CraigT
offlineMember
I know there have been a few topics about this, but does anyone know if the experience requirement is satisfied by public accounting experience? Also, does anyone know if the amount of study time comparable to the CPA? Any other thoughts on the CMA?\n
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75 CPA
offlineMember
I orginally wanted a CMA. However, my mentor suggested that I become a certified financial planner. A CMA most probably is only useful in industry. Does anyone know if CPAs use a CMA in public accounting?
\nOnce I get a CPA license I will no longer have to take $5,000 of courses to sit for the financial planning exam. Additionally, I will be able to bypass the AICPA's designation of PFS. The PFS, like the CPA, requires expensive CPE credits and two years of experience. The Certified Financial Planner (CFP) designation is better known than the PFS designation anyway.
\nI see a CMA as a great tool for industry, but not so great for a CPA in public practice. Perhaps someone else can shed more light on the subject.\n
\nI just took the new 2 Part CMA Exam. I don't know if I passed or not, but as far as the material and amount of study time required goes, I think it is very comparable to the CPA Exam. I passed the last section of the CPA Exam in April 2010 and started studying for the Part 1 of the CMA Exam in June. I thought the material was as challenging, but because there are only 2 parts rather than 4, there is less study time overall. I put in as many hours for each section of the CMA as I did for the CPA. I hope it pays off.... There is some overlap between the two exams. Part 1 of the CMA Exam has material that is covered in BEC and Part 2 has stuff from FAR. That's an over simplification because really there are things from all sections of the CPA Exam scattered throughout the CMA Exam. Of course there are subject areas tested on the CMA Exam that are not tested on the CPA Exam. If you can stomach the additional studying for a few more months (and if you have the money!) I definitely recommend doing them back to back while all the CPA info. is fresh.\n
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italianCPA
offlineMember
Since most of accountants eventually leave public for industry, I think the CMA is definitely a good idea,
\nI'm thinking to take it in January/February, if I passed REG that is (which is not a given).
\n1daycpa: what material did you use to prepare for the CMA test?\n
italianCPA - I used the Gleim CMA Review for the new 2 Part format. It was okay, there were errors, but I think I got what I needed. I am still waiting on my scores. I should have my score for Part 1 in a couple of weeks and Part 2 by mid December. I hesitate to endorse Gleim because I don't know if I passed or not. I felt good about Part 2, but very unsure of Part 1. I hope that helps.\n
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CraigT
offlineMember
I know there have been a few topics about this, but does anyone know if the experience requirement is satisfied by public accounting experience? Also, does anyone know if the amount of study time comparable to the CPA? Any other thoughts on the CMA?
75 CPA
offlineMember
I orginally wanted a CMA. However, my mentor suggested that I become a certified financial planner. A CMA most probably is only useful in industry. Does anyone know if CPAs use a CMA in public accounting?
Once I get a CPA license I will no longer have to take $5,000 of courses to sit for the financial planning exam. Additionally, I will be able to bypass the AICPA's designation of PFS. The PFS, like the CPA, requires expensive CPE credits and two years of experience. The Certified Financial Planner (CFP) designation is better known than the PFS designation anyway.
I see a CMA as a great tool for industry, but not so great for a CPA in public practice. Perhaps someone else can shed more light on the subject.
I just took the new 2 Part CMA Exam. I don't know if I passed or not, but as far as the material and amount of study time required goes, I think it is very comparable to the CPA Exam. I passed the last section of the CPA Exam in April 2010 and started studying for the Part 1 of the CMA Exam in June. I thought the material was as challenging, but because there are only 2 parts rather than 4, there is less study time overall. I put in as many hours for each section of the CMA as I did for the CPA. I hope it pays off.... There is some overlap between the two exams. Part 1 of the CMA Exam has material that is covered in BEC and Part 2 has stuff from FAR. That's an over simplification because really there are things from all sections of the CPA Exam scattered throughout the CMA Exam. Of course there are subject areas tested on the CMA Exam that are not tested on the CPA Exam. If you can stomach the additional studying for a few more months (and if you have the money!) I definitely recommend doing them back to back while all the CPA info. is fresh.
italianCPA
offlineMember
Since most of accountants eventually leave public for industry, I think the CMA is definitely a good idea,
I'm thinking to take it in January/February, if I passed REG that is (which is not a given).
1daycpa: what material did you use to prepare for the CMA test?
italianCPA - I used the Gleim CMA Review for the new 2 Part format. It was okay, there were errors, but I think I got what I needed. I am still waiting on my scores. I should have my score for Part 1 in a couple of weeks and Part 2 by mid December. I hesitate to endorse Gleim because I don't know if I passed or not. I felt good about Part 2, but very unsure of Part 1. I hope that helps.
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