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.