CMA Exam Study Tips: Prepared by Brian Hock and HOCK International

CMA Exam
Study Tips
Prepared by Brian Hock and
HOCK international
Columbus, Ohio www.hockinternational.com

CMA Exam Study Tips from HOCK international
Contents
1. The Only Question You Need to Answer to Pass the Exam
2. Which Part Should I Take First?
3. I Purchased Materials, Now What?
4. Scheduling for Success and Peace of Mind
5. Making An Exception In Your Study Schedule
6. Do Exam “Shortcuts” and “Cheat Sheets” work?
7. How Should I Study?
8. How to Use the Materials
9. Do I need the Videos?
10. Studying Requires That You Actually Study
11. Reviewing – A Critical Step
12. What is the Best Way to Use the Flash Cards?
13. How Much Should I Study?
14. What Should I Do the Last Few Weeks Before the Exam?
15. CMA Part 2 P/E Ratio and EPS
16. Memorize The Code of Ethics
17. Scheduling for Success and Peace of Mind
18. Preparing for Exam Day
19. Six Tips for Answering Multiple-Choice Questions
20. Preparing for the Essay Questions
21. Five Tips for Answering CMA Essays/Problems
22. All MCQs are Equal
23. Answer Every Question
24. Making Quick Educated Guesses
25. How is my CMA Exam Score Determined?
26. While Waiting for the Result – Should I Start the Other Part?
Since 2003, we have been helping candidates around the world pass the CMA Exam,
and in that time HOCK international has prepared a number of study tips that are
helpful to all candidates. We have put all of our study tips into this document so that
candidates can easily read all of them.
The order of the study tips is chronological order with the process of preparing for the
exam.
www.hockinternational.com
Tip 1. The Only Question You Need to Answer

to Pass the Exam
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.
Before I tell you the question, I have good news – there are many correct answers to this question, and no
incorrect answers.
The Question is...
Why are you studying for this exam?
This question is important because dedication is what is needed to pass an exam. You need to be
prepared to study in the evenings, in the mornings, and on the weekends. You have to choose to study
instead of doing something with friends. If you know why you are studying, then you will be able to
choose studying instead of spending time with friends.
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.
Tip 2. Which Part Should I Take First?
Because the CMA Exams do not need to be taken in any particular order, many candidates ask,
“Which part should I take first?” This is a good question, but there is no “right” answer.
On the CMA Exam, the topics are not connected between the exam parts, so you will not get questions
on Part 2 that are related to Part 1 topics, or vice versa.
Therefore, I recommend that that you look at the exam syllabus and the topics tested on each part.
If you are more familiar with the Part 2 topics than the Part 1 topics, then you should start with Part 2.
Otherwise, start with Part 1.
Many people believe that CMA Part 2 is easier than CMA Part 1 because Part 2 has a higher pass rate.
However, this does not mean that Part 2 is easier. Because most candidates start with Part 1, a lot of
candidates never take Part 2 if they can’t pass Part 1. So the main reason that the Part 2 pass rate is
higher is that the majority people taking Part 2 have already passed Part 1.
When you decide which Part of an exam to take first, you only need to make certain that you decide
what will be best for you; it does not matter what your friends or colleagues did.
Start with the exam Part that will be the

easiest one for you to prepare for and don’t
second-guess yourself once you choose. Which part
should I take
first?
Remember that you have to take both of the
exams Parts eventually – the order is only
important for your planning purposes.
Tip 3. I Purchased Materials, Now What?
Making the decision to purchase exam prep materials is the first step in preparing to pass the exam.
Once you have purchased your materials, what should you do first? For the purposes of this exam tip I
am going to assume that you purchased HOCK Complete materials, but the same general ideas apply to
any materials.
In the first week, you should familiarize yourself with the materials, in a sense an installation and fact-
finding week. I suggest that you do the following, though it doesn’t have to be in this order:
1 Read the video study tips : www.hockinternational.com/category/exam-tips/. These tips

and ideas will help you understand what you will be doing and how you will do it.
2
Download the textbook, and page through the textbook to familiarize yourself with the
topics and layout. Read a couple of pages in a few topics that interest you and look at
some of the examples.
3
Access the videos page, look at the videos available, and watch the introduction video.
Then, watch a few videos from different topics to get a sense of the style and content of
the videos.
4 Become familiar with how the ExamSuccess online works, and do a few practice
questions. It does not matter now if you understand what the question is asking.
5 Download the flash cards and familiarize yourself with what is included in the flash
cards. The flash cards are an excellent review tool.
6 Create a study schedule and set up your PassMap. You should decide when you are going
to study each week so that you have time set aside for studying.
Tip 3. I Purchased Materials, Now What? (continued)
Once you have your schedule and have studied for a couple of
weeks, you should stop and evaluate your studying:
Are you staying on track with your study plan?

Has it been working like you thought it would?
Are your blocks of study time too long or too short?
Are you trying to study too much each week?
If necessary, revise your PassMap.
Re-evaluate every month or so to see how you are doing
with your schedule and make further adjustments as
needed.
Remember that the study process for any professional exam is a marathon, not a sprint.
It does not matter how fast you start studying, but rather that you study fully and
completely so that you pass the exam. Having and following a study plan will ensure that
you are successful in passing on your first attempt, which is why you purchased
materials in the first place!
Tip 4. Scheduling for Success and Peace of Mind
One of the most common questions I get from students is how to go about studying for the exam. When
you make the decision to study for a professional exam, you have made a time commitment that will span
months, if not years (depending on the exam).
On the first day of a class, I would often tell my students that for the next few months they would no
longer have to ask themselves, “What should I do with my free time?” Once you start studying for an
exam, you always have something that you could be doing, whether that’s reading the book, watching
videos, or answering practice questions.
The problem is that the feeling that you should or could be studying is always in your mind.
When you are reading a book for pleasure, you begin to think, “I could be studying the textbook.”
When you are watching your favorite TV show, you think, “I could be watching a video lecture.”
When you are exercising, you think, “I should be reviewing that last chapter that I read.”
To help manage your time when studying for an exam, I strongly encourage you to make a schedule of
when you will study each week by specifically designating time for studying (our standard study plans
suggest about 10 hours per week).
It might be Monday, Tuesday, Thursday and Saturday evenings from 6 – 8 p.m. It might be 6 – 7:30 a.m.
Sunday through Friday. It might be an hour at 8 a.m. in the morning and an hour at 7 p.m. night on
Sunday, Monday, Tuesday, Thursday, and Saturday.
Whatever will work for you.
Having a schedule of exactly when you

will study will make your non-study
time more enjoyable. You will have
your set study times, but you also will
know that during all of the other times
of the week, you can do whatever you
want. For example, if you know that
you study on Monday, Tuesday,
Thursday, and Saturday evenings, you
also know that the other nights are not
times to study.
Tip 4. Scheduling for Success and Peace of Mind (continued)
So, when you are relaxing on Wednesday evening, you do not need to worry that you should be
studying because you know it is not a time that you need to be studying.
A schedule is critical not only for your success on the exam, but also for your peace of mind while
studying. If you have a schedule already, congratulations.
If you do not have a schedule for studying, then the first thing you should do today is to make a
schedule. Both your studies and your personal life will be more enjoyable and less stressful as a
result.
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Tip 5. Making An Exception In Your Study Schedule

We have written several exam tips about creating a study
schedule and the importance of following your schedule, both
in terms of studying when you’re supposed to and also
There will be times when you knowing that there are times when it is OK not to be studying.
cannot study as you planned to,
and in these cases you just need No matter how good your plan is and how dedicated you are
to get back to the schedule to your studies, every once in a while there will be a day or
as soon as possible. event that requires an exception to your study schedule.
Here are some examples:
After months of cold weather, it is finally a beautiful Spring day and your friends are all
going to the concert in the park.
Your new smartphone that you ordered has arrived and you want to get it set up and
try all the new features.
One of your family members just had a baby and everyone in your family is going to
visit.
Your favorite movie series just came out with a new movie.
On days like these, don’t waste your time trying to study when you know studying won’t be effective.
Instead, spend a short amount of time doing practice questions or flash cards, find a time in the next
couple of days to make up the time, and then go enjoy yourself. You will be much happier and your
studies will be a lot more productive.
Of course, every day should not be an exception, but when you’re studying for several
months there will be a few times when you adjustments are necessary. Enjoy your
special event and then come back to your studies the next day when you can be focused
on learning instead of wishing you were somewhere else.
Tip 6. Do Exam “Shortcuts” and “Cheat Sheets” work?
There are no shortcuts to preparing to pass the exam. There is content that you need to know, and you
cannot learn it without putting in the time.
Studying for a professional exam is just like preparing to accomplish any significant goal—the only way to
succeed is to put in the required time and effort. There is a specific and defined body of knowledge that
you need to know to pass a professional exam and until you have mastered that body of knowledge, you
will not pass the exam.
When someone advertises that they have a shortcut or very short

materials that condense the exam into “only what you need to know,” this
is only a marketing gimmick. Unfortunately, marketing does not help you
pass the exam. Marketing may help you feel confident that you have some
special knowledge, but when you get to the exam you will be in for a
surprise if you don’t know the information that is tested on the exam.
One comment that is often made by unsuccessful candidates is the

questions on the exam were different than the practice questions. Of
course the practice questions and exam questions are different—they
should be different! If the actual exam had only questions that you
practiced with, then the exam would not test what you know, but only
how many questions you can memorize.
Candidates who pass that exam understand the concepts and theories tested on the exams and are able to
apply that knowledge, even if the questions are asked differently than the questions that they had
practiced with. Earning the credential means that you can apply your knowledge to new situations, and
this is what your employer expects you to be able to do. Memorizing specific answers is of no value to
your employer.
In order to be prepared to pass the exam the first time, you need more than shortcuts or
simplified materials. You save yourself a lot of time, effort, and money by studying only
once using complete and comprehensive exam prep materials that prepare you
to pass on your first attempt.
Tip 7. How Should I Study?

Once you have made the decision to study for the CMA exam and received your materials, it is easy to be
overwhelmed by the amount of information that you need to learn. This makes “How should I study?” an
important question. The main thing that you need to do when you study is to study and to keep your
focus on the goal of passing the exam.
Understand the Goal
Remember that your main goal is to pass the exam. To achieve that goal, there is a syllabus of material
that you need to learn. The syllabus tells you what you need to study, and by process of elimination,
what you do not need to study. You should not get distracted by reading outside of the textbook or
searching for other sources that are not written specifically for the CMA exam.
Overall strategy
The two main study tips that I offer for preparing for an exam are:
Remember that preparing to pass the exam is a Making a specific study schedule will help
marathon, not a sprint. This means that you reduce the stress of the study process. Without
need to have a long-term plan when you start a schedule, you always have studying hanging
studying. You should plan on studying 1-2 over your head. If you know that you will
hours at a time, three to five times a week, for study Tuesday evening, Thursday evening,
several months. It is OK if you miss one session Friday morning and Sunday afternoon, it
occasionally. makes it a lot easier for you the rest of the time
because you know that it is OK to not be
studying.
How many hours do I need to study?
The not very helpful answer to how many hours you need to study is that you need to study “enough.”
How much is enough is determined by several factors:
Your experience in the areas that are being tested.

Your education in the areas being tested.
Your level of fluency in English.
How well you study when you study.
What preparation materials you use.
As a general starting point, most people need to study around 150 hours per part for the CMA exams.
Tip 8. How to Use the Materials
Be certain to use all of the study tools available to you, and when you have questions,
be certain to ask us!
The most important thing you can do to prepare for the

exam is to study! Having a schedule will, by itself, not
help you pass the exam. Reading motivational quotes
and books will not help you pass the exam.
You must actually have productive and quality study
time, and reading the book and watching TV at the same
time does not count.
If you have our Textbook, Questions, and Videos, this is how I would study:
Skim through the textbook for a topic and look at the main points.
Watch the video(s) about this topic.
Do the practice questions in ExamSuccess for this topic.
If you are uncertain about any particular concept within this topic, read the detail that is in the
textbook to help you understand the topic and/or re-watch the video(s).
Ask us questions! If there is something that you do not understand, ask us. We are here to help you
and we can almost always help you more quickly than you can figure out an answer yourself.
After you understand the topic and can answer the questions, start using the flash cards.
If you do not have the videos, replace step #2 with carefully reading the textbook and working through
all of the examples and questions in the book.
Tip 9. Do I need the Videos?
The Videos are not necessary to prepare to pass, but they do make the process easier and faster.
The short answer is that no, you do not need the videos to pass the exam. Many people prepare
successfully without the videos. While we think that the videos make your studying more efficient
(and perhaps more enjoyable), all of the information in the videos is also in the textbook.
What the videos do is to bring my many years of teaching experience directly to you,
making the topics much more alive than you just reading out of the book.
Tip 10. Studying Requires That You Actually Study

When you are studying, that is all that you should be doing. If you are not able to focus
100% on studying, you should not be trying to study.
When I was in the fifth grade band, the trumpet section

had a piece that we needed to play all together from
memory, without our music. I decided that instead of
memorizing it by playing it many times, I would
memorize it by writing the notes down and memorizing
the list of notes. After I could repeat all of the notes in
my mind, I thought that I was ready.
However, as I started playing a couple of days before the concert, I quickly learned that there was a big
difference between knowing the notes and being able to play them on the trumpet. Unfortunately, I
ended up being the weak link in the trumpet section for that piece because my method of preparing was
not effective.
Like with the trumpet, there is a difference between theoretically preparing for the exam and
actually preparing for the exam. You can read how to study, and you can read where to study, and
you can read motivational quotes for hours and hours, but unfortunately none of these will actually
help you get even one question correct, let alone pass the exam.
Students often ask me, “What is the best way to study?” The very short answer is simply, “Study!”
Read the book. Watch a video. Do five minutes of flash cards. Just like the only way to learn how to
play the trumpet is to actually play the trumpet, the only way to prepare for the exam is to actually
prepare for the exam. Don’t spend too much time studying how to study – just study!
What is the best way

Study!
to study?
Tip 11. Reviewing – A Critical Step
There are so many topics on the exam that you need to make an effort to retain
the knowledge you have already studied.
Any one individual topic on the exam is not difficult by itself. If you could study one topic and have a
test over just that topic, you could do very well on each test. Some of the difficulty on any
professional exam is the amount of materials that you need to retain at the same time. You have to
remember everything you study, starting from the first day through the last day, which is likely
several months later.
In order to help you retain information as you move through the materials, you should:
Use the flash cards on an ongoing basis as you

move through the material.
Spend 30-60 minutes every week reviewing 15-25

ExamSuccess questions from topics you have already
completed.
Tip 12. What is the Best Way to Use the Flash Cards?
The flash Cards are an excellent review tool – be certain to use them.
One of the challenges in preparing for the exam is that you must remember the first topic that you
studied for the entire time that you are studying, so it’s important to have a quick way to review
main points. Our flash cards are designed to help with this ongoing review process by helping you
drill on main points and formulas.
We suggest that after you complete a topic or subtopic, you immediately review the flash cards for
that topic.
As you proceed to the next Section, review the flash cards from the sections that you have already
studied. For example, after you study the first topic in Section A, review those flash cards. Continue
with each topic. Then, as you are studying Section B, review the flash cards for Section B and Section
A. And so on.
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Tip 13. How Much Should I Study?
Each person will need to study a different

number of hours. CMA
Study Time!
You need to be certain that you study as
many hours as YOU need to study.
This is one of the most common questions that we get asked, and it is a very important question. If
you do not study enough, you will probably fail the exam. If you study too much, you will probably
pass the exam, but you will not have used your time efficiently.
How much should you study so that you study enough, but not too much? Let’s look at this from
short, medium, and long-term perspectives.
Short Term Medium Term Long Term
On a daily basis (the short- On a weekly basis (the Overall (the long-term), we
term), you usually should not medium-term), it is important cannot give you a total
study more than 2 hours per that you spend 30-60 minutes amount of time that you need
day. Studying a little bit every reviewing the topics that you to study because it is so
day is far more efficient and have already studied. One of different for each person
effective than studying a lot on the challenges of preparing is based on your specific
only one or two days a week. remembering the topics that education, experience, study
There are some topics that you studied early on, usually speed, etc. The mock exam
require time for the pieces to months before the exam. In can give you a good sense of
“fall into place” and for most this review, you should do how prepared you are, but
people this process cannot be some questions from the you will need to be honest
hurried in one long study already-studied topics (15-20 with yourself in making an
session. The longer you study will be enough) and also scan assessment of your level of
in any one session, the less you through the textbook to readiness.
will learn in that additional remind yourself about the
time – this is the law of terms and topics.
diminishing marginal returns.
Tip 13. How Much Should I Study? (continued)
Some of the things that you need to consider are:
How confident are you when answering a question? Do you KNOW that choice C
is correct, or do you only THINK (or hope) that it is correct?
For theory questions, do you know why the incorrect choices are incorrect? If you
know why they are incorrect, that is a very good indication that you understand
the topic.
Would you be able to explain the topic to someone else? If you know it well
enough to explain it clearly to someone else, you know that topic very well.
While there is no magic number of hours that you must study, you can follow our strategies to help
you make the most of your study time and honestly assess yourself
to know when you are prepared to pass your exam.
Tip 14. What Should I Do the Last Few Weeks

Before the Exam?
The few weeks before the exam are a good time to make certain that you are prepared to pass. Keep your
knowledge fresh and remember that if you have prepared properly, you know more than you think you
do.
After you have spent several months studying, you may get to the point where you have studied
everything and there are still 2-3 weeks before your exam. For the last few weeks before the exam, I
recommend that you:
Practice multiple-choice questions from all of the topics on the exam. By this
time you may have done some of the questions a few times, so you may have
g
usin partially memorized some of the answers. To make reviewing these questions
n t i nue s
Co
a s h card worthwhile, you can :
l
the f a) make certain that you understand why the incorrect answers are incorrect
b) think about what could be added or changed that would make the question
more difficult, and how you would solve that more difficult question.
Skim through the textbook and look at the main topics and the examples. For
the examples, read through them and make certain that you understand not
only what is being done, but also why it is being done.
Relax! I know it is difficult when the exam is getting closer and closer, but
you will perform better on the exam if you are well rested.
This means that you need to be certain to sleep enough for the three nights before the exam and eat
well so that you are not hungry during the exam. If you exercise regularly or have a hobby that you
enjoy doing, continue to do them even during your last weeks of preparation.
Tip 15. CMA Part 2 P/E Ratio and EPS

The IMA has provided formula sheets for the Ratios.
Be certain to learn these ratios as shown in the materials.
In CMA Part 2, Ratios is one topic that many candidates are not comfortable with. One reason is that the
same ratio may be calculated in slightly different ways by different companies or in different textbooks.
Fortunately, the ICMA (the organization that administers the CMA exams) has prepared a ratio formula
sheet with the official ratios for the CMA exam. If you have not already downloaded it, it is available in
the CMA Candidate’s Handbook. We use these formulas in the HOCK materials.
The official formula sheet says that the Price/Earnings Ratio is calculated as the market price per share
divided by earnings per share (EPS), but does not say whether earnings per share means Basic EPS or
Diluted EPS.
Because of this ambiguity, HOCK students frequently ask:
“Should the P/E ratio be calculated using Basic Earnings Per Share of Diluted Earnings Per Share in the
denominator?”
To answer this question, HOCK asked the ICMA for

clarification, and their answer was to use Basic EPS when Price/Earnings Ratio =
calculating the P/E ratios. So, remember that the P/E ratio Market Price per Share / Basic
is the market price per share divided by Basic EPS. Earnings per Share (Basic EPS)
If you see other materials use Diluted EPS, those materials
are incorrect.
One final tip for studying the ratios: to help with memorizing them, we suggest that you use flash cards
– if you have HOCK’s you can use those, but you can also easily make your own flash cards. The
process of making flash cards will also help you learn them.
If you have any questions about the P/E Ratio or ratios in general,
we are here to help!
Tip 16. Memorize The Code of Ethics

Ethics is tested on the exam and you should have in mind to get all of the points connected to Ethics
by memorizing the Code of Ethics.
The CMA exam tests the IMA Statement of Also, if you get an Essay that covers Ethics, by
Ethical Professional Practice. While the Code of using the same terms in your answer that are in
Ethics may be a small topic on each exam, do the Code of Ethics you will be certain to get all
not ignore preparing for questions about the of the points.
Code of Ethics. These are easy points to earn on
the exam. The way to prepare is to memorize In addition to being useful for the exam, you
the Code of Ethics. It is not long, and by should memorize the Code of Ethics anyway
memorizing it you are prepared for a question because you are supposed to follow it in your
that covers the specific terms or definitions professional life, and it is easier to follow it if
used in the Code of Ethics. you actually know what it says.
Tip 17. Scheduling for Success and Peace of Mind

Your last few days should not be spent trying to learn new information.
You should review and try to relax.
A common question among candidates is what they should focus on the last few days before taking
the exam. Our suggestions are:
1 Do not try to learn anything new. If you do not already understand a topic, you probably
will not learn it in the last few days.
Prepare a study sheet with the formulas and other short lists that need to be memorized,
2 and then go over it whenever possible. Even though you will not be able to take the study
sheet to the exam, the act of preparing it is a learning experience and helps with
memorization.
Do not focus on essay problems; practice multiple-choice questions instead. While you
may enjoy the feeling of solving a large problem, it is unlikely that the problem you do will
3 be covered on the exam. In the time it takes to do a 30 minute problem, you can review 30
multiple choice questions. The broad scope of coverage is a better use of time during the
last few days than an in-depth review of one specific topic.
4
Sleep. While you may want to study as much as you can, it is critical that you sleep at least as
much as needed to be well rested. Your brain will function better when you are rested and
refreshed.
If you have done a thorough job of preparing during the weeks and months leading up to the exam, the
last few days should be a calm time to review and prepare mentally to take the exam.
Tip 18. Preparing for Exam Day

Sleeping an extra hour the night before the exam will help you more than studying for another hour.
Here are some tips for the day of your exam:
Be sure to get a good night’s rest the night before your exam. Eat and drink enough
so that you will not be hungry or thirsty during your exam. Have a high protein
meal (for energy) before your exam and avoid eating many carbohydrates (too
avoid feeling sleepy).
Allow plenty of extra time to travel to your testing site – there are no excuses for
a flat tire, the bus being late, or bad traffic. It is much better to arrive early and be
calm than end up having to rush in with stress from traveling.
Because the test center could be warmer or cooler than you might expect, dress
in layers so that you can adjust what you are wearing to be comfortable.
Watch the tutorial at the beginning of your test session to be certain that you
know how the exam computer works and that your keyboard and mouse work
properly.
After all of your months of preparation, remember that you are prepared to
pass the exam. It is time for you to relax and answer the questions calmly and
efficiently using the knowledge that you learned during your studies.
Tip 19. Six Tips for Answering

Multiple-Choice Questions
Every MCQ is worth the same amount. Having a good strategy and plan for MCQs will help you
maximize your score.
1 Everything that you need to answer the question is there, even if it does not seem like it
the first time reading through the question.
2 Not everything in the question is always needed to answer the question. Sometimes it is
just as important to know what is not needed as to know what is needed.
3 Never leave a question unanswered. If you do not know the answer, or the question is
really long, take a guess, mark the question, and move on.
4
Sometimes you can answer the question by knowing which answers are incorrect. The
process of elimination can quickly improves your chances if you need to guess.
5 Remember the “Rule of Zero” – if zero is a choice, spend a moment to see if there is a reason
that makes zero automatically either correct or incorrect.
6 Beware of extreme words like always, never, all, and none. There are situations when an
extreme answer is correct, but consider these choices carefully.
Tip 20. Preparing for the Essay Questions

The Essay questions are not something to be intimidated by.
Preparing properly for the MCQs will also prepare you for the Essays.
We know that preparing for the essay problems on the CMA exam may seem intimidating, so we have
prepared some tips that will hopefully help you feel more comfortable with the essay portion of the
exams.
First, preparing for a specific topic for a problem Next, you want to be certain that you answer
is very risky. The essay portion of the exam is a bit every part of each question. Any part of the
of a lottery, because there are a lot of topics that question that you leave blank will be a 0. If you
may be covered, but you will only be asked about write something, you at least have the chance to
a few of them. There will be some topics on the receive partial credit. It is much better to receive
exam that you know better than other topics. If 25% partial credit than no credit at all, and that
you are “lucky” and they ask you about the topics could make the difference between passing or
you know, then that is good. However, it is failing.
possible that they will ask you about topics that
Finally, be prepared for a qualitative question as
you are not as strong in. In this case, you will have
part of an essay question. For example, it is an
more difficulty answering the questions, but do
easy multiple-choice question to ask, “What is
not panic. Answer what you can to the best of
the maximum price we will pay to an outside
your ability, and move on to the next question.
supplier?” There is a formula and a correct
Come back to it later if you have time.
answer. However, in a problem, it would be
Secondly, remember that you do not need to get possible that the first step is to ask you to
100% correct on the problems; you will receive calculate something, and then the second step
partial credit for what you do correctly and are asks a conceptual question, i.e. “And why is this
not penalized for what you do incorrectly. Do important?” Continuing the example about the
not worry if your calculations do not “balance” maximum price we would pay, the second part
perfectly. If there is a problem that has multiple of the question could be, “What other factors
steps to it and you make a mistake on the first would need to be considered in addition to the
step, you do not automatically miss the price?”
remaining steps. When grading, they will say,
“Let us assume that the answer from step one is
actually correct. If that is the correct answer, did
they perform step 2 correctly?” If after you have
completed all of the steps you still have time,
then you can go back and try to make an answer
“perfect.”
Tip 21. Five Tips for Answering

CMA Essays/Problems
If you are confident in your preparation, the Essays will

be a good place to score a lot of points.
1 Do not be nervous. You probably will not need to

write very much.
Remember that you get points for every step that
2 you have correct, even if you get the wrong answer

(i.e. you are given partial credit). Do as much as you
can and do not leave any answer blank.
3 It is common for questions to have two parts, a calculation and an explanation. Even if you
do not get the calculation correct, you can still get full credit for the explanation.
4 Do not prepare for problems about specific topics. You need to be prepared to answer
questions about any topic on the syllabus.
5 Make sure that you have a broad knowledge of all of the exam topics and can explain why a
number is important or significant.
Tip 22. All MCQs are Equal

A long, difficult MCQ has the same value as a short, easy MCQ. Make certain that you answer all of the
short, easy ones before you spend time trying to solve a long, difficult one.
On the CMA exam, each multiple-choice question is weighted the same; a short question about the
definition of a word counts the same as a long computational question. You should not waste time on
questions that you do not understand or that would take too long to answer.
Keeping this in mind, here are some possible strategies for answering questions on the exam:
Do not spend a lot of time on any single question. If there is a long question that has a lot of
text, just read the question first. If you do not understand the question very well, choose an
answer, mark the question, and move on. If you have time at the end of the exam, you can
come back to it.
Do not spend time on long calculation questions. If there is a question that has a lot of math
that you are not certain how to calculate, choose an answer, mark the question, and move
on. If you have time at the end of the exam, you can come back and try to work through the
math.
Do not “check your math” by recalculating the numbers; you do not need to spend the time
on this. If you want, you can mark the question and come back and recheck your math after
you have answered all of the other questions.
Never leave a question unanswered. If you do not understand a question, or want to come back to it
later, you should still choose an answer and then mark the question. An unanswered question is wrong
100% of the time. If you guess, you still have a 25% chance of being correct.
Tip 23. Answer Every Question

There is no penalty for incorrect answers. An unanswered question has a zero percent chance of
being correct. If you do not know – GUESS!
It is important to remember that each multiple-choice question is equally weighted on the CMA
exam. This means that your score will be the same whether you get the 80 most difficult questions
on the exam correct or get the 80 easiest questions correct.
What does this mean for you when you are taking the exam? It means that if there is a long question
with a lot of information or a question that you know will require a lot of calculations, you should:
Make an educated guess

and select an answer
Go on to the next
question
Mark the question
If, at the end of the exam, you have time to go back and work on these long and difficult questions again,
you can spend the time then. But, you do not want to run out of time and not be able to answer the last
few questions, which might be very easy, because you spent a lot of time on a long and difficult question.
It is important to make a guess even if you don’t If you do that on 4 questions, then you will
know the answer or have time to calculate the statistically get one of them correct.
answer because there is no penalty for incorrect Why is one more correct answer important?
answers! If you leave a question blank and run Because for some people, that one question is
out of time at the end of the exam, you will miss the difference between passing and failing. So
that question with 100% certainty. no matter what, be sure you choose an answer
If you guess, you have a 25% chance of getting on every question, even if you have to guess.
the question correct.
Tip 24. Making Quick Educated Guesses

Because every question is equal and there are no penalties for incorrect answers, some words can
help you eliminate some of the choices if you are not certain of the answer.
It is important to answer every question on the CMA exam, even if you have to guess. One reason for
this is because there is no penalty for an incorrect answer.
However, rather than just randomly guessing, sometimes you can quickly narrow your choices down to
three or even only two possible answers. Having a 33% or 50% chance of getting the answer correct is
better than 25%!
Some words to keep in mind as you make a quick educated guess are:
All Always Never None $0
While it is possible that such “extreme” words can be in the correct answer, you can often quickly
confirm or eliminate these choices. For example, even if you don’t know what situations a particular
principle applies to, you might know that choices with “always” or “never” are incorrect. On the other
hand, there are some situations where $0 might automatically be the correct answer.
When you are taking the exam, keeping these “extreme” words in mind may help you quickly make an
educated guess. However, even if you have no idea which answer is correct, choose an answer on
every question. It is better to have a 25% chance of being correct than a 0% chance!
Tip 25. How is my CMA Exam Score Determined?

How the exam score is determined is not important. Your job is to prepare properly and do so well
on the exam that it does not matter how your score is determined.
“How is my exam score determined?”

The two most common questions that CMA
and
Candidates ask us about the exam are:
“What percent of the questions do I need to get
correct in order to pass?”
I will answer both of these questions, but first we need to look at the structure of the exam.
CMA Exam Structure
Each Part of the CMA exam consists of 2 A few notes about the exam questions:
sections
Of the 100 MCQs, 10 of them are questions that

Section 1 are being evaluated by the ICMA as possible
future exam questions, and they are not included
100 multiple choice questions (MCQs) in determining whether you pass or fail. This
that are 75% of your final score. means that only 90 of the 100 questions are part
of your exam score.
You need to get 50% of the MCQs correct to
move on to the essay questions, otherwise your
exam will end immediately after completing the
Section 2 MCQs and you have failed the exam.
Two essay questions that are 25% of

your final score. Each essay question
will be made up of smaller individual
questions based on the facts given,
usually between 4 and 6, called
“Requirements.”
Tip 25. How is my CMA Exam Score Determined? (continued)
How Your Exam is Created
When you take your exam, the computer selects your MCQs and essays out of a large database of
questions. This process ensures that everyone’s exam is different.
As you know from your studies, some MCQs are simple definitions and others are more difficult, such as
long calculation questions. Because of this, it is possible that the exam that you get is slightly easier or
slightly more difficult than an average exam.
In order to address the varying difficulty of each exam, the ICMA assesses the difficulty level of your
exam compared to an exam of average difficulty. If your exam is a little bit more difficult, you can miss a
couple more questions than someone whose exam is a little bit easier than average, and still pass.
However, it is important to remember that the difference between an easy and a difficult exam is only a
question or two.
How is the Exam Graded?
Of the 90 questions that are graded on your exam, each question is weighted the same, and you need to
get 45 of them correct to go to the essays. It does not matter if you get the 45 easiest questions correct or
the 45 most difficult questions correct – each question counts as one correct question. You are not
penalized for wrong answers, so you should never leave a question unanswered. If you do not know the
answer and want to mark the question and look at it later, that is fine. However, before you mark the
question, select an answer choice, even if you have to guess.
With a guess, you have a 25% chance of getting the question correct. If you leave it unanswered, you have
a 0% chance.
In grading the essays, you start each question with zero points. For every individual step or calculation
that you do correctly, you get some number of points. Therefore, it is possible that you get 75% of the
points for an essay question even if you do not get the answer completely correct. Also, it is critical that
you show your work so you can get partial credit for anything that you did. Finally, you should never
leave any question completely blank – you will get zero points if you do that. If you write something, you
have the chance to earn some points.
Tip 25. How is my CMA Exam Score Determined? (continued)
How Your Result is Determined
Based on the difficulty of your exam, the number of questions that you
got correct in the MCQs, and number of points you received on the
360
essays, you are given a “scaled score” between 0 and 500. You need 360
to pass, however, a score of 360 does NOT translate to a 72%. It is simply
a score and not a percentage of anything.
What percentage do you need to pass?
You need to get at least 70% of the points overall between the MCQs and
the essays in order to pass. If you get 70% of the points, you will pass. If
70%
you get less than 70%, you will pass only if your test was considered to
be more difficult than the average test. But, the best strategy is to aim for
75% of the points, and then you do not need to worry about anything
related to the difficulty of your exam, scaled score, or that you may fail
the exam because of one question.
Tip 26. While Waiting for the Result –

Should I Start the Other Part?
If you think you did well, you should start preparing for the other part.
You want to keep studying while you are in that frame of mind.
After taking the exam, students frequently ask if they should start studying for the next part right away,
or if they need to wait for their results first. If you feel that you did well on the exam, I suggest that you
should start studying the next part, and here’s why:
Even if you do not pass, you will not have a lot to re-study, so you would be able to re-study
while you continue studying for the next Part.
Once you have studied for an exam, you are in the habit of studying. If you take more than a
week or two off, it will be harder to start studying again later than if you just continue
studying without a long gap.
You will need to take all of the Parts eventually, so there is nothing to gain by waiting.
If you leave the exam knowing that you failed or did poorly, then I recommend you take a short break
(no longer than a week) and start preparing to re-take that same Part, and then you should retake that
same Part as soon as possible.
During your break, you should also think about your study materials and try to determine if your
study materials contributed to your poor results.
If there were questions on the exam that you did not think that the material covered, or covered
poorly, then you might want to consider looking into other study materials for your second attempt.
If you determine that you need some additional materials, here are some things to keep in mind:
Most of the question banks are going to be very similar among all of the providers because all
providers should be using the same previously released exam questions as the basis for their question
bank. Therefore, you normally should not purchase a second question bank.
If you have a textbook from one company, it might be a better investment to purchase videos from
another company instead of a second textbook.
Tip 26. While Waiting for the Result – Should I Start the Other Part? (continued)
If the videos cover the entire syllabus (like the HOCK Videos do), the Videos will not only provide a
different approach to some of the topics, but also provide a different style of learning, which may be
useful.
The time period after you take the exam and before you get your results is a period of anxiety.
But, you can use this time wisely by preparing to either take the next exam,
or prepare to retake the exam that you just took.
HAPPY STUDYING!

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CMA Exam

Columbus, Ohio www.hockinternational.com

Tip 1. The Only Question You Need to Answer

The Question is...

Why are you studying for this exam?

Before you start preparing for any

Tip 2. Which Part Should I Take First?

Start with the exam Part that will be the

Tip 3. I Purchased Materials, Now What?

1 Read the video study tips : www.hockinternational.com/category/exam-tips/. These tips

Tip 3. I Purchased Materials, Now What? (continued)

Are you staying on track with your study plan?

Tip 4. Scheduling for Success and Peace of Mind

Having a schedule of exactly when you

Tip 4. Scheduling for Success and Peace of Mind (continued)

Tip 5. Making An Exception In Your Study Schedule

Tip 6. Do Exam “Shortcuts” and “Cheat Sheets” work?

When someone advertises that they have a shortcut or very short

One comment that is often made by unsuccessful candidates is the

Tip 7. How Should I Study?

Understand the Goal

Your experience in the areas that are being tested.

Tip 8. How to Use the Materials

The most important thing you can do to prepare for the

Tip 9. Do I need the Videos?

Tip 10. Studying Requires That You Actually Study

When I was in the fifth grade band, the trumpet section

What is the best way

Tip 11. Reviewing – A Critical Step

Use the flash cards on an ongoing basis as you

Spend 30-60 minutes every week reviewing 15-25

Tip 13. How Much Should I Study?

Each person will need to study a different

Short Term Medium Term Long Term

Tip 13. How Much Should I Study? (continued)

Some of the things that you need to consider are:

Tip 14. What Should I Do the Last Few Weeks

Tip 15. CMA Part 2 P/E Ratio and EPS

Because of this ambiguity, HOCK students frequently ask:

To answer this question, HOCK asked the ICMA for

Tip 16. Memorize The Code of Ethics

Tip 17. Scheduling for Success and Peace of Mind

Tip 18. Preparing for Exam Day

Tip 19. Six Tips for Answering

Tip 20. Preparing for the Essay Questions

Tip 21. Five Tips for Answering

If you are confident in your preparation, the Essays will

1 Do not be nervous. You probably will not need to

Remember that you get points for every step that

2 you have correct, even if you get the wrong answer

Tip 22. All MCQs are Equal

Tip 23. Answer Every Question

Make an educated guess

Mark the question

Tip 24. Making Quick Educated Guesses

All Always Never None $0

Tip 25. How is my CMA Exam Score Determined?