10 Study Tips to Crack the US CMA Part 2 Exam on Your First Attempt

US Certified Management Accountant (US CMA) certification is recognized internationally, focusing on management accounting and corporate finance. It is awarded by the Institute of Management Accountants (IMA), USA. The US CMAs work in corporate finance teams and strategy teams.

The work experience of a US Certified Management Accountant include:

●     Arrange funding and financing options.

●     Monitoring and administering compliance.

●     Creating management strategies.

●     Identifying the investment management opportunities.

●     Supervising low-level accountants.

In this article, we will discuss the detailed insights on the US CMA part 2 exam (Strategic Financial Management).

CMA (USA) Part 2 Exam:

US CMA part 2 exam is a 4 hours long exam with MCQs and Essay Questions.

 

Question Type	No. of Questions	Duration
Multiple Choice Questions (MCQs)	100	3 hours
Essay Questions	2	1 hour

 

US CMA Part 2 Exam Syllabus:

The US CMA part 2 exam focuses mainly on financial decision making. Given below are the topics in this exam.

 

Content Area	Coverage Percentage
Investment Decisions	10%
Risk Management	10%
Professional Ethics	15%
Corporate Finance	20%
Financial Statement Analysis	20%
Decision Analysis	25%

Here's the list of the sub-topics:

 

Investment Decisions

●     Capital investment analysis methods

●     Capital budgeting process

 

Risk Management

●     Risk mitigation strategies

●     Risk identification and assessment

 

Professional Ethics

●     Ethical considerations for financial management and management accounting professionals

●     Business ethics

●     Ethical considerations for the company

 

Corporate Finance

●     Long-term financial management

●     Working capital management

●     Risk and return

●     Raising capital

●     International finance

●     Corporate restructuring

 

Decision Analysis

●     Marginal analysis

●     Cost/volume/profit analysis

●     Pricing

 

US CMA Part 2 Exam Study Tips:

 

Here are few study tips for the US CMA part 2 exam:

 

●     Ensure to use right study material

●     Know your study style

●     Make a good study plan

●     Step by step approach while preparing

●     Take Breaks

●     Practice more MCQs

●     Manage your time

●     Focus on Essay Questions

●     Take more mock exams

●     Before picking the answer, read all choices

 

Ensure to use the right study material:

Education is not a cost but an investment. As your career grows, the funds you invest in education will be returned to you. Most US CMA aspirants use their friends' study materials, but this can't help them. So, don't use such shortcuts. The percentage of students clearing the US CMA exam with shortcuts is less than planned students who have invested in opting for a US CMA training in the best institutes like Hi-Educare.

 

Know your study style:

Every individual has a different study style. Few people learn by hearing or watching video lectures, while others learn by reading. Similarly, for some US CMA aspirants reading the US CMA course material is the most effective way to learn the subject. For some people, it doesn't work. So, know your learning style.

 

Knowing your personal learning style will help you to study well for the US CMA exam. Given below are a few tips to identify your learning style:

●     For visual learners: Be good at spelling, prefer making lists or taking notes, and use flashcards.

●     For Auditory learners: Listen to audiobooks or podcasts, work well in study groups, and read out loud.

●     For Tactile learners: Learn by doing tests or quizzes and enjoy participating in live classes.

 

Make a good study plan:

The US CMA exam is not as difficult as you think. Just three months of systematic preparation is more than enough to qualify for the US CMA exam. If you are a working professional, you must dedicate two to three hours to exams. Also, it is best to make an extensive chart for understanding the questions you need to cover.

 

Step by step approach while preparing:

Given below are the steps that one should follow while preparing.

 

●     Ensure to complete all the software related questions on that topic.

●     Complete the topic wise concepts from the CMA USA study material.

●     Once all the topics get covered for the US CMA part 2, start writing the mock exams.

 

Take breaks:

"Too much of anything is poisonous" when it comes to studying; it's even more important to take breaks. Take at least 5 minutes of break after one hour of study.

 

Practice more MCQs:

The US CMA MCQs can be deceiving. Often, the US CMA aspirants feel bad about losing their makes on Multiple-Choice Questions.

 

Given below are a few tips for you to overcome multiple-choice failure:

 

●     If you know that the answers are wrong, then eliminate them.

●     Jump to the questions that are easy for you to solve.

●     It's best to read the question to its roots.

●     Review the questions if you have time.

 

Do not leave questions unanswered - There is no negative marking in the US CMA exam for incorrect answers. The candidate must not leave any question unanswered. An educated guess or a blind guess is far better than unanswering the questions.

 

Manage your time:

The MCQs in the US CMA exam tend to be more complex and lengthy than other accounting exams. On average, you can allocate 3 hours to the 100 MCQs. Hence, you have to do a lot of practice to spend 1.8 minutes on a single MCQ.

 

Focus on Essay Questions:

When you are on the clock, essay questions are often tricky because we tend to forget key details. One of the ways to answer the essay questions is to practice them more. Be careful with the verbs used in the essay scenarios. Use proper English grammar. Avoid colloquialisms and slang.

 

Take more mock exams:

The US CMA aspirants can learn time management through mock examinations. As you take more mock tests, you can become more perfect in the concepts. Try to prepare for all the topics that appear in the exam and take a mock test on every topic.

 

Before picking the answer, read all choices:

Many US CMA aspirants pick the answer if that looks correct and then immediately answer the next question. But, there could be a better answer than the first one in some cases. So, be careful while picking up the correct answer. Read all the four options before choosing the right answer.

 

Conclusion:

Hope this article helps you to know the detailed insight about the US CMA part 2 exam, including its exam structure and study tips. If you follow the above study tips, it’s easy to crack the US CMA part 2 exam in the first attempt. Any questions? Comment below. Happy Learning!