Your Future, Right Now!

A Review of the CPA and CMA Exams by Dr. Monte Swain

AICPA

States NASBA Schools

Exam Prep Providers Employers

Section Name Section Time Section Format Section Description

Auditing and Attestation

4.5 hours3 MCQ testlets and 2 simulation testlets

This section covers knowledge of auditing procedures, generally accepted auditing standards and other standards related to attest engagements, and the skills needed to apply that knowledge in those engagements.

Business Environment and Concepts

2.5 hours 3 MCQ testlets

This section covers knowledge of general business environment and business concepts that candidates need to know in order to understand the underlying business reasons for, and accounting implications of, business transactions, and the skills needed to apply that knowledge.

Financial Accounting and Reporting

4 hours3 MCQ testlets and 2 simulation testlets

This section covers knowledge of generally accepted accounting principles for business enterprises, not-for-profit organizations, and governmental entities, and the skills needed to apply that knowledge.

Regulation 3 hours3 MCQ testlets and 2 simulation testlets

This section covers knowledge of federal taxation, ethics, professional and legal responsibilities, and business law, and the skills needed to apply that knowledge.

Exam Prep Providers (the “biggies”)– Becker (a lecture/coaching service)

• $865 per part, plus $95 registration fee. If you register for all four parts, discounted to a total of $2,690

– Gleim (a guided self-study service)• complete set for $989.95

Nobody Cares About the Score!

Remember: It’s a Pass/Fail Exam!!

• Do the following:– Complete your education requirement (depends on

the state)– Become a member of the AICPA– Pass all four parts of the exam– Satisfy the experience requirement (depends on the

state)– Comply with the Standards of Ethical Conduct

• To Retain Certification:– Continuing education—80 hours every 2years– Maintain membership– Comply with the Standards of Ethical Conduct

AICPA

States NASBA Schools

Exam Prep Providers Employers

IMA

Schools

Exam Prep Providers Employers

• Education: Bachelor’s degree

• Experience: Two continuous years of professional experience in management accounting or financial management. This may be completed prior to application or within seven years of passing the examination

Section Name Section Time Section Format Section Description

Business Analysis

3 hours 110 MCBusiness Economics, Global Business, Internal Controls, Quantative Methods, Financial Statement Analysis

Management Accounting and Reporting

4 hours 140 MCBudget Preparation, Cost Management, Information Management, Performance Meausurement, External Financial Reporting

Strategic Management

3 hours 110 MCStrategic Planning, Strategic Marketing, Corporate Finance, Decision Analysis, Investment Decision Analysis

Business Applications

3 hours3-7 written-response essays and problems

All topics from parts 1, 2, and 3, plus organization management, organization communication, behavioral issues, and ethical considerations.

• Do the following:– Complete your education requirement (BS degree)– Become a member of the IMA– Pass all four parts of the exam (skip one part if CPA)– Satisfy the experience requirement (two years)– Comply with the Standards of Ethical Conduct

• To Retain Certification:– Continuing education—30 hours per year– Maintain membership– Comply with the Standards of Ethical Conduct

The Certification CalendarJan Feb Mar April May June July Aug Sept Oct Nov Dec

CPA CPA CPA CPA CPA CPA CPA CPA

CMA CMA CMA CMA CMA CMA CMA CMA CMA CMA CMA CMA

CMA Part 4

CMA Part 4

CMA Part 4

CMA Part 4

*Visit www.prometric.com/cpa for CPA Exam Testing Information and Testing Centers*Visit www.prometric.com/icma for CMA Exam Testing Information and Testing Centers

Commit to a date, and get it done it fast!

April May June July August September

Graduate

Take a short break!

Study for two weeks

Take two sections of CPA Exam

Two week break!

Study for two weeks

Take two sections of the CPA Exam

Short Break!

Start studying for CMA

Take CMA Exam—only three parts if CPA is passed (plan on it!)

Short Break!

Start your career with six letters behind your name!!

A Sample ScheduleA Student Email received August 22, 2008 (used with permission)

Thank you for encouraging us to take the CPA exam quickly after we graduated. I took 2 parts in May, and the other 2 sections in July (June was a blackout month). I passed all four parts, and now I don't have to worry about them when I start work. I definitely agree with your recommendation to finish all four parts in a short window. You and the other professors at BYU prepared us well for the exam and our professions.

A Student Email received August 22, 2008 (used with permission)

Thank you for encouraging us to take the CPA exam quickly after we graduated. I took 2 parts in May, and the other 2 sections in July (June was a blackout month). I passed all four parts, and now I don't have to worry about them when I start work. I definitely agree with your recommendation to finish all four parts in a short window. You and the other professors at BYU prepared us well for the exam and our professions.

Your future is in your hands! (With some help from others)