In this video, get six tips for answering multiple-choice questions on the CMA exams, including how to quickly eliminate answer choices and use clues from the question to determine the correct answer.
For more information about the CMA exam scoring and grading including how many MCQs are not evaluated during the exam (and why) see How is my CMA Exam Score Determined?.
A special message from Brian Hock, President of HOCK international
Learning new concepts and mastering new skills requires a significant investment of time and energy. You, or people you know, may have worked with private coaches, tutors and/or counselors such as math tutors, piano teachers, sports coaches, career counselors, or even exam-specific tutors such as SAT or ACT tutors. We make these investments because we know that advice and guidance from experts can help us reach our full potential whether in the classroom, on the field, or in our careers.
I understand that passing the exams is an important step in your career. To fully support you in your preparations, I want to make certain that, in addition to having the knowledge to succeed, you also have the confidence, support, and motivation to pass on your first attempt. Because everyone has different methods of studying, there is no simple formula for preparing and knowing when you are ready. However, with almost 20 years of experience working directly with candidates, I understand what you are going through and how to help you pass.
If you are feeling anxious about whether you are studying in the right way or feel uncertain about some of the topics on the exam, I can help you gain the confidence you need. HOCK has a new opportunity for you to receive personal support and guidance directly from me in a 1-to-1 setting called One to One with Brian. Learn more about One to One with Brian and take advantage of this opportunity to invest in your future and success.
Please contact us with any questions that you have and we will be glad to help. I look forward to meeting with you, helping you pass your exams, and advancing your career!
In this video, HOCK international President Brian Hock answers a very common question about the CMA Exam, “Which Part of the CMA Exam Should I Take First?” Once you decide which Part you want to take first, you can learn more about HOCK international’s comprehensive CMA exam preparation and start studying today!
There is one question that you must be able to answer correctly in order to pass a professional exam. If you can answer this question correctly, you will pass the exam. If you cannot answer this question correctly, it is very unlikely that you will pass. Watch the video to find out the question!
So, before you start preparing for any question that is going to be on the exam, make certain you can first answer the question of why you are studying. Why are you studying?
In this video, HOCK international President Brian Hock discusses two of the main benefits of having professional certifications:
- Provides a differentiating factor when competing for a job
- Offers networking through a professional organization
In this video, HOCK international President Brian Hock offers some tips about how you can maximize your study time with distraction-free studying. Fewer distractions = more learning and more learning = passing your exams!
Some of the suggestions discussed in the video include:
- Have all of your materials ready when you start studying.
- Turn off all of your notifications (phone, email, etc.).
- Wear earplugs or play soft music.
- Try studying somewhere other than home or office (try the library!).
- Try different study times (maybe early morning or later at night).
In this video, HOCK international President Brian Hock offers some tips for how to study segregation of duties, a usually very difficult topic for CMA, CPA, and CIA exam candidates to master.
In this video, HOCK international President Brian Hock offers some tips for how to set up a study schedule for effective and efficient studying.
Some of the suggestions discussed in the video include:
- Set aside time where studying is the only thing you do.
- Make studying a priority in your schedule.
- Study at a time of the day when you are alert and focused.
- Use smaller blocks of time for studying rather than longer blocks.
Over the years I have been asked several common questions about preparing for exams, and hope that this will be helpful for candidates considering taking a professional exam.
1. What exam should I pursue?
The best exam for you is the one that will help you the most in your career. So, you should ask yourself what you want to be doing in five years and what you need to do to make that happen. Keep in mind that you may also need to do something other than get a professional certification. As a general rule of thumb, here is how I look at the best market for each of the main US certifications:
- CIA – If you are, or want to become, an internal auditor you take the CIA exams. CIA is also an excellent second certification for CMAs.
- CPA – If it is required for the position that you would like, or you are wanting to work as an auditor for the Big 4, CPA is probably what you need. However, the requirements to be eligible for the CPA Exam are much more difficult than the other exams. Be certain to confirm your eligibility for the CPA Exam before you start the study process.
- CMA – This is the best certification for most candidates who do not want to work as an auditor, but instead want to work for a company as an accounting or finance professional. Anyone who works with a budget, as an accountant, as a manager in a company, in finance, or who would like to start a business would benefit from earning the CMA Certification.
- CFA – This is the certification (actually a Charter) for individuals who want to work in investment banking.
2. What is the most difficult Exam Part?
Obviously, this depends a lot on your background and experience, but a couple of exam parts that are usually more difficult are CIA Part 3 (under the 2018 syllabus) and CPA Regulation.
CIA Part 3 is difficult just because there is so much content in it. Even though none of the topics are difficult and none of the topics are tested in great depth, the breadth of material that needs to be learned makes the exam difficult.
CPA Regulation is difficult because it covers US Business Law and US Taxation, and for many candidates (even in the US) Regulation covers topics that they will never use. Furthermore, the nature of business law and taxation are such that the material requires memorization because there is not always an underlying logic that makes things easily understandable.
3. What is the one thing that I can do to most improve my chances of passing an exam?
The most important thing that you can do to improve your chances of passing an exam is knowing why you are taking the exam. Whether it is to improve your knowledge, earn the certification, or to make more money (the most common reason), if you know why you are taking the exam, you will be able to pass the exam. If you do not know why you are taking the exam, it is very probable that you will never pass. The reason is because passing the exam requires dedication over several months and it means that you need to study in the evening after a day of work, on the weekends, and when you would rather be doing something else.
4. What is the next thing that I can do to improve my chances?
Other than the obvious things like reading the book and doing practice questions, the next thing that you can do to increase your chances of passing is to ask questions. When you come across something that you do not understand, ask your provider. At HOCK we provide unlimited support to candidates who are using our materials, so if there is something that you do not understand, ask us. Chances are that we will be able to answer your question quickly and fairly easily for you, and much more effectively and efficiently than you could answer it if you were to try to learn it on your own. Let us help you prepare – that is why we are here. If you bought materials from another provider, ask them. They should be able to answer all of your questions.
5. How can I tell when I am ready for the exam?
There are a number of indicators that you can use to assess when you are ready, and like most decisions there are quantitative and qualitative factors to consider. The factors include: 1) How you are doing when you take practice questions – you want to be 15% or more higher than the passing score because these are questions you have already ansnwered; 2) The result on your mock exam(s) – ideally you will be at least 5% above the passing score for your exam; 3) How you feel when answering the questions on the mock exam. While it is nice to know what your score on the mock exam is, only you know how comfortable and confident you were and how many questions you had to guess on, or were uncertain about your answer. If you know 75% of the material and there were 8 questions that you guessed on, your score would be between 67% if you guessed poorly, and 83% if you guessed perfectly. Those two different scores would give you different feedback about your readiness for the exam.
If you are able to answer the questions on the mock exams easily and comfortably and you feel that you could explain why the correct answers are correct, then you are ready for your exam.
6. How did you study for the exams when you took them?
I have passed the CPA (even though I do not have a CPA license), CMA, and CIA Exams. For all of them I self-studied. I passed all of my exams the first time except for CPA Regulation, which I passed on my second attempt.
7. Which exam is the hardest: CMA, CIA, or CPA?
This is a common question, but there is no one correct answer because is too specific to each candidate for there to be one answer. All three exams have about the same pass rate, so using that as an indication does not provide much help. For people who like formulas and numbers, CMA has more of that than CIA does. For people who do not likes taxes, the CPA will be the hardest because of the tax section. The key for making any exam easier is to be certain that you are taking the exam that you need to be taking, which will keep your level of motivation high so that you will put in the time to study.
8. Can I prepare for an exam by doing only practice questions?
No, you should not try to pass any exam by only answering practice questions. While the practice questions are a critical part of preparing, they are not enough by themselves. The practice questions show you how a topic has been tested in the past, but the questions on your exam will be different than what has been asked in the past. Therefore, you need to know more of the theory than you learn just from practice questions. Additionally, while there is some important learning that takes place when you miss a question and have to learn why you missed it, learning through missed questions is a very inefficient way to learn. It is much better to have a basis in the theory (from textbook or videos) so that there is something to build on when you miss a question.
9. What is the difference between the textbook and videos? Do I need both?
The obvious difference is in how they teach. Different people learn differently, so you will learn more from the method that works best for you. The videos cover the entire syllabus, but do not include every detail that is in the textbooks. The textbooks cover more details and exceptions to the rules than the videos. If you study primarily with the videos (and the practice questions, of course) you should be able to pass the exams. I say your “primarily” because even if you use the videos as your main study tool, you will still need to refer to the textbook for some topics that you do not fully understand from the videos.
One way that I sometimes describe it is that if you want to win an award for the highest score on the exam, you need to know everything in the textbook. If you want to comfortably pass the exam, focusing on the videos as your primary learning tool is fine.
10. What makes HOCK materials different than other materials?
I think that there are a few ways the HOCK materials are different than our competitors, confirmed by the reviews and feedback from our students.
- Our materials are not just “Review” materials. We do not assume that you have studied all of these topics in school and therefore only need to review them. Our materials have more explanations, more details, and more examples than the competitors. This does lead to our textbook being longer, but we continue to stay focused on the syllabus in all of our materials.
- Our explanations of correct and incorrect answers in our question bank are better and more helpful. Sometimes knowing why a specific answer choice is incorrect is just as important as knowing why the correct choice is correct. We have complete explanations for not just correct answers, but incorrect answers as well.
- We provide quick and unlimited support, and we answer every question that we receive from students studying with HOCK. We almost always respond the same day that the question is asked and for most candidates any delay in a response is due to time differences. It is worth mentioning as well that the support that you get from HOCK is usually from the authors of the textbook – this ensures that you get accurate answers that address what you need to know on the exam.
- We are the only company to provide a guarantee that pays for you to retake your CMA exam if you fail after studying using our materials. While some companies may offer a partial refund, or give you extended access to the materials, your goal is passing the exam. I believe that materials should be such that if you use them, you will pass. And that is what the HOCK “You Pass or We Pay” Guarantee does – if you watch the videos and do the review quizzes and mock exams (this is how we confirm that you have actually studied), and do not pass the actual exam, HOCK will pay your fees to take the exam again. We are asked if we actually make the payment, and the answer is yes, we do, but not very often because if you do study our materials following our study plan, you will be prepared to pass – comfortably and confidently.
I hope that you have enjoyed this Q&A. If you have any other questions about preparing for the exams please contact us and we will be glad to help.
Brian Hock, CMA, CIA
PS You can also read my Q&A with some personal/career questions if you missed it earlier this week.
Over the years I have been asked several common questions about my life and career, and I thought I would answer them together for anyone interested in my background.
1. How long did you spend in Russia? Why did you go to Russia? Why did you leave Russia?
I spent 18 years in Russia, starting with two years in Togliatti and the rest in Moscow. I moved to Russia soon after graduating from Miami University, having been interested in Russia since high school after my first visit to Russia in 1987, when it was still part of the Soviet Union. I returned to Russia again in 1989 and 1990. When I entered college, I was studying Diplomacy and Foreign Affairs and Russian History. After looking at the limited career opportunities for Russian History professors, I switched my major to Accountancy. When I interviewed for jobs with the Big 6 audit firms, I said that I wanted to work in Russia. I ended up with three offers in Russia and chose to work with Price Waterhouse in Togliatti. AvtoVAZ, the largest Russian car manufacturer, was the single client in that office.
There was no specific reason that I decided to leave Russia, just a general desire to return to the US. I enjoyed all of my time in Russia and I would do it again.
2. What do you enjoy most about teaching?
I enjoy helping other people succeed, and providing a personal level of support during someone’s studies is what I enjoy the most. It is very fulfilling to receive emails from candidates who have studied with HOCK, passed their exams, and gone on to have great success in their career.
3. If you were not teaching, what would you be doing instead?
That is a difficult question because it has been so long since I did anything else, having been involved in training since 1996. I started training at PwC in Moscow, then moved to ATC International, and then after one year as the regional training manager for Arthur Andersen, I opened HOCK Training in 2000. If I had to do something other than teaching, I think I would like to be a small business consultant helping entrepreneurs reach their dreams.
4. What are some of the most memorable books you have read?
I greatly enjoyed reading The Power of One, by Bryce Courtenay, and Wild Swans, by Jung Chang. In general, I like reading historical fiction.
5. What is your favorite topic to teach?
If I had to pick just one, I would say that my most favorite topic to teach is CPA Business Law because it is a topic that many non-US candidates are not familiar with and find difficult. I think that Business Law is a topic that I am able to bring more value to candidates through a clear and understandable presentation of these topics.
6. What did you study at University?
I have two Bachelors’ Degrees from Miami University (located in the state of Ohio, not Florida), in History and Accountancy. As much I enjoyed all of my history studies and considered getting a PhD in Russian History, employment prospects were much higher for an accountant than for a Russian historian.
7. How did you start writing your own textbooks?
I started writing textbooks because the candidates that I was teaching in 2000 were not able to understand the review materials that were in the market for CPA and CMA at that time. The first topics that I wrote were for Bonds and Leases for CPA while I was teaching a CPA group in Almaty, Kazakhstan. After the students commented how easy my materials were to study from, I wrote the rest of the topics as well. Within a couple of years, I had replaced all of the other CMA, CPA, and CIA materials that we had been using with HOCK materials.
8. Have you traveled a lot for your work?
When I was living in Russia I did a lot of traveling within the former Soviet Union. I taught classes in Russia, Ukraine, Kazakhstan, and Georgia. As a company we also had classes in Belarus, but they were all in Russian, so I did not teach them.
9. How do you prepare for teaching, whether in class or for videos?
In addition to making certain that I have in my mind the progression through the topics and the examples, the main thing I do before I make a video is take a moment to remind myself that candidates around the world are going to use these materials to help them prepare to pass the exam and that I keep their success as the motivation behind my videos. It was a few years ago that I switched my focus from how much we sold to instead focusing on making certain that we are providing the best and highest support for candidates who are relying on us to help them. I know that the cost of the exams and preparing is a significant investment (in both money and time) and candidates place a great trust in their provider. I want to make certain that we do not violate that trust.
10. Do you have any other accountants in your family?
Yes, I do. My father was an accounting professor (one of the best that I had) for over 30 years. My older brother is a CPA and works in consulting and litigation services. My younger brother, Kevin, who works with me at HOCK, also has an accounting degree (and a computer science degree).
I hope that you have enjoyed this Q&A. Stayed tuned for another Q&A later this week answering some common exam prep questions!
Brian Hock, CMA, CIA