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Lately I've been very busy at work and I can't pay as much attention to this blog as I'd like to. That's why I want to remind you the following - you can always send me your own articles for publication in this blog.
I'll be glad to receive articles with the descriptions of your personal exam experience, thoughts about the certification importance and comparison of different financial certifications.
The articles, context of which consists of brief, clear and elegant statement of some theoretical aspects, simple explanations of complicated notions are also interesting for me. You can also send visual examples, which are properly illustrating the theory.
It often happens so, that some theoretical fragment doesn't "want" to be learned, but then a kind of insight happens and everything becomes clear. Tell me about issues, which seemed to be very complicated at first and the perfect solutions of such a problem you managed to find.
It'll be also very interesting to get to know about your ways of learning great number of information, concerning formulas, theory, and legislation.
Don't forget about the data, which will be published about you as the author, your site reference, and anything else you'd like to say about yourself.
So, press the button to submit your article!
Posted by mazoo at 2:48 PM | Comments (4)
November 15, 2005
Report about Revised CMA Part 4
Author.::.Mike
The fourth part is the summary of three previous ones. There isn't much new information and this part is quite simple (just for training your understanding and memory). That's why I concentrated on revising the material of the second and the third parts, which are the major. I supposed that the tasks I'd have to complete would refer to those themes, where it would be necessary to find some management decision based on theory. My supposition turned out to be true.
There were 6 tasks containing 2-3 questions and I had approximately 25-30 minutes for each task or 10 minutes for a question. There were two types of the tasks: calculating (75-80%) and theoretical (20-25%). The latter are quite simple, and there are good examples of them on IMA site. That's why it'll be better to concentrate on preparing for computational problems. I remember the following types (from those I had to solve):
1) cost of equity - CAPM and dividend growth model. Everything is very simple but I failed to remember the formulas (which are also quite simple). One should know them and basic presuppositions of models.
2) decision making, like special order, produce/outsource etc. They are typical from Decision Analysis program (part D)
3) investment analysis - NPV/IRR calculating + sensitivity analysis (here one should remember basic suppositions of analysis and the way cash flow (including tax effects of non-cash expenses (depreciation)) is counted.
Theoretical tasks were like that:
- ethics (part 4);
- strategical marketing (part 3, section 2);
- communication while setting budget/standard setting (part 4 and partially part 2).
It took me 3 months (from May till August) to prepare for this exam (just as for previous ones). I even didn't spare much time on it - I revised the textbooks and read additional literature (more for myself). Largely, textbook-revision could be enough. I took IMA Self-Study Course and was completely satisfied by this textbook (80-90% of material from it was included in the exam tasks).
I received my results in two months.
Posted by mazoo at 3:18 PM | Comments (28)
October 18, 2005
CMA Study Materials, Resources and etc. Answering the Questions.
CMA Study Materials
1. Hock vs. Gleim
The HOCK Distance Learning Program and Gleim's CMA/CFM Review System are the most popular study systems among CMA/CFM candidates. The both are very good and you can choose one based on your accounting and financial experience. Already well prepared candidates may prefer Gleim's Review, because it is a brief outline for necessary topics with a lot of additional (often outside the scope of the exam) information. Hock's Study Materials teach you to understand the concepts and provide sufficient level of understanding and knowledge to pass the exam. Hock's Study Materials are very well aligned with LOS (Learning Outcome Statements).
For example, the pensions occupy 7 pages in Gleim, with 3 pages of definitions (defined benefit pension plan, PBO, ABO, NPPC, accrued/prepaid pension cost). Hock gives detailed explanation on 21 pages. Therefore, if you already know accounting and calculations for pensions you may choose Gleim's outline. However, it wasn't my case :-)
Hence, the preparation with Gleim's Study Materials is very time consuming when you don't have good background, because you should use another sources of information for understanding the materials (on the Web, other study materials, etc.).
Mel, I used old Gleim's materials 11th Edition for my Revised CMA Part 1 (I think 10th and 11th Editions are essentially the same). It was sufficient for part 1. The CMA/CFM exam is updated to reflect changes in US GAAP one year after the effective date, so some questions from old study materials are out of date now. In the comparison of Reorganized CMA Exam with Old CMA Exam you can find the topics from Revised Exams that not covered by old Gleim's Study Materials. But, for me, the key item that I missed with Cleim's old materials was the time. It is not very convenient to jump from one book to another + specifics of Gleim's materials as I mentioned above. Again, if you are well prepared, I think old Gleim will be sufficient for you, just be aware about obsolete questions.
Gleim's Test Prep software is convenient to use and have a very large question bank. When I prepared for Revised Part 2, I often skipped the questions from source "publisher" (in the last stage of preparation, I skipped "CPA" and "CIA" questions too). My results were about 90%+ for CMA source questions. So, Reem, 70-78% is a good percentage without skipping.
I didn't use Hock's software with questions bank, so can't tell my opinion about it. The Hock's Study Materials have not very many questions, but these questions are good.
2. Other CMA/CFM Self-Study Courses. I can't tell my opinion because I didn't use them. One thing you need to know about "Only from IMA" IMA's CMA Learning System. It is just another learning system without access to any exam information from the ICMA (Institute of Certified Management Accountants) other than the information that the ICMA makes available to other providers of exam prep products and services.
Please, leave your impressions about using the different study materials in comments!
CMA Interactive Online Resources (Forums)
1. JPS Accounting Forums. The big online community for accountants over the world. Its services are focused on the Arab Accountants. Website contains a lot of useful information especially for those who know the Arabic language.
2. CMA section on CPAnet Forum. Not active, but exist.
3. Hock's CMA/CFM Forums. Ask the questions to Brian Hock.
4. Gleim's CMA Candidate Forum. You should be registered for access. The forum structure is not usual.
If you know other helpful online resources, please, suggest them in the comments.
Posted by mazoo at 5:24 PM | Comments (18)
September 23, 2005
Revised CMA Part 2 - passed!
I have passed CMA Part 2 (new) last Tuesday with 580 scores. It was very hard part for me, taking into account that I had only general background in A, B, D and E sections. Section C "Information Management" was easiest for me and required only careful reading the study materials.
Study materials:
As I mentioned earlier, I used Gleim's study materials for my Revised CMA Part 1 exam. However, it turned out that Gleim's outlines was insufficient for me even for understanding the material from section E "External Financial Reporting". I followed advice from successful candidates and purchased Hock's online study materials. I like these study materials. Reviews are well organized, clear, logical and intelligible. Also, I bought Gleim's Test Prep Software with the question bank. In addition, I bought ICMA's Question and Answer book, which was last step of my preparation.
Tips:
1. Again, follow the Learning Outcome Statements (LOS) (PDF file, 322Kb). Hock's study materials, unlike Gleim's outlines, are very well aligned with the LOS.
2. Practice with multiple-choice questions as much as you can. But be aware that many answers in Gleim's Test Prep Software are out of date (for example, about extraordinary items).
3. If you are already a member of IMA, join the IMA's Certification E-Mail Exchange. It is a source of extremely helpful information. Also, you can ask the questions arising in preparation.
4. Read carefully Bruce Pounder's "Tips for taking CMA/CFM Exams":
one ;
two;
three (PDF file, 24 Kb);
four.
Time management is critical success factor. I used Bruce's advice and I still had about 45 min left after answering all questions during Part 2 exam (I didn’t have any time to review marked questions in the first exam).
I am going to publish a lot study tips for Revised CMA Part 2 after my two weeks vacation. Also, I want to redesign this blog and rewarded myself with second shark tooth in the header.
See you soon and good luck on the exams!
Posted by mazoo at 3:01 PM | Comments (24)
March 19, 2005
CMA 1 exam - passed!
I took the revised CMA Part 1 exam this Wednesday at the first try. I passed the exam with 600 scores. Not bad considering scores range from 200 to 700 with the passing score set at 500. I am satisfied with the result and give myself a gift - shark tooth in the header:-). So, you can congratulate me on the first step to become The Certified Management Accountant 
.
There are two advice for CMA1 exam candidates:
- learn the Learning Outcome Statements (LOS) very carefully. If LOS contains the term, this term may appear during the exam;
- the time is very limited, so the use of the test prep software is the keystone of success.
I want to say that this blog was very helpful in my exam preparation. The questions became clear after posting, so the blogging time expenditures can be considered as paid off.
So, keep learning!
PS: The monitors in the testing center have the refresh rate set to 60Hz or lower. Is it special tactics to give the motivation to finish the test and be out of testing center as soon as possible?
Posted by mazoo at 1:44 PM | Comments (28)
February 18, 2005
About
Posted by mazoo at 3:28 PM | Comments (0)