Gmsisuccess.. Exam Stretegy for US CMA Part 1 students.
Steps for Interpreting Exam Questions
- Read the last line first – This helps identify exactly what the question is asking.
- Analyze the requirement – Determine what is needed and the relevant section of the syllabus it belongs to.
- Focus on keywords – Highlight terms that point to the correct concept, calculation, or framework.
- Prioritize key information – Extract the most important details before solving.
Priority Topics to Cover
- Budgeting – Cash budget, flexible budget, etc.
- Variance Analysis – Material, labor, variable and fixed overhead variances, sales variance, two-way and three-way analysis.
- Performance Measurement – ROI, RI, transfer pricing methods.
- Internal Control Systems – Importance, inherent limitations, COSO vs. COBIT, SOX, FCPA.
- Joint and By-product Costing
- Overhead Allocation Methods
- Job Order Costing and Process Costing
- Accounting Standards – Impairment loss, deferred tax, leases, warranty liabilities.
- Bond Valuation
- Receivables Accounting
- Investments in Associates
- Investments in Subsidiaries
- Revenue Recognition
- Revenue Cycle
- Cost and Operations Management – JIT, MRP & MRP II, Kaizen, capacity management, cost of quality.
- Normal vs. Abnormal Loss
- System Development Life Cycle (SDLC)
- Strategic Analysis Models – BCG Matrix, Porter’s Framework, SWOT, PESTEL.
- Data Analytics and Visualization – Charts, dashboards, Excel applications.
- Quantitative Techniques – Expected value, learning curve, EVPI, exponential smoothing, multiple regression.
Exam Strategy
- You don’t need mastery of every topic—aim for 80% coverage with a 20% margin of uncertainty, which is enough to score well.
- Avoid over-reliance on popular publications (e.g., Gleim, Becker, Hock). No direct exam questions are taken from these sources.
- Instead, complete the IMA Student Support Package—its practice questions closely reflect the actual exam in both style and wording.
MCQ Interpretation & Answering Techniques
- The biggest challenge is not knowledge, but interpreting and understanding multiple-choice questions (MCQs).
- Always attempt questions immediately—do not leave them flagged for later.
- Avoid blind guessing; instead, use educated guessing techniques for lengthy or difficult questions.
- Maximize the number of attempted questions to improve the probability of scoring 400+/500.
Question ⁉️ sure ask in exam MCQ. Essay section...
1.Illustration:
Major topic subtopic are: Computation of...ROI & RI ,material & labour variance,spending & efficiency variance, Cash budget, flexible budget, impairement loss,purchased goodwill,overapplied under applied of overheads,direct or step down method of overhead Allocation, cashflow statement, receivable accounting,Defferred Tax exps,Job order cost,EVPI,Learning curve,Expected value,Joint cost allocation NRV Method,Equity dividend,Bond valuation, Investment in Associates,Unrealised profit in Holding stock in consolidated income statement,prior periid expenses-over or under provision of income tax, Depreciation methods,Revenue Recognition, inventory valuation as per Absorption. variable.super variable costing, Multiple Regression equation,etc
This covers 25+ practical question ⁉️ scale 200+
2. Theoritical Question ⁉️
Major topic subtopic are: Difference between Engineering costs &Discretionary costs, Treatment of purchased Goodwill & bargain purchase, Cash & Cash equivalent,Off the cashflow, transaction of CFO CFI CFF, Impairement loss steps,Reasons for unfavourable material labour overhead efficiency variance,Budgetory slacks,types of Budget, BCG matrix, porter, benchmark, Balanced score card, SWOT analysis Pestel analysis, limitations of balance sheet, Journal entry for Integrated COST flow,JE for overapplied underapplied overhead adjustment,overhead Allocation methods,Transfer pricing methods, internal control limitations, types of chart with its application,diff between Job order & process costing Activity base costing,SOX,FCPA,LIQUIDITY PROFTABILITY SOLVENCY,OPERATING & FINANCIAL LEVERAGE,OVER & UNDER CAPITALIZATION, Financial and non financial factors in Balancescored card,Goal congruence & Transfer pricing decision,Risk owner in Responsibilty centre,SDLC,DATA ANALYTICS & DATA VISUALIZATION, ABNORMAL LOSS TREATMENT,REVENUE RECOGNITION, REVENUE CYCLE,PAYROLL, MATERIAL PROCUREMENT,JIT, KAIZAN,COST OF QUALITY,Etc
More important questions ‼️ in next article...
Best wishes 🍀
Prof Mahaley Head Gmsisuccess Mumbai
