Study for the CMA Exam AND Pass on Your First Try! [10 Tips!]

Are you ready to study for the Certified Management Accountant (CMA) exam? If so, congratulations! Earning your CMA will give your career a solid foundation and improve your business skills.

Studying for the CMA exam isn’t easy and passing can be difficult. Naturally, it helps to know how to prepare for the CMA exam and any pitfalls to avoid.

To ease those concerns, we compiled the top 10 CMA study tips you to follow so you can study for the CMA exam with confidence.

Let’s get started on the top 10 CMA exam tips!

Tip #1: Find a CMA Review Course that Fits Your Learning Style and Budget

When considering how to study for the CMA exam, it’s critical to choose the right CMA review course. With so many options though, how do you decide?

a) Consider your learning style.

Do you learn best by listening to audio lectures? Or do you prefer reading texts and working through practice problems?

Various courses are available to fit different learners, so find one that will work best for you.

b) Consider your budget.

Some courses can be expensive, but there affordable options do exist. Find a course that fits your learning style and the features you value the most, then look for course options or CMA course discounts to save the most money.

Once you’ve considered these two factors, take read reviews of different courses before arriving at a decision.

Tip #2: Decide which CMA Exam Part to Take First

There are two parts to the CMA exam: Part 1 and Part 2:

• Part 1 covers financial reporting, planning, performance, and controls
• Part 2 covers financial analysis and decision-making

You can take either part first, but most recommend starting with Part 1.

Part 1 is a little easier than Part 2, so many prefer to take this exam first so they can get a confidence boost going into Part 2. Neither exam is truly “easy” though, so it really doesn’t make much difference which one you start with.

Look at each section’s content and decide which one you want to take first. Once you’ve decided, it’s time to start studying!

Tip #3: Set Aside Time to Study for the CMA Exam

There’s no way around it. To pass the CMA exam, you’ll need to put in a significant amount of study time.

Your own CMA exam study time will depend on several factors, including your experience in accounting and finance, how well you know the material, and how good you are at taking exams.

How many hours will it take to study for the CMA?

As a rule of thumb, expect to spend approximately 300 hours studying for the CMA exam, or 140 – 160 hours for each part. You may need more or less time than this depending on their experience and knowledge.

To get an idea of how much time you’ll need to set aside, consider these factors:

• How new or difficult is the material for you?
• How well do you learn and retain information?
• How much free time do you have outside of work and other obligations?
• How much experience you have in accounting and finance?

Don’t be discouraged if you think you’ll need more time than the average person! The CMA exam isn’t a competition. The more realistic your expectations are going into your CMA exam prep, the better off you’ll be in the end.

Tip #4: Make Studying for the CMA Exam a Priority

Taking the Certified Management Accountant (CMA) exam is a huge commitment. To succeed you have to make studying for the CMA exam a priority, no matter how busy you are.

That means setting aside a consistent amount of time every day / week to review material and knock out practice problems. It also means proactively scheduling study sessions that don’t interfere with other obligations.

The more effort you put into preparing for the CMA exam, the better your chances of passing it!

Tip #5: Schedule Short Breaks During Study Sessions

Preparing for the CMA exam can be taxing, both mentally and physically.

Schedule regular breaks during study sessions to stay refreshed and focused. For example, set a timer for 50 minutes to study, followed by a 10-minute break.

During your breaks, do something to take your mind off studying. Just make sure you return to studying when the timer goes off!

Tip #6: Limit Your Social Media Habits

No surprise here, but it’ll be hard to get any meaningful studying done if you’re checking the Gram or TikTok every 5 minutes.

You don’t have to give up social media entirely, just use it responsibly. Hopping in and out of focus leads to inefficient study sessions and it’ll take longer to grasp difficult concepts.

Set aside particular times of the day to check your accounts or set app limits on your phone. This will help you stay focused and avoid wasting time.

Tip #7: Practice Your CMA Exam Time Management Skills

Effective time management skills will allow you to answer more questions and increase your chances of passing the CMA exam.

To manage your time during the CMA exam, consider how much time you have for each question and learn to budget it optimally.

Here are some CMA exam tips for time management:

• Read the exam instructions carefully before starting. This will help you understand how much time you have for each section.
• Take your practice exams under timed conditions to get used to working within a set timeframe.
• Learn when to move on. If you’re stuck on a question after 2 minutes, move on and come back to it later.

Tip #8: Perform Regular Progress Checks

The key to passing the CMA exam is consistent studying. Studying alone isn’t enough though, it also matters how you study.

Studying for an exam like the CMA is a lot like building a sandcastle. Over time, certain parts may wash away and need to be built back up. Your job is to notice when certain topics are slipping from your memory and need a refresher.

 The best way to do this is by taking practice exams every few weeks and/or participating in study groups.

Here’s how to study for the CMA exam with regular progress checks:

• Set up specific goals and deadlines;
• Check these goals every week;
• Create checkpoints where you review everything you’ve learned so far;
• At each checkpoint, take a practice test or an assessment of what you’ve learned and measure your performance.
• For any topics that you score less than 70% on, spend some time re-learning the material until you can raise your score back up.

Tip #9: Perform a Final Review 1-2 Weeks Before Exam Day

After you’ve gone through all the course material, it’s time to start performing a final review. This will allow you to identify and address any weak areas and refresh your memory on key concepts.

Plan to complete at least two few full-length practice exams under timed conditions. This will get you comfortable with the exam format and further hone your time-management skills.

Tip #10: Get plenty of rest the night before the exam

Sleep is always important, but it’s especially important to get a good night’s sleep the night before an exam. Don’t study late into the night or go party-hopping the night before!

Aim to get at least eight hours of sleep, and set an alarm so you don’t oversleep on exam day.

What Not To Do When Preparing For Your CMA Exam

When it comes to studying for CMA exams, there are also a few things you should avoid:

1) Don’t procrastinate:

In theory, waiting until the last minute to study may seem like a good idea, but this can lead to being overwhelmed and burned out before exam day arrives.

Instead, start early and space out your studies so that you don’t cram all your material into one week before your exam date.

2) Don’t drink too much coffee:

It’s easy to become dependent on caffeine when studying, but too much of it can have an adverse impact on your health and make you jittery on exam day.

Drink responsibly!

3) Don’t underestimate how difficult the CMA exam will be:

Many people overestimate their ability and take on more than they can handle because they think they’re prepared or have enough work experience to get by without studying hard.

Your CMA exam will be a thoroughly unenjoyable experience if you walk in unprepared, and it’ll be a very expensive lesson if you fail because of it. If you need more time to study, you can almost always reschedule your exam for a nominal fee.

Final Thoughts

We hope this post gives you useful tips and tricks on how to study for the CMA exam. Remember, getting your CMA will be a huge career boost, so take it seriously.

Good luck, and happy studying!