Comments
Comments
posted Aug 31 in Support ForumHello Hassan
I have passed Part 3 during the last window in Jeddah after I failed in Feb. 2010. I think, If you have studied 100 hours and solved 1000 multiple choice questions, there is very less chance to fail. specially multiple choice questions are so important.
Try again and Insha Allah you will pass it. Its not difficult really.
with regards,
Asim Ali
Paula,
What an inspiring Post! Once you achieve the CMA (and I know you will!), you should be profiled in Strategic Finance as an encouragement to all working Moms. I just logged in to congratulate Jeff, but what a treat to read your heart-warming story! We have a lot in common--I studied while my first child was napping, was pregnant three out of the five times I sat for the CMA exams (I failed once) and finished the last part 4 days before I went in labor for my second child. The running joke both at the office and at home was "Nina, whatever you do, just don't go into labor during the exam!" Speaking from my experience so far with participating in IMA events, you are making the right investment! It's not just the three letters after you name, but also the networking and leadership opportunities provided by IMA which are so valuable. In my opinion, the gender statistics you saw also reflect a general difference in how men and women value networking. In my experience, women tend to concentrate in just delivering the tasks and do not really actively seek out networking opportunities in comparison with men. It is difficult to find the time to do that while balancing work and kids. My way of being an IMA ambassador is to keep telling other working mothers that networking is so important and IMA provides a great platform to do that. I wish you continued success in your exam.
P.S. Jeff, Congratulations!!!
posted Aug 28 in Support ForumI have part 3 exam in 28/10, I just wanna know wheather the remaining time is enough for completing the preparaion ?
posted Aug 28 in Support ForumDear Tom,
Such a relevant topic you have posted here.
I am in my mid 40s, yet chose to earn CMA title because I have been seeing a lot of job ads here in the UAE seeking either CPA, CMA or MBA as minimum qualification for mid-management roles in Finance. My motivation in pursuing this title was to be able to "qualify" for a mid-mgt role in the Company (Australian firm) I am currently working in. Your enviable credentials will surely land you a job soon, maybe sooner elsewhere if you do not limit your geographical pursuit. Good luck, Tom.
The way I handle the transaction is to debit A/R and credit a Prepaid deposit account. Deferred Income will work, but I believe a prepaid deposit account is more accurate since it is attached to a unique contract. Deferred income is more aptly used to amortize income.
My accounting system has the ability to attach the deposit to a unique sales order, when the order is invoiced the deposit is automatically applied and the the required general ledger entries are completed without need for a general journal entry. I deal with large contracts often, so this occurs quite frequently.
Many companies will not issue a deposit check until they receive a deposit invoice. As such, It is ok to issue the deposit invoice in advance of actual payment. A/R is debited and the prepaid account is credited. If the deposit is not received prior to shipment or final invoicing, it can be credited off the books with a debit to the prepaid deposit acct and a credit to A/R.
Regards,
Jeff
- posted Aug 27 in Support Forum
Dear Tom
From my experience of being a finance manager for more than 30 years, management accountants (responsible for financial planning, budgeting and profitability/business analysis)are more cherished and sought after in a corporation than financial accountants (responsible for statutory reporting and tax compliance).
However, management accounting bodies are less well known than general accounting bodies. That is why companies looking for management accountants are still looking to CPAs. In Hong Kong, recently I have seen a couple of management accounting bodies drumming up their promoting efforts both in the press and TV, such as CIMA (UK) and CMA (Australia).
I think your carreer will have a turnaround once the economy picks up. In my opinion, there is no need to study for a CPA. I understand CPA firms usually recruit young grads.
LAW Man Wah, CMA, Hong Kong
posted Aug 26 in Support ForumHello Hassan,
Try again, you will achieve what you want. There is no specific formula as how to pass but one thing is sure...if you work hard, you will pass. Its always hard to pick yourself after failure but one have to pick himself if one want to segregate himself in this competition and wants to get recognition.
So try hard...don't look behind. You will get it.
Regards,
Sohail
The way we do it is debit cash and credit a liability account such as refundable deposits. When the A/R invoice is generated, this debits A/R and credits sales. We then credit A/R for the amount of the deposit / down payment and debit the liability account.
posted Aug 26 in Support ForumJust my 2 cents - or, maybe it's down to a penny:
I truly would not spend the money, let alone the time, to get a masters & take the CPA if you don't really, really want to work as a CPA - at least for a little while. I think starting salaries with bigger firms are higher than mid-30s but, in my experience, more 'mature' candidates aren't likely to get hired by big firms.
Your credentials sound strong and I agree that you're probably encountering the down economy more than anything else. (I just overheard another job seeker comment that he targets his efforts on companies during the weeks just before and after their fiscal year end, since hiring patterns frequently change at FYE. I'm curious about whether that is effective.)
I have been a CMA since 2002, and honestly have found little benefit in job searches and little regard for it once I was hired. Maybe it's just the industries I'm in, where the CPA is more highly regarded -- but then, I am an accountant. I frequently spent time in interviews educating the manager or HR person about what the CMA is. It's too bad the IMA hasn't done more of this.
Congrats Jeff, I started this journey a year ago with the encouragement of my boss. I was really excited at first, and then read an article with some stats that showed lots of gender statistics. It was already looking a little scary when I didn't see very many women participants. Well, I sent in my registration and then had to do it. Now, I too have 1 test to go. I am a full-time accountant, mom, and wife - who thought she would get organized and self-study for the CMA examination. Well, it was truly a frustrating eye opener for myself as well as my family to find real quality time alone to do just that. How many times did I hear "mom - mom - mom" while I was supposed to be left alone. How many times did I say "why didn't I just do this 15 years ago". Well, I passed a section in June, and my kids were waiting for me when I got home with big hugs and a small gift. You would have thought I won the lottery as much celebrating as we did. I can't believe how exciting it was to click the "end" button during the exam and wait suspended in time for the results to pop up. It was such a "chin up" feeling to walk into work then next Monday and announce to my anxious supporters that I had passed. It felt great to be working on a project at work and have something that I learned pop into the conversation. So, with a deep breath and lots of "I love you's" to my family, I am off to conquer the final step to getting my own certificate number. I will be 40 next year, and I can't think of anything more self-rewarding than getting to write my name with three little letters behind it. The value it will bring to my job is small potatoes to the feeling I will have knowing I set my mind to this challenge, and came out on top! So I say to everyone out there, male or female - just do it! Don't hesitate - do it now! And to all of you working moms out there - it is worth the sad faces that you see as you tell them to go ask daddy to help them because mommy needs to study! They will understand, and think you are a hero when it is all over!