Welcome to Week 10!
Only a few weeks left and you will be ready to take the CMA exam! How awesome is that? You’ve done a great job thus far.
A quick tip before you begin: Try to study at least 3 hours a day, and in the weekends a little more if your schedule permits.
Let’s get started shall we?
Certified Management Accountant Part 1 – Section E: Internal Controls
This is the last week and it’s about Internal Controls. Take 5 days to study the topics below, and use the rest of the week to take mock exams of this section. If time permits take a mock exam of sections A, B, C, and D.
1 Governance, risk, and compliance
- Internal control structure and management philosophy
- Internal control policies for safeguarding and assurance
- Internal control risk
- Corporate governance
- External audit requirements Institute of Certified Management Accountants
2. Internal Auditing
- Responsibility and authority of the internal audit function
- Types of audits conducted by internal auditors
3. Systems controls and security measures
- General accounting system controls
- Application and transaction controls
- Network controls
- Backup controls
- Business continuity planning
Certified Management Accountant Part 2 – Section D: Investment Decisions
You are starting a new section this week, Investment Decisions. There were two weeks allocated to studying this section. This week focus on Capital Budgeting, Discounted Cash Flow, and Payback and Discounted Payback.
A. Capital budgeting process
- Stages of capital budgeting
- Incremental cash flows
- Income tax considerations
B. Discounted cash flow analysis
- Net present value
- Internal rate of return
- Comparison of NPV and IRR
C. Payback and discounted payback
- Uses of payback method
- Limitations of payback method
- Discounted payback
Try to focus only on studying these topics. If you finish studying before the end of the week, go over your notes and formulas to harness your knowledge.
This weekly study plan is a simplified version of the study plan in my CMA Coach Study Guide. If you’d like a more in-depth guide that includes exam tips and much more, please visit the Study Guide page and get your copy.
Until next week.