cma exam preparation
DESCRIPTION
CMA exam tips and techniquesTRANSCRIPT
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 1
Inside Talk
The CMA Exam:
Test-Taking Tips and Strategies
Kristine Parsons, PhD, CMA, CFM
Lisa Beaudoin, CMA, CAE
April 23, 2013 www.hockinternational.com
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Webinar Features:
Audio Broadcast: • You should hear sound through
your computer speakers or
headphones
• To listen to the audio by telephone,
click the “Request” icon at the
bottom Panel for teleconference
Asking Questions: • Questions may be submitted using
the Q&A area on the left side of the
console
• Questions will be addressed after
the formal presentation
2
Should you experience any technical difficulty, please click the
“Help” icon at the bottom of the console for audience support.
Pop-up Blockers: • Please temporarily disable your
internet pop-up blockers
Volume Slider
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 3
Webinar Materials and Access to Recording
• You can print the slides from today’s presentation
• You can download a PDF of the slides
• IMA Members can also view this webinar again
Visit IMA’s website:
www.imanet.org/programs_events/webinars.aspx
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
CPE Credit Requirements
4
• CMAs, CFMs & CPAs can report 1-hour of CMA and
NASBA approved CPE for today’s event
• Click the “CPE” icon at the bottom of your console to
access your Certificate of Completion. Please print
for your records.
• Your CPE credit will now be automatically recorded
in your transcript and local Chapter representatives
no longer need to record webinar credit.
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Moderator
5
Ella Suponitskiy, CMA, CPA
Senior Manager
Certification & Exams
IMA
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Featured Presenter
6
Kristine Parsons, PhD, CMA, CFM
Associate Professor
Department Chair of Accounting
Ashland University
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Featured Presenter
7
Lisa Beaudoin, CMA, CAE
Director of
Educational Partnerships
IMA
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 8
Upon completing this webinar, you will be able to:
1. Understand the testing format of the CMA exam
2. Learn how to manage your time on the CMA exam
3. Understand how the essay responses are graded
4. Know what to expect at the testing center
Learning Objectives
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Agenda
• Why become a CMA?
• Starting the certification process
• CMA exam structure
• Study tips
• What to expect at the testing center
• Exam tips and strategies
• Steps to become a CMA
9
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Why Should You Become a CMA?
10
• The CMA is a relevant and rigorous professional
certification exam
• Confirms that an individual has a mastery of the critical
skills and knowledge in planning, analysis, control and
decision support
• Salary studies continue to show that CMA-certified
individuals earn more than their non-certified peers
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
a) Yes
b) No
11
Do you plan to sit for the CMA exam within the
next twelve months?
Polling Question 1
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Starting the Certification Process
12
• Join IMA Regular members (age 32+): $215/year + $15 one-time processing fee
Young Professional members (age 32 & younger): $140/year + $15 processing fee
Student members: $39/year
• Pay the CMA Certification Entrance Fee Regular and Young Professionals: $225
Student members: $75
One-time fee; valid for three years
Must register to sit for an exam part within 12 months of entering CMA program
• Exam Part Fees Regular and Young Professionals: $350 per part, or $600 for both parts in the same
testing window
Student members: $175 per part, or $125 for both parts in the same testing window
Note: CMA Entrance Fee and Exam Part Fees will be increasing on July 1, 2013
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
CMA Exam Structure
Part 1 – Financial Planning, Performance and Control 4 hours, 100 multiple-choice questions and two 30-minute essay scenarios
Planning, budgeting, and forecasting (30%)
Performance measurement (25%)
Cost management (25%)
Internal controls (15%)
Professional ethics (5%)
Part 2 – Financial Decision Making 4 hours, 100 multiple-choice questions and two 30-minute essay scenarios
Financial statement analysis (25%)
Corporate finance (25%)
Decision analysis and risk management (25%)
Investment decisions (20%)
Professional ethics (5%)
13
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
a) Performance Management
b) Cost Management
c) Financial Statement Analysis
d) Corporate Finance
e) Other
14
Which sections of the CMA exam do you expect to
be the most challenging for you?
Polling Question 2
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Difficulty Level of Questions
15
Cognitive Skill Levels Tested
• Level A: knowledge and comprehension
The “basics” or fundamentals
• Level B: knowledge, comprehension, application and analysis
“Intermediate” level
• Level C: knowledge, comprehension, application,
analysis, synthesis and evaluation
“Advanced” or “Mastery” level
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
CMA Exam Preparation Options
16
• Gauge your study needs with the CMA Exam Support Package (ESP) Receive access for 6 months upon joining the CMA program
Helps to identify strengths and weaknesses
Not a complete study program; includes an assessment tool
• Flexible exam prep options offered by review course providers worldwide See IMA website for more details
• Various learning options to fit your style Self-study (print and online)
Live, instructor-led courses
Study groups (online)
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
a) I prefer to study on my own
b) I prefer to study with a group
c) I prefer to take an instructor-led course
17
To prepare for the CMA exam, would you prefer to
study on your own, with a group, or take an
instructor-led course?
Polling Question 3
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Study Tips
18
• Establish a regular study schedule
• Pace yourself – don’t cram
• Don’t spend too much time studying content that you already know; get out of your comfort zone and study topics that you find difficult and challenging
• Create your own flashcards with formulas or terms
• Write out your own notes, in your own words
This enhances the learning process
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Study Tips
19
• Use CMA exam prep materials
Test your knowledge with retired exam questions
(both multiple choice and essay)
• Be sure to completely understand all concepts
• The exam preparation process takes TIME
Figure out how you’ll plan study time into each week
The amount of time needed to prepare will depend
on you, your experience, your skills, etc.
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Exam Testing
20
• Exams administered at Prometric Testing Centers (www.prometric.com)
Schedule your exam date and time online, after
receiving your exam authorization number from IMA
• Three exam testing windows offered each year
January and February
May and June
September and October
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
What to Expect at the Testing Center
21
• Arrive early – at least 30 minutes prior to testing time
• Bring personal identification
A valid (non-expired passport), or
Two original forms of id, one with a photograph, both with
your signature
Student ids and social security cards are not acceptable
• Small lockers are available for storage of personal items
Personal items cannot be brought into the testing area
• Wear comfortable clothes and dress in layers
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
What to Expect at the Testing Center
22
• Where You’ll Take the Test:
Private, modular testing booth with ample workspace and lighting
• Calculator Policy
Simple 6-function model, or
Financial calculators models allowed:
HP 10 BII, HP 12C, HP 12C Platinum
Texas Instruments BA II+
• Scrap Paper and Pencils Will be Provided
Be neat when using your scrap paper, so that you can refer back to your notes and calculations
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 23
• CMA Exam Tutorial
15 minutes, does not count toward exam time
Learn how to navigate through testing system, mark
questions, etc.
May use this time to write down formulas, definitions,
on scrap paper
• No food or drink allowed
• Bathroom breaks allowed, but will use up your exam time
• Fingerprinting requirement at Prometric to begin Fall 2013
What to Expect at the Testing Center
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Exam Strategy
24
To pass the exam, you need:
• Knowledge
• Confidence
• Effective Time Management
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Exam Strategy: Multiple Choice Questions
• Answer a question in your mind before looking at
answer options
• Pay close attention to wording of each question
Look for words like “except,” “least” and “most”
• Three-Pass Technique for Multiple Choice section
1) Read questions and answer non-computational ones; mark others
2) Answer computational questions, mark questions that you are unsure about
3) Review marked questions
25
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
• Answer all questions
No penalty for incorrect responses
• Biggest risk: Spending too much time on one question
On average, plan to spend about 1.5 minutes per question
• Maintain a positive mental outlook!
• Review, correct, go back to more difficult questions
• You have up to 3 hours to complete multiple choice section
If you finish in less than 3 hours, then you can carry forward
any unused time to the essay section
26
Exam Strategy: Multiple Choice Questions
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 27
Multiple Choice: Sample Screen Shot
Use your mouse to select your
answer on the screen
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
• Don’t be afraid of the essay section of the exam!
• This section provides a great opportunity to earn
partial credit
Be sure to show your work and assumptions
• Expect 3-6 questions for each essay scenario
• You can scroll between questions and scenarios
within the essay section of the exam
Helps to determine how much time you will need
for responses
28
Exam Strategy: Essay Questions
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
• Pay close attention to verbs
E.g., if it says compare or contrast, don’t define something
• Read the entire question to understand all requirements
You may have more than one requirement, for example:
“Define abc and interpret its applicability to xyz.”
• Grammar and writing skills
Focus is on use of standard English, organization and clarity
Graders are looking for effective writing skills
29
Exam Strategy: Essay Questions
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
• Be brief and to the point
It’s ok to use bullet points
• Do not leave a questions blank
If short on time, at least write an outline of your main points
• Graders are looking to give you points, not take them away
Make it as easy as possible for graders to give you points!
30
Exam Strategy: Essay Questions
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
• Type your responses into a text box
Similar to MS Word, but with more simple functionality
Effective January 2013, the spreadsheet tool is no
longer being used on the CMA exam
• Be sure to use all of the time available to you
31
Exam Strategy: Essay Questions
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 32
Essay: Sample Screen Shot
Type your response here
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Test Anxiety
33
• Everybody gets nervous about exams!
• Try to channel your nervous energy in a positive way
• Focus on doing your best and remember that you can
always sit for the exam again
• If you forget how to do something or draw a blank,
return to the question later
Effective study and preparation is the best
approach to alleviate anxiety and enhance
self-confidence on exam day
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Exam Structure & Feedback
• Exam structure
3 hours of multiple choice questions ~ 75% of score
1 hour of essay questions ~ 25% of score
• Must earn at least 50% on multiple choice section in order to advance to essay section
• Exam results available approximately 6 weeks after end of testing month
Test in May Results available in mid-July
Test in June Results available in mid-August
Results mailed via regular mail, also posted to your IMA account
34
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
When the Exam is Over
• Scaled score, with 500 maximum points
Passing score = 360 or higher
• If you pass:
Start preparing for the next exam or complete the certification process requirements
• If you don’t pass:
Create a strategy to retake the exam as soon as possible
Prometric will send a Performance Report ~ 2 weeks after exam results are available
Basic feedback provided; shows topics that need improvement
35
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
a) Yes
b) No
c) I don’t know
36
Are there other employees at your company who
would benefit from learning more about the CMA or
by pursuing the CMA designation?
Polling Question 4
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Steps to Become a CMA
37
Once You’ve Passed the Two Exam Parts –
• Submit proof of your educational requirement to IMA
• Complete and submit the Experience Verification Form
(available on the IMA website)
• You’ll receive your CMA certificate number once your education and experience documents have been verified
• Your CMA certificate will be mailed in 2-3 weeks
You can now use “CMA” after your name!
Note: Your annual CPE requirement will begin in
the calendar year after you pass both exam parts.
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 38
Best of luck
to you
on the
CMA Exam!
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 39
Questions & Answers Use the Q & A Panel to send your questions to our panelists
Kristine Parsons, PhD, CMA, CFM
Associate Professor
Department Chair of Accounting
Ashland University
Ella Suponitskiy, CMA, CPA
Senior Manager
Certification & Exams
IMA
Lisa Beaudoin, CMA, CAE
Director of
Educational Partnerships
IMA
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 40
Thank You to Our Featured Presenters!
Lisa Beaudoin, CMA, CAE
Director of
Educational Partnerships
IMA
Kristine Parsons, Ph.D., CMA, CFM
Associate Professor
Department Chair of Accounting
Ashland University
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Final Reminders
• Complete the Evaluation poll – on your screen
• Access to your CPE Certificate – 2 Options
Click the “CPE” icon at the bottom of your console
or
Click the link in your post-event email
• Please print a copy of the CPE certificate for your records.
• Your CPE credit will be automatically recorded in your
transcript.
41
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Notification of Future Webinar Schedules
Next Inside Talk Webinar:
• Best Practices in Financial Reporting
Thursday, May 2, 2013 1PM ET
For Upcoming Events:
• Visit IMA’s website at
www.imanet.org/programs_events/webinars.aspx
Log-in with your User Name & Password
Remember to check IMA’s Learning Spotlight for upcoming webinar events
42
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved.
Illuminate, Innovate, Invigorate…
• IMA’s 94th Annual Conference & Exposition
• Please join us June 22-26 New Orleans Louisiana
• Over 45 sessions to select from
• 28+ NASBA CPE to earn
• Register today
43
http://www.imaconference.org/
Inside Talk Webinar Series
© 2013 Institute of Management Accountants. All rights reserved. 44
Thank You to Our Sponsor!
www.hockinternational.com