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RP - Thread
How to pass CMA Part 4?
RP - Thread posted October 4, 2009 by Haleema Mohammed
5253 Views, 19 Comment
Title:
How to pass CMA Part 4?
Content:
I will have part 4 exam in December 2009.
Please do provide me with all essential information needed to pass CMA part 4 exam.
Which subjects should I focus on? How did you find the actual exam?
What are the main differences in testing techniques for Part 4 and other parts?
How much time do I really need to be prepared for the exam in term of hours and months?
Any important guidelines I should follow? What is the best way to review previous parts in order to be ready for this exam? How long does it take to get your final results from IMA?
Your prompt respond is highly appreciated. I shall follow the feedback provided by all of you while preparing for my actual exam.
Thanks for the support,
Haleema
Comment
I think you should focus on pretty much all subjects from the previous exams plus the new material because anything is fair game. I thought the test was tough especially with the time constraints, but it is possible to pass. Part 4 has approximately 20-25 short essay questions instead of multiple choice like the first 3 tests. I thought the spreadsheet was not very user-friendly. I'm quite comfortable with Excel, but I found this spreadsheet difficult to say the least. I studied for 4-5 months before taking the exam, but I think it varies depending on each person's background, knowledge, and amount of time spent studying each day. The main thing to remember while taking the exam is not to waste too much time on one question. If you spend too much time on a particular question, you may not have enough time left to answer the remaining questions. I reviewed the previous parts by using the Gleim test-prep cds. It had questions from part 4 and also the first 3 parts as well. It usually takes 6-8 weeks from the end of the testing period to receive your results from IMA. I hope this helps.
I would like to share with you a great email sent to me from our friend Saddam Amayreh in respond to my inquires about CMA Part 4 exam.
Hi Haleema , I will share with you my experience as I know what you are feeling
-Which subjects should I focus on? How did you find the actual exam?
Now You have to study all subjects, you can’t expect what the questions will be . But I will Guarantee you 100% That you will have question on ethics / Just read (Memories the IMA 2 pages Ethics standards )
-What are the main differences in testing techniques for Part 4 and other parts?
For sure the Essay question need more writing skills and when you read the subject you need to memorize a little like what is the advantage of the centralizations Mentioned the characteristics of the monetary policies Why the Strategic Planning is important for the organization What is the SWOT analysis ?
-How much time do I really need to be prepared for the exam in term of hours and months?
Depend on your understanding for the CMA subject but I will assume as you passed the 3 levels it is need 150 Hours review : Part 1 : 30 Part 2 : 40 Part 3 : 30 Part 4 : 50 ( because it is new )
-Any important guidelines I should follow? What is the best way to review previous parts in order to be ready for this exam? How long does it take to get your final results from IMA?
Very Important when you review the materials that you understand the subject , do not loose to much time just in answering the questions .but focus in a comprehensive example to understand the calculation or the concept in the subject . And in the Exam don’t keep any thing empty //// Try also in printing no normal PC ( I faced a problem because I used to do my work on Lab Top : ) Final Result you can get it after 6 Weeks maybe mid of Feb-2010 . GOOD LUCK
Thanks Saddam for the above guidelines and analysis, I really do appreciate your time and effort which were consumed to answer my inquires.
I will definitely follow your lead and I hope that others also benefit from your great experience.
Regards,
Haleema
I was only able to study the new material for part 4. I spent about 2-3 hours per chapter per day for Gleim for one week.
Prior to walking into the exam, I reviewed ethics. I made sure to know the principles and standards. H-FOR and TripleC-I. I also made sure to know the steps to resolution of conflict.
https://www.imanet.org/about_ethics_statement.asp
I was lucky with the questions I got on the exam. I was able to use my work experience and past studying for the CPA and CMA parts 2 and 3 to answer all the questions in the time alloted.
My Tips
Hope this helps!
Heather
It seems like a huge task but I think the best way to prep for the exam is to do a lot of essay questions and skip reading over all the material you covered in sections 1-3 (but read the new material). You will be surprised at how much you retained and doing essays will refresh your memory and get you into more critical/application based thinking.
When I prepared, I did all the IMA prep essay questions twice, and I did all the Gleim questions in the text book twice (not in order, but doing question 1 from chapter 1; question 1 from chapter 2, etc.). If I had access to more essay questions that probably would have helped too. I compared my responses to the publishers Suggested Responses and I tried to remember the key areas that I missed and why I had missed them (i.e. what was my thought process when I first read the question). I think this reflection process is critical as it helps you understand why you missed something, and forces you to change your thought process.
I shot for 3-5 essays a day 5 days a week, 2 months before the exam.
I also did the Gleim CD questions for part 4 shooting for 20-40 questions a day, 5 days a week.
The only other studying I would recommend is using some sort of study guide/material for the financial CPA section. Gliem was a bit too basic for me on the financial side.
Memorize IMA's code of ethics, and steps to take when faced with a potential unethical situation.
I think the key with the essays (and what you will notice on the publishers suggested answers) is short concise responses if you stick to these types of responses on the actual exam you should have enough time to finish without rushing too much. The spreadsheet is difficult to use and is not like Excel at all, so expect that, do your calculations on the calculator; don't spend time formatting the spreadsheet.
Hope this helped and Good luck!
Thanks Benjamin and Miranda, those are great tips!!
I am really happy to get your responds; it is really helping me to stay focus.
Thanks Heather for your excellent tips!
I just have few more questions for you:
1. Did you only study from Gleim part 4 book or you also reviewed previous books (Part 1, 2 & 3)?
2. How many months you spent before taking the exam?
3. What were the main topics you focused on wile studying for the exam?
4. Did you face a lot of calculations in the exam?
Thanks,
Haleema
Haleema:
1 - I only studied from Gleim part 4 and only the new material.
2 - I gave myself 20 days but was only able to study for 1 week (I only studied the new material) I took part 2 in January and part 3 in May. I exempted part 1. However, the work I do (general ledger accounting, cost accounting for inventory, internal control,risk assessment, captial leases, etc etc) and my past experience with the CPA exam helped me be prepared. I studied much less for the CMA then I did for the CPA exam. I also passed part 2 and part 3 with a 530. I was aiming for pass not for a high score.
3 - I guess ethics was where I spent the most time memorizing. I also reviewed the new material. However, if you are not super comfortable with the material in part 1, 2 and 3, I would not recomment my approach.
4 - I faced less calculations then I expected. I felt very comfortable with the calculations I did get because I actually perform many of them for the postion I am in now.
Thanks Heather!
I just started studying Gelim part 4 book, I was wondering
what is the best method of studying for S.A questions?
Should I memorize definitions, steps, differences? or should I review and have a general understanding of all topics?
Did you use multiple choice questions in your studies in order to refresh your memory?
I hope each of you share with me your opinions and thoughts. I believe is important to use the proper method for studying plus good materials in order to pass professional exams. I want to be more familiar with the exam tools, format and techniques used. This exam is different from other three parts and I consider it as a new challenge!
Thanks for the support.
what is the best method of studying for S.A questions?
For me, I felt very comfortable answering the questions with my general knowledge. I thought about the question and related it to my own experience out in the field and answered to the best of my ability. I didn't do any essay questions prior to the exam. If you are uncomfortable with essay questions I would suggest trying your hand at a few. However, its important to know all the concepts so that you can answer whatever they throw at you. Study the way that works for you. Most people get comfortable with the material by practicing multiple choice. That way, you are able to recognize a question partern and know what it is you need to do to either solve the question or recite theory.
Should I memorize definitions, steps, differences? or should I review and have a general understanding of all topics?
Prior to going into the exam I tried to think about what topics are relevant today and what they might ask on the exam that would be important for a management accountant. In my mind it was important to understand decision analysis. I expected that they would give me questions where I had to decide between a few choices (like NPV calculations, buy/sell decisions, sell or process further). I also expected that in todays enviornment that ethics would be emphasized.
Did you use multiple choice questions in your studies in order to refresh your memory?
I used the multiple choice questions for Part2 and Part3. They helped me greatly. I think that I was able to retain a lot of that information for Part4. My background and current position helped me on the exam. I have been an external auditor. I have been an internal auditor. I am currently a management accountant. So, for me, I already had a decent handle on the basics. I work with leases and deciding if they are operating or capital. I flush out narratives for Sarbanes Oxley documentation and can asses risk, controls and gaps. I prepare our annual budget. I am the sole accounting person in charge of inventory which includes production cost application. I am thankful that the work I have done and do is varied and was able to help me prepare and pass this exam.
Good luck to you!
Thanks Heather for your detailed explaination. I shall follow your steps.
I am really impressed with your work experience! I feel like CMA perfectly suit your current job. I think you will improve your work with your enhanced knowledge.
Dear Haleema
On top of Heather's excellent ideas, I would like to share my experiences with you:
(1) I took Part 4 in April 2009 after I passed Part 2 in Nov, 2008. So I took nearly 5 months for my preparation for Part 4.
(2) I used CMALS as well as Hock. Hock materials include a summary booklet for each part which can be very useful in the run-up to the examination.
(3) While you should not miss any components of Part 1 - Part 4 in making preparation for Part 4, please devote more time to sections that command level C of coverage - requiring all 6 skill levels, knowledge, comprehension, application, analysis, synthesis, and evaluation, e.g. Budget Preparation, Cost Management, and Performance Measurement of Part 2, Decision Analysis and Investment Decisions of Part 3.
(4) Memorize all basic concepts and formulas. You can prepare a "Quick Sheet" for your quick revision whenever you have time.
(5) Time is a critical element. Part 4 usually consists of 6-8 cases, but the number of questions will be about 25 - 30. Some questions may have sub-questions (part a and part b). So you must write concisely (to the point) and quickly.
(6) Bring with you BA II Plus for discounted cash flow and internal rate of return calculations. Without BA II Plus, I might have failed.
(7) For me. Part 4 was the most difficult stage because of its wide coverage. For candidates whose mother languages are not English, reading and understanding the case will take some time. So don't make light of it. For essay questions, getting over 72% of the marks can be quite challenging.
In fact, my score in Part 4 was just mediocre (the lowest in all 4 parts). I hope that the above can be useful to you.
Good luck and best wishes
Man Wah LAW, CMA
While during my study of Part-4 and while going through Part-4 exam, I observe and experienced following things;
1) I used IMA's learning material.
2) I took around 40 days to prepare my Part-4 exams.
3) I use to study 5-6 hours a day during 30-days part 4-exam preparation.
4) I revised all topics of Part 1,2,3 and covered all topics of Part-4.
5) I changed my study technique in Part-4 little bit..as in first 3 parts I concenterate only on understanding concept behind the topics but in Part-4 study I also try to memorize definitions..technical language on few topic etc.
6) After revising all 4-parts topic I try to practice some online practice questions of IMA's CMA learning system..and after checking suggested answer I realize what kind of answer examiner expecting from us.
7) Then in last 7-8 days I revised all four parts topics again and before one day of exam I only concenterate on attempting online practice questions.
8) At the start of exam I draw a time controlling sheet (I find this on gleim material) for all problems and try to give only that much time to each question, which is mentioned on our screen of exam.
9) After finishing all questions I was having fair time to review those questions which feel thayt I need to write or explain little more.
10) I was pretty much happy and confident that I will clear my Part-4 exam in my first and last attempt and I got the similar result.
11) IMA usually takes 6 weeks to issue Part-4 result and normally it is the same day which is mentioned to us through IMA letter after closing of testing window.
In the end I want to say that review each and every topic of first 3 parts and part 4 because you don't know from where you will get your exam questions.
Best of luck.
Regards,
Sohail Siddique, CMA
Thank you Man Wah, Thank you Sohail!
These are really good tips and i will sure follow your lead.
The first thing that you should learn is to be COOL. Part 4 is long exam, but not difficult.
In the exam, do not waste so much time thinking, try to be “spontaneous “ when you write.
Also, you must understand how the IMA grade. To my understanding they grade based on points you make, SO whenever you answer a question try to organize your answer as point A,B,C,,,, i.e : do NOT write long paragraphs. Organize your thoughts as A,B,C,D,,,, got it ?
When asked a question, write as much as you can about the subject, IMA may give you partial credit, so keep this in mind,, i.e there is no harm to guess,,, SO GUESS ! WHEN YOU ARE NOT SURE OF THE QUESTION.
The exam will cover all topics that the IMA consider to be important. How do you know if a topic is important ? You can tell from retired multiple choice questions on previews exams. The questions that are asked THE MOST are the important ones.
How to study?
Personally, I had to go over all the material, I found this to be very useful, I made a schedule and it helped me.
Practice all the multiple choice questions.
Study all the essays in Gliem’s part 4 text book! VERYYYYYYYYYYYYYY USEFUL
Also the Essays from the IMA retired from part 4. VERY USEFULL
Hock has a VERYYYYYYYYYY useful Forum, you should chick it out:
http://www.hockinternational.com/forum/viewforum.php?f=55
Before the exam Take a week off from work and dedicated to studying, I find this to the be the most useful thing.
Last of all, I am attaching a small summery that I personally prepared before the exam for some topics in part 2, it help me review some of the issue that I found difficult to remember. BUT be careful it may not be 100% accurate, so watch out.
Good Luck,
Ramy
Thanks Ramy, I really do like your tips!
In fact you are coooooooool J
Currently I am using Gliem book and online package. Am Practicing multiple choice questions and solving all Gliem essay questions. I am working hard to stay focus wile reviewing this huge material!
They say everything is fair in love & War, I guess I am preparing to start a war. Just joking!
Wish me luck and I really do appreciate all of the support & motivation from IMA members.
Personally I think Hock's materials is enough to pass the exams. I think their materials are well organized and you wont easily get lost or confused.
I think part 4 material is the general content that you need to memorize during the exam and part 1 to part 3 is the technical tools and support your content.
I think before you answer the question, you need to spend at least 5 minutes for each of the questions on organsing your answer. Try to list out the main points as a topic sentences. I think the answer should be presented in a clear and concise manner so that the examiner can easily mark the on each of your points.
Besides, dont forget the ethics part, there will be at least 0.5 question or 2 0.5 question related to ethics on the part 4 exams.
Wishes you all the best on the exam.
Thank you very much Siu Lung for sharing these tips!
I took the exam yesterday (a day before New Year's eve). Not the best time to schedule an exam, but I did it to avoid waiting for the next testing window. To my surprise, the exam wasn't difficult and didn't have a lot of tricky calculations that you normally get on Part 1-3 multiple choice exams. Some of the most important and difficult concepts that I spent so much studying didn't show up on the exam. However, some of those straightforward exam questions were a little too broad for an essay question format. A couple of questions regarding Macroeconomics were so broad I could write a book about it. Not knowing what the grader would be looking for, I jot down what I felt was the most important answeres to get the full credit. Those questions caused falling behind in time and made me rush through 3 questions and left 2 questions unanswered. Now, I have to go through the nail-biting process until I get the exam result in 6 weeks. This isn't fair. I'd like to get back into studying right away If I'm not going to pass.
I have part 3 exam in 28/10, I just wanna know wheather the remaining time is enough for completing the preparaion ?