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Dual Certification – What, Why

What is Dual Certification? The competition among undergraduate accounting students to differentiate themselves and stand out in front of potential employers is increasing. Interning at accounting firms to gain real-world, practical experience has been the conventional way of strengthening a resume; however, many students are earning professional accounting certifications to distinguish themselves from the crowd. Two of the most popular and valued certifications are the Certified Management Accountant (CMA) and the Certified Public Accountant (CPA). Obtaining these certifications is proof that the holders have the education, skills, and experience that will ultimately benefit the company they are employed at....

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Dual Certification – Examination Format, Structure and Content

Format and Structure CMA PART FORMAT TIME Part 1 – Financial Reporting, Planning, Performance, and Control 100 MCQs, 2 essays 4 hours Part 2 – Financial Decision Making 100 MCQs, 2 essays 4 hours   CPA PART FORMAT TIME Auditing and Attestation (AUD) 72 MCQs, 7 TBS 4 hours Financial Accounting and Reporting (FAR) 62 MCQs, 4 TBS 4 hours Regulation (REG) 66 MCQs, 8 TBS 4 hours Business Environment and Concepts (BEC) 76 MCQs, 6 TBS 4 hours (TBS = task-based-simulations)   Content CMA PART CONTENT ALLOCATION Part 1 – Financial Reporting, Planning, Performance, and Control External Financial Reporting Decisions 15% Planning, Budgeting, and Forecasting 30% Performance Management 20% Cost Management 20% Internal Controls 15%   Part 2 – Financial Decision Making Financial Statement Analysis 25% Corporate Finance 20% Decision Analysis 20% Risk Management 10% Investment Decisions 15% Professional Ethics 10%           CPA PART CONTENT ALLOCATION Auditing and Attestation (AUD) Ethics, Professional Responsibilities, and General Principles 15-25% Assessing Risk and Developing a Planned Response 20-30% Performing Further Procedures and Obtaining Evidence 30-40% Forming Conclusions and Reporting 15-25%   Financial Accounting and Reporting (FAR) Conceptual Framework, Standard-Setting, and Financial Reporting 25-35% Select Financial Statement Accounts 30-40% Select Transactions 20-30% Regulation (REG) Ethics, Professional Responsibilities, and Federal Tax Procedures 10-20% Business Law 10-20% Federal Taxation of Property Transactions 12-22% Federal Taxation of Individuals 15-25% Federal Taxation...

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Dual Certification – Nine-Step Approach

Before going through the nine-step approach, a word of advice for the candidates: It is advised that the candidates attempt one part of an examination at a time to reduce the workload and stress and to increase the chances of successful completion of that part. In addition to the courses and pedagogy offered by the university, it is advised that the candidates use the CMA and the CPA review program study materials. Taking additional finance-related courses for extra credits will benefit the candidate during preparation. Candidates should complete both parts of the CMA examination while they are still undergraduate students. Given below are nine steps candidates can follow in order to successfully complete both the CMA and the CPA examinations and obtain the license thereafter: Step 1: During the Junior Year When the candidate is in the junior (first) year of his or her undergraduate degree, he or she can complete the intermediate accounting courses, a course on information systems, corporate finance, operations management, business ethics, and possibly a finance subject that is relevant. The ICMA expects that candidates who are accounting undergraduate students would have finished courses in economics and statistics by the end of their first year. The CMA examination is set assuming that the candidate has knowledge about statistics, business economics, concepts on time-value of money. Most of the mentioned subjects/topics are heavily covered in Part...

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Dual Certification – Educational Requirements

CMA The Institute of Certified Management Accountants (ICMA) is a division of the Institute of Management Accountants (IMA) and is responsible for administering the CMA examinations. There is no mandatory requirement for the candidates to complete their undergraduate degree to attempt the examination; they can attempt it while they are still undergraduate students (given they have six credits per semester). However, the candidate must complete his or her undergraduate degree within seven years of completion of the CMA examination to be eligible for obtaining the designation. CPA Each member-state board of the NASBA has specific educational requirements with regards to the CPA examination. All boards that issue CPA licenses to candidates require 150 credit hours from candidates, which is equivalent to a postgraduate degree, and one year of work experience. However, to attempt the examination, the candidate is required to complete an undergraduate degree with the required amount of accounting-related credits, which are over and above the basic credit-hour requirements. (Note: Candidates cannot attempt the CPA examination while they are pursuing their undergraduate...

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