CMA Exam Preparation – Part 1

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  • CMA Exam Preparation – Part 1

Course Fee

3900

Class Duration

48 Hours

Sessions

24

No of Weeks

12 Weeks

Course Calendar

CMA P1 FASTRACK COURSE
(1 Full Week)

40 Hrs of Classroom Tutoring 2 Mock Tests

Timing:SUN, MON, TUE, WED, THUR(Fastrack Course)
08:00 AM – 5:00 PM

Course Fees: AED 2500

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CMA PART 1 FULL COURSE
(8 WEEKENDS)

48 Hrs of Classroom Tutoring 4 Mock Tests

Timing:FRI & SAT
(WEEKENDS)
11:00AM – 2:00PM

Course Fees: AED 3900

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CMA PART 1 FULL COURSE
(8 WEEKDAYS)

48 Hrs of Classroom Tutoring 4 Mock Tests

Timing: SUN & TUE
(WEEKDAYS)
06:00AM – 09:00AM

Course Fees: AED 3900

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CMA PART 1 FULL COURSE
(4 WEEKENDS & WEEKDAYS)

48 Hrs of Classroom Tutoring 4 Mock Tests

Timing:FRI & SAT, 11:00AM – 2:00PM SUN & TUE 06:00AM – 09:00AM

Course Fees:AED 3900

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Overview

What is CMA PART 1?

CMA PART 1 – Certified Management Accountant is a professional certification test. CMA PART 1 is the 1st of the 2-part CMA exam. CMA is a highly sought-after certification by candidates who are keen on specializing in management accounting services, corporate finance, treasury, etc.

Who Conducts CMA PART 1?

CMA PART 1 is administered by Institute of Management accountants (IMA), a private nonprofit organization in USA

Who writes CMA PART 1?

CMA PART 1 is written by working professionals or college students or candidates who have qualified certain Professional Certification courses such as ACCA.

What is the test duration of the CMA PART 1?

CMA PART 1 test is conducted on a single day for a total duration of 4 hours.

  • Single session – 4 hours.

How many questions are there on CMA PART 1?

A total of 120 questions are there on the CMA PART 1.

  • 100 MCQ’s – 3 hours
  • 2 essay type question – 30 minutes each (Total – 1hour)

What is the score distribution of CMA PART 1?

The score distribution of CMA PART 1 in each section is as follows

  • Correct Answer – 1 Point
  • In Correct Answer / Unanswered – 0 Point

What is the General Test Structure and Time Allowed for CMA PART 1?

  • Afternoon Session – (100 MCQ + 2-essay question) – (3hr for MCQ + 1hr for essay question)

What is the score distribution of CMA PART 1?


The score distribution of CMA PART 1 in each section is as follows

  • Correct Answer – 1 Point
  • In Correct Answer / Unanswered – 0 Point

What is the question pattern?

For the CMA PART 1, the question pattern is divided as follows

  • 100 Questions – Multiple-choice Questions
  • 2 Questions – Essay Type

What are the topics & its weightage in CMA PART 1?

CMA Part 1 syllabus is divided into 5 components:

  • External Financial Reporting Decisions – 15%
  • Planning, Budgeting and Forecasting – 30%
  • Performance Management – 20%
  • Cost Management – 20%
  • Internal Controls – 15%

What is the CMA PART 1 test environment?

CMA PART 1 is a Computer – based test conducted in Prometric test centers.

When is the CMA PART 1 score published?

Since CMA PART 1 is a paper-based test, it requires time for scoring, the official test score would be available 8 weeks after the test date.

Can I cancel the CMA PART 1 test scores after taking the test?

No

How long is CMA PART 1 pass result valid?

Candidates should pass the 2 parts of the exam and complete 2 continuous years of professional experience in management accounting and/or financial management within 7 years.

How many times is the CMA PART 1 administered in a year?

CMA PART 1 is a paper-based test administered over three windows of 2 months each during a year in the UAE.

FromToTest Result
1st Window January 1st February 28th 42 days after the last day of the month in which you took the test
2nd Window May 1st June 30th
3rd Window September 1st October 31st

Eligibility criteria for CMA PART 1?

    • Candidate with a bachelor’s degree or is studying in college
    • Candidate has already obtained certain Professional Certification such as ACCA
    • Age is no bar

How many times can the candidate take CMA PART 1?

In a span of one year, the student is entitled to take CMA PART thrice.

How many times can the candidate take CMA PART 1?

Candidate can choose to write CMA part 2 as the first paper and then write CMA part 1 after that. Alternatively, he can choose to write CMA part 1 as the first paper and then write CMA part 2 after that. Candidate can write both CMA part 1 & part 2 during the same test window or in different test windows.

What are the benefits of CMA PART 1?

Successfully completing CMA PART 1 is the beginning of your career in the field of management accounting. With the CMA PART 1 qualification, Candidates should be able to find an entry level job in the accounting & finance department of any organization. But keep in mind that completing both parts and finally obtaining the CMA is the ticket for further growth and opportunities.

What are the benefits of CMA PART 1?

Successfully completing CMA PART 1 is the beginning of your career in the field of management accounting. With the CMA PART 1 qualification, Candidates should be able to find an entry level job in the accounting & finance department of any organization. But keep in mind that completing both parts and finally obtaining the CMA is the ticket for further growth and opportunities.

What is the CMA PART 1 Exams Fees Structure?

For Professional Members:

  1. IMA Membership: $245 annually (discounts are available for students, academics, and young professionals)
  2. IMA Registration Fee: $15 one-time payable with your first year of membership
  3. CMA Exam Entrance Fee: $250 (good for 3 years)
  4. CMA Exam Registration Fee: $415 per Part

For Student/Academic Members:

  1. IMA Membership Fee: ($135 – Academic, $78 – 2-year student, $39 – Student) Annual.
  2. IMA Registration Fee: $15 one-time payable with your first year of membership
  3. CMA Exam Entrance Fee: $188 (good for 3 years)
  4. CMA Exam Registration Fee: $311 per Part

https://www.imanet.org/cma-certification/getting-started?ssopc=1

How to register for CMA PART 1?

Interested candidates may register for CMA PART 1 online. The candidate may follow the online registration process – · The candidate should create an account in the imanet.org website

  • Complete the registration form and pay the IMA Registration & Membership Fee
  • Select the Date and Location for CMA PART 1 Test
  • Make a payment for CMA PART 1 exam fee

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Course Syllabus

External Financial Reporting Decisions

Topic 1: Financial Statements

a) Income Statement
b) Balance Sheet
c) Statement of Cash Flows
d) Limitations of Financial Statements
e) Footnotes/Disclosures to Financial Statements
f) Users of Financial Statements

Topic 2: Recognition, Measurement, Valuation and Disclosure

a) Fair Value Standards and Measurements
b) Accounts Receivable
c) Inventory
d) Investments
e) Intangibles
f) Deferred Income Taxes
g) Leases
h) Equity Transactions
i) Revenue Recognition
j) Gains and Losses
k) Expense Recognition
l) Comprehensive Income
m) Discontinued Operations
n) Extraordinary Items
o)Differences in Financial Results: IFRS vs GAAP

Planning, Budgeting and Forecasting

Topic 1: Strategic Planning

a) Strategy and Strategic Planning
b) Analysis of External Factors Affecting Strategy
c) Analysis of Internal Factors Affecting Strategy
d) SWOT Analysis
e) Long-Term Vision, Mission, Goals and Objectives
f) Alignment of Tactics with Long-Term Strategic Goals
g) Characteristics of Successful Strategis/Tactical Planning
h) Contingency Planning
i) Other Planning Tools and Techniques

Topic 2: Budgeting Concepts

a) Fundamentals: Terminology, Budget Cycle and Reasons for Budgeting
b) Operations and Performance Goals
c) Characteristics of Successful Budgeting & Budget Process
d) Resource Allocation

Topic 3: Forecasting Techniques

a) Quantitative Methods
b) Regression Analysis
c) Linear Curve Analysis
d) Expected Value

Topic 4: Budgeting Methodologies

a) Annual/Master Budget
b) Project Budgeting
c) Activity Based Budgeting
d) Incremental Budgeting
e) Zero-Based Budgeting
f) Continuous (Rolling) Budgets
g) Flexible Budgeting

Topic 5: Annual Profit Plan and Supporting Schedules

a) Master Budget
b) Operating Budget
c) Financial Budgets
d) Relationship Among Cash Budget, Capital Expenditure Budget and Pro Forma Financial Statements

Topic 6: Top-Level Planning Analysis

a) Pro Forma Financial Statements and Budgets
b) Creating a Pro Forma Income Statement with the Percentage of Sales Method
c) Assessing Anticipated Performance Using Pro Forma Financial Statements
d) Performing Sensitivity Analysis

Performance Management

Topic 1: Cost and Variance Measures

a) Bounce Sporting Goods Illustration
b) Standard Cost System
c) Management by Exception
d) Flexible Budget
e) Direct labor Variances
f) Direct Materials Variances
g) Variable Overhead Variances
h) Fixed Overhead Variances
i) Multiple Products and Sales Mix Variance
j) Mix Variance when Raw Materials are Substitutable
k) Variance Analysis in Non Manufacturing Organizations
l) Importance of Industry Knowledge

Topic 2: Responsibility Centers and Reporting Segments

a) Types of Responsibility Centers
b) Contribution and Segment Reporting
c) Transfer Pricing Models
d) Reporting of Organizational Segments

Topic 3: Performance Measures

a) Product Profitability Analysis
b) Business Unit Profitability Analysis
c) Customer Profitability Analysis
d) Return on Investment
e) Residual Income
f) Balanced ScoreCard
g) Performance Measures and Reporting Mechanisms

Cost Management

Topic 1: Measurement Concepts

a) Actual, Normal, and Standard Costing
b) Cost Behaviour and Cost Objects
c) Cost Drivers
d) Absorption (Full) and Variable (Direct) Costing
e) Joint Product and By-Product Costing
f) Market-Based Methods of Allocating Joint Costs to Joint Products
g) Physical Measure
h) Absorption Versus Full Costing

Topic 2: Costing Systems

a) Cost Flows in a Manufacturing Organization
b) Job Order vs Process Costing
c) Life Cycle Costing
d) Other Costing Methods

Topic 3: Overhead Costs

a) Fixed and Variable Overhead Expenses
b) Plant-Wide, Departmental, and Activity-Based Overhead Costing
c) Allocation of Service Department Costs

Topic 4: Supply Chain Management

a) Supply Chain Management
b) Lean Manufacturing
c) Materials Requirement Planning
d) Just-in-Time Manufacturing
e) Enterprise Resource Planning
f) Outsourcing
g) Theory of Constraints
h) Capacity Concepts

Topic 5: Business Process Improvement

a) Value Chain Analysis
b) Value-Added Concepts and Quality
c) Process Analysis
d) Benchmarking
e) Activity-Based Management
f) Continuous Improvement (Kaizen) Concepts
g) Best Practice Analysis
h) Costs of Quality Analysis
i) Business Process Improvement in Accounting Operations

Internal Controls

Topic 1: Governance, Risk and Compliance

a) What is Internal Control?
b) 17 Principles of Internal Control
c) Enterprise Risk Management Policies and Procedures
d) The COSO Control Components: Designing Controls to Address Risks
e) A Key Control and Goal: Safeguarding Assets
f) Internal COntrol Monitoring Purpose and Terminology
g) Audit Risk
h) External Auditor’s Responsibilities
i) Corporate Governance and Responsibility

Topic 2: Internal Auditing

a) Internal Audit Definition, Function and Scope
b) Internal Control Objectives, Components and Tests
c) Internal Audit Plans
d) Internal Control Breakdowns and Risks
e) Internal Audit Types and Objectives
f) Roles and Responsibilities of the Chief Audit Executive
g) Reporting Relationship of the Chief Audit Executive

Topic 3: Systems Control and Security Measures

a) General Information Systems Controls
b) Network, Hardware and Facility Controls
c) Business Continuity Planning
d) Accounting Controls
e) Flowcharting to Assess Controls