How Hard is the CMA Exam?
Passing the CMA exam can be challenging regardless of your experience level. Over the past few years, the average pass rate for the CMA exam has been around 45%, which is relatively low. This indicates that the exam is not easy to pass. While the concepts tested in the exam are not complicated, the level of proficiency required to pass is what makes the CMA exam a tough one.
In this article we explore what makes the CMA difficult, and we suggest techniques that would help you overcome those difficulties.
Exam design
The exam requires candidates not only to have a strong understanding of theoretical concepts but also the ability to apply these concepts to real life situations. For instance, you may need to analyse the financial consequences of introducing a new product, rather than just describing accounting procedures. This combination of theory and practice challenges you to think critically and dynamically apply your knowledge.
Exam topics
The exam covers a wide range of topics in management accounting and financial management, including financial accounting, cost accounting, performance management, internal controls, and strategic management. This demands a commitment to studying across a wide range of disciplines, ensuring mastery of not just technical aspects but also the bigger picture of financial management. For detailed information on the exam outline, click here.
Time pressure
The exam is computer-based and timed, with three hours allocated for the multiple-choice section and one hour for the essay section. Mastering time management skills becomes crucial for success, alongside quick thinking, and the ability to synthesize information effectively. For example, on the exam, if you need time to remember how to calculate contribution margin, your chances of passing would be low. You need to reach a level of knowledge on such a topic so that you are very efficient in remembering and applying the information that you have studied.
Written response questions
There are two types of written response questions:
Questions that require calculation: To get points on such questions you need to show your work. For example, it's not enough to list how much Cost of Goods Sold would be, you need to show your work to explain how you reached that number. Your explanation needs to be clear and accurate.
Questions that require explaining a point of view: To get points on such questions, you need to be able to communicate your ideas clearly and concisely in writing. This includes using proper grammar, mechanics, and style.
Written response questions also require a deeper understanding of the exam content than MCQs. This goes beyond just comprehension and delves into the ability to articulate complex financial concepts in a compelling and well-structured manner.
Skill Levels Tested
All CMA exam topics are tested up to level C, which means that a very deep level of understanding is required for those topics.
Six cognitive skills are essential to success on the exam:
Level A: Requires skill levels of knowledge and comprehension.
Level B:Requires skill levels of knowledge, comprehension, application, and analysis.
Level C: Requires all six skill levels, knowledge, comprehension, application, analysis, synthesis, and evaluation.
If a topic is tested to level C, it does not mean that all questions will be difficult. Instead, you will encounter easy, medium, and difficult questions, testing your skills at all levels.
Here's what is meant by knowledge, comprehension, application, analysis, synthesis, and evaluation.
| Skill | Ability to | Keywords | Level |
|---|---|---|---|
| Knowledge | remember previously learned material such as specific facts, criteria, techniques, principles, and procedures. | identify, define, list | A |
| Comprehension | grasp and interpret the meaning of material. | classify, explain, distinguish between | A |
| Application | reuse learned material in new and concrete situations. | demonstrate, predict, solve, modify, relate | B |
| Analysis | break down material into its component parts so that its organizational structure can be understood; ability to recognize causal relationships, discriminate between behaviours, and identify elements that are relevant to the validation of a judgment | differentiate, estimate, order | B |
| Synthesis | put parts together to form a new whole or proposed set of operations; ability to relate ideas and formulate hypotheses. | combine, formulate, revise | C |
| Evaluation | judge the value of material for a given purpose based on consistency, logical accuracy, and comparison to standards; ability to appraise judgments involved in the selection of a course of action. | criticize, justify, conclude | C |
How to overcome the exam difficulty challenge?
Know the Challenge
You need to know all the details about the challenge ahead of you. Like exam content, duration, passing grade, exam windows, etc. The more you know about the challenge the easier it becomes to overcome it. Our blog has many articles that can help you dive deep into the CMA exam details.
Take Your Time
The IMA provides a comfortable three-year time frame to complete both exam parts. The CMA exam is offered three times each year. The exams are available in the following testing windows:
Jan - February
May - June
September - October
Having three years available to complete the program does not mean that you need to budget three years of study to become a CMA. Set a time budget that is comfortable and suitable for you, considering that the average preparation time required is around 300 hours per part. Check our article here for more information on this topic.
Take a Review Course
A review course can simplify the exam preparation process by providing comprehensive exam emulation, content coverage, and practice questions. PRC has developed a review course that includes an updated study book that features realistic practice questions and scenarios that mirror the actual exam, helping you apply theoretical concepts to real-life situations with confidence. Learn valuable test-taking strategies and gain a deep understanding of the exam content. Register now for the CMA Part 1 free demo and evaluate your experience!
Take a Live Course
One of the most efficient ways of preparing for the CMA exam is to take a live course, whether in person or online. This will provide you with the opportunity to learn from experienced instructors and receive personalized feedback on your work. Live courses provide a structured learning environment that can help you stay on track and motivated. You'll have a set schedule of classes and deadlines, which can be helpful for keeping yourself accountable.
Get in Touch with Someone Who Already Passed the Exam
Another valuable resource is networking with other CMA candidates and professionals. Talking to someone who has already passed the exam can provide insights into what works and what does not when it comes to exam preparation. They can also share tips on how to study effectively and manage your time during the exam. Check your university or city if there are any local IMA chapters or study groups.
Practice the Written Part of the Exam
To master the written part of the CMA exam, you need to adopt a multi-pronged approach. Start by analysing past exam questions and mock scenariosto understand the range of topics covered and question styles used. Then, practice actively by writing out answers under timed conditions to simulate the exam pressure. Improve your analytical and communication skills by writing concise and clear explanations and incorporating relevant calculations wherever necessary. Lastly, seek feedback from peers or tutors on your writing to focus on areas like organization, clarity, and staying within the word limit. Remember, consistent practice combined with targeted analysis is the key to achieving success in the written part of the CMA exam. One great technique for practicing written response questions is to write down your answers to a group of questions, then reviewing them the next day. This allows you to evaluate your answers more objectively.
Take a Full Mock Exam
Taking a full mock exam is a crucial step in your preparation journey. It helps you test your time management skills and identify areas where you need more review. Mock exams not only assess your knowledge but also your mental strength, which is a significant factor in exam success.
Don't hesitate to embrace the mock exam. It's not just about the score; it's about the invaluable experience it offers. It's a chance to refine your strategies, and emerge as more confident and well-prepared for the CMA exam.
The CMA exam is no easy challenge, but with hard work and proper planning, you can accomplish your goals and become a Certified Management Accountant this year! Take your first step today, by signing up for our free demo!
Not ready for the CMA yet?
FMAA might be a better choice for you if you believe that the CMA exam is too hard; read our article here to learn more about the FMAA certification program.
