Student Forums CMA Part 2 Recommendations on studying for Part 2

Recommendations on studying for Part 2

  • Creator
    Topic
  • #216551
    Charlotte Geisler
    Participant

    Hiya All,
    I just recently started studying for Part 2 of the CMA with Hock International. I was awarded a scholarship through the IMA for the CMA which included Wiley prep material. Last month is when I actually started studying for the exam, though I recently adjusted my sails, and decided to do Part 2 first bc of the testing center situation and the fact that after I started studying last month, which I did start with Part I first bc I had originally signed up for Part I in Sept. I changed my testing bc after I started studying and did a full review of my Cost class materials for a refresher and then went on to the Wiley prep material, which only included test banks, I quickly realized that I needed additional material for the exams bc I had no idea what some of the questions for the test bank were even talking about bc I’d hadn’t seen the material previously. So I adjusted my sails, cancelled my Part I appt and decided to focus on Part 2. I started this week and have been doing the reading, then watching the videos, and answering the test bank questions for each topic. I have fallen behind on the amt of questions Ive answered for each section but am going to do a review of each topic today instead of moving forward in the material. Does anyone have a different strategy for their study habits? I’m finding that Im not doing well on the questions even though I just went over the material. Any and all suggestions, recommendations, and/or advice is welcomed.
    Thanks,
    Charlotte

Viewing 4 replies - 1 through 4 (of 4 total)
  • Author
    Replies
  • #216554
    Lynn Roden
    HOCK international

    Hi Charlotte,

    Which section or sections have you worked through in Part 2? (Section A, Section B, etc.)

    Lynn

    #216559
    Charlotte Geisler
    Participant

    Hey Lynn,
    I currently working on section A. So far Ive gotten through section A Comparative Financial Statements Analysis (which I just went back and redid the questions in Exam Success and got a 90), A.2 Liquidity Ratios (which I am getting ready to go and do some more of the questions bc I haven’t answered them all yet), and Leverage, Capital Structure, Solvency, and Earnings Ratios (which I did the 10 of the questions from this section and need to revisit them and do more but didn’t do terrible on this section).

    ~ Charlotte

    #216562
    Lynn Roden
    HOCK international

    Hi Charlotte,

    Right now you are going through one ratio at a time, and it can be a little overwhelming because you are not getting the whole picture. Financial statement analysis involves looking at a company’s financial statements and making a decision about the company’s overall financial situation using all of the different ratios. If you are on the inside of a company, you are determining whether something in the company’s operation needs to be changed. If you are on the outside, you might be determining whether to extend credit to the company or whether to invest in the company. In any individual company, some of the ratios might be good and some might be not so good. It is the overall picture that is important—what all of the ratios put together can tell you about the company’s financial condition.

    When you get all the way through that section, you will find a “Ratios Summary and Example” in the book. That includes a full set of sample financial statements and an analysis utilizing all of the ratios covered in the section along with some interpretation of what the ratios are telling us as to the company’s financial health. And there is an Excel spreadsheet that you can download from My Studies that contains the same financial statements and ratios and shows the formula for each ratio in its cell.

    It can help to get the whole picture. So I recommend that you go ahead and go through the ratios individually and answer the questions, but don’t worry too much about it if you are not scoring very well on the questions. I think after you have worked through that Summary and Example and have seen the whole picture, you will understand it better. It is much better to understand what the ratios are telling you in total about a company’s financial condition instead of trying to memorize each formula individually.

    After you have worked through the Summary and Example, it would be a good idea to go back and set up a new ExamSuccess study session containing a few questions, maybe around 25, from all the topics in Section A and see if the different ratios make more sense to you then.

    Lynn

    #216613
    Charlotte Geisler
    Participant

    Hey Lynn,
    Thank you for all of that information, that helps me wrap my head around this all a little better. I will definitely look closely at the Ratios Summary and Examples. I think also that I need to do the problems more than one time each. I found that going back over a section of questions were easier the second time around. That’s how we learned in our Accounting program at school, we’d do the same problems over and over again until we had it in the vault. So I’ll add that to my study habits as well.

    ~ Charlotte

Viewing 4 replies - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.