The ICMAI has released the results for the June 2019 examinations for CMA Foundation, CMA Inter, and CMA Final. We at SuperProfs hope you have managed to clear the examinations of whatever group(s) you had attempted. To know how to clear CMA Inter Group 2, keep reading!
If you are a CMA Inter student who has either 1) cleared CMA Inter Group 1, or 2) is planning to study for CMA Inter Group 2 for the December 2019 examination attempt, you will find this article to be of significant benefit because we have provided subject-wise tips for each of the 4 CMA Inter Group 2 subjects.
CMA Inter Group 2 Subjects
Like its predecessor, CMA Inter Group 2 consists of 4 papers or subjects. The CMA Inter Group 2 subjects include the following (each of the following links contains the CMA Inter Syllabus group 2 papers) :
- Paper 9 – Operations Management and Strategic Management
- Paper 10 – Cost and Management Accounting and Financial Management
- Paper 11 – Indirect Taxation (including Customs Act)
- Paper 12 – Company Accounts and Audit
To pass the examination, you need to score a minimum of 40 (out of 100) as well as a total of 200 out of 400 marks. As a student, you must aim to secure as many marks as you can, because that maximizes your chances.
CMA Inter Group 2 General Tips
CMA Inter Group 2 is not much different from its predecessor, CMA Inter Group 1. Some general tips you should follow are:
- Reuse your notes from CMA Inter Group 1 for subjects like Cost and Management Accounting and Financial Management (Paper 10).
- Avoid studying ONLY theory or ONLY practical on any day. You are quite likely going to get bored.
- Bother Operations Management and Strategic Management (Paper 9) and Cost and Management Accounting and Financial Management (Paper 10) are largely formula-based. Cheat sheets are indispensable for acing them.
- Time is precious. If you find the Institute’s study material difficult, you can always check out some video lectures to save time and effort.
Operations Management and Strategic Management
- Operations management is full of formulae, so create a formulae sheet for the same and use it as a reference when solving questions from those chapters to memorize them fast.
- Strategic management is only worth 30% of the total marks while Operations management accounts for 70% of the total marks, so finish the latter first.
- Demand forecasting and aggregate planning as concepts require a lot of tables to be drawn, so practice those questions by hand instead of solving them on computer.
- Create a sheet or list of abbreviations of all the terms in Operations management (and Strategic management) and read it at least once a day until you memorize them.
- Strategic Management is mostly theory, but do not attempt to memorize the study material content directly without understanding what they mean.
- Use a pen/pencil to make short notes in the study material (textbook) that mention the gist or summary or essence of a theory or concept.
- Certain parts like the SWOT analysis, BCG matrices, Situational analysis are almost integral parts of Strategic Management, so do NOT skip them.
- Some diagrams including Project Life Cycle, Stages in Strategic Planning, and Transportation Models may present themselves in the form of 8 marks questions, so ensure you memorize those diagrams with their explanation.
Cost and Management Accounting and Financial Management
- Begin by studying (revising if you have already studied and/or attempted CMA Inter Group 1) the Marginal Costing concepts such as Cost-Volume-Profit Analysis (CVP Analysis), Absorption Costing, etc.
- Fixed, Variable and Semi-Variable costing can be confusing because of the advanced level application of those concepts in this paper, so ensure to practice all variants of the questions.
- Financial Management is quite dependent on formulae, so a formula sheet prepared specifically covering those areas is a must.
- Study Note-7 includes three kinds of analyses including Financial Ratio Analysis, Funds Flow Analysis, and Cash Flow Analysis. Begin by Financial Ratio Analysis, move to Cash Flow Analysis, and complete with Funds Flow Analysis.
- Make brief points to help you revise Capital Structure Theories quickly and effectively.
- In Financial Ratio Analysis, understand what each ratio conveys IN YOUR OWN WORDS (don’t memorize the meanings directly).
Indirect Taxation (including Customs Act)
- Goods and Services Tax (GST) Bill is an integral part of the syllabus and must be studied thoroughly.
- Indirect Taxation has several abbreviations in its chapters which are easy to forget unless regularly studied. Create an abbreviations sheet for the same and read them at least once daily.
- Get used to drawing tables; whether it be computation of taxable income under Direct Taxation or computation of taxable supply or service under Indirect Taxation, you must solve in a tabular form.
- Do NOT memorize the dates or the sections, articles, or clauses as you get no extra grade for that.
- Exemptions of GST (classified as Entry Nos. throughout the study material book) can also be drawn in a tabular form like a cheat sheet for effective memorization.
Company Accounts and Audit
- Begin by studying the Accounting Standards (Study Note 5); you can have a separate notebook to practice numerical problems related to them.
- Move on to Study Note 4: Accounts of Banking, Electricity, and Insurance Companies. Tabulate the accounting formats for each of the three industries (Banking, Electricity, and Insurance).
- List the journal entries from Study Note 1 (Accounting for Shares and Debentures) on a sheet which you can reference when practicing their numerical questions and by heart them fast.
- Study Note 6 (Auditing Concepts) consist of a significant amount of theory which can be memorized with relative ease if you make your own short notes to summarize them.
- Pay special attention to Study Note 7 – Reporting Requirements under Companies Act; learn the differences between them thoroughly.
- Auditors’ qualifications, appointment, remuneration, and disqualifications under Study Note 7 too must be thoroughly studied. Essentially, anything related to the Companies Act is important.
Remember that if you have cleared CMA Inter Group 1, you will have no problems clearing CMA Inter Group 2. You only have 3 months (September, October, and November) before December 2019 examinations are here, so start now!
You can watch a few lectures on CMA and see if you would want to consider subscribing to our video series for a better shot at clearing the CMA examination.