The CMA Final represents the third and final level of evaluation that students in India aspiring to become Cost and Management Accountants (CMAs) must successfully clear. So, one must clear CMA Final to get the coveted designation to their names.
Compared to CMA Intermediate, the CMA Final is considered much more challenging because it is geared more towards the application aspect of content and syllabus. If you are studying for CMA Final, you already know that the questions are more application-oriented as opposed to being more theory-based or concept-based. This can make CMA Final relatively intimidating too many, but that is why we are here! SuperProfs is here to make your CMA Final exam preparation organized so you can boost your chances of clearing the two groups (CMA Final Group-1 and CMA Final Group-2) in the first go itself.
If you are preparing for CMA Final Group-2 scheduled to be conducted this June (July 2020 due to postponement of exams), read this article further to know how to clear CMA Final Group-2 about to maximize your chances of success. Also, read the previous article on how to clear CMA Final Group-1 and Preparation tips.
CMA Final Group-2 General Tips
- Across all 4 papers in CMA Final Group-2, there is a considerable amount of theory content. As a rule of thumb, if any concept is longer than half a page, summarize it.
- Summarizing can be possible in many ways, such as:
- Writing down the main points (features, characteristics, etc.) on stick notes
- Reading aloud, explaining to yourself and recording the same as voice notes (VNs)
- Watching SuperProfs’ videos for CMA Final as we have already done the hard work of summarizing the concepts, so your time is saved.
- Memorization is an integral part of CMA Final Group-2. If you want to clear the examination in 1 go, revise regularly (~2 times per day).
CMA Final – Corporate Financial Reporting
- Sections A-C all have the same weight of 20% marks but start with Section A because it includes the Accounting Standards which must be memorized and hence need a higher number of revisions.
- For any accounting standard, follow the template below:
- AS-Number: What the Accounting Standard is About (example: AS-2: Inventory)
- Definitions and Applicability
- Example (1 question at least)
- Section E (Government Accounting in India) contains only 15% marks, but it follows the same pattern as Section A, so study it after you complete Section A. For any accounting standard, the same template shall be used.
- Section D (Developments in Financial Reporting) include a lot of formulae, so prepare a formulae sheet needs to be created for the same first.
- Valuation computations must be studied on a separate cheat sheet to help you recall them easily; This is more applicable for Section E.
CMA Final – Indirect Tax Laws and Practice (Including Customs Act)
- Ignore the dates of the laws (year of their passing), because there are no additional points for remembering and writing those.
- Use flowcharts and visual aids to help explain and remember concepts like GST bill. One example has been given below. You can create more like this of your own.
- Create a separate list for tax percentages and keep the cheat sheet with yourself when it comes to solving questions related to that; This will help you memorize the percentages easily.
- Small chapters like Study Notes-5 (Value of Supply under GST), as well as Study Notes-6 (Place of Supply under GST), can serve well for initial readings to familiarize yourself with the concepts.
- The Goods and Service Tax (GST) bill accounts for as much as 50% of the whole exam, so master it before you move on to other chapters.
- Section A, Part 1, Subsection 19-25 have a lot of definitions and terms to be explained in detail including their provisions, so study them multiple times every week and treat it like a theory subject when it comes to memorization.
CMA Final – Cost and Management Audit
- Section A (Cost Audit) contains Cost Accounting Standards which are a repetition of what you have studied in CMA Inter Group-1, so revising it should be among the first tasks you complete.
- Format of Cost Audit report should be memorized.
- Study Notes-3 (Audit Process and Practical Steps of Audit Process) both can be studied and memorized easily, so do not lose this chance to earn easy marks.
- Management Reporting Issue Under Cost Audit (Study Notes-8) has a lot of theory parts that have been mentioned in the form of short paragraphs. Shorten them into bullet points for easy memorizing and remembering.
- Avoid studying the section numbers (particularly for Study Notes-4: Cost Auditor – Professional Ethics and Responsibilities).
CMA Final – Strategic Performance Management and Business Valuation
- Only two Sections exist here and both have equal weightage, so it does not matter which you start with as long as you know you can master it (decide on your choice before you begin a section because Section-A and Section-B are quite different concept-wise).
- Section-B (Business Valuation) is more geared towards numerical questions and computations while Section-A (Strategic Performance Management) is more directed towards theory, so you can begin with either section as per your ease of learning and studying preferences.
- Study Notes-2 (Performance Evaluation and Improvement Tools) contains a lot of different definitions and terms; ensure to write those meanings in your own words, so you can remember them easily.
- Obscure formulae like that of Probability of Ruin under Enterprise Risk Management (Study Notes-4) may be too complicated; If you find such concepts taking up a significant time of your study, skip them.
- When in doubt regarding whether to take any formulae seriously or not, consider the number of solved examples or illustrations that come right after it. If a concept has too many questions related to it as solved illustrations, it is important from the examination point of view.
- Abbreviations aren’t too many in number, but they still are scattered across the chapters in both sections. From a professional point of view, if you plan to become a Cost and Management Accountant (CMA), then it is worth studying those abbreviations.
Studying for the CMA Final Group-2 is much like studying for any other competitive examination. If you do feel frustrated and tired at times (which you will), take a short break BUT ensure to remain consistent with your efforts.
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.