There is nothing mini about the CMA exam. I got my MBA online in 13 months. I thought about taking the CMA exam afterwards and then five years later I bought a self study course (I got my CPA license in 2015). I eventually took and passed the exam (I failed part two one time) between October 2022 and May 2024. The CMA exam is extremely difficult. I love being a dual CPA/CMA.
@@macristo33 I'm not talking about a mini-MBA or one with waived courses down to a few classes and/or no exams. CMA exam prep study time is much more compact comparing to a full-blown MBA degree from AACSB credited institutions. That would be two-year, 12 to 16 courses with exams and projects.
Loved the information . looking at a career change and in the process to attempt CFP . but want dive a bit deeper with one more certification. Dont have enough accounting knowledge/ hours for CPA. Though want to get familiar with accounting to try attemp CMA. what will your best advice to learn accounting basics without a Masters degree in accounting
I have another video on accounting certs... go to the second half of the video for the certs. If you join “Smart Money Investing” on Facebook you can download the excel sheet that has details.... info a couple years old but the basics should be there. I am doing the 24- semester hour cert online from UC San Diego extension. Need Accounting Credits for CPA Eligibility? MAcc vs Online Certificates ruclips.net/video/NZvzoCHNmeM/видео.html
I did the gleim review program. Took part 1, passed on my first try and then took part 2 and passed on my first try in the next window. I felt over prepared for part 2
@@PremierStudyandInvesting It’s been awhile since I earned my CMA designation. What I would tell people (and I did not follow this) take the part you feel that you have more confidence in, by doing this, you’ll have more confidence and most likely have developed studying strategies that work for you, going into the second part. I took part 1 first because well it was harder, so I figured if I could pass the harder one first, the second one would be easy, and it was. Interesting how I don’t see anyone mentioned what they scored but I was way over prepared for part two. I would say part two is much easier. So back to your question. Part one I probably put in 30 hours a week for 8 weeks. Then part two 20 hours a week for 8 weeks but I most likely could have taken part two much sooner. I did score much higher on part 2, I believe it was 460 and thinking (I wonder how far away I was from a perfect score). And remember each exam is weighted differently, meaning two people can take the same part but someone’s part might be harder and that’s why the scores are “scaled.” You have to get a certain amount correct on the multiple choice portion to proceed onto the essay section. Also, I believe there are some questions in the exam that don’t count against you, as these are test questions that maybe used on future exams. But accounting is boring and I’m branching off into the actuarial field now, I’m actually studying to be an actuary now and preparing for exam FM. But the best tips I can give, 1.) be consistent with your study schedule and 2.) I would take two mock every morning of 30-40 question tests on everything I covered, so the stuff I studied in the beginning would always be fresh in my memory. I obviously can’t talk about the contents of the exam but feel feee to ask.
@Garr Wag. I think it’s correct about doing the easy one first. Give you an idea of what to expect. Plus hopefully a pass will give the number score to estimate if enough time was spent or if the person almost failed. I like the decision making process of managerial accounting. What’s your thinking with actuarial- insurance... maybe something with risk management on investments? I don’t know any actuaries.
@@PremierStudyandInvesting What it really comes down to is, anyone can pass the exam but you HAVE to put in the dedication and commit to a study schedule. I would get up at 4 a.m. every Monday-Friday and study to 7 am and be to work by 8am. Saturday I would study 8 hours and Sunday I would take off to give my mind a rest. Accounting is kind of boring and I have more of interest in mathematical theory, which allows my creative approach to problem solving to come out. If someone wants to get really serious about accounting, I 100% recommend the CMA exam. I also have my CFE as well, wanted to go for the CPA but again, Im bored of accounting lol. When I started my first job in Healthcare as a Senior Analyst, I really enjoyed how complex it was.
I liked your vide, and I have a couple of questions. I am seriusly considering on taking the CMA exam. Does it matter whether you do part 1 or part 2 exam first? I think I would rather start with part 2 first, because the topics in this part seem more interesting. Another question I have is; are there any journals in any of the exams that we have to do. Because, I find journalizing really boring and anoying. And do you have to do much debit/crdit entries? Thanks for your answers.
What’s up Tony. You can take part 2 first if you prefer. Management accounting is more focused on decision making than journaling- so you may be happy about that. Of course, there will always be some concepts that go back to journaling concepts. Ie is an expense account decreased with a debit or a credit.... these things will always come up from time to time.... but If you look at the list of areas... technology, internal controls, decision making, ratios, stats, financial statements, budgets, .... there are a lot of things that are unrelated to journaling which I think a lot of people find to be dull and uninteresting. However... beyond the exams.... if you want to find work it is nice to be able to know enough about journaling to help close the books monthly or quarterly, especially for budgeting - which CMA prep spent a lot of time going over. At the end of the day journaling is really more for straight accounting roles.... closing the books.... helping the CPA do the closes and build the financial statements and taxes. Management accounting is more about decision making as managers.
💯 I might also suggest doing some research on CMA’s in your geography. It’s a great knowledge base but it doesn’t seem to apprear often on job descriptions in the US. I did a video on this in Houston and Kansas City. And so maybe doing a similar search for “CMA accountant” may be an eye opener since you are basically getting this to grow your knowledge but also to market yourself to the employers where you live.
I think the Wiley’s material captures the difficulty.... wiley’s has some special relationship, like they are the “preferred” provider or something like this.... they use this language as part of their marketing. I loved the multiple instructions and the flash cards with wiley’s. I liked the difficulty of the essay questions that wiley’s had. Calculating EPS or these long problems about categorizing expenses are the ones I really remember. I also like how Wiley’s taught the linear regression material. The exam is hard... wiley’s is hard also. I felt well prepared by wiley’s. We see that on the failure rates and of course people study. I pushed my level 1 exam back just to review more because it is amazing material and also challenging with the scope and the volume of things to remember. Level 1 was harder for me as I had more finance and less accounting knowledge. But we see the pass rates for level 1 have been typically been lower across the board
I’m not sure about demand since I passed the exams but am still waiting to finish the work experience. I wonder how much “on shoring” will take place since this is really a lot about cost accounting, project management, cost projections. My current belief is that onshoring is more about moving manufacturing to Mexico. I think that is the heart of it even though there is some finance corporate accounting in there as well. It seems like Robert Half has a lot of these types or roles that fit well with CMA’s. I also believe there will be a trend of people working later into their 70’s. Last comment- I think the data on CMA salaries is skewed because many CPA’s are also CMA’s
@@PremierStudyandInvesting okay, that's interesting. I used to contract via Robert Half and Accountemps. I think you're right about a rise in older workers occurring as retirement becomes harder to achieve. Do you feel you will be in demand when you finish your work experience more domestically or over seas? Thx!
@@jasonblizzard9635 yes- I think the demand will be good for me. My background is more in finance, but when Covid hit they were running their exams in a way where it looked like it could be years to get the CFA. That one needed 4 years of work experience plus he pass rate during Covid got down to 22% for CFA- so it seemed more like a longer term plan and CMA can help short term. That’s what I was thinking but right now I am in commercial real estate so…. It hasn’t blown open doors for me. But also I don’t have CMA behind my name either. The PBS documentary “the retirement gamble” wow a shocker! Great documentary about retiring in the US.
Hi another question: What if your background is not finance or accounting . Can one just “ learn it as one goes “ while studying cma with Wiley . Lmk your thoughts
I will give it a shot. I think you mean can one learn it- as in the CMA material. Yes. Wiley or Glenn test prep will cover all the tested material. Prep providers also know the types of questions that the test makers like to ask. So they help you game the system to a degree in my opinion. I was tempted to say get a entry level job that has something to do with the general ledger... but on second though that isn’t really necessary- or maybe not that helpful. I think that focusing on the CMA material - is the best use of time. Go the extra mile- read the book (better than reading a text book for some accounting class because you know 100% of what you read in the CMA book relates to the CMA exam). Do the flash cards. Take the mock exams. Attend some of the free online essay question sessions that are offered by Gleam from time to time. To tell the truth, I don’t have the CMA even though I passed the exams because I haven’t completed the work experience of two years. So it may be worth while to postpone the exam- because you won’t have the credential until you have the work experience. First step get a entry level accounting job. Then you learn while you work. Then study. By the time you pass the exams in 2023/2024 you already have the work experience completed and they hand you the full credential right away.
I don’t know... I used them. They are the most expensive. The videos were good. They come with flash cards which I took with me on walks. I liked the flash cards. Try to get a coupon code no matter which one you use.
I’m currently a sophomore accounting major and I want to get my CMA. Is it possible to study for the CMA while I’m in school? If I register for the Wiley CMA package, do I have to take the test within a certain amount of time?
As far as I remember you can sit for the exam while you’re still in school, but to officially earn the credentials you will need 2 consecutive years of related work experience and a bachelors degree. You have 3 years total to pass both exams. Most study materials have an access till you pass option
@@thecheekof my school offers a accounting joint with finance major…should I do that to prepare me for the CMA or life after school. Or can I do just as well with an accounting degree and just learn some finance topics through Wiley?
@@edgarpineda6121 I had a double major in business administration and accounting in college and did not take too many finance courses except for what was required for the business part. I think I took like 2 finance courses. I personally think having the accounting background will serve you better, you can learn all of the finance stuff you need to know with the study materials. Keep in mind that the CMA also tests economics and statistics knowledge, if you have the availability to take some courses in those areas it would benefit you as well. I work for a large company now and can tell you that having the accounting skill set opens many doors. People often move from accounting to finance, but rarely move from finance to accounting because people strictly with a finance background often do not have the accounting skill set
@@thecheekof The accounting degree at my school offers 3 econ classes and I’ll try to fit stats in there too. Thank you for your advice! It really helps to hear from someone with experience.
Hmmmm? I liked wiley’s because they had different teachers and their teachers were excellent. Plus those note cards are nice for drills. I don’t know about Hock. Wiley is most expensive .... sometimes you can find coupon codes on reddit etc
Hard question... what’s your academic background in finance and accounting? Going through the material takes a lot of time.. plus memorizing.... plus drills... plus solving. It’s a lot of information already. All the questions... if you can get them.... will take a long time... I’m sure you will learn a lot, But It’s not necessary, I didn’t do all those extra questions....
Thanks for this video. I pray whoever reads this right now, may you get everything you wish.
Thanks to your video, I took the Wiley course. I just got my results today, and I miraculously passed the first part.
I am celebrating with you!! Great job! 🎉 🙌
Very informative and cool video. I didn’t realize the pass rates are that low.
CMA is also called a mini MBA with focus on finance and/or accounting
There is nothing mini about the CMA exam. I got my MBA online in 13 months. I thought about taking the CMA exam afterwards and then five years later I bought a self study course (I got my CPA license in 2015). I eventually took and passed the exam (I failed part two one time) between October 2022 and May 2024. The CMA exam is extremely difficult. I love being a dual CPA/CMA.
@@macristo33 I'm not talking about a mini-MBA or one with waived courses down to a few classes and/or no exams. CMA exam prep study time is much more compact comparing to a full-blown MBA degree from AACSB credited institutions. That would be two-year, 12 to 16 courses with exams and projects.
Loved the information . looking at a career change and in the process to attempt CFP . but want dive a bit deeper with one more certification. Dont have enough accounting knowledge/ hours for CPA. Though want to get familiar with accounting to try attemp CMA. what will your best advice to learn accounting basics without a Masters degree in accounting
I have another video on accounting certs... go to the second half of the video for the certs. If you join “Smart Money Investing” on Facebook you can download the excel sheet that has details.... info a couple years old but the basics should be there. I am doing the 24- semester hour cert online from UC San Diego extension.
Need Accounting Credits for CPA Eligibility? MAcc vs Online Certificates
ruclips.net/video/NZvzoCHNmeM/видео.html
I did the gleim review program. Took part 1, passed on my first try and then took part 2 and passed on my first try in the next window. I felt over prepared for part 2
Nice job man! Bravo! What would you tell people is the amount of time a person should plan to spend when preparing for these exams?
@@PremierStudyandInvesting It’s been awhile since I earned my CMA designation. What I would tell people (and I did not follow this) take the part you feel that you have more confidence in, by doing this, you’ll have more confidence and most likely have developed studying strategies that work for you, going into the second part. I took part 1 first because well it was harder, so I figured if I could pass the harder one first, the second one would be easy, and it was. Interesting how I don’t see anyone mentioned what they scored but I was way over prepared for part two. I would say part two is much easier. So back to your question. Part one I probably put in 30 hours a week for 8 weeks. Then part two 20 hours a week for 8 weeks but I most likely could have taken part two much sooner. I did score much higher on part 2, I believe it was 460 and thinking (I wonder how far away I was from a perfect score). And remember each exam is weighted differently, meaning two people can take the same part but someone’s part might be harder and that’s why the scores are “scaled.” You have to get a certain amount correct on the multiple choice portion to proceed onto the essay section. Also, I believe there are some questions in the exam that don’t count against you, as these are test questions that maybe used on future exams. But accounting is boring and I’m branching off into the actuarial field now, I’m actually studying to be an actuary now and preparing for exam FM. But the best tips I can give, 1.) be consistent with your study schedule and 2.) I would take two mock every morning of 30-40 question tests on everything I covered, so the stuff I studied in the beginning would always be fresh in my memory. I obviously can’t talk about the contents of the exam but feel feee to ask.
@Garr Wag. I think it’s correct about doing the easy one first. Give you an idea of what to expect. Plus hopefully a pass will give the number score to estimate if enough time was spent or if the person almost failed.
I like the decision making process of managerial accounting.
What’s your thinking with actuarial- insurance... maybe something with risk management on investments? I don’t know any actuaries.
@@PremierStudyandInvesting What it really comes down to is, anyone can pass the exam but you HAVE to put in the dedication and commit to a study schedule. I would get up at 4 a.m. every Monday-Friday and study to 7 am and be to work by 8am. Saturday I would study 8 hours and Sunday I would take off to give my mind a rest. Accounting is kind of boring and I have more of interest in mathematical theory, which allows my creative approach to problem solving to come out. If someone wants to get really serious about accounting, I 100% recommend the CMA exam. I also have my CFE as well, wanted to go for the CPA but again, Im bored of accounting lol. When I started my first job in Healthcare as a Senior Analyst, I really enjoyed how complex it was.
I liked your vide, and I have a couple of questions. I am seriusly considering on taking the CMA exam. Does it matter whether you do part 1 or part 2 exam first? I think I would rather start with part 2 first, because the topics in this part seem more interesting. Another question I have is; are there any journals in any of the exams that we have to do. Because, I find journalizing really boring and anoying. And do you have to do much debit/crdit entries? Thanks for your answers.
What’s up Tony. You can take part 2 first if you prefer. Management accounting is more focused on decision making than journaling- so you may be happy about that. Of course, there will always be some concepts that go back to journaling concepts. Ie is an expense account decreased with a debit or a credit.... these things will always come up from time to time.... but If you look at the list of areas... technology, internal controls, decision making, ratios, stats, financial statements, budgets, .... there are a lot of things that are unrelated to journaling which I think a lot of people find to be dull and uninteresting. However... beyond the exams.... if you want to find work it is nice to be able to know enough about journaling to help close the books monthly or quarterly, especially for budgeting - which CMA prep spent a lot of time going over.
At the end of the day journaling is really more for straight accounting roles.... closing the books.... helping the CPA do the closes and build the financial statements and taxes. Management accounting is more about decision making as managers.
@@PremierStudyandInvesting Thanks alot, I appreciate your reply.
💯 I might also suggest doing some research on CMA’s in your geography. It’s a great knowledge base but it doesn’t seem to apprear often on job descriptions in the US. I did a video on this in Houston and Kansas City. And so maybe doing a similar search for “CMA accountant” may be an eye opener since you are basically getting this to grow your knowledge but also to market yourself to the employers where you live.
Did you find that the Wiley practice questions were easier or harder than the actual exams?
I think the Wiley’s material captures the difficulty.... wiley’s has some special relationship, like they are the “preferred” provider or something like this.... they use this language as part of their marketing.
I loved the multiple instructions and the flash cards with wiley’s.
I liked the difficulty of the essay questions that wiley’s had. Calculating EPS or these long problems about categorizing expenses are the ones I really remember. I also like how Wiley’s taught the linear regression material.
The exam is hard... wiley’s is hard also.
I felt well prepared by wiley’s.
We see that on the failure rates and of course people study. I pushed my level 1 exam back just to review more because it is amazing material and also challenging with the scope and the volume of things to remember.
Level 1 was harder for me as I had more finance and less accounting knowledge. But we see the pass rates for level 1 have been typically been lower across the board
I am former nationally accredited accountant and considering getting a cma, what is the demand for older (50 and up) cmas? if any. Good vid. Thx.
I’m not sure about demand since I passed the exams but am still waiting to finish the work experience.
I wonder how much “on shoring” will take place since this is really a lot about cost accounting, project management, cost projections. My current belief is that onshoring is more about moving manufacturing to Mexico.
I think that is the heart of it even though there is some finance corporate accounting in there as well.
It seems like Robert Half has a lot of these types or roles that fit well with CMA’s.
I also believe there will be a trend of people working later into their 70’s.
Last comment- I think the data on CMA salaries is skewed because many CPA’s are also CMA’s
@@PremierStudyandInvesting okay, that's interesting. I used to contract via Robert Half and Accountemps. I think you're right about a rise in older workers occurring as retirement becomes harder to achieve. Do you feel you will be in demand when you finish your work experience more domestically or over seas? Thx!
@@jasonblizzard9635 yes- I think the demand will be good for me. My background is more in finance, but when Covid hit they were running their exams in a way where it looked like it could be years to get the CFA. That one needed 4 years of work experience plus he pass rate during Covid got down to 22% for CFA- so it seemed more like a longer term plan and CMA can help short term. That’s what I was thinking but right now I am in commercial real estate so…. It hasn’t blown open doors for me. But also I don’t have CMA behind my name either.
The PBS documentary “the retirement gamble” wow a shocker! Great documentary about retiring in the US.
@@PremierStudyandInvesting 👍 I'll check out the documentary. Thx!
Hi another question:
What if your background is not finance or accounting . Can one just “ learn it as one goes “ while studying cma with Wiley . Lmk your thoughts
I will give it a shot. I think you mean can one learn it- as in the CMA material. Yes. Wiley or Glenn test prep will cover all the tested material. Prep providers also know the types of questions that the test makers like to ask. So they help you game the system to a degree in my opinion.
I was tempted to say get a entry level job that has something to do with the general ledger... but on second though that isn’t really necessary- or maybe not that helpful.
I think that focusing on the CMA material - is the best use of time. Go the extra mile- read the book (better than reading a text book for some accounting class because you know 100% of what you read in the CMA book relates to the CMA exam). Do the flash cards. Take the mock exams. Attend some of the free online essay question sessions that are offered by Gleam from time to time.
To tell the truth, I don’t have the CMA even though I passed the exams because I haven’t completed the work experience of two years.
So it may be worth while to postpone the exam- because you won’t have the credential until you have the work experience. First step get a entry level accounting job. Then you learn while you work. Then study. By the time you pass the exams in 2023/2024 you already have the work experience completed and they hand you the full credential right away.
Hello, thank you! Wiley is the best preparation book for the exam?
I don’t know... I used them. They are the most expensive. The videos were good. They come with flash cards which I took with me on walks. I liked the flash cards. Try to get a coupon code no matter which one you use.
I’m currently a sophomore accounting major and I want to get my CMA. Is it possible to study for the CMA while I’m in school? If I register for the Wiley CMA package, do I have to take the test within a certain amount of time?
As far as I remember you can sit for the exam while you’re still in school, but to officially earn the credentials you will need 2 consecutive years of related work experience and a bachelors degree. You have 3 years total to pass both exams. Most study materials have an access till you pass option
@@thecheekof thank you!
@@thecheekof my school offers a accounting joint with finance major…should I do that to prepare me for the CMA or life after school. Or can I do just as well with an accounting degree and just learn some finance topics through Wiley?
@@edgarpineda6121 I had a double major in business administration and accounting in college and did not take too many finance courses except for what was required for the business part. I think I took like 2 finance courses. I personally think having the accounting background will serve you better, you can learn all of the finance stuff you need to know with the study materials. Keep in mind that the CMA also tests economics and statistics knowledge, if you have the availability to take some courses in those areas it would benefit you as well. I work for a large company now and can tell you that having the accounting skill set opens many doors. People often move from accounting to finance, but rarely move from finance to accounting because people strictly with a finance background often do not have the accounting skill set
@@thecheekof The accounting degree at my school offers 3 econ classes and I’ll try to fit stats in there too. Thank you for your advice! It really helps to hear from someone with experience.
Gliem vs Wiley vs hock which one to go?
Hmmmm? I liked wiley’s because they had different teachers and their teachers were excellent. Plus those note cards are nice for drills. I don’t know about Hock. Wiley is most expensive .... sometimes you can find coupon codes on reddit etc
Hello,I hear that I Should Solve all of Gleim, Hock, Wiley before I take the exam So that I can pass the exam, is that right?
Hard question... what’s your academic background in finance and accounting?
Going through the material takes a lot of time.. plus memorizing.... plus drills... plus solving. It’s a lot of information already.
All the questions... if you can get them.... will take a long time... I’m sure you will learn a lot, But It’s not necessary, I didn’t do all those extra questions....
@@PremierStudyandInvesting Yes My background academy is Finance and Accounting, I Started studied CMA with Gleim and I didn't know it's enough or no