Challenges faced by CMA students & Smart strategies to succeed in Exams
Are you a CMA aspirant? Then, this article is a must-read for you
What is CMA? The Cost and Management Accountant (CMA) is a professional certification in management accounting and finance. The certification indicates that the individual is knowledgeable in the areas of financial planning, analysis, control, decision support, and professional ethics. There are numerous professional bodies worldwide that offer management...
- What is CMA?
The Cost and Management Accountant (CMA) is a professional certification in management accounting and finance. The certification indicates that the individual is knowledgeable in the areas of financial planning, analysis, control, decision support, and professional ethics. There are numerous professional bodies worldwide that offer management accounting professional certifications. CMA (India) certification is issued by the Institute of Cost Accountants of India (ICMAI).
Strategic professionals known as Cost Management Accountants (CMAs) use their analytical skills to improve the performance and prosperity of the companies they work for. They usually operate in a variety of industries, such as government organizations, non-profits, and corporations. With titles like financial analyst, cost accountant, corporate controller, financial planner, or Chief Financial Officer (CFO), CMAs frequently hold important leadership roles. They actively participate in forming business strategies and assisting with important decisions, so their role goes beyond traditional accounting. Performance evaluation, cost control, risk assessment, and in-depth financial analysis are the main areas in which CMAs add value.
Syllabus Breakdown
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Foundation Course (Total - 400 Marks)
- Paper 1 – Fundamentals of Business Laws & Business Communication
- Paper 2 – Fundamentals of Financial & Cost Accounting
- Paper 3 – Fundamentals of Business Mathematics & Statistics
- Paper 4 – Fundamentals of Business Economics & Management
Intermediate Course (Total 800 marks)
Group I
- Paper 5: Business Laws & Ethics
- Paper 6: Financial Accounting
- Paper 7: Direct & Indirect Taxation
- Paper 8: Cost Accounting
Group II
- Paper 9: Operations Management & Strategic Management
- Paper 10: Corporate Accounting & Auditing
- Paper 11: Financial Management & Business Data Analytics
- Paper 12: Management Accounting
Final Course (Total 800 marks)
Group III
- Paper 13: Corporate & Economic Laws
- Paper 14: Strategic Financial Management
- Paper 15: Direct Tax Laws & International Taxation
- Paper 16: Strategic Cost Management
Group IV
- Paper 17: Cost & Management Audit
- Paper 18: Corporate Financial Reporting
- Paper 19: Indirect Tax Laws & Practice
- Elective (choose one):
- 20A: Strategic Performance Management & Business Valuation
- 20B: Risk Management in Banking & Insurance
- 20C: Entrepreneurship & Start-Up
What are the main challenges faced by the students?
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When asked a few CMA students, it was said that they found CMA (USA) easier to crack rather than CMA (India). The main challenge any student faces is the vast and complex syllabus under CMA. There are situations where they feel burned out. Some of the pacers need proper conceptual clarity, and it is advised to enrol with a coaching institute rather than self-study, but not all can afford to join a coaching institute. Since the syllabus is large, without a proper timetable and dedication, there is are high chance of the students struggling to cover the whole curriculum.
One of the hardest issues faced by CMA candidates is a lack of excellent mentoring or structured advice, particularly when compared to more mainstream courses such as CA or MBA. This problem is more severe in Tier 2 and Tier 3 cities, where access to reputable coaching facilities is limited. As a result, students frequently struggle to grasp how to approach the curriculum successfully, and they may end up employing obsolete or ineffective study resources. In these instances, candidates must rely mainly on ICMAI study modules, free internet resources, or self-study on YouTube. However, this method necessitates a high degree of self-control and consistency.
Reports show that when compared to the pass percentage of the CMA (foundation), the CMA final is lower. When students have to make multiple attempts to crack to CMA final, they lose confidence and they might even drop the course, as it leads to discouragement and loss of momentum.
Time Management is yet another issue. The general trend is that a majority of the CMA students are working professionals or students enrolled in another full-time course, so they might find it difficult to multitask. The sad part is that they find it difficult to keep up with mock tests, revision, and completing the practical training alongside exams.
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Another challenge is the regular or frequent amendments made to the syllabus, making it difficult to adapt to the changes. And it is to that the new syllabus includes Data Analytics, ERP, and Digital Finance. When asked a few of the students they were of the opinion that purely commerce background students find it hard to keep up with the above-mentioned topics as they find it technical or intimidating.
How can you over come the challenges?
1. Keep your distractions aside. Although this advice seems plain and silly, our biggest enemy is social media. During exam time stay logged out of all kinds of social media apps. Keep a timetable to cover the whole syllabus and stick to it.
2. If you are a working professional or full-time student, learn the art of multitasking, do not overstrain. Take breaks whenever necessary. Plan your weekends accordingly and invest them in CMA preparation.
3. For students who are not good at self-study, enroll yourself in a good coaching institute. There are several YouTube channels also.
4. The best way to manage time is to stick to a timetable. But my advice is to set a timetable that is actually achievable by you. Be disciplined in life, and you will be able to manage time.
5. We know that the syllabus is vast, so to tackle that prioritize covering the syllabus on the basis of mark weightage. It is great if you could break papers into modules and set weekly/monthly goals.
6. After your initial study make revision a habit. Allocate 1 day per week for revision only. Make proper short notes and use highlighter and sticky notes. Attend mock tests and go through previous papers.
Although CMA seems to be tough it is easy to crack if you are consistent. Stay positive, do not over-strain. Always have discipline in life and stay hydrated. Keep up with the latest syllabus updates. Creating a network of support through online resources and study groups improves motivation and learning. You can crack this course through workable study strategies and a strong dedication to your objectives. In this great journey of cracking the exam, always remember that planning and perseverance are just as crucial as intelligence. Do not be hard on yourself. All the very best.
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