Certified Management Accountant (CMA) is one of the highest levels of certification in management accounting that is awarded by the Institute of Management Accountants, USA.
The CMA USA course is globally recognized, and is an advanced-level credential appropriate for accountants and financial professionals in the business.
The CMA exam is available in 2 parts and in order to gain this certification, it is essential for one to qualify for both these exams.
Part 1 or CMA Part 2 exam can be taken in any order but one will only qualify for the next exam if they clear the first examination they opted to take.
Essentially, you can take whichever part first, pass it and attempt the next one in order to hold the certification. To be able to clear the CMA USA exam at one go, you can enroll in NorthStar Academy’s comprehensive CMAUSA program under the guidance of the God of Costing, M.Irfat.
The CMA Exam Part 2 is computer-based. Each of the exams will be of 4 hours each with 100 MCQs as well as two 30-minute essays. Therefore, 3 hours for MCQs and 1 hour for essay type questions.
In this article, we will discuss the components, syllabus and materials that are pertinent to the second part of the Certified Management Accountant USA examination.
Part two of the CMA Exam Part 2 is called Strategic Financial Decision Making. This part has six sections under it and each of these sections have a certain weightage that is applied in the overall score of the exam.
These six subjects with their respective percentage weightage are;
The Institute of Management Accountants or the IMA is responsible for the CMA Exam Part 2 and offers the information covered by each exam part in the Content Specification Outlines or CSOs. The CSOs are fundamentally there to:
Along with the foundation and knowledge scope that the CSO offers for appearing candidates they also assign a coverage level to each exam topic, that range from introductory knowledge of each of the subjects to a thorough understanding of the subject matter under the part. The three levels of coverage are:
Additionally, one must note that the coverage levels build on each other, so Level C may contain the requirements of Level A and Level B. Therefore, it is crucial for candidates appearing for the exam to be very well versed with the range of topics under each subject.
This Free CMA USA handbook summarizes the various topics and areas that each part includes in the exam. This handbook is a must for candidates appearing for the examination. It is helpful for one to be able to plot their focuses and know the overall syllabus in detail.
The following is a list of topics under each of the six sections in CMA Part 2 exam:
The coverage of this section is similar to that of Section A in Part 1, which discusses financial accounting, but the focus is more on analysis and comparison using key financial data and ratios. In addition to this, one must note that special issues such as foreign currency fluctuations, fair value accounting, and US GAAP vs IFRS are also a part of this subject.
To score well in this section, one must understand short-term and long-term financial management as well as the benefits and limitations of major financial instruments. In this section one can see a mix of conceptual and computational questions.
This section will test a candidate on how management accountants are able to provide data and perform analysis for the decision-making process of an organization.
CMAs as efficient accountants or organizers need to identify, assess, and react to different kinds of risks faced by an organization in order for the organization to achieve its ultimate goal. The CMA exam Part 2 concentrates on the ERM model. Candidates appearing for the exam are most likely to get conceptual questions in this section.
This section covers how management accountants advise and decide on important matters about investments that are to be made by the organization or even bring out better alternatives.
The IMA Statement of Ethical Standards is what presides over this section. The principles and standards have been made concise and easy to understand for candidates. Candidates must prepare on how these ethics are applied in real business situations.
Candidates appearing for the exam must note that to clear CMA Part 2 exam is difficult but not impossible. It is hence suggested that they do their research and study very closely on each of the listed topics under each of the six subjects.
The CMA Part 2 exam exam is computer-based with 100 MCQs as well as two 30-minute essays. It is a 2 part exam and both need to be cleared to gain the certification.
The CMA handbook is helpful to plot focus topics and know the overall syllabus in detail.
The 6 subjects CMA Part 2 examis
i.e Financial Statement Analysis (20%), ii. Corporate Finance (20%), Decision Analysis (25%), Risk Management (10%), Investment Decisions (10%) and Professional Ethics (15%).
All you need to do is search for the best CMA Part 2 exam online coaching institute around your location and research a bit about the institute and Enroll for CMA USA coaching and you can easily pass the exam in a single attempt.
While you can self study for CMA Part 2 exam it will result in a lot of wastage of time, efforts and resources. By enrolling in a coaching program, you get to leverage the expertise of mentors, get access to a global cohort as well as comprehensive study material all at one place.
The CMA USA exam tests the knowledge of students on Finance and Management Accounting. If you are well versed with the CMA USA Syllabus, you can easily score more in both the parts.
CMA Exam Part 2 can be the final step in gaining the highest accounting management certification. It can help you gain global exposure, high salary and most importantly gain expertise in the finance and accounts domain. To clear your exam in one go, NorthStar Academy is the right fit for you. Enroll now in the best finance coaching institute in the country!