With a global pass rate of a mere 42%, passing both parts of the two-part Certified Management Accountant exam can feel like a daunting task. In other words, 58% fail the CMA exam each year.
With odds in favor of failure, it is important to know what to do if you fail the CMA exam, because giving up should never be an option.
Here are four tips to try should you fail your CMA exam.
1. Identify Your Weaknesses
Start by identifying your weak areas and get honest with yourself. The best way to do this is to get clear on what needs improvement, where you should drive more focus, and when to ask for help.
If you’ve taken the CMA exam during the latest testing window, probably the topics that were difficult are still fresh in your mind. Write them down for future reference. The IMA will also send you a letter in a few weeks letting you know the areas that need improvement.
Finding your weaknesses will be your greatest strength. Once you know your sore spots you can start to focus on the areas you find most difficult or frustrating. Break them down to a simple foundation and build on them.
Ask yourself what could you have done differently? Perhaps you didn’t allot enough study time, were not disciplined enough to thoroughly prepare yourself, or didn’t use study techniques that were designed for your style of learning. Perhaps the review course was not the adequate one for you.
By determining where you went wrong and what you can do to fix it, you can save yourself from wasting time focusing on the wrong topics. Remember that you are only as strong as your weakest link.
2. Stay Positive
Staying positive is the most important element to your future success. Easier said than done, I know.
If you fail the CMA exam on your first try, don’t beat yourself up over it. Thousands of others just like you didn’t either.
It only takes one look at the global pass rate to put things into perspective. After all, you are one of the 58% that did not succeed.
Take this time of self-doubt to reflect on what you could have done better, use it to your advantage to dig deeper and keep yourself determined to try again.
Keeping a positive attitude not only helps throughout the study process but also during the exam, keep telling yourself you can do it and you will!
3. Correct Poor Study Habits
You will need to assess and correct any bad studying habits that you may have acquired over the years. Studying for the CMA requires a regular study regime. If you are a last minute studier, you will need to channel your inner self-discipline and throw out those old and useless study techniques.
For proper preparation you are going to need a good four months to sufficiently absorb and learn all material. If you need a well structured study plan.
4. Get Yourself a Study Coach
If you struggle with self-motivation and finding the time to study, you may want to consider investing in a coach. They will surely be an asset and drastically increase your chances of success.
A coach provides more than just help. They are there to provide you with expert advice and proven methods to ensure you don’t fail the CMA exam again.
I have over 15 years of experience in the accounting/finance field, and have developed a comprehensive review course with proven techniques to help candidates retain at least 80% of the materials they are learning and much more.
Coaches like myself can help you pass both parts of the exam on your first try. I set candidates up for success by providing a weekly study plan that will keep you on track and disciplined.
With a step-by-step review course highlighting the areas that need the most focus, you won’t waste your valuable time studying topics you won’t be tested on.
Understandably, failing can be frustrating, but pick yourself up. Let’s figure out where you went wrong, and learn from your mistakes.
Remember, you’re not alone. Many candidates have been in your shoes, and you will get through this. Just start by taking baby steps and stay consistent.
Trust me, this is not the end for you. It’s just the beginning.
Until next time,