Tips on preparing for the US CMA Exam 2024

Obtaining a US CMA (Certified Management Accountant) certification can boost your career in accounting and finance. Nevertheless, passing the US CMA exam requires a comprehensive study plan, an understanding of its format, and regular practice. To pass the US CMA exam in 2024, you will need this comprehensive guide that equips you with the latest knowledge and study techniques.

US CMA Exam Pattern 2024

The US CMA exam consists of two parts:

Part 1: Financial Planning, Performance, and Analytics

This includes External Financial Reporting, Planning, Budgeting, Cost Management, Internal Controls, and Technology & Analytics. It is quite challenging; in recent years, only approximately 45% of candidates have passed the exam.

Part 2: Strategic Financial Management

It covers Corporate Finance, Risk Management, Decision Analysis, Financial Statement Analysis, and Professional Ethics. Part 2 is estimated to take 8-11 weeks to complete and will require approximately 130 hours.

Both sections comprise 100 multiple-choice questions and two essay questions, which must be completed within four hours. To pass each part, the candidate must score at least 350 out of 500.

Create a Study Plan

Both sections comprise 100 multiple-choice questions and two essay questions, which must be completed within four hours. To pass each part, the candidate must score at least 350 out of 500.

Given the vastness of the syllabus, any applicant must plan their study. Here is the division: 

• Spend time effectively: It is recommended that a candidate dedicate roughly 170 hours to Part I and 130 hours to Part II. The duration of each portion should be stretched out across 16 weeks if the candidate is simultaneously employed as a professional.
• Use quality study materials: Make use of the online courses, books, and practice exams offered by reputable websites like Gleim, Becker, or Wiley. These assist you in keeping track of your progress and providing organized study materials.

Practice with Mock Tests

Lastly, it’s essential to take practice exams to become comfortable with the structure of the US CMA exam. Regular practice not only displays your areas of weakness so you can improve, but it also helps you become more confident. Every few weeks, attempt to complete a series of practice tests to help you become more adept at time management and approximate exam conditions.

Join Study Groups

Whether study groups convene in person or virtually, participation in them can be highly productive. In a study group, you may hold each other accountable, exchange study strategies, and help one another through challenging material. Platforms like LinkedIn and Reddit allow you to share resources and best practices.

Time Management during the Exam

This is usually a problem during an exam, especially when there are time limits for multiple-choice questions and essays.

• MCQs: Allocate a maximum of 1.8 minutes for every question. Keep in mind that in order to attempt the essays, you need to score at least 50% in the MCQ portion.
• Essays: The essay component includes a scenario about critical thinking and analytical ability. You will learn how to compose concise yet detailed responses.

Maintain Consistency and Composure

Maintaining consistency is essential. To improve retention and performance, regular study sessions, updates on accounting and finance trends, and mental stability on exam day are recommended. Remember that to prevent burnout, refreshing should be balanced with rest.

Planning strategically, developing rigorous study habits, and practicing consistently for the exam would all be necessary for this. Candidates who break down their syllabus, make use of reliable study tools, and interact with a community of candidates possess all the necessary components for success. Obtaining a US CMA degree not only makes one more credible in the eyes of the global community but also opens doors to important financial and accounting positions.

For more information, please see the extensive study courses offered by institutions such as Saraf Academy, which include personal coaching in addition to expert-led seminars that will get you started.