal Control 15%
Internal control, which is to be in control of the organization, such as writing a check to a supplier, so there is a cycle that the check and signatures go through, and this is to prevent any chance of embezzlement. - Technology & Analytic 15%
Analysis and technology, which is related to technology in the field of accounting, the ERP system, and the database, which a very important part.
Part Two:
- Financial Statement Analysis 20%
- Decision Analysis 25%
- Investment Decision 10%
- Corporate Finance 20%
- Risk Management 10%
- Professional Ethics 15%
what is the pass rate for the CMA exam?
The CMA exam is very difficult and the industry average CMA pass rate for both parts is only 45%, which means that less than half of the people taking the exam pass.
How many questions are on the CMA exam?
As we said before the CMA has two exams (part one & part two) and each part includes 100 multiple-choice and two 30-minute essay
4 hours -100 multiple-choice questions and 2 essay questions
Practice makes perfect and choosing the right course review can be a lifesaver.
How do I pass CMA on the first attempt?
1- Set your expectations right, CMA is not easy.
A lot of students think that just by studying like they normally would, will make them pass the CMA Exam and that’s wrong CMA Exam needs a lot of study and practice.
It’s not about reading the textbook, you must put in a lot of hard work and practice to pass.
2- Stop thinking of yourself as a financial expert.
A lot of students who enter the CMA qualification have studied accounting or finance for several years at universities and have years of experience in the industry.
A lot of these students fall into the confidence trap because of that they end up failing the exam, previous qualifications and experience help a lot in understanding the concepts but the CMA exam is about techniques that only come from question practice and good lecturer support.
3- Studying at home after your class is essential.
when preparing for the CMA exam one of the most important things to do is study at home after you take any class.
To get good at solving questions, you have to practice as much as you can by yourself because the more questions you practice on your own, the more accuracy you will get on the exam.
4- Spend more time practicing questions than reading textbooks:
For the CMA exam, you need nothing but to answer correctly. Because of just four hours of multiple choice questions, the CMA exam is more about techniques rather than conceptual understandings so stop reading the book again and again and focus more on practicing more and more questions.
CMA is a professional exam, not an academic one, and your preparation must be exam-focused. In other words, question-based.
CMA classes online
If you don’t know where to start in your CMA journey then we got you covered.
let us introduce you to Nathan Liao (aka the CMA Coach)! In the past 8 years, Nathan was able to teach more than 37,000 CMA candidates who were seeking guidance.
Nathan Liao will show you how you can pass the CMA exam on your first attempt without wasting money or time.
What you are going to learn in this prep course?
- Pass or 100% Refund Guarantee
- Weekly Support Calls with your CMA Coach
- Unlimited Coaching Support. 24-Hour Email Response Time
- Weekly Assignments and Accountability Follow Up Via Email
- 16-Week Step-by-Step Study Plan Per Part
- Complete Video + Audio (mp3) Review Lectures
- Whiteboard Explainer Videos
- 2-Year Access to Both Parts
- 2-Year Access to 4,000+ Question Test Bank
- 35+ Essay Questions with Model Answers
- Printed & Digital Textbooks 100% of the ICMA LOS
- Accounting Fundamentals Textbook
- Free Shipping Worldwide
- In-Person Exam Rehearsal at a Prometric Site
- Complete Formula Guides (pdf)
- Free 1-Year CPE Subscription – $699 Value
- iOS & Android Flashcards mobile app
- Exclusive 15% IMA Discounts
Click here to learn more about Nathan Liao (CMA Coach) and his awesome team behind CMA Exam Academy.
What are the Certified Management accountant requirements?
CMAs must have completed a bachelor’s degree or qualifying professional certification, plus two years of professional experience in management accounting or financial management. CMA candidates need to complete a two-part exam as well.
How many hours study for the CMA exam?
You should plan for about 150-170 hours of studying per part; 300 hours of studying in total.
How many attempts are allowed for CMA?
The US CMA candidates are allowed three attempts to clear the US CMA exam.
Is becoming a CMA worth it?
The salary potential alone makes the CMA certification worth it.
The CMA designation will help you stand out in the industry.
Is CMA respected?
CMA is a much-respected designation in the corporate accounting world. CMA is an advanced professional certification specifically designed to measure critical accounting and financial management skills.
Which is better MBA or CMA?
The CMA is a recognized professional designation, while the MBA is an academic degree. Though both get top priority for being the most desired career goals in the accounts field, the CMA is focused on management accounting while the MBA in Finance covers a much broader scope of finance units.