CMA EXAM TIPS 2020
Professional Exams has been competitive since inception. However, the level of competency and curriculum today is far vast compared to inception and requires smart preparation. This article touches upon the CMA Exam Prep tips. Have a look, start your CMA preparation accordingly and pass your CA or CMA exam with flying colors.
EXAM TIPS TO CLEAR CA/CMA EXAM
Professional Exams is often considered as a nightmare to the students. The reason it has been perceived so is that the Institutes mission is to keep up with the quality of professionals/ members. This demands the students to cope up with diverse syllabus with certain level of competency that is required to be a professional.
First of all, the student should understand that the exams irrespective of the level of examination is just the gateway to be crossed the reach the land of professionals, where the real expertise of the student is examined. As for the exams are concerned, the students just have to take up the right strategy to get pass through the gateway. The point to be noted here is many students, who have expert knowledge about the subject by way of relevant field experience sometimes fails to clear the exams. What could be the possible reason? Is it that the student is not enough skill in the field of work?
The answer is no. Though you have abundant field experience and even about the books the foremost qualification of the student lies only on passing the examination. It is just that, even if you have plenty of arrows in your quiver, that one arrow that hits the target is what matters. So if you have enough expertise by still couldn’t clear the exams do not feel for it, you have a great welcome party once you qualify. Before that you should just realize what strategy to be adopted to clear the exams, even if is short of your competency level in the relative field. So, if you are doing CMA preparation then below are some CMA Course Exam tips which are going to be very helpful to you.
Though there are several reads on this topic, just to put it into simple words I recommend a simple and happy formula. Yes, be HAPPY for your exams before starting CMA Exam prep.
H – Hold your belief
A – Accommodate and plan
P – Prepare
P – Practice
Y – Yield it by performance
With the above approach, we will just see some tips in bullets points that can help the student.
H – Hold your belief
- Believe in yourself, you can clear this exam
- Assess your skill and competency – perceive the level of effort required
- Exams are tough, but not impossible
- Don’t push above time or competency
- Unite your efforts and attempt your exams comfortably
A – Accommodate & Plan
- Evaluate yourself with subject-wise familiarity
- Have a scheduled time table
- Allocate enough time for each subject
P – Prepare
- Be self-disciplined to your study plan
- Plan you study as Learn, Summarize, Revision
- Ensure 2 Revisions and a crash course or refresher training, if possible
P – Practice
- Practice in writing & work out problems (this is where most students suffer)
- Evaluate yourself with mock test and previous question papers
- Test your time management and keep it intact
Y – Yield it by performance
- At the end of all efforts, performance is the only scale to measure. Relax before the exams – be calm and composed.
- Let the answer be to the point and appropriate to the marks. Do no overrun even if you knew more. The time taken here may affect the other questions.
- In exams, if struck in middle of an answer do not stand still. Save it for the last. Attend the other questions.
- Keep timely targets for each question. Complete in advance and check the answers and calculations once again.
This is not an exclusive advisory or exam tips, there are stills point to be take care such as physical and mental health, Study life balance, recreation and social interactions. But all these should be taken in the correct dosage as it turns out to be instrumental to you exam goals.
Sometimes the desires doesn’t go as planned, we may have to face failures, we may lose the exams in aggregate, etc., but it does not always mean you failed. You have not been defeated, you success is just postponed. Keep up your spirit. Just remember for every June has a December. Complete your exams and land up in your profession early. Speed is the key.
CMA EXAM TIPS for Inter Costing
Inter Costing being an intermediate level of both CA Course and CMA course, I have tried to collate all common important topics and prioritized the tips on that basis. Here are some CMA exam prep tips and basics that the student should invest their time into –
– Cost Sheet
Cost sheet is one of the basic concepts the student should be thorough of. Understanding this is very important to learn the other costing concepts such as material costing, labor costing and the overheads costing.
In simple this deals with the expenses incurred for producing the good or rendering of services. It includes material, labor and other expenses with a further classification of direct or indirect relationship to the product or service. The other expenses include administrative expenses, selling and distribution expenses etc.
– Economic Ordering Quantity (EOQ) & Stock Levels – Inventory Control
EOQ is another important concept; Economic Order Quantity is ‘The size of the order for which both ordering and carrying cost are minimum.’
Similarly, stock level turns out to be vital task to any organization to identify the different material and their optimum.
– Cost Accounting System
Though crisply dealt the cost ascertainment in relation to production and cost center allocation is one such concept that helps to map the particular cost to its origin and contribution to the product. The adoption of cost accounting system enables to meet the requirement of recording and accounting of costs appropriately.
– Distribution of Overheads
Apportionment of overheads needs a two level of strategy, wherein the allocation and apportionment of overheads at the first instance between the production and service departments and subsequently the redistribution of the overheads of service department back to production department. As this is the method to load the cost not directly related to the product.
– Contract Costing
Contract costing is another concept in which the costing in relation to contract is being dealt. It requires the student to understand the contract accounting from both the ends from a contractors end and at the contractee as well.
Here, the chapter deals with the method of costing the materials, work in progress, overheads and ascertain the value of the completed portion based on work certified and work un-certified under the contract, whereby the notional profit is ascertained based on the estimated profit.
– Job & Batch Costing
Job costing is the form of specific order costing under which each job is treated as a cost unit and cost are accumulated and ascertained separately for each job. It is to be understood that a job may consist of a job, product, batch of products or any other specific order. More importantly job costing is applicable only when the jobs are executed for different customer specifications whereas batch costing is the technique of estimation of batch costing. This type of costing is applicable to the industries where production is done in bulk quantities at a time. Ex. Pharmaceuticals or drug industries.
– Marginal Costing
Marginal cost is one of the pervasive costing concept that is broadly used in majority of the costing strategies. It simply lays out the income statement which breaks up the cost profit relationship.
It deals with the selling price, variable cost, fixed cost and arrives at the contribution and profit level at different levels of income statement.
– Service Costing
The significant learning we take away from service costing is that the concept of costing is not limited to the manufacturing industries / production sector alone. For example for a transport industry, though the transportation of passenger / goods is a service so how is the cost of the travel/ charges is being ascertained.
Here we lift the veil of the operating costs involved in the service rendered in order to ascertain he cost of the service. Methodologies such as Passenger KM, Absolute and Commercial Tonne KM are adopted in service costing.
Other Important Concepts
Apart from the above topic, bulleted below are requires attention of the students
– Cost Accounting Standards
- Materials (CAS -6)
- Employee Costs (CAS-7 )
- Direct Expenses ( CAS-10)
– Budget and Budgetary Control
– Employee Cost, Process and Operation Costing, Standard Costing etc.
– Concept of Activity Based Costing (ABC)
Conclusively, these topics are the basics having the grip over the costing. The most important advice that has to get registered is the practice and working out the subject. A study could be easy but the practical application is the place where the point of difficulty is felt.
There are students who study hours and hours, but does not practice the habit of writing and working out the practical questions and manuals. Majority of them could be seen suffering at the exam hall with knowledge without practice. This is going to cost you nothing less than 6 months for every such negligence. Start your CMA preparation now and clear your exam with such CMA Exam tips and score high marks.
Wishing you all the best for your CMA exams…
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