Posts tagged: CMA Salary

CMA Exam Studying Update

August 28, 2012, by 2 comments

 

Greetings –

Here is the second update on my CMA studying so far. When I provided my first update, I had completed test prep questions for Study Units 1 through 4 of Part I (Financial Planning, Performance, and Control). Since then I have completed Study Units 5 through 9. The results have been somewhat similar to the first four study units, but I am not overly confident about the exam at the moment (however, I am not overly pessimistic either). I completed all of the questions in the test prep software for Study Units 5 through 9 and my scores were between 78% and 88%.

Based on the scores, I am moving right along, and it appears that I know the material after reading the study unit and taking some good notes. The hardest study unit for me in this specific block of study units was Study Unit 7 (Cost and Variance Measures). The reason that Study Unit 7 was giving me problems is because there are so many formulas to know in that one specific study unit. In my opinion, you need to know a lot of equations for the CMA exam (or at least for Part I). I’m trying to keep a pretty good detailed list of equations that I will need to know for the exam. Some equations I already have memorized from teaching managerial/cost accounting courses in the past. However, there are many that I still need to have written down so I can memorize them for exam day.

Also, my time per question has moved down from 1 minute 45 seconds to 1 minute 38 seconds. This was in large part due to the fact that Study Unit 9 (Internal Controls I) has no computations and most of the questions were pretty short.

So far, I’m very happy with the fact that I am almost done with all test prep questions from Study Units 1 through 10. After I am finished, I can then focus on trying to put everything together and begin working on preparing for the essay part of the exam. The CMA exam consists of 100 multiple-choice questions and 2 essay questions. My thought is that if I can really focus on doing well on the multiple-choice question part of the exam, it will take some pressure off the essay part.

On a future blog I will update everyone on my essay studying and how I’m truly approaching that part of the exam.

 

Kind regards,

 

Jason S.

 

 

IMA National Conference – Share Your Images With Us!

August 27, 2012, by No comments yet

 

The IMA’s Annual Conference was in Las Vegas this year. It provided members with the opportunity to network with colleagues while learning new things about the industry and staying current with the latest professional standards. Gleim had a great time at the Solutions Showcase where attendees were able to visit with vendors and learn all about how Gleim can help get management accountants certified in a timely and affordable manner.

 

Did you pass with Gleim?

Setting up the Gleim Booth for the IMA Conference. We hope you came by and saw Dr. Gleim and our new CMA System!

The Gleim booth at the IMA Conference with Melissa and our two student representatives.

 

Dr. Gleim takes a minute to pose with this successful CMA candidate!

 

 

The conference also celebrated the CMA Exam’s 40th Birthday. Gleim was proud to be one of the sponsors for this and provide frames for the attendees to display their own “red carpet” photos. Here are a few of our photos from the event. Please share your photos with us.

 

Dr. Gleim and Melissa at the CMA Celebration at the IMA National Conference.

 

More Celebrating at the IMA National Conference.

 

Find your IMA images here and share them with us!

 

 

Is It Worth Earning More Than Just The CPA Designation?

August 24, 2012, by No comments yet

Written By Guest Blogger Mr. Dom Savini (Please see his bio)

Although the answer to this question depends on a host of matters that encompass personal and professional circumstances and aspirations, generally speaking the answer is most certainly, YES.

In a recent survey of 300 global CEO’s 76% agreed that current reporting systems are too focused on financial statements and 75% agreed that more emphasis is needed on communicating non-financial business value.[1]  Additionally, as governments face the current global economic climate they are reviewing ways to better report performance, cost accounting, and budget information to their citizenry.[2]  Lastly, standard-setters have initiated research projects that deal with improving commentary, disclosure and analysis about an organization’s financial health and operations.[3]

What does this mean to you?   Although the CPA designation has been and continues to be considered the “gold-standard”, its focus is primarily on public accounting and auditing.[4]  As such, although it is an outstanding and robust foundation and professional achievement, its current scope does not really focus on areas such as strategic cost management, governance, risk management, organizational theories and employee behavior. In fact, just read any business newspaper and you will see that these are the areas that are the root cause to many of the financial problems whether on Wall Street, Main Street, or City Hall.  Now, in order to gain this proficiency you can decide to either enter into a multi-year masters degree program paying thousands of dollars or consider taking The Gleim CMA or CIA review courses and becoming certified within a matter of months as opposed to years.

Other reasons to consider earning either the CIA or CMA designation include: securing greater advantages such as increased earnings & promotion potential, demonstrating increased level of proficiency & professionalism, meeting globalized demand for services, leveraging your existing skills across diverse disciplines, and most importantly, remaining a relevant professional in today’s highly competitive global environment.  The ball is in your court.

Footnotes:

[1] Rebooting Business: Valuing the Human Dimension,  January 2012.  AICPA and CIMA. http://www.cgma.org/Resources/Reports/Pages/rebooting-business.aspx

[2] FASAB Active Projects, Performance Reporting and Reporting of Budgetary Information in Financial Reports. http://www.fasab.gov/projects/active-projects/performance-reporting/

[3] FASB Not-for-Profit Advisory Committee Recommends Improvements to Financial Reporting, News Release 10/03/11 and IPSASB Active Project, Reporting Service Performance Information. http://www.ifac.org/public-sector/projects/reporting-service-performance-information

[4] The AICPA’s content specification outlines (CSOs) for the four sections of the Uniform CPA Exam include: Auditing & Attestation, Financial Accounting & Reporting, Regulation, and Business Environment & Concepts. http://www.aicpa.org/becomeacpa/cpaexam/examinationcontent/contentandskills/pages/default.aspx

CMA Studying – A Sprint, Not A Marathon

August 23, 2012, by No comments yet

 

Greetings –

I just have to keep telling myself that these certification exams are not a sprint but a marathon.  In a marathon, you would not start sprinting or use all your energy in the first half of the race. If you did, chances are you might not finish the race. When you are studying, you definitely have to be aware of how fast you are going and make sure that you do not burn yourself out too soon. It’s typical when you begin to set lofty goals of how quick you might become a CMA, CPA, or whatever you’re working toward. A smart marathon runner (or “distance runner”) will pace themselves from the beginning and will be aware that there could be low points during the race. The key thing is to manage your low points effectively and know that they are only temporary. I’ve learned to pace myself when it comes to these exams. My initial goal each week is to complete at least one study unit (reading it, taking notes, and doing the test prep). If I’m feeling really good, I will attempt another study unit, but never more than two study units per week. Sometimes I achieve my goal and maybe a little more, but there are those weeks when unexpected things come up. With the CMA exam, a candidate has ample time to pass both parts of the exam. Once you get close to the end of the marathon you will probably feel worn out. However, if you trained properly, you could probably push yourself a little faster and dig a little deeper. I try to study the study units one by one, but when I start my final review, I like to put everything together and make one final push toward the finish line. It’s all part of the process, and if you keep moving forward, you will eventually get to the end.

 

Just in case anyone is wondering I love running and have ran 11 marathons and 4 ultramarathons. I relate a lot of what I do to running because there are some similarities (and yes there are plenty of differences). However, these exams and distance running take lots of determination, perseverance, and a drive to never give up.

 

Kind regards,

 

Jason S.

 

This Ends Tomorrow at 4pm EST! IMA Special Offer for the CMA Exam: Save $435!

July 30, 2012, by No comments yet

This offer is available to non-IMA members who purchase the Gleim CMA Review System. You will receive a special code that exempts you from the IMA Membership Fee (first year) and the ICMA Entrance Fee. This is a savings of up to $435!

To place your order immediately, visit http://www.gleim.com/IMAFeeSpecialOffer.

If you are already an IMA member or already a CMA, congratulations! Please help us expand the IMA and CMA program with this special initiative. Tell your friends and colleagues who are not already IMA members about this limited-time offer and help them jump-start their accounting careers.

If you are already certified or not a management accountant, perhaps you have friends, colleagues, or students who might be interested in pursuing the CMA. This special offer will help them pass the CMA exam quickly and save money in the process.

This offer will only be available for those who purchase the CMA Review System for both parts together by 4:00 p.m. EST on July 31. The code must be used by midnight on July 31. The agreement between Gleim and the IMA does not permit any extensions to this deadline.

Today is the last day!! IMA’s Special Offer for the CMA Exam!!

July 16, 2012, by No comments yet

gleim.com/accounting

About Gleim

Gleim has been the trusted name in CMA exam prep for more than 30 years. Our goal is that you pass your exams quickly so you can start taking advantage of the benefits that being a CMA provides.

New 16th Edition of the Gleim CMA Review System

The Gleim CMA Review System makes studying more convenient, affordable, and interactive.

We are excited to announce the release of our new 16th edition which contains:

  • A deeper coverage of topics
  • Improved and rearranged material
  • A better conceptual flow of topics
  • More multiple-choice and essay questions

Candidates should also look for Success Tips, a new feature that supplements the core exam material by suggesting how candidates may want to prepare for certain topics or how those topics might be presented on the exam.

Special Partnership with the IMA

Gleim has partnered with the IMA to provide you with a very special offer through July 16. If you are not yet an IMA member and you purchase the Gleim CMA Review System set (set includes Part 1 and 2 material), you will receive a special code that exempts you from your IMA Membership Fee (first year) and ICMA Entrance Fee. This is a savings of up to $435! Act Now – Time is of the essence!

Benefits of the CMA Certification

For 40 years, having the CMA certification has helped accountants further their careers. The designation increases earning potential by approximately $30,000 per year when compared to non-certified accountants. Furthermore, obtaining the CMA will open doors to many more professional opportunities in manufacturing, industry, and non-public accounting positions.

If you are already an IMA member, congratulations! Please help us expand the IMA and CMA program with this special initiative. Tell your friends and colleagues of this very special offer and help them get certified and save money in the process.

Contact Us

For more information on the new edition, this special limited time offer, or to place your order immediately, visit www.gleim.com/IMAFeeSpecialOffer.

CPA and CFE Exams Passed & Studying for the CMA Exam

July 15, 2012, by No comments yet

 

Written By Guest Blogger Jason S.

Greetings -

The key to successfully passing one of these certification exams is to have a set game plan from the beginning. A key to prospering in the accounting world or in business is to have proper planning. So before I hit the ground running on the CMA exam I had to have some sort of plan. Since I have already passed the CPA and CFE exam, I have some prior experience to base my plan of attack. However, my study habits for those exams were very scattered and I used various techniques to pass the CPA and CFE exams. Based on my knowledge and what is required on the CMA exam, I believe this exam will be much more like the CPA exam and not the CFE exam. A couple reasons behind my reasoning is because the CFE exam was all multiple-choice and true/false questions. There were no essays or simulations and you did not have to take the CFE exam at a testing center. You could take each part of the CFE exam sitting on your couch, in your office, or even at a Panera Bread, and I did all of those. I did take the computerized version of the CPA exam .

I took each of the 4 CPA parts separately and luckily (you will see) passed all four parts (FAR, AUD, BEC, and REG). As stated above, my study habits were quite scattered for each part. For AUD, I used only the audio disks. For BEC, I read the book plus did lots of test prep questions. For REG, I used only the test prep questions. I did not study for FAR but somehow still passed (however, I do not recommend the “no study” approach). The method of studying that I felt the most confident with was my approach for BEC, and this is the method I will use for the CMA exam. As you will see below, my current study approach is not identical to, but similar to, my approach to BEC.

So, based on my CPA experience, I am going to take the approach of reading the textbook, highlighting main points in each study unit, and then going to the test prep software. I also am keeping a running list of equations that I need to focus on for the CMA exam. Once I’m into the test prep software, I will create a couple test sessions just to see how I am doing. After the test sessions, I will then create a very large study session in which I will complete all questions for each study unit. I’m pretty sure you might be thinking to yourself this could be too much, but in my opinion, I would rather study too much than not enough.

My study techniques are not for everyone, but I would encourage you to think about what works best for you. I have been in the world of academia for quite some time (even if I’m only 32), and there are too many students that don’t recognize or even want to try and recognize the study techniques that work for them. Everyone studies differently and at varying speeds. The key is to know what works best for you and have an open mind to trying new things every once in a while.

In my next blog, I will talk about choosing your study spots and why it’s important if you want to be successful!

Kind regards,

Jason S.

 

Welcome CMA Exam Guest Blogger Jason S.!

June 28, 2012, by No comments yet

 

My name is Jason S.  and I am currently an Assistant Professor of Accounting at Ferrum College.  I have been a full-time professor for 4 years but have been teaching for about 11 years.  I hold a bachelor and a master’s degree from Michigan State University and graduated in May 2003.  After graduation, I worked as an auditor for a company called Plante Moran until 2008.  I am a CPA in the State of Michigan and also hold a CFE license.  I have taught many courses over the years including financial accounting, managerial accounting, cost accounting, intermediate accounting, governmental accounting, information systems, and auditing.  I pretty much teach everything but tax classes.  The majority of my teaching experience (and my passion) is in managerial accounting.  I was a teaching assistant and a graduate assistant at MSU for ACC 202 “Managerial Accounting”.  I was also an adjunct professor after I graduated for MSU, teaching “Managerial Accounting” during the summer months.

 

My primary reason for taking the CMA exam is to improve my teaching in my Managerial/Cost Accounting courses.  When I was a college student, I originally thought I would take the CMA exam instead of the CPA exam but ended up becoming a CPA when I became an auditor.  With the CMA license, I feel that my teaching would improve and that my students would get a little more for their money when taking my classes.  I also like to talk to my students about taking the different certification exams (i.e., CPA, CFE, and CMA).  I feel that having all three licenses (CPA, CFE, and CMA) would enhance my lectures on the different certifications and they would get much better insight and could make a more informed decision when deciding which path to take.  My whole professional career revolves around my teaching and making my classes worthwhile for my students.  I love to learn and I would like to pass this along to my current and future students!

 

The CMA Exam Turns 40!

June 21, 2012, by No comments yet

 

The CMA Exam Turns 40!

This June, Gleim will be in Las Vegas helping the IMA celebrate the 40th Anniversary of the CMA Exam at the IMA’s 93rd Annual Conference.

The conference provides the opportunity to network with business colleagues, gain valuable insight from a variety of talented speakers, and remain current with the latest professional standards and trends in management accounting.

This year’s event will be June 23-27, 2012, in Las Vegas. As an added bonus, Dr. Gleim will be in attendance.

Stop by the Gleim booth on Sunday, June 24 and Monday, June 25 to register for your chance to win a Gleim CMA Review System in honor of the 40th Anniversary celebration or a $150 Amazon Gift Card.

Dr. Gleim and the rest of the Gleim team looks forward to seeing you there!

 

The CMA Exam: Your Certification Should Match Your Job

June 14, 2012, by No comments yet

 

Guest Blogger Dennis Elam, PhD, CPA, Assistant Professor Accounting / Texas A & M San Antonio

Work goes much better if one has the right look matched to the right job. Life goes better that way too.

Make sure your certification matches your job description.

Accounting is no longer a-one-size-fits all profession. In response to this trend, there are now certifications to ‘fit’ specific job descriptions. Say hello to the Certified Management Accountant (CMA) designation.

Globalization and competition has ramped up the competitive environment. CMAs assist their organizations in operating on the highest efficiency frontier. CMAs employ benchmarking of best practices, Total Quality Management and Six Sigma standards, and Quality Circles to ensure the best product possible.

A significant percentage of the accounting profession is employed in industry. Yet the CPA designation is not designed for this purpose. A CMA will work with management, marketing, engineering, and accounting, perhaps all in one day. The focus of the CMA is internal best practices. He or she is internally focused on bringing a total quality product or service to market. A CPA on the other hand is often looking in the rear-view mirror. The attest function reports to users of financial information. It reflects what has happened rather than working to shape what will happen. The CMA is forward looking, working to achieve Kaizen type results for the operation. It is no surprise that CMAs are now 30,000 strong and growing in numbers.

The CMA exam has recently been revised. It now features two rather than four parts. This writer’s opinion is that the CMA has become a very practical exam by focusing on practices and studies that are actually in use. One section seems to focus on accounting while the second is more focused on finance and managerial practices. The CMA exam may be taken with a college degree. Unlike the CPA exam, 150 hours of college and over thirty hours of accounting classes are not required. Study for the exam is often supported and funded by employers for this reason.

Dennis Elam, Phd, CPA, is an Associate Professor of Accounting at Texas A & M University San Antonio. He has addressed CMA meetings to deliver Continuing Professional Education Credit. He recommends the exam to students and has led a CMA live review course. He blogs at

www.professorleam.typepad.com

www.themarketperspective.com