If you are already studying IMA’s CMA qualification or planning to start it, here is your complete guide about CMA exams.
Why CMA is Global Certification?
Management accounting skills are global in nature. Although there are local differences in terms of emphasis, all companies around the world need to be able to plan, analyze, support decisions, finance the business, and manage risk.
Latest Updates Applied to the CMA Exam?
Every several years IMA USA conducts a job analysis survey to determine the skills most needed on the job. This ensures CMA syllabus always covering the most relevant topics.The updates to the CMA® (Certified Management Accountant) exam in 2015 are not major. The biggest change is the addition of Financial Reporting to Part 1, constituting 15% of the exam. IMA also added Strategic Planning to the Planning and Budgeting Section. In addition, combined the Ethics section in part 1 with the Ethics section in part 2 and made the Decision Analysis and Risk Management section into two separate content sections. The changes make a great exam that much better.
Do this…. and Pass the CMA in First Attempt:
Sounds obvious, but the answer is STUDY. The CMA exam is a tough exam, but a fair exam. If you have the academic background and you study, you will pass. Your study needs to be disciplined. You have to create a schedule for yourself, with a goal for when you will take the test. As soon as your register for the exam, you should schedule your test date. Then, you have a date to work toward. Give yourself deadlines along the way. In addition to studying content, you have to do many practice questions and get yourself into test-taking mode.
How Often New Questions Get Implemented?
IMA introduces new questions on regular basis. The exam databank is continuously being updated with new questions. New questions are first introduced as un-scored question. Once they obtain statistics on the question, then make it a live question if the statistics show that it is a reliable question.
Only 2 Parts rather 4:
IMA repackaged the exam into 2 parts so that we could better focus on the most relevant skills of planning, analysis, control, and decision support. Other topics that used to be covered, while important, are assumed to have been covered in the candidate’s university education.
CMA Exam – Unique Compared to Other Finance/Accounting Axam (CPA, CFA)?
The CMA exam is the only accounting/finance credential focused exclusively on the skills most on demand on finance teams within organizations – planning, analysis, control, decision support, and ethics. The CMA exam focuses on the business insight skills needed to grow organizations and on the risk management skills needed to ensure that the growth is sustainable.
Future of the CMA Certification?
The future is extremely bright! It has been growing at a rate of more than 25% over the last few years. CMA remains strong in the U.S. and have developed a strong global brand, with many CMAs in the Middle East and Asia as well. Europe, though smaller, is a strong base as well. An expectation is that growth will continue as it is believed the best management accounting certification in the world, and businesses in all economies need management accounting skills to be successful.
How Many Candidates Take CMA Exam Every Year?
Approximately 16,000 candidates take about 24,000 exam parts each year, and this number is growing quickly.
So guys! Focus on the goal. Hard work pays off in terms of added skills and in time, a prestigious certification – the CMA!
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