CMA Exam is Tough – Just took Part 1 Today - Page 2

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  • #1754307
    Lentilcounter
    Participant

    The IMA has done a poor job of marketing the CMA in the US compared to the AICPA with the CPA. However, you will find many jobs in industry and especially with manufacturing companies that say CPA or CMA preferred. I have even seen some that say CMA preferred. Do you need the CMA if you are a CPA and have already gained the experience via a job? Probably not. They are a great combination together but I wouldn't have just the CMA by itself. If I had to pick between the CGMA or CMA, it would be the CMA hands down. The CGMA is the AICPA's attempt to match the CMA. But they aren't quite the same.

    BEC = 79

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    Prayer + AICPA blueprints = my success

    #1754418
    ohiocpacma
    Participant

    @crazyleon…. We get it. You seem to be very motivated on certifications that only benefit in career advancement, security, and compensation. That's fine, please disregard the CMA or obtaining an MBA.

    I got my CPA two years after starting my career and it's been helpful getting interviews and gaining a leg up on the competition. I chose to go for the CMA because it focuses on managerial accounting which is relevant to many jobs in industry. The CMA may not be recognized by the general public, but it helped me understand and grasp those managerial concepts which has helped me more than knowing auditing or tax regulations.

    Also, please be careful with generalizing that many people with MBA's are dumb. With any education, it's important to know the institution that trained the person and their past accomplishments. I'm currently taking night classes in a top 30 MBA program and there are many intelligent people from all different functions of business (CFAs, CPAs, Unbelievable Proficient Communicators, IT specialists, Engineers, Doctors, Scientists, etc). An MBA probably will not be fully beneficial if someone wants to stay in accounting, but there are benefits for understanding the business as a whole. The MBA is not the ends to being a manager. It's a degree that gives you a tool box of methods and thinking to become a good manager.

    It comes down evaluating other certifications and education within the goals of your career. Mine are not solely based in money or prestige, but to learn and grow in my understanding of business.

    We want to avoid any criticism of the way we administer this liberal gift. For we are taking pains to do what is right, not only in the eyes of the Lord but also in the eyes of man. 
    #1754424
    LedgerL0ver
    Participant

    @ajga- I took the exam Feb 15 and expect to receive my results around mid-April. Have you started studying for the CMA yet?

    @crazyleon- I am not getting the CMA for prestige. I already have the CPA for that. I also can't pinpoint exactly what topics the CMA covers that the CPA doesn't, but I do know that I definitely haven't recognized a few topics. As I mentioned before, the CMA is valuable in that it has definitely enhanced my skills as an industry accountant no doubt. I feel that every time I sit down and study I learn something new and as long as that's happening, it's worth it to me. If you have specific questions related to my CMA experience thus far, I'd love to discuss!

    FAR- 85
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    CMA Pt 1- 420
    CMA Pt 2- 370

    #1763059
    OnmywaytoCPA
    Participant

    Each accounting certification has a different value to everyone depending on their career goals. I'm a CPA but I want to be a CFO or Controller for a Fortune 500 one day and the CMA will help with that. I know some people prefer to get the CGMA, but until around two years ago, the AICPA gave the CGMA to anyone that was a CPA for free without any testing required and a small amount of experience. Now there's a case study, but that's not nearly as extensive as the CMA Exams. Now I would never bash the CGMA but since someone was bashing the CMA certification and praising the CGMA, I have to give me honest opinion. If anyone came to interview for a job under me with a CGMA, I would not even consider that as part of my decision for whether or not I would hire them, because it can be obtained easily through the AICPA.

    AUD - 83
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    CMA Part 1 - 360 (Barely made it but I made it)
    CMA Part 2 - 360 (Made it by the skin of my teeth)
    #1763089
    aaronmo
    Participant

    Most of this alphabet is meaningless BS to sell to people who don't have real value, or real certification. The CPA is a license and has intrinsic value that doesn't need to be sold.

    AUD - 96
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    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #1764095
    Post
    Participant

    I think it really depends on what you want to do. Personally, I don't want to do tax or audit so the CPA doesn't seem that appealing. My previous boss really encouraged me to get the CMA over the CPA given my career path. I have been in corporate accounting for the past ten years and she said it would be very beneficial. My co-worker got her CMA and she went from Accounting Specialist to Senior Financial Analyst. I'm just now starting my CMA journey using Gleim CMA. Goodluck to everyone else out there!

    #1764316
    aaronmo
    Participant

    Respectfully, your former boss is wrong. The CPA has established worth and value. It says something about you. The CMA is not a comparable cert. The idea that they are just different focused accounting certs is false equivalency IMO.

    The what you want to do part is barely relevant IMO…the CPA is universally respected. The CMA is another made up pseudo-professional certification for a resume. The only situation where a CMA might have more value is in a situation with other CMAs hiring and fluffing their credential while pretending it has more value than it does.

    AUD - 96
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    FAR - 89
    REG - 86
    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #1764317
    aaronmo
    Participant

    By the way…for 200/year, and $500 in training costs, you can earn my Certified in being certified certification. Proudly display ccc after your name!

    AUD - 96
    BEC - 84
    FAR - 89
    REG - 86
    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #1764413
    Anonymous
    Inactive

    agree with aaronmo. no need to do CMA if you have CPA.

    #1764836
    OnmywaytoCPA
    Participant

    The CPA license is the top accounting certification but to say that the others are pointless is grossly incorrect. As long as companies post positions saying “CIA required” or “CMA required”, those certifications will have meaning as well. There’s a very large corporation headquartered in my city, every job posting they have posted for any management or senior level management accounting position has stated “CPA and CMA” required. As more time goes by in private accounting, the other certifications are gaining more and more value each day. If someone chooses to stay in public accounting, the CPA is probably all they’ll ever need, but not in private accounting.

    AUD - 83
    BEC - 79
    FAR - 77
    REG - 90
    CMA Part 1 - 360 (Barely made it but I made it)
    CMA Part 2 - 360 (Made it by the skin of my teeth)
    #1764890
    aaronmo
    Participant

    Which points to the gross idiocy so abundant in “corporate culture”, where job training is conflated with academia. The CMA is a made up cert. It gives no intrinsic value…it allows nothing. It's marketing non-sense, like most “professional certifications”. It's people trying to gain prestige and respect and making their job into a profession when it's not a profession.

    The CPA is an established criteria supported by statute and tradition. A CPA is a professional. A CMA is a “I can do this!” cert that has the value some HR schlub, or business school idiot who can't read, assigns to it. It has no inherent value.

    But please, do take my Certified in being certified course. Soon I'll be offering my certified in certifying certificates certificate.

    AUD - 96
    BEC - 84
    FAR - 89
    REG - 86
    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #1764893
    ohiocpacma
    Participant

    (Face Palm)…..

    Do people holding CPA licenses have some sort of insecurity issues? Yes the CPA is the highest in regard. But, that doesn't mean that it's useless to pursue another certification that would help in a specialized area. Again, I hold both and I went for my CMA after holding a CPA for 4 years. Why did I do this? Because I saw the value the CMA offered in my career trajectory (I've never held a position in public accounting or tax). The CMA is focused on Cost Accounting, Managerial Accounting, and Finance. I have never really needed to use the things I studied for REG or AUD, but I can say that material from the CMA exam has been directly applicable to my duties in finance. Yes, the CPA is the best, but please refrain from discounting the value of other specialized certifications that can help grow in your career. The CMA will probably not lead to the same salary bump as a CPA, but learning those industry finance practices will hopefully put one on a path for career growth in corporate finance.

    We want to avoid any criticism of the way we administer this liberal gift. For we are taking pains to do what is right, not only in the eyes of the Lord but also in the eyes of man. 
    #1764919
    aaronmo
    Participant

    I didn't say it has no value…I said it has less intrinsic value than the CPA and that it isn't a comparable cert. I insulted the every job has a certificate aspect of corporate culture because it's ridiculous and silly.

    AUD - 96
    BEC - 84
    FAR - 89
    REG - 86
    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #1765288
    Anonymous
    Inactive

    so many sensitive people

    #1765955
    LedgerL0ver
    Participant

    @aaronmo- To be fair, you did say that the CMA has no intrinsic value, which is false. Especially since as @onmywaytoCPA said, there are definitely job listings for Controllers and Accounting Managers that request one, the other, or both.

    The knowledge and skills I have learned while studying for the CMA have without a doubt refined my skills as an accounting professional and taught me some concepts about budgeting, finance, and analysis I wasn't as aware of beforehand.

    The very definition of value is importance, worth, or usefulness of something. For example, I don't know how to snowboard. I have no interest in learning how to snowboard. Therefore a snowboard has no value to me. It might to you. Similarly, you feel the CPA is sufficient for you and your career path and you will glean no additional benefit in earning the CMA cert. Can we at least agree that not everyone feels the same way you do?

    I can't help but wonder why you feel the need to parade your negativity all around a thread dedicated to discussing something you are clearly not interested in. Does raining on other people's parade make you feel better about life?

    Anyway- I PASSED MY FIRST CMA EXAM! YAYYY! Now on to the final test. 🙂

    FAR- 85
    AUD- 84
    BEC- 86
    REG- 89

    CMA Pt 1- 420
    CMA Pt 2- 370

    #1765964
    aaronmo
    Participant

    “@aaronmo- To be fair, you did say that the CMA has no intrinsic value, which is false. Especially since as @onmywaytocpa said, there are definitely job listings for Controllers and Accounting Managers that request one, the other, or both.”

    It has whatever value it is assigned by a recruiter/hiring manager. That isn't intrinsic value. It doesn't have intrinsic value because it isn't a license, it doesn't provide any special privilege and it doesn't make you a professional. It's a job cert.

    I don't have anything against a CMA and don't feel one way about it or the other…but to compare it to a CPA is absurd…and valuing it like a CPA is absurd. It's a job cert meant for self promotion. It has no intrinsic value.

    If a CPA has value to you, or whatever certified human resources professional you're dealing with, God bless.

    AUD - 96
    BEC - 84
    FAR - 89
    REG - 86
    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #1765991
    LedgerL0ver
    Participant

    You can actually compare whatever you feel like comparing.

    Correct me if I'm wrong, but no one in here is implying that the CMA is better than the CPA or that it's even on the same level, yet I feel you're on the defensive as if they were.

    All certs and licenses are meant for self promotion and career advancement. That's why we get them.

    FAR- 85
    AUD- 84
    BEC- 86
    REG- 89

    CMA Pt 1- 420
    CMA Pt 2- 370

    #1770364
    OnmywaytoCPA
    Participant

    @Ledgerl0ver – Congratulations on passing CMA Part 1! You did great! I barely passed Part 1. I plan to start studying for CMA Part 2 on Monday. Hopefully, I can take Part 2 by for June 30th. When do you plan to take Part 2?

    AUD - 83
    BEC - 79
    FAR - 77
    REG - 90
    CMA Part 1 - 360 (Barely made it but I made it)
    CMA Part 2 - 360 (Made it by the skin of my teeth)
    #1899765
    kbb1624
    Participant

    Did anyone else have issues finishing the CMA exams? I personally had a lot difficulty managing my time for Part 2. I had no time to proofread any of the essays and finished the last essay as time expired. I felt like time management was the biggest obstacle for the Part 2 exam.

    FAR – 3/9/17 – Passed 1st try
    REG – 4/18/17 – Passed 1st try
    BEC – 5/27/17 – Passed 1st try
    AUD – 9/9/17 – Passed 1st try

    CFA L1 – 12/2/17 – Passed 1st try

    CMA Part 2 – 6/15/18 – TBD
    CMA Part 1 – 6/29/18 – TBD

    #1912156
    Anonymous
    Inactive

    @ledgerl0ver i've started on part 2 and i agree with you, this is wayyy more difficult for me than part one. I have the same opinion as you do with the finance related material. i am struggling a lot on these Gleim practice quiz bank questions. have you taken part 2? how did the exam go vs what is provided on Gleim test bank?

    #1913857
    Anonymous
    Inactive

    Crazyleon,

    My Mentor puts his titles in this order CMA,MBA,CPA. He said he has met alot of dumb CPA's but never any dumb CMA's. He works 9-5 as a Operations Controller is 26 years old making 150k. He told me specifically the CMA is a certificate known around the world by INTERNATIONAL companies while the CPA is a license and really only recognized here in the US.

    #1914988
    Fk
    Participant

    @Ali, It is a premature statements made by your Mentor. He may have met some CPA dumb but my take on it, is that, it all depend upon person to person , his /her education background , surrounding environment , how much practical experience and exposure they gets in their work . Secondly , CPA Qualification is more recognized Internationally then CMA . All major company” s prefer CPA then CMA . I don't know on what basis he came to the conclusion that CMA is more recognized internationally then CPA .

    Fk
    #1916890
    Anonymous
    Inactive

    FK,

    THE CPA IS A LICENSE THAT IS GIVEN TO YOU BY EACH STATE THAT IS FOCUSED ON GAAP AND NOT SO MUCH ON IFRS ETC. THE CMA focuses more on that and recognized internationally since it is a certificate not something that has different criteria to obtain it state to state.

    The main differences between a CPA and CMA is that a CMA has mix expertise in financial accounting and strategic management. This certification essentially expands on financial accounting by adding management skills which enable CMAs to make strategic business decisions based on financial information. CPAs perform/sign audits and are involved in lots of tax work, especially representing companies during IRS audits. Make sure you know what you'd like to do in your career since both designations lead to different industry roles.

    You tell me reading the above what a private industry company values more….

    #1917208
    ohiocpacma
    Participant

    Ali,

    I'd guess that you are light on experience and I'm sure your opinion will change once you meet more financial leaders that do not have CMA after their name. Having the CMA certification does not give you expertise in strategy and financial management. That comes with experience. Also, arguing on an accounting board about rankings in accounting certifications is dumb.

    We want to avoid any criticism of the way we administer this liberal gift. For we are taking pains to do what is right, not only in the eyes of the Lord but also in the eyes of man. 
    #1917283
    Anonymous
    Inactive

    Hi,
    How am I light on experience?…. Do you know what the certificate stands for? Certified MANAGEMENT Accountant. I know there are financial leaders our there without both certificates. But I am just letting you know from my viewpoint with people that have an MBA,CPA, and CMA. Oh and by the way that definition is straight from roger CPA review and the ima :). So don't argue with me, go argue with them.

    #1917406
    Fk
    Participant

    @Ali , I know the CMA material in and out , CMA only covers difference between IFRS and GAAP . External Financial Reporting is not that extensively covered as compared to FAR in CPA exam . Some topic in External Financial Reporting is totally excluded or if included it covers only an overview which makes a difficult task to understand the difference between US GAAP and IFRS . Most of the Private Companies prefer CPA's over CMA's in Middle East . For this very reason I decided to do CPA . CMA did not add any value to my CV , nor to my colleagues.

    CPA – Licensed ND 2018
    CMA 2011
    MBA 2010

    Fk
    #1931875
    Neek
    Participant

    Hello all! I want to start studying for the CMA exam but am unsure if I have time to take it during the October window. I have not started studying yet and will be working full time in two weeks. For those who have taken it, how long did it take you to study for part 1 and how many hours were you studying per week? Also, for those who have taken the CPA exam, would you say the CMA has more material than BEC but less than FAR? That’s vibe I’m getting. Any help would be much appreciated! Thanks!

    #1933342
    AsianNinja
    Participant

    I have been studying for part 1 CMA and planning to take it in Sep. However, when I schedule my exam with Prometric, it said the id number is not eligible and I can't continue to process the appointment. I contacted the IMA dn they gave me a new id number and the same thing happened. Does anyone run into the same problem? If so, how to fix it? Thanks.

    #1935913
    OnmywaytoCPA
    Participant

    @Neek, you will need around the same amount of time that you invested into the CPA exam. It's definitely more material than BEC and probably about the same as FAR if not more. I made the mistake of underestimating the CMA Exam. I barely passed Part 1 with a 360 and I missed Part 2 by 10 points. I'm planning to retake Part 2 this testing window and I will definitely be devoting more time into studying.

    @AsianNinja, you have to delete the zeros in front of the ID#. Prometric has given me the same error on numerous occasions. Just input all of the numbers after the zeros.

    AUD - 83
    BEC - 79
    FAR - 77
    REG - 90
    CMA Part 1 - 360 (Barely made it but I made it)
    CMA Part 2 - 360 (Made it by the skin of my teeth)
    #1975491
    Jdrgolfer1
    Participant

    @crazyleon I'm surprised with the talk down on people with MBA's after looking at your CPA exam scores. Kind of embarrassing, maybe it's time to look in the mirror before critiquing others. CMA is relevant mainly for non-public accounting. CPA is worthless if you can't pass it…

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