# A CMA starting preparation for CFA level 1

Hello everyone

I have just registered for May 2022 exam, currently I am CMA and I am so confident and optimistic about level 1 exam as it seems there are too many topics and overlaps between CMA part 2 and CFA level 1, I even used Wiley trial period to work on some questions and I am doing well in them without studying yet.

do you guys think I am being too optimistic and underestimating the material? I am asking this because I want to start with the right mind set.

My approach in the CMA was to watch the video lessons in Wiley and solve all the available questions (over 3000 questions for each part) and I did not even open the books, do you this this approach would work with CFA level 1?

I was a CMA for a number of years until I finally concluded that it has almost no value in the marketplace. I reached that conclusion by comparing the number of CMAs divided by the approximate number of degreed accountants in the U.S. to the number of CPAs divided by that same number of degreed accountants.

According to the Bureau of Labor Statistics, there were about 1.4MM degreed accountants in the U.S. In 2019, there were 654,375 CPAs with active licenses in the U.S. That makes for a ratio of about 46.7%.

In contrast, the Institute of Management Accountants (IMA) reported in January 2018 that it had achieved âa historic milestone of reaching 100,000 members for the first time in its nearly 100-year historyâ (source: IMA Reaches 100,000 Member Milestone on the Cusp of its Centennial | IMA - The association of accountants and financial professionals working in business.). If we assume that all 100,000 of them are CMAsâwhich is certainly not the case, but which assumption will also yield the largest-possible percentageâthe resulting ratio (100,000 / 1,400,000) is 7.1%. If we make the optimistic (and totally unrealistic) assumption that the number of CMAs has doubled since early 2018, that ratio is still just over 14%.

Obviously, itâs no contest. And thatâs why I quit wasting money on being a member of the IMA. I think itâs most regrettable that IMA seems to have almost zero in the way of marketing skills, but my regret doesnât change the facts.

It sounds to me as if your approach is sensible. If you want some âinsurance,â though, I think itâs worth reading the underlying materials, preparing a short bulleted summary of each one, and then spending the last week or so before you take the exam studying your summaries. My strong hunch is that youâll pass with flying colors. The one thing that I, as a CFA charterholder, would not want to see is a ton of new charterholders who âwinged itâ in preparing, but somehow got through the tests.

That also plays out in ways that do not benefit clients. Clients come first. And second, and third. We who serve them are far down the list of who matters. And that is why, IMHO, clients are the ones by whom we should do the right thingâfirst, last, and always.

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Thank you Mr. Miller for your response, it will be hard to argue with you about CMA as you have done your research, but it worth to mention that I am not from US so the stats will be slightly different, I tried to be CPA but the requirement is somehow impossible for me as not being US citizen nor resident will narrow my options to choose suitable states, additionally my bachelor was in finance so I need at least 12 more accounting hours, the effort needed from me to be eligible would be the same if tried to do ACCA from the beginning, what I want to say here, CMA has some value in my country because not everyone can be CPA due to eligibility issue.
I am not doing CFA just to pass, I need that knowledge and I need that 3 letters as reward for the effort I am going to put, I learn from listing and practicing, trial and error, this is my style of learning, reading from books is too hard for me, this is just not my style for studying

I too will back up the suggestion of going to the source material!!!

And read the calculator manual!!! The calculator will be your only friend during the exam!!!