How to Crack CMA Inter in First Attempt – Subject Wise Approach

The CMA Inter exam is a crucial step towards becoming a Cost and Management Accountant. Passing this exam requires a strategic approach, thorough preparation, and consistent effort. Here’s a comprehensive guide to help you crack the CMA Inter exam on your first attempt.

General Strategies
– Understand the Syllabus and Exam Pattern: Familiarize yourself with the entire syllabus and the weightage of each topic. Knowing what to expect in the exam will help you plan your studies effectively.
– Create a Study Schedule: Develop a detailed study plan that covers all subjects and allocates sufficient time for each topic. Stick to your schedule to ensure comprehensive coverage of the syllabus.
– Make Self-made Notes: Prepare concise notes highlighting key concepts, formulas, and important points. These notes will be invaluable during revision.
– Practice Regularly: Solve previous years' question papers and take mock tests regularly. This practice will help you manage your time better and familiarize you with the exam pattern.
– Focus on Conceptual Clarity: Ensure you have a clear understanding of fundamental concepts. This will help you tackle both objective and descriptive questions effectively.
– Revise Thoroughly: Regular revision is crucial. Use your self-made notes for quick revisions and focus on weak areas.
– Stay Updated: Keep abreast of any changes in the syllabus or exam pattern. Follow the latest amendments and updates provided by ICMAI.
– Maintain Good Health: Take care of your physical and mental health. Regular breaks, proper sleep, and a balanced diet are essential for effective studying.

Cracking the CMA Inter exam on your first attempt requires a combination of strategic planning, consistent effort, and thorough preparation. By following the above strategies and focusing on both general and subject-specific preparation, you can enhance your chances of success. Stay disciplined, stay motivated, and approach your studies with a positive mindset.

Table of Contents

1. Introduction
2. General Strategies for CMA Intermediate New Syllabus 2022
3. Subject-specific Strategies for CMA Intermediate New Syllabus 2022

1. Introduction

CMA Intermediate is the second level of examination in Cost and Management Accountancy (CMA) Course. It is divided into two groups with four papers each. A student has a choice to appear for either a single module or both the modules together. All the papers shall consist of both 30% objective and 70% subjective questions.

Preparation for CMA Intermediate exams cannot be done at the eleventh hour, it requires planned preparation and adequate time allocation along with effective planning, given the depth of the syllabus.

Some of the strategies to help one clear the exams include:

2. General Strategies for CMA Intermediate New Syllabus 2022

• Each Paper consists of 100 marks bifurcated into 30 marks of MCQ-based questions and 70 marks of descriptive questions divided into 7 questions of 14 marks each out of which any 5 are to be attempted by the candidate.
• Fixing a daily target with a determined approach to complete the allocated target within the stipulated time is utmost necessary.
• Preparing notes so as to cover all the main aspects in a concise manner in addition to attending online or offline classroom coaching saves a significant amount of time when it comes to revision. Moreover, making own short notes alongside studying can be helpful during the second, third, and also final revision on the day of exams.
• Using a defined book and not switching to different books for the same topics can avoid confusion and unnecessary effort.
• After completion of CMA Foundation, one gets limited time to prepare for CMA Intermediate. Therefore, each subject should be allotted adequate time that could help cover all the topics thoroughly.
• Writing Mock exam papers is very important, it not only helps in analyzing writing speed, and time management but also evaluates one’s understanding of the subject. Along with that, a student needs to realize how the answers are to be drafted in a professional examination like this. MCQs shall require a lot of practice and the depth of understanding each concept to its core. Accordingly, appearing for mock tests and similar other practical tests can only prove to be one of the effective ways of preparation.

For model question papers of both the groups, visit: https://icmai.in/studentswebsite/mqp2022_Inter.php

3. Subject-specific Strategies for CMA Intermediate New Syllabus 2022

3.1 Group I

Paper 5: Business Laws and Ethics

• Marks Weightage: Section A – Commercial Laws – 30%, Section B – Industrial Laws – 15%, Section C – Corporate Laws – 40% and Section D – Business Ethics – 15%.
• One is advised to make hand-written notes and highlight the important provisions and key points.
• Dedicated marks are given for writing section numbers in the answers. Hence, one should maintain a list of important section numbers in every chapter and try to revise those as much as possible.
• One may begin with Business Ethics (Section D) which is brief in length while scoring 15 marks.
• Then, one can proceed with Corporate Law (Section C) consisting of the Companies Act 2013. It should be read thoroughly and require simultaneous noting of penalties and important points at the very first reading.
• Afterwards, one can start with Commercial Laws (Section A) consisting of the Sale of Goods Act, Indian Contract Act, Partnership Act, and Negotiable Instruments Act.
• Industrial Laws (Section B) can be taken up at the last; being lengthy and comprising of only 15% weightage.
• Answer writing pattern is of utmost importance in a subject like law. Hence, one should write the answers in three paragraphs i.e.,

1. 1. 1st para should mention the provisions pertaining to the question,
   2. 2nd para should link that provision to the presented case in the question; and lastly,
   3. 3rd para should be a concluding para to sum up the answer.

Paper 6: Financial Accounting

• Marks Weightage: Section A – Accounting Fundamentals – 15%, Section B – Accounting for special transactions – 10%, Section C – Preparation of Financial Statements – 20%, Section D – Partnership Accounting – 20%, Section E – Lease, Branch and Departmental Accounts – 15% and Section F – Accounting Standards – 20%.
• Making a separate book for maintaining the formats of accounts and notes of the important points to remember will be helpful before exams for quick revision.
• It is advisable to start from Sections A, B, C and D which comprise almost 2/3rd of the weightage, and many questions are asked from these chapters. Questions are almost certain to be asked in exam from topics like Accounting Principles, Rectification of Errors, Partnership Accounting, etc.
• Then, one may proceed with Section E which is generally scoring. One just needs to pick up the format of the solution and practice similar problems multiple times.
• Lastly, Section F covers the theoretical portion which can be completed in short time. Accounting Standards (as per the syllabus) need to be read carefully as the examiner can set tricky questions from this topic.

Paper 7: Direct and Indirect Taxation

• Marks Weightage: Section A: Direct Taxation – 50%; Section B: Indirect Taxation – 50%
• Direct Taxation consists of Part 1 Income Tax Basics – 10%, Part 2 Heads of Income – 25%, and Part 3 Total Income and Tax Liability of Individuals & HUF – 15%.
• Indirect Taxation consists of Part 1 Concept of Indirect Taxes – 5%, Part 2 Goods and Service Tax Laws – 35%, and Part 3 Customs Acts & Rules – 10%.
• In the New Syllabus 2022, both the direct and indirect taxation laws are merged into a single paper reducing their overall weight in CMA Intermediate, hence, one needs to prepare smartly to cover the majority portion of the subject and have enough revision time. The marking of important topics and questions frequently asked will play a crucial role in study preparation.
• It is advisable to refer to the Institute’s study material for an in-depth knowledge of the topics covered. However, one can also refer additional reference books for gaining subject knowledge.
• For Section B Indirect Taxation, a candidate may begin preparing as per the below-mentioned sequence:

1. 1. Basics of GST & Composition scheme
   2. Important topics – Place of Supply, Time of Supply, Input Tax Credit, Return and its types and their Due Dates
   3. Customs

• Amendments are an integral part of preparation, especially w.r.t. Taxation subject. Hence, notified amendments as applicable for the respective attempt are to be covered on a priority basis.
• Quoting Section numbers of the Income Tax Act and GST Act is necessary for answer clarity. Hence, efforts should be made to remember significant section numbers as much as possible.
• For Section A, a candidate may begin with Basics of Income Tax; further proceeding with five heads of income comprising 25% weightage with significant concepts.
• Questions related to total tax computation should be practised as much as possible so that the majority of the concepts can be interlinked and resultantly, retention can be increased.

Paper 8: Cost Accounting

• Marks Weightage: Section A – Introduction to Cost Accounting – 40%, Section B – Methods of Cost Accounting – 30%, and Section C – Cost Accounting Techniques – 30%.
• It is advisable to first begin with theory reading and grasping of major concepts explained, and then engage in solving practical problems. Practicing regularly is the key to success in this subject as getting a grasp on the concepts is critical.
• Key notes containing various formulae can be made for quick reference.
• More focus and time should be allocated to Marginal Costing, Standard Costing, Budget, and Budgetary Control which carry 30 marks, and a majority of the practical questions are asked from these topics.
• Time should be strategically allocated to Methods of Costing since it comprises 30 marks weightage. Memorizing the correct name and number of the Cost Accounting Standard can provide an edge.

3.2 Group II

Paper 9: Operation Management and Strategic Management

• Marks Weightage: Section A – Operations Management – 60% and Section B – Strategic Management – 40%.
• Strategic Management must be read out thoroughly along with highlighting important points & preparing notes. Theory questions are asked focusing on chapters like SWOT Analysis, Porter’s Five Forces Model, Pestel Framework, etc.
• Practical topics such as Job Allocation – Assignment Technique, Transportation Model, Simulation, Project Management, PERT and CPM, etc. must be practiced thoroughly.
• Attending mock tests or solving past papers in exam-like conditions could be of great help in revising the solutions as well as maintaining proper speed in answer solving.

Paper 10: Corporate Accounting and Auditing

• Marks Weightage: Section A – Corporate Accounting – 50% and Section B – Auditing – 50%.
• Practical questions are generally asked from Section A and theoretical questions usually come from the Auditing part.
• One should maintain the format of accounts for a quick revision.
• A candidate may begin the preparation with the theoretical part i.e. Auditing which comprises of only three chapters and bears 50% weightage. Further, the provisions of the Companies Act should be mentioned quoting correct section numbers in the answers.
• Topics such as Cash Flow Statements, Accounts of Banking, Electricity, and Insurance Companies require high practice as questions are expected from these topics carrying 20 marks weightage.
• Accounting Entries should be backed by proper narrations. The format of Schedule III is to be practiced regularly.

Paper 11: Financial Management and Business Data Analytics

• Marks Weightage: Section A – Financial Management – 80% and Section B – Business Data Analytics – 20%.
• Summary notes consisting of a separate list of formulas might benefit a candidate for resolving practical problems swiftly.
• Financial Management is considered to be a scoring subject; hence, the focus should be on attempting maximum questions from topics like Cost of Capital and Capital Budgeting as they comprise a considerable weightage of around 25 marks.
• Business Data Analytics is a newly introduced topic in the CMA Intermediate Syllabus 2022 comprising of Data Science for business decision making and related topics.

Paper 12: Management Accounting

• Marks Weightage: Section A – Introduction to Management Accounting – 5%, Section B – Activity Based Costing – 10%, Section C – Decision Making Tools – 30%, Section D – Standard Costing & Variance Analysis – 15%, Section E – Forecasting, Budgeting, and Budgetary Control – 15%, Section F – Divisional Performance Measurement – 10%, Section G – Responsibility Accounting – 5%, Section H – Decision Theory – 10%.
• In the new syllabus introduced in 2022, this paper has been separated from its previous combination with the financial management paper. This separation signifies a shift in focus, with this paper being accorded greater importance and relevance within the curriculum.
• Candidates may begin with Standard Costing, Budgetary Control, and Decision-making Tools and then proceed with the theoretical part along with solving practical questions.

Thus, besides remaining positive and determined throughout the study period, analysing the course and subjects as well as the evaluation pattern and further allocating one’s study time accordingly can help the candidates in planning their CMA Intermediate exams and cracking the same in first attempt successfully.