February 26, 2018 at 10:59 pm #1720213
I passed the CPA Exam in November 2016, and it was really tough to pass all four parts of that exam. I have heard some people say that the CMA Exam is nothing and it's easy or a cake walk. Let me be the first to say those individuals are wrong. I will give mad respect to anyone that has passed the CMA Exam. There is a ton of material and the exam process could possibly be more brutal than the CPA Exam (maybe not now with all of the new DRS on CPA Exam), but still the CMA Exam is a pretty difficult set of exams.
Taking Part 1 of the CMA Exam was like taking FAR, BEC and AUD at the same time. I was shocked at how much External Audit Material was tested on the Exam. I can't go into specifics but it was shocking.
If you don't pass the 100 multiple choice questions with at least a 50% or higher you automatically fail and you can't even attempt the essay questions. I passed the multiple choice questions and was able to move on to the essay portion. The essay questions was like BEC on steroids.February 27, 2018 at 7:23 am #1720264LentilcounterParticipantFebruary 27, 2018 at 9:51 am #1720339
Lol, I took it 2weeks ago and didn’t even make it to the essays. F that test, I’m good with being a CPA.February 27, 2018 at 10:01 am #1720343
The CMA exam is passable. I think it was easier than the CPA exam for me, but that may be because I've spent my whole career in industry (Cost Accounting/Management Accounting/Finance) rather than public or tax. The exam requires a good amount of study time and the difficulty should not be discounted. People that pass the CPA exam first may fall into this trap.February 27, 2018 at 10:11 am #1720352
Lentilcounter, I'm using Gleim CMA. I purchased it back in March of 2017. I have studied off and on for the past 11 months. When I say off and on, I mean two weeks one month and maybe a week the next month.
Over the last four months I have tried to be more consistent with my studying since the IMA does not allow you to move your exam to another testing window like the CPA Exam, but with tax season (working my day job and working as a tax adviser for Intuit – TurboTax at night) studying consistently has been extremely difficult. I'm praying that I passed so I can move on to Part 2. I'm not 100% sure what the certification will do for me, but it has been a long term goal of mines for the last ten years along with the CPA Exam. I wasn't exactly sure what the CPA License would do for me since I had left public for the private industry and my current employer didn't really care about the exam, but when my employer needed a line of credit from a bank and they only got the line of credit because I was a licensed and active CPA, the value of my CPA License changed overnight. You never know when these certifications will come in handy. Better to always have and not need than to need and not have.
mtaylo24, you, me and ledgerl0ver were supposed to keep each other up to date with our CMA studying/exam dates. We were supposed to encourage each other as we traveled down the CMA path. If you do decide to start back studying, please keep me posted on your progress. We have to keep each other motivated and encouraged. These exams can drive you crazy.February 27, 2018 at 10:14 am #1720354
ohiocpacma what study material did you use? Also, congrats on being a CPA and CMA!February 27, 2018 at 10:21 am #1720366aaronmoParticipant
Does this cert really do anything for you after a CPA?February 27, 2018 at 10:25 am #1720373
I just took Part 1 on Feb 15. I thought it was pretty challenging, but doable. But then again I have been studying like a fiend since mid November 2017…
I took the full 3 hours for the MCQ's and basically the entire hour for the essays. I had to think over my answers quite a bit and at a certain point, I know I just started rambling and trying to throw out key words and concepts. @OnmywaytoCPA what did you think of the essays?
I just started studying for part 2 and am loving the simplicity but we will see how long that lasts- haha!February 27, 2018 at 10:45 am #1720390February 27, 2018 at 11:52 am #1720424February 27, 2018 at 12:48 pm #1720468AnonymousInactive
I passed both parts of the CMA. I'm studying for FAR now and have completed the GLEIM CMA book. I used GLEIM CMA for both parts of the CMA and thought it prepared me adequately, helping me pass both sections on the first attempt. As mentioned above, I felt that the GLEIM questions were more difficult than those on the actual exam.
In comparing CMA to the material on FAR, it seems that the CMA, especially part 1, has significantly more calculations and requires the memorization/internalization of dozens more formulas. We'll see how I feel when I take FAR in a month.February 27, 2018 at 1:41 pm #1720516
@LedgerL0ver, yes those essay questions were crazy. I was rambling too. It reminded me of how I made up everything on my BEC essays. I completely rambling through those and still passed. I'm hoping it's the same thing this time around. I'm praying that both of us passed.
Thanks @mtaylo24! I appreciate the encouragement.
@AF, if you passed Part 1 pf the CMA exam, than FAR will be a piece of cake. It's all the same material.February 27, 2018 at 1:58 pm #1720525AnonymousInactive
@onmywaytocpa good to know! I definitely noticed a lot of overlap.February 27, 2018 at 6:41 pm #1720726CPA2BEEParticipant
Unless you have a job in industry, does the CMA even do anything for you? In fact, even if you do work in industry, does it really do anything for you?February 27, 2018 at 7:42 pm #1720763LentilcounterParticipant
This is something that I have wondered about. A lot of manufacturing industry jobs will say CMA preferred but will also list CPA as an acceptable credential too.
For example, I got my EA 4 years ago. Now that I have my CPA too, the EA is in some ways redundant. But what a lot of people don't know is that an EA does ONLY tax. All my CPEs are about tax. CPAs are not just focused on tax work. So if I apply for a tax job, having both credentials saya that I'm serious about tax. Similarly, I would like to know if the CMA adds something extra…February 27, 2018 at 10:27 pm #1720858
Honestly, probably won't add as much if you have a CPA vs just being a CMA. I don't even think I know any CMAs in real life. You might be able to beat out another CPA if it came down to it…idk. I like the IMA though, they seem like good people with a lot of networking opportunities, and they are consistent with their e-mails and magazine and I learned a lot from studying the material. I did notice that they have a tendency to charge a lot for their conferences and certifications tho.February 28, 2018 at 7:47 am #1720933
I will say that the CMA exam is more difficult/respected than the “initial” CGMA exam the AICPA rolled out a few years ago….. AICPA: “Oh you're a CPA and you are a member of the AICPA and you're willing to pay $200… Here's your CGMA certification!”March 30, 2018 at 8:00 am #1752288
Just a quick update:
I am about halfway through the Gleim CMA study book for the CMA Part 2 and I have to admit I am struggling!! Most people say this is the easier section, so I hope things will start to stick once I start my final review, but jeez!!
So many formulas and so much finance-related material! In the past I have considered whether to start on the CFA but now I know I definitely do not want to go NEAR the CFA haha. I am an accountant for sure- I had fun with Section 1 but this section is grueling.
Blah.March 30, 2018 at 8:24 am #1752330AnonymousInactive
You guys are actually considering studying for another test after this? I am good for life, no thanks! But good luck-i admire the tenacity! 🙂March 30, 2018 at 4:37 pm #1752717AnonymousInactive
Yeah I felt they were though but in my opinion they weren’t as though as the CPA exam.
I studied using GLEIM CMA and passed both on my first try but considering that I could not study as much as I did for my CPA exams and still passed feeling relatively comfortable (not feeling destroyed like I felt when I left Prometrics after the CPA exams), well I think they are kind of easier.
Part 2 does get easier after chapter 5 so don’t get discouraged @LedgerL0ver.March 30, 2018 at 7:23 pm #1752801AnonymousInactiveMarch 31, 2018 at 5:57 pm #1753292AnonymousInactive
hi everyone. im studying for the CMA part 1 using gleim cma and want to get a feel for how the actual test compares to gleim cma study bank questions. I feel like the MCQs for gleim cma are ridiculous. Some are ~ 5 paragraphs long and they seem very challenging to me and near impossible to complete within the allotted time. I also feel like the study material in the book and online is so high level that it doesnt prepare you for what is actually asked on the practice MCQs.
appreciate your help!March 31, 2018 at 8:09 pm #1753322AnonymousInactive
@ajga Gleim cma is harder than the test. If you can do well on Gleim cma, the test will feel simpler. I also had multiple questions that were conspicuously similar to Gleim cma MCQs. I used them to pass both parts first try. I'd recommend just hammering MCQs. I hardly looked at any of the “Essay” questions. There are so many Formulas that I repeatedly wrote all the ones i wanted to know on a sheet of paper until I could repeat it easily. First thing I did upon sitting down was write them all out.March 31, 2018 at 8:10 pm #1753323AnonymousInactive
I did the vast majority of my actual learning from doing MCQs and reviewing the explanations that they give. @ajgaApril 1, 2018 at 3:11 pm #1753845AnonymousInactiveApril 1, 2018 at 3:26 pm #1753856AnonymousInactive
Is the CMA even that popular? I know no one who has it. I know a CGMA, but that's it. I never see CMA after anyone's name. I only see CPA, MBA, JD, CFE, CIA. I work/live in California too, so if it was a common thing amongst accountants here, I'd be seeing it more. Maybe CMA is more popular in other parts of the country. I'd think if you have CPA, that's good enough. I dont know what the advantage of CMA is, or if having it would mean a big boost in compensation or job security…maybe it'd qualify you for a higher job position or management role?? Never heard of it though.April 1, 2018 at 4:23 pm #1753880djParticipant
I’d also like to know of the relevance of having a CMA. Has anyone here been in a situation where having a CMA gave you an advantage over someone else when it came to a job (assuming you already had/pursuing a CPA)?April 1, 2018 at 6:35 pm #1753991
Thanks for your input @Cortes123 and @AF. I'm almost finished with Chapter 6 and things seem to be getting more manageable already!
@ajga- I agree with @AF that Gleim MCQs are WAY harder than the actual test questions. As exhausting as the huge questions are, I think they are helpful in that you REALLY need to know what information is relevant to the question because 9 times out of 10, you won't even need half the information. It's just a really good way to practice and learn the specifics of many different situations. Also- when I was taking practice quizzes, I was doing pretty badly up until the very end bc it just keeps throwing ones at you that you struggle with. After taking the test, I didn't feel hugely confident but I definitely didn't feel as hopeless as I felt after the CPA exams for sure!
As for the importance of the CMA certificate, I just think it depends on what your goals are. I work in industry and eventually want to become a Controller or CFO for a startup/small company and I see plenty of job descriptions asking for either CMA or CPA, so it can't hurt to have both. Additionally, I am learning things relevant to my job that either a.) I didn't learn about during the CPA process, or b.) I only touched upon the subject while studying for the CPA but always wanted to have a better understanding.April 1, 2018 at 9:07 pm #1754196AnonymousInactive
thanks for the input LedgerL0ver! I have passed all CPA exams also and unlike other people mentioned here, i also see CMA listed on almost all job postings that i have been looking at lately. definitely think its relevant for the reasons you have touched on and a good supplement to CPA.
LedgerL0ver – when did you take the exam and when do you find out your results?April 1, 2018 at 9:37 pm #1754216AnonymousInactive
What topics does the CMA cover that the CPA exam doesn't? BEC has stuff on Management-type accounting. On the face of it, CMA seems like a blend of FAR and BEC and maybe a tad of AUD.
Just a guess. For some reason though, the CMA does not seem to have much in the way of prestige. Like, if you have it and don't have the CPA, it's as good as maybe an MBA and these days, MBAs are virtually worthless because they have been made attainable by literally anyone. While there may not be a great many dumb CPAs out there, there are *many* dumb MBAs. I've known them.
Anyway, I'd like to talk to someone sometime who has a CMA and what the process was like for them and if it helped their career. The lone CGMA (Certified Global Management Accountant) that I know is also a CPA and he's a nerd. Not incredibly intelligent I don't think, but an honest-to-pete anal-retentive pencil neck of an accountant. He's worked in B4 and other public firms, and has been a controller for ages. Owns a few houses and has had many nice cars and has lots of extra cash. One slight problem though – he's miserable in his personal life and has a wife who won't divorce him and kids who are all a mess. I think he got the CGMA because it was more prestigious than the CMA, but that's about it.
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