Can you crack the Certified Management Accountant (CMA) exam through self study? What should the prep strategy be like?

To qualify for the exam, accountants must possess a Bachelor's degree and have been working for a minimum of two years in management accounting. Most universities with accounting degree programs offer CMA exam preparation courses. The CMA exam is a 2-part exam. The first part covers financial accounting; planning, budgeting, and forecasting; performance management, cost management; and internal controls. The second part covers financial statement analysis, corporate finance, decision analysis and risk management, investment decisions and professional ethics. Its hard to quantify the difficulty of professional exams, but what we can do is to better prepare ourselves and aim to pass on our first try. In general, you should commit to 90 or more hours of studying per exam. Depending on how long you can study per day, this can take anywhere from seven weeks to three months. But these are just general estimates. Some people might need to study for longer over a several-month period.

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