7 Crucial Tips When Studying for CMA

Studying for the Certified Management Accountant (CMA) exam can be demanding, and there is no getting around it. Old-school study methods like rote learning or all-nighters will not work for professional qualifications like the CMA exam. Follow these crucial study strategies to guarantee you are well prepared and relaxed on exam day.

Set Your Game Plan

Make a realistic study plan with your work and personal schedules in mind. This guarantees that you have dedicated time set aside to study. To keep on track, set realistic study goals each week and plan when you’ll cover each of the CMA exam’s key topics. The curriculum for the course comes with a learning outcome document that outlines everything you need to know about each topic of the CMA Exam. As you put together your study schedule, keep this information in mind, as it will allow you to distribute your time and energy to the topics as per your need.

Course Selection

You need to select the right CMA exam prep course to make your study experience easier and boost your chances of passing on the first go. An exam prep course can assist you in studying the most critical subjects on the CMA Exam, particularly those you’re having trouble with. One such course is the Wiley CMA review course, which offers affordable courseware that includes the content, practice material, and support to give you the tools you need to pass your exam. Eight out of ten students who use Wiley CMA pass both parts of their CMA exam (almost double the global pass rate of 40%). While Wiley isn’t required to pass, it surely doubles your chances!

Go For the Easier Part First

The CMA exam consists of two sections that you can attempt in any sequence. Section one covers Financial Planning, Performance, and Analytics, while section two covers Strategic Financial Management. You can take the two sections of the exam in any sequence. Your decision should be based on which part you feel best prepared for. If you already know most of the subject material in section one, you might prefer to take that part first because it will require the least amount of study time. Look at the IMA’s Content Specification Outline for the CMA Exam to see which important topics you know well and which section you should focus on first. Once you clear one section, you will get a big confidence boost to go for the second one.

Understand Concepts

Some CMA study programs lay stress on mnemonics. While these may be helpful, you must grasp the concept behind them. Do not speed through all the practice questions unless you have a firm grip on the fundamentals. Examiners enjoy using multiple-choice questions to assess core concepts, definitions, and phrases. So, please make certain you grasp the key terms and distinguish them from other terms. If you’re a working professional, you may put crucial CMA exam concepts to the test in real-world business circumstances. Have an open mind and look for opportunities to practice and put your skills to use.

Find A Mentor

The role of a mentor is to encourage and foster their mentee’s growth, professional and personal. There must have been numerous occasions in your life where you have relied upon the advice and guidance of a person you trust. Whether this person you turn to is a teacher, colleague, friend, or even an outsider, the importance of a mentor is undeniable. First-hand knowledge from a person who has experienced and prevailed over what you will go through in the coming days is invaluable. You can look for a mentor at your workplace, your peer group, or even online. You can take advantage of the plethora of advice available on YouTube and various other forums. Another way to find a mentor is to approach your local Accounting body or association. These associations usually have active mentorship programs to help and guide aspiring candidates. An example is the mentorship program by the Institute of Management Accountants, which offers an online mentorship program that allows you to connect with their members worldwide.

Practice Regularly

When you do practice questions and exams, you develop confidence and understanding of the subject material. When you practice, you familiarize yourself with the exam, which helps reduce stress and points out the weak areas you should work on. Another crucial thing you learn from a practice exam is how to manage your time.  If you’re short on time, highlight and skip everything you don’t understand or aren’t sure about, and get back at it towards the end. If time is an issue, skip the tough question you don’t get and focus on the two easy questions instead. The best method to prepare for the exam is to study all the topics covered and practice each of them.

Designate A Study Space

It matters where you study since it impacts your concentration levels. Create a dedicated study space to your advantage and limit distractions so when it’s time to study, you are ready to dive straight into your CMA exam preparation. Keep the space neat and clean. If your study space is untidy or cluttered, you can easily get agitated, losing focus. Consider adding plants or flowers in your study area; after all, plants not only cleanse the air but also symbolize freshness. As an added tip, make your study space inspiring. Do you feel motivated by travel photos, inspiring quotes, or images of famous people? Use any meaningful items and memorabilia you believe will keep you going. If you feel inspired as you enter your study space, you will certainly cope better with the present challenges.

To sum up, you need to put in the thought, time, and effort if you want to see this through. Forgoing one action to focus on the other will not work. The CMA is an internationally recognized qualification, with professionals earning 63% higher than those without the certification. To be a part of this, you need to commit and focus right now so you can reap the benefits in the future.