CMA (US) Exam Survival Guide

Window: Global | Part 1 (Financial Planning/Performance/Analytics), Part 2 (Strategic Financial Management)

Must-do topics

• Part 1: cost management (ABC, JIT), variance analysis, budgeting/forecasting, internal controls, data analytics
• Part 2: corporate finance (NPV/IRR), capital structure, risk/return, valuation, decision analysis, ethics
• Performance measurement: ROI, RI, EVA, balanced scorecard; responsibility accounting

Top traps (avoid)

• Using absorption vs variable costing in the wrong context
• Variance analysis: mixing rate vs efficiency; sales price vs volume
• NPV vs IRR ranking conflicts; reinvestment assumptions ignored
• Ignoring residual income/EVA capital charge; miscomputing WACC
• Weak internal controls rationale; missing COSO language

Time split

• Each part: 100 MCQ (3 hrs) + 2 essays (1 hr)
• Essays: outline first; compute cleanly; conclude with managerial recommendation

Last-48h checklist

• Costing & variances one-pager; master vs flexible budget
• Capital budgeting sheet (WACC, NPV, IRR, PI, payback)
• Performance metrics quick table (ROI, RI, EVA differences)
• Ethics scenarios using IMA standards (competence, confidentiality, integrity, credibility)

Quick facts / formulas

• EVA = NOPAT − (WACC × Capital)
• RI = Operating Income − (Required Return × Assets)
• WACC = wdrd(1−T)+wprp+werew_d r_d (1−T) + w_p r_p + w_e r_ewd​rd​(1−T)+wp​rp​+we​re​
• Contribution margin = Sales − Variable costs; use for CVP & break-even

Speed tactics

• For essays: State → Compute → Interpret → Recommend
• In MCQ, back-solve with unit contributions and variance templates
• If torn, choose the option aligning with controls, ethics, and value

Day-of mini-plan

• 10-min warm-up: 4 variances + 2 NPV mini-problems
• Keep a clean calculator workflow; label intermediate steps
• Final 5 min: sanity-check signs (gains/losses) and units