CMA Study Group

I am not very good with networking so if I am in the wrong place to be asking for help I apologize.  I am struggling with Part 3.  I do not have anyone to help me study.  I am doing the self study.  I am embarrased to say I have tried three times to pass the exam.  I even had a private study session with a college professor.  I knew the formulas, I understood cash flow, NPV and WACC, but those problems were not on the exam.  I have the Gleim part 3 and the IMA study material.  What am I doing wrong?  None of the material I studied was on the exam.  I am so discouraged and not sure if I can go through it again.  I have wanted to be a CMA since I learned of the designation in 1998.  I feel stupid so I am reaching out to ask from help.  I live in MS and we do not have a local chapter.  Most of the questions related to $ / units and I was clueless as to how to solve them.  Maybe I am making it harder than I should but some help would be appreciated.  Thanks. Sonia

Sonia,

 You should take it easy and be confident about what you studied and learned, the exam is easy to pass if you prepared well, solve a large no. of question provided on the IMA’s PLC and read feedbabks related to each question. In this manner you will pass the exam easily, believe me, you will pass it easily. Don’t take it as a something impossible or complicated or even beyond your abilities & skills.

Challenge your self and prove to yourself that you can pass it and you will pass it.

 CMA is NOT difficult to earn, however, its not easy to earn.

 Try to make balances between these two things and you will see, you will pass & earn the CMA certificate.

 Good luck

I am in the transition stage.  My scores were the same all three times, which lets me know I am doing the same mistakes.  I ordered the exam results which lets me know my weakness and I studied those areas.  Again, the areas I studied were not on the exam.  I am assuming the exam is also computerized for you as well, and timed.  I am also assuming you are very analytical (lol).  I am a corporate accountant.  I work balance sheet and income numbers all day...not so much financial analysis....so I knew doing this would be to some degree foreign territory, however I know this stuff but can't pass this test....

Hi Sonia,

First of all, don't feel discouraged. Preparing for CMA is to understand the concepts clearly and develop the skill to apply them to the real world scenarios. So the basic thing is to understand the concepts outlined in the Learning Outcome Statements published by IMA for Part3. Now, to understand the concepts, you need a good study material that conforms to the Learning Outcome Statements and describes the contents in an easy to undertand manner and personally I feel HOCK study material is brilliant in this respect. And the second thing is to develop the skill to apply the concepts and for this you need practice, practice, practice.........yes, you need to practice answering as much questions you can before appearing for the exam. Byhearting things will not work here.

Best of luck for your next exam.

Sunil

Hi Sonia, the good news is in the current curiculum, no more marketing, IT and business management. So you can focus on the accounting side. Part 3 which is Part 2 now has broader topic considered to P1 which is mostly cost accounting. Just let me know which area you are still confused. I'm not good in explaining but I can give you the reading references that will be very helpful for you.

yes, I have my degree, and other designations in accounting...Financial Management is different than public accounting/bookkeeping.  Two totally different animals.  I have noticed those of you replying are men, meaning, men are more analytical than women, so i am at a disadvantage, and I know this.  i do appreciate all of your comments and support.  It helps.  I will look into the HOCK study material.  thanks again...

Sonia:

Not sure what exactly you meant that the questions "related to $ / units" ... but, as Maribel pointed out, the scope of the new exam has changed DRASTICALLY away from some of these obscure topics...

I don't know the rules... can you take the new 2-part exam straight out instead of transition part 3?  That material, while certainly very challenging, is really strictly the financial stuff

I don't know if you want to spend more $ on study materials, but HOCK is wonderful!  The material is easy to get through, lots and lots of practice questions plus their customer service is outstanding.  If you have any questions on the materials, you can ask and they will respond promptly.  Also, once you pay, your materials never expire - if they update anything, you get the updates.  I HIGHLY recommend HOCK.

Good luck to you!  I am also studying for Part 3 - at the moment, my biggest issue is finding/making the time to study.

Amy

Hi Sonia,

Try HOCK Material. Hock Material usually provides fundamental knowledge which is very useful for examination purpose.I cleared the Part 3 in 1st Attempt. For problem solving Gleim is an Excellent Material.

Regards

ok, I obviously miscommunicated what I am doing with testing.  When the notification came out about the new testing change I immediately called and was told that I could take Part3 of the old 4part test, and part 1 of the new 2part test.  I am struggling with Strategic Mgmt mathematical word problems.  I purchased and studied intensively the word problems from the IMA study exercises which pertained to cash flow, NPV, and WACC.  I wasn't fortunate enought to have these questions but instead had questions that I had not studied because they were not included in my material.  It sounds like I need to buy another study guide and start over.  My job is very time intensive.  I spend every waking moment, not dedicated to work, on my studies and felt pretty good about it.  Again, as I mention earlier, even made time for a study session with a college professor.  It was like I was on the wrong path all along, and not finding out until after the test.

Hi Sonia:

i may agree withMohammad that you need for more practise so you will be familiar with the questions

addition i discovered that these groups are also benefit for new questions issued by us

Good Luck

either me i will have my exam next week, so wich me luck

Hi Sonia,

I sympathise with you and with your predicament. Let your current motto be to TRY and TRY AGAIN UNTIL YOU SUCCEED. Take it as a challenge and you will win! I have noted that you have excellent command over the English language which should come handy, as you have a definite edge on many others (who are) sans adequate English language grasp and still manage to pass!

Like other members here have rightly suggested that understanding the core concepts and lots of practice would be advantageous, do venture out doing exactly that with a solid disciplined study plan. I understand by '$/units' you mean Costing problems, which is outside the purview of your daily routine. Nevertheless, you should start afresh getting the basics of Costing first from a Manufacturing Co's perspective.

See the links I have posted in your email id for additional study materials.

Best Wishes!

P.S. When you say that you are from MS does it mean Maharashtra State of India or Massachusetts state of the US? Just curious to know, as I belong to the former!

Hi, Sonia.  I understand your frustration.  I also failed the Part 3 exam a couple weeks ago and I've been very discouraged.  I don't think I've ever failed a test in my life, so I am taking it harder than I probably should.

I have read other posts where people say the exam is set up to confuse you by using some tricky questions and including a lot of irrelevant information in the questions.  We have to get the concepts totally downpat so we can decipher the "trickiness" of the exam.  I also saw many questions on the exam where I didn't even know what they were asking for.  The material was so different from my Hock materials that I wondered at one point if I was taking the right exam.

I would like to know how/where you ordered your exam results.  I was told by the IMA that the advanced exam performance report is no longer offered and that we can only get the brief report from Prometric.  I did receive the brief report, and it just shows the 5 sections of the exam, and whether I scored M (marginally), U (unsatisfactory), or S (satisfactory) in each of those 5 sections.  I scored S in 3 sections, M in 1, and U in 1.  My exam score was 470.  So close yet so far away!

My suggestions are to focus on memorizing formulas, understanding the formulas and why they work they way they do, memorizing steps and details of planning and marketing (I had trouble in this area).  I have been using Hock materials, along with some Q&A's from the IMA.  I think I am also going to get a Q&A set from Gleim, in order to (hopefully) have a more "rounded" approach to solving problems and knowing what to look for in the questions.

I hope this helps.  Try to keep your head up and try again, and you will be so thrilled when you finally see that "Congratulations" on the screen!

Sonia, one more thing...please focus your studies based on the IMA's LOS (learning objectives statement?) because anything on that list may be on the exam.

I am a Mississippi girl located in the USA...my sister states have local chapters but we lost ours due to lack of funding and participation, so I lost my support system.  Lisa, I used both Gleim and IMA's LOS, that is why I am so frustrated about not passing.  I too felt as though I were taking the wrong test.  I knew my formulas however the test didnt ask any of those questions.  And Yes, the problems were confusing...Each math problem had so much information I couldn't figure out how to answer it.  I probably made it much harder than it actually was.  I cannot express enough my appreciation for the encouragement.  I will attempt it again, and again, until I pass.  I just wish I had the proper resources to teach me what is being tested. 

Sonia...

You will do MUCH better if you STOP memorizing formulas and START understanding WHY they are the way they are, where they come from and what they mean.  If you are counting on memorization, then you will have to memorize each and every problem as though it is a distinct fact, and very quickly, you are going to run into trouble.

When you understand the WHY of the topic, then you will be able to identify what a problem is asking for, and you will know which information you need and don't need.  I teach my students in Management Accounting and Cost Accounting - both undergrad and graduate student - the thought process to solving complex problems

1) understanding what is being asked for

2) understanding the relevant concepts

3) determining the needed information

You cannot do ANY of these three things by relying on memorization.

Just my 2 cents.

Hi Sonia,

have you used the Gleim online materials or just the books?  I would recommend the Gleim on line because you take a lot of practice quizes and exams that prepare you for the real exam.  I also recommend, myexamscore.com.  This is the full length practice exam.  I passed the first time using Gleim on line and myexamscore.com.  I know that you can, too.

Hi Sonia,

I recently passed Part 4 and Part 3 and would like to assure you that you can do it.  I used only the IMA study materials and the on-line practice tests.  Are you using the practice tests?  Also, IMA has supplemental Questions that are not in the book but available as PDF that you will have to print off to use.  I found them very helpful.  Call IMA Learning Center and they will email them to you.  

I understand your frustration of feeling like the test doesn't really measure your knowledge.  The thing is that you never know what section you might get more questions on so you can't skip sections that you think are not too important.  I did that ... and it caused me to fail.   I don't think the tests are balanced... they are sometimes heavier on one section.  But maybe it is to make sure we study all of the material.  The new 2 Part test may be different and I have no experience with that. 

If you study the IMA materials and use the on-line practice tests - you will for sure be able to pass.  Remember - all you need to do is get better than 500 score.  

You can do it... don't give up... you are almost there!! 

Hi Sonia,

One more thing... don't fret about not having a local chapter or class available.  While a class can be helpful, it really comes down to putting the time into reading, re-reading for comprehension and then practice - practice - practice on-line.  Practice the problems and get your speed up.   Good luck!  You can do it.  :-) 

Hi Sonia,

Change some variables. It could be your study materials, your study environment, your frame of mind, or method of studying. You have to identify what the key limitation is you yourself.

In a nut shell, I recommend IMA materials even though they are a bit expensive. Work on a lot of practice questions until you score higher. But also, try to understand the concept, rather than just recalling formulas. Understanding the concept is very important because most questions will appear differently on the real exam

Sonia,

(1) Use HOCK.  The study material matches LOS by topic.

(2) Increase the practice questions.  Do lots and lots!

Study every items on the LOS.  Read HOCK at least 3 times and practice lots of questions - 1,000 or more.

Cheers,

Sonia you need to try the retirement questions released by CMA institute which are containing 246 questions which is really an eye opener for understand the logic for every problems.  This was really helped me to understand the concepts to appear in the examination and I have passed as well.  Please get immidately the retired questions and work on this.

I used Hock and I was still lost on the exam.  I scored 470.  I am now studying to retake the exam in November.  I'm going to print off the LOS and make sure I understand all of the topics.  I felt like Hock followed the LOS very well, and I felt like I was well-prepared, but the exam was still way out in left field!

I know, me too.  That is why I got so frustrated and discouraged.  I didnt just memorize the formulas, I knew them, understood them.  Those particular problems were not on the test.  I thought I knew the material but when I started the test I was so lost.  I must not have adequate study materials.  When I ordered from Gleim they had already discontinued printing and producing materials for the old 4part test.  I was able to get the online and CD/DVD's for Part3.  I was able to print the study units from the online material and study from those.  All I did with LOS was print the sample questions and the retired questions.  I made multiple copies and reworked them four separate times.  Those type of problems were not given.  What should I get from LOS this time to be better prepared.   I understand many of you are suggesting HOCK and I will definitely look into it.

Sonia, I had the same experience.  I did the "brain dump" and wrote a half-page of formulas when I went into the exam, during the time of the tutorial.  I think I only used one of the formulas on the exam.  This is very frustrating, for sure!

I just called the IMA and spoke with a man there.  I told him that I've talked with several people online and we all feel like the exam was off base from our study materials and we were caught off guard and were unable to pass.  He assured me that all of the exam questions are based on the LOS.  His suggestions were to use the IMA's study resources and to base our studies on the LOS.  He invited me to send him questions that I did not feel were from the LOS and he said he would show me where they were on the list.  I'll have to give that some more thought. 

I did the same thing.  I know for a fact WACC, Cash Flows, and IRR questions were not on any of the test I have taken.  I cannot remember what the problems say word for word but I do remember they included variables that confused me.  I would have to read the problem multiple times trying to figure out exactly what it was looking for.  I remember being confused because it would ask 'how many units are needed to break even' but list dollar values as answers.  Thank you Lisa for your efforts and support. 

Sonia, when are you going to retake the exam?  I just scheduled my appointment for 11/15. 

i dont know.  i will see what is available.  I haven't even looked at the material since I took the test on the 10/2...i need to get LOS online and begin studying....what LOS do I need to get?

Go to this site http://imanet.org/cma_certification/study_resources.aspx

and click on Learning Outcome Statements.  It will open a pdf file.

have you tried the Combo packages...kinda pricey...but it might be worth it.  Want to ask before investing that amount of money.

I haven't.  I used only Hock and passed Part 1 on my first try.  I wish I was having the same results for Part 3. 

I am sorry to say.... but,

I find it impossible to believe that the exam asked for breakeven point in UNITS then listed sales dollars.  Far more likely, the question asked for the "breakeven sales" and then listed dollars - and if you know the material, that should NOT throw you - you should understand the contribution margin ratio and it's uses, and be able to work in any fashion - units or dollars - that a problem may call for.

Steven, i realize that you think i am a complete dummy....i really do not appreciate the 'tone' you send.  I reached out for help not insults.  you do not know me or my situation.  I am looking for constructive instruction, not verbal bashing.  It hurts and i am already feeling like crap because i flunked the test.  Maybe I have a comprehension problem...i dont know...what i do know is I am trying, i haven't given up, and I reached out for ideas and ways to pass the test.  I am a graduate of a respected university in my area, and have other designations.  I already feel stupid, i certainly don't need help with that. Sonia  

Sonia, it was probably just test anxiety.  I know for sure I missed one problem because I didn't know what to do...then I thought about it after I went home and it was simply a matter of subtracting 2 numbers from another number.  I think I was just anxious about the exam.  Hang in there!

Guys, I took the Part 2 (New) last July. And I used the Part 3 reviewer of Hock and Gleim. For financial analysis, I used the Part1 of Gleim and Hock. But on the exam...THE QUESTIONS ARE REALLY DIFFERENT FROM THE PRACTICE SETS. Yes, all the questions are covered by the LOS but the PRESENTATION of the problems are really VERY DIFFERENT from the reviewer. As in SUPER Different and it seems that the questions are all new to you. Reading the problem alone will eat your time. I'm waiting for the result. I hope I passed it!

Sonia, fighting!. 

Thanks Maribel....All of you have given me a new outlook on things....even Steven....

Sonia ..

Please do not take what I said as an INSULT.... and nobody said you are a dummy.  I took the CPA exam 4 times until I passed, many moons ago, and my experience in the University classroom is valuable here.

What I am trying to communicate is that in order to formulate an action plan, you have to know what the problem is.  While it is true that they constantly change the problems - they have to, otherwise EVERYONE would pass - I am just suggesting that what you suggested - something about how the problem asked for one units and meant the other - is most likely NOT the problem.  

Any meaningful action plan is based upon a complete an honest appraisal of the problem at hand.  Sometimes, this calls for us to check our egos in at the door and look inward to what WE can do, rather than outward to what OTHERS are doing.

 

 

Steven, when did you pass the CMA?

Thanks Steven....'tone' is most often misunderstood through email and messaging.  I appreciate the clarification.  You are right.  I do not understand most times what the question is asking.  I have ordered the CMALS part 3.  I used Gleim last time along with CMA's practice test.  I gather from you comment you are a professor and have both your CPA and CMA.

hey every one its my 1st time here .. i didnt read all the posts but with my experince in takin part 3 i advice every one to answer retired Qs they are 325 Qs i answered them before i took the exam and when i took it i found typically Qs it was exactly it by numbers .. those retired Qs are very important so if any one want those Qs please contact me on maged_shalaby1987@... and i will send them to him or her : )

LOS means Learning Outcome Statements...this information is listed on the IMA home page under the certification study resources...a link is listed a few responses up...by Lisa

 

"Sonia you need to try the retirement questions released by CMA institute which are containing 246 questions which is really an eye opener for understand the logic for every problems."

Hi Sankar,  where can I get these retired questions?

you know, i have them and tried them, but didn't continue studying them.  I obviously had the wrong assumption that since they are 'retired' they would not be used.  Also, there isn't an explaination to how the answer is achieved.  When I would answer them wrong I had no way to know why it was wrong.  I will begin working on those this evening when i get off work.  it will be a few days before i get the other study material.  Thanks for the suggestion. 

u dont have the detailed answers sonia !!! so ur pdf is only 94 pages right ???

i have the detailed answers if u want them : )

goodness...i printed the CMA Retired Questions with answer sheet (simple answer no explaining)...before i say yes let me check when i get home to see if i have the same set of retired questions.  I will email you, if that is ok with you.

okay sonia u can add me on maged_shalaby1987@...

here is the LOS...it is a pdf...hope you can open it.

Hang in there! I had trouble with Part 3 but eventually passed and you can too. Studying and applying what you've learned/reviewed is important. I'm trying to successfully pass Part 4 so I can be done before I have to take the transition test which I won't even get started on.......

Remember your attitude plays a key factor in your success! Rebuild your confidence, study and you can and will PASS!!!!

Steven, I hope you can help me with something.  I'm trying to apply your 1-2-3 approach above as I'm reviewing to retake the Part 3 exam.  You said to follow those steps instead of memorizing.  How would you apply this concept to remembering the different formulas for effective interest rates, for example?  My thought so far is to look at it as "what you're giving up for what you're getting" (expenses divided by loan proceeds) and this would cover the different ways to calculate the EIR.  Is this what you mean?

I've normally done well with memorizing, but it didn't work for me on the exam last month.

Thanks in advance.

 

Hi Liza, your thought about effective interest rate is ABSOLUTELY correct. But the exam will not give you questions as straight forward as this. They will try to trick you. Mostly the following will affect the effective interest rate: a. interest paid in advance, ompensating balance which will earn interest and compensating balance which will not earn interest and also some bank charges such as processing fees. For me, I always look for this words.

 

Lisa... sorry for delay .. I have had 2 ridiculous days here... just got home midnight after giving 120 exams and haven't kept up on all the posts for the day or so... but you have the right idea... that is what you call undstanding WHY a formula is the way it is - what you said.  That way, you can reason your way through any changes.... the last thing you want to do is try to memorize everything as a discreet fact - you will run out of disk space - the number of itterations becomes unmanageable -- and short-term memory is the first thing to go when you are under stress or nervous.... I have taxes and 30 hours of grading to get to, and a midterm to write for the MBA's in Management Accounting, so I have to go into my cave for a couple of days.. LOOLOLOL

@Joey,

Thanks very much for the CMA formulae ppt. It will be quite useful for all interested.

Best Wishes,

Bharat

Thank you dear

i ordered the ima part3 study material and it definitely has a different approach than the GLEIM.  I will attempt the test again this month.  thanks everyone for the encouragement.

Joellen...

First and foremost, good luck.

Regarding the format and terms being different:  this is something that is very unique to the whole area of management and cost accounting.  In fact, this something which, to me, makes it so much fun to teach.   I am a University professor and teach only Management Accounting and Cost Accounting, at under graduate and graduate levels.  I also make up my own problems.  What makes it so interesting is that I can take the same concept ... say (thinking) ... margin of safety.  I can literally think up 200 different ways to find out whether you a)know what it is, b) know how it's computed c) know what it means and d) know how to use it.  To a test-taker, particularly if you are attempting to memorize (as many students do), this can make it very difficult.  Each question looks totally different than the next.   To me, this is what makes these topics so INTERESTING and FASCINATING rather than BORING. 

Try to focus on the MEANING of things, and ask yourself "What is the purpose of the question?" and you will find it MUCH easier to adapt to alternative presentations of the same concept.  Turn this potential threat and difficulty into your friend and into an asset!

Best.

Thank you all for contributing to this thread, I must say quite valuable info here, My last attemp for part 3 was in June with 490 score!!

 

Have re attemp in less than 48 hours time... wish me luck :)

good luck .. is this thread officially dead now, or has my email stopped working??

Hello Sonia and Gang,

 

I took CMA part 3 this morning and passed with 510 score !!!, this was my 2nd attempt and intially I had failed with 490 Marks in June.

it appears that exam is may be made bit difficult as lot of questions are trickly, I will try to make a you tube video with my experience to share with rest of my friends but here are few tips

 

a) Focus on theory especially strategic marketing adn planning, lot's of questions and tricky one., remember definations and process of various functions helps

b) the calcuations quesions were easy, not too complicate as we may see in IMA challange etc,

c) if you can afford take BA II plus, 5 - 6 questions on net present value and noramlly it would have taken me 2 minutes on average or so to solve each, with calucaltor it took 30 second and if i enter teh data correct, answer was also correct

for BA II plus search youtube and you will find some good stuff.

All in all it is not easy, in the 2nd attempte it took me approx a month or study and to be frank i was quite stressed.

 

Best of luck to all of you and thank you for all of your feedback

 

 

 

congratulation Irfan

 I couldn't understand what you mean by BA II could you please explain

Salwa

Congratulations, Irfan!  That's great news!  I hope for the same success on 11/15!

Salwa,

BA II -- He is refering to the Texas Instruments BA II Plus calculator, one of the two financial calculators that the IMA allows you to use on the test. I passed Part 3 yesterday and definitely agree. I wrote this in another post on here about it...

"Having taken and passed the Part 3 exam today, I would highly recommend one of the financial calculators. 

I bought a TI30 BA II plus today on the way to the test and spent about 15 minutes trying it out before my appointment. The time was well worth it. You can test out your calculations versus the time value table to make sure you are doing it right. Why would want to use a 4 or 6 function calculator when you can use of of these? I mostly used it for FV, PV, and IRR. It is a time saving versus writing out the formulas, and another thing that helped me was that it will saves the values for these problems until you clear it. 

For example, if you had a problem that required you to calculate different NPV at different rates to compare investments, this saves a lot of time.

An investment returns 2,500 for 5 years. And you need to know what is the NPV is at 6%, 8%, and 10%.

You would enter: (I'm using the brackets to denote the calculator [key] )

0 [ FV ]

2500 [ PMT ]

5 [ N ]

6 [ I/Y ]

And once you calculated that [compute] [PV] ;  you can just repeat the above step replacing the 6 with an the other numbers to quickly calculate their values.

I wish that I bought one of these to use when I was studying for the exam. I think it could have helped me finish the test (I skipped a few that had a lot of calculations).

Info on the calculator from Amazon:

"The more hard-core worksheet mode includes tables for amortization, bond, depreciation, and compound interest. If you're not familiar with such calculations, the very helpful user's manual will guide you through the process. All previous worksheet values are stored in memory, so you don't have to retype all the bond maturity or cash flow analysis figures." It says it can figure out uneven cash flows, depreciation schedules, uneven cash flow analysis, and advanced statistics. I haven't used an HP 10bII, so I can't say which is better."

Best of Luck,

Michael

Hi Michael

congratulation. Thank you  so much for the worth information

Salwa

hello everybody finally i made it and i passed my exam on 11/04/2010 it was my third time and i scored 510 so for everyone dont loose hope you will make it and u will pass best wishes for all of you :) :)

Alf Mabrouk Ya Mohamed

nice news