CMA or Certified Management Accountant is one of the most recognized certifications in accounts and finance. It can lift your career to your desired places faster than other certification if you would work hard and make effort. Yet, it takes time to clear its exams because you have to study more than 20 hours every week.
There are two exams in CMA: CMA Part I and CMA Part II. Part I is the most difficult exam of CMA. Its passing rate is very lower than 50 per cent yet the passing rate of Part II is not more than 50 per cent. Half of the students will have to appear in the exam of Part II again. However, there are some smart techniques and study plans that can make it easier to clear Part II in the first attempt.
There are three levels of questions in CMA exams: Level A, Level B and Level C. Level denote how much the question will be difficult or what kind of questions will be asked. The topics that come in Level A will check knowledge and comprehension skills of students while Level B’s topics will check knowledge, comprehension, analysis and application and Level C will check knowledge, comprehension, application, analysis, evaluation and synthesis.
CMA Part II consists of Level C topics and questions. Therefore, students are required to develop six skills to clear the exam:
- They need to have skills to memorize and recall important points
- Students should be able to analyze case studies and theories to solve questions
- Candidates should have comprehension skills to understand scenarios to solve essay type questions
- They need to have skills to use the points and theories to solve questions
- Students should have the skill to make a hypothesis from the case studies and questions
- They should have the skills to find critics and make conclusions.
There are six topics in CMA Part II:
- Professional Ethics
- Investment Decisions
- Risk Management
- Corporate Finance
- Decision Analysis, and
- Financial Statement Analysis.
Professional Ethics makes 15 per cent of the paper while Investment Decisions and Risk Management make 10 per cent of the paper each. Decision Analysis makes 25 per cent of the questions and the remaining topics will make 20 per cent of the questions each.
Students are required to follow the SQ3R technique with a hectic study plan to prepare for an exam. They can join the best CMA training institute in Dubai. You can use these tips to clear CFA Level 1 as well.