Exam Preparation
CMA Part 1Certified Management AccountantPart 1
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Advanced
35 Nasba
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Course Overview
Whether you are a fresh graduate or someone working in the finance and accounting role with an ambition to have a highly rewarding career - CMA is the qualification for you! The Certified Management Accountant (CMA) is the advanced professional certification that demonstrates command of the critical accounting and financial management skills demanded by today’s dynamic businesses, translating into significant career opportunities for you. CMA has a legacy of 40 years with over 50,000 CMA professionals worldwide and is considered the gold standard certification for Management Accountants.
Key Takeaways
1
Financial Accounting and Reporting.
2
Cost Accounting and Management and Performance Management.
3
Planning and Budgeting.
4
Internal Auditing and controls overview.
5
The best strategy to pass CMA exams.
Institute of Management Accountants
Founded in Buffalo, N.Y. in 1919, the Institute of Management Accountants (IMA) is the worldwide association of accountants and financial professional working in business. Whilst representing more than 70,000 professional members, IMA is committed to promote knowledge and professionalism among cost accountants and foster a wider understanding of the role of cost accounting in management. In this regard, IMA’s mission is to provide a forum for research, practice development, education, knowledge sharing and the advocacy of the highest ethical and best business practices in management accounting and finance. IMA achieves its main goal through: » Offering a rigorous, highly respected credential – the CMA – that recognized and rewards expertise » Building a peer network of professional relationships to share industry experience, access career opportunities, and make business contacts to last a lifetime » Providing extensive education programs to advance professional knowledge, increase leadership potential and satisfy CPE requirements » Giving a voice to the profession with insightful and timely journals and newsletters » Promoting leading-edge research and industry best practices » Advocating for the profession in a challenging regulatory environment.
Course Outline
Day 1
Section A: External Financial Reporting Decisions
Financial Statements
Income statement Statement of changes in shareholders’ equity Balance Sheet Statement of Cash Flows Limitation of Financial Statements Financial Statements Footnotes and Disclosures Users of Financial Statements
Recognition, Measurements, Valuation and Disclosures
Accounts and Notes Receivables Inventory Investments
Day 2
Continuing External Financial Reporting Decisions
Intangibles Short Term Debt Deferred Income Taxes Leases Equity Transactions Revenue Recognition Comprehensive Income Discontinued operations IFRS Versus GAAP
Section B: Planning, Budgeting and Forecasting
Strategic Planning
Strategy and strategic planning Analysis of external factors affecting strategy Analysis of internal factors affecting strategy S.W.O.T Analysis Long Term vision, mission, goals and objectives Alignment of tactics with long term strategic goals Chrematistics of successful strategic and tactical planning Contingency planning Other planning tools and techniques
Day 3
Continuing Planning, Budgeting and Forecasting
Budgeting Concepts
Reasons of Budgeting Operations and Performance Goals Chrematistics of successful budget process Standard cost Resource allocation
Forecasting Techniques
Regression analysis Learning Curve analysis Expected Value
Budget Methodologies
Activity based budgeting Zero-based budgeting Incremental budgeting Continuous (rolling) budgeting Other budgeting methodologies
Annual Profit Plan and Supporting Schedules
Operating budgets Financial Budgets
Top Level Planning and Analysis
Estimating funding needs Assessing Anticipated performance Performing what-if analysis
Day 4
Section D: Cost Management
Measurement Concepts
Fixed and Variable costs Actual, normal and standard costing Absorption and Variable costing Joint Products and By Products
Costing Systems
Job Order Costing Process Costing Activity Based Costing Life Cycle Costing Other Budgeting methods: Operating costing Backflush costing
Overhead Costs
Fixed and variable overhead expenses Plant wide versus departmental rate Activity based costing overhead allocation Determination of allocation base Allocation of service department costs
Day 5
Section C: Performance Management
Cost and Variance Measures
Comparison of actual to planned results Use of flexible budget to analyse performance Management by exception using variance analysis Use of standard cost systems Analysis of variation from standard cost expectation
Responsibility Centres and reporting segments
Types of responsibility centres Transfer Pricing models Reporting of Organization segments
Performance Measures
Product profitability analysis Business unit profitability analysis Customer profitability analysis Return on investment Residual Income Investment base issues Effect of international operation Critical success factors Balanced score card
Day 6
Section E: Internal Controls and Internal Auditing & Answering a mock EXAM
Internal controls
Governance, risk and Compliance Internal controls objective, components, and risk Internal controls breakdown and risk
Internal Auditing
Internal audit, definition, function and scope Internal audit plans Answering MOCK Exam
Who Should Attend?
This highly practical and interactive course has been specifically designed for
Staff Accountant
Cost Accountant
Internal Auditor
Budget Analyst
Financial Analyst
Senior Accountant
Finance Manager
Controller
Vice President, Finance
Treasurer
Chief Financial Officer
Chief Executive Officer
FAQ
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations. We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.
Reviews
- Review:IAMM Internal Audit Maturity ModelIn recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!Dalal KutbiCountry Learning & Development Manager at IKEA Saudi Arabia
- Review:Certified Professional in Quality and Patient SafetyDating back to 2014, Mobily’s “LEORON” experience has grown from a single collaboration to a long-term partnership. We consider ‘’LEORON” Institute as a strategic partner, whose contribution has been nothing but premium in equipping our staff with field-based knowledge and information. Past three years have resulted with an expanded collaboration with superior customer service and support. Best Regards,Turki S. AlsahaanDir L&D, Talent Management at Mobily, Etihad Etisalat Company
- Review:Certified Professional in Quality and Patient SafetySince the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.Emad AlrajihVP, Business Winning at BAE Systems Saudi Development & Training
- Review:Certified Professional in Quality and Patient SafetyWe have been working with LEORON for the past two years and will be working with them again this upcoming year. The programs they delivered were fruitful and exciting and our organization has received positive feedback from the participants. What our organization aims to do is to provide at no cost training for all the private sector employees so that they may benefit from our offered programs in Innovation and Professional development. Leoron has helped us achieve this goal. We look forward to continuing this service and wish them the best of luck. Regards,Nasser M. Al-SubaieSr. Program Officer, Enterprise Learning & Human Development at Kuwait Foundation for the Advancemen
