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How to Prepare for FBMS | CMA Foundation Subject-wise Tips

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To become a Certified Management Accountant, one cannot escape Math. Accountants have to play with numbers all day long and hence, it becomes imperative to study mathematics and statistics well during the initial stages.  This paper aims to test a student’s ability to understand basic concepts of mathematics and statistics and identify logic behind the calculations which go into solving real-life problems.

The candidates are expected to apply basic concepts of math and stats as an effective quantitative tool, and demonstrate the relevance and use of statistical tools for analysis and forecasting.

To help you prepare for CMA Foundation- Fundamentals of Business Mathematics & Statistics, we bring to you some quick tips and tricks which will help you enhance your preparation for this examination.

Here’s what you will read next:

  1. Fundamentals of Business Mathematics & Statistics (FBMS) – Syllabus
  2. How to study for CMA Foundation FBMS
  3. How to score well in CMA Foundation FBMS
  4. Online Resources

Fundamentals of Business Mathematics & Statistics (FBMS) – Syllabus

Here’s a quick summary of the FBMS syllabus that you need to follow while preparing for this subject:

Content

Weightage

Section A: Fundamentals of Business Mathematics

Arithmetic

20 %

Algebra

20 %

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Section B: Fundamentals of Business Statistics

Statistical representation of data

10 %

Measures of Central tendency & Dispersion

30 %

Correlation and Regression

10 %

Probability

10 %

Suggested marks distribution for examination:

Total 100 marks 3 hours

Objective

60 marks

Short questions & Practical Problems

40 marks

Objective questions  (60 marks) 1 marks each question

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MCQ

True/False

Matching

How to study CMA Foundation Fundamentals of Business Mathematics & Statistics

  • Before you begin to prepare, read and understand the exam syllabus and pattern and chart out a timetable for yourself accordingly
  • To strengthen your concepts, refer to NCERT for Business Mathematics. It will help you with basic concepts.
  • Every chapter will have some key formulae and concepts. Remember them and make notes in your own handwriting. This will help in increasing your retention power and your notebook  will serve as a quick revision guide.
  • There will be few questions which will appear to be tough even after multiple trials. Make a list of such questions and identify the root cause of your problem. Once you solve these, you will be able to solve other questions with ease.
  • You are only allowed simple six calculation calculator in the examination hall. So learn and practice to use this calculator efficiently.
  • Topics in statistics are inter-related. So, avoid skipping any topic.
  • Go through the study material provided by ICMAI and understand the step-by-step working of each problem
  • Since this is a practical subject, you will require a lot of practice. Do not just read the sums. Solve them and understand the process.
  • Attempt mock papers in real examination-like environment. Analyze your performance and revise accordingly.
  • Do not study this subject the whole day. You need some break, so mix and match while creating your timetable in a way that it does not over burden you.

How to score well in CMA Foundation Fundamentals of Business Mathematics & Statistics

  • Once you get the question paper, go through all the questions. Allot time to questions based on the marks that they carry. Keep some time for revision.
  • Like for all the subjects, attempt multiple choice questions first for this paper as well.
  • In subjective optional questions, always answer the question you are most confident about first.
  • For practical subjects like these, while you do not need to have extraordinary presentation skills, basic hygiene is a must. Your answer sheet should be such that it appeals to the examiner. Just follow these:
    • Have working notes.
    • Start every question from a new page.
    • Highlight your answer.
    • Draw Margins
    • Do not forget to write correct question numbers.
    • Make all charts, diagrams and illustrations cleanly and label them properly.Try to attempt all questions. There is no negative marking.
  • Try to attempt all questions. There is no negative marking.

Online resources to prepare for CMA Foundation Fundamentals of Business Mathematics & Statistics

Paper 1: http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper4_Set1.pdf

Paper 2: http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper4_Set2.pdf

  • Mock Test Paper Answers

Paper 1: http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper4_Set1_Solution.pdf

Paper 2: http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper4_Set2_Solution.pdf

  • Postal Test Papers:

1: http://icmai.in/upload/Students/Download/Postal-Test-Papers/Syl2016/Set1/Foundation/Paper4.pdf

2:http://icmai.in/upload/Students/Download/Postal-Test-Papers/Syl2016/Set2/Foundation/Paper4.pdf

You can watch a few demo lectures by SuperProfs for CMA and see if you would want to consider subscribing to our video series for a better shot at clearing the CMA examination.

Click Here to Watch FREE Demo

Also Read :

CMA Course Details – Subjects, Eligibility, Exam Dates And Fee Details

CMA Foundation Syllabus For June/Dec 2019 – Subjects & Changes

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