To learn something, we need curiosity and dedication. If you want to pass a professional exam the most efficiently, you can apply some studying techniques to pass them effectively. Today, I will write about how I passed CMA Part I & Part II exams in a mere 18 weeks.
In 2017, I learned about certification in Strategy and Competitive Analysis (CSCA). After investigation, I realized I need to have a Certified Management Accountant (CMA) designation before obtaining a CSCA. So, I decided to get a CMA certification. CMA certification exams have two parts. The passing rate for Part I and Part II were 36.25% and 50.5% for 2015-2019. According to the Institute of Management Accountants, it generally takes 12-18 months to complete both parts and requires 150-170 hours of study for each part. I passed both parts in only 18 weeks. I passed both parts on the first try. I also passed the CSCA exam in 8 weeks.
I decided to complete these two exams so that I could write the next CISA exam. So, I developed a studying plan to pass these two parts exams most effectively by applying the forgetting curve and Leitner System theory. In the past, I used these studying techniques for writing CMA and CSCA exams, but they can be used for any exam. This method works for most academic studies.
Finding out what you are familiar and What You are not Familiar
Discovering which content you are familiar with is essential for effective studying because you want to spend more time on the content not understood well. Most examinees writing accounting designation exams are familiar with some content either from school or actual work. After obtaining the CMA handbook, I looked at the content specification overview for Part I and Part II because I could decide which order to complete the exams. I decided to take Part I first because I was more familiar with the content of Part I. I also want to see how long it may take to complete studying. Accumulating the notes or questions from the back of each chapter during your school term is a good method, too. Those notes help in the reviews before your exams.
Find Studying Material
If you can, get a studying material with a lot of practice questions. It will be better if it contains Practice Exam questions. I used Gleim Exam Prep. The studying material I used was expensive, but I just viewed it as a self-investment. I liked the studying material contains an enormous amount of practice questions in these materials. It also had the practice exam questions are imitating the actual exam environment; therefore, it allows me to be familiar with the test.
The Calculator Policy
You will find the Calculator Policy in the Handbook; you must ensure your calculator is eligible for the exam. Only specific calculators are allowed. If your calculator is not eligible, you will need to borrow a calculator, which you may not as familiar with. Exam centers typically do have calculators, but every calculator is slightly different. I purchased a calculator from Texas Instruments because my Sharp calculator was not allowed for the exam. I used this calculator for practicing questions. I also brought another identical calculator as a spare in case the first calculator broke. For your school, you may want to ask your professor which calculators are allowed for the exam. Some professors have a calculator policy. When I was pursuing my undergraduate degree, I had one professor who would reset a student’s calculator before a physics exam.
You want to spend more time reviewing previous chapters rather than learning new content because we tend to forget most of the things we learn if we do not review them. Graph 1 depicts the curve of Forgetting, which I obtained from the Waterloo University website. The black line describes how much of the information we just learned is retained. By the second day, we retain approximately 30% of what we learned the previous day. By the 30th day, you retain only 2-3% of what was initially learned. So, we must feed the information again. The yellow curve describes how much of the information is retained if we review at given intervals. You do not have to study the same things every day. For 45-50 minutes of lecture material, you can retain the most information you learned if you review the material for 10 minutes on the 2nd day, 5 minutes a week later, and 2-3 minutes after a month. If you skip this reviewing process, you will need to spend 45-50 minutes to relearn it after a month. I spend about 70% of my studying time reviewing or practicing questions.
The reviewing period can vary with the person. I found it is more effective to review the materials when you start to forget. You may feel discomfort with the reviewing process, but the discomfort helps you store the information in long-term memory.
Practice More on Low Proficiency Questions
I used a modified version of the Leitner system to practice the questions. First, I do all questions from one unit (Chapter). Each unit (chapter) contains multiple sections. If I correctly answer all questions for an area, I mark the section as 2, and anything else remains as 1. You will have five in total. You will do this until everything reaches 5. Figure 1 shows how the system works. In the extreme version, you will move content to box1 if you incorrectly answer a question from any box. I moved down one number.
Review the questions from each box on a different day. (I change the days to work best for me).
Box 1 – Every day
Box 2 – Every other day
Box 3 – Every three days
Box 4 – Every week
Box 5 – Every two weeks
Leitner developed this system for learning flashcards. You practiced the questions with low proficiency levels by practicing them more with this system.
If you want to pass the exams in a short amount of time as I did, you may want to spend a few hours studying every day. I studied 2-3 hours on weekdays and 5-8 hours on weekends. I spend more time on content and questions, which I was not good at. Since I studied every day, I gained confidence by the time I was writing the exam. I also spent enough time reviewing all materials, which allow me to retain the information for the long term.
A Week Before Exam
I relaxed my studying, and I made sure I slept 8 hours every day. I was careful with what I ate to avoid having stomach pain during the exams. So, I was well-rested.
The most important way to pass the exams is to prepare yourself well for the exams, and there is no shortcut for passing an exam. You can, however, make your studying method is as effective as possible by using various methods. Both the forgetting curve and Leitner system are widely accepted learning theories. I used those learning theories to pass my CMA and CSCA, and I passed all exams on the first try in a short period. You can, of course, these studying methods can be used for other types of exams or studying. Next time, I will write about tricks for multiple-choice kinds of exams.