Becoming a CMA professional while working requires a lot of time and effort. The road will not be easy and lots of struggles will come your way when you prepare for the exams. In my case, this endeavor that I decided to work on was a lot harder than any other. I decided to venture on becoming a CMA while I was also on my last semester in my master’s degree in business administration notwithstanding the fact that I was also a family man and a working professional. Yes, that decision was risky taking into consideration that on the same month I will undergo two critical examinations at the same time which are the comprehensive exam in my MBA degree and the Part 2 of the CMA exam. Despite of all these, I have been able to conquer both my MBA degree and CMA examinations.
What I realized during this journey was that every dream that you want to achieve needs a lot of hard work and sacrifices before you can attain such dream. Working on your CMA dream is not a walk in the park but a process that needs a lot of sweat and efforts. However, the same will be compensated once you become a Certified Management Accountant. The main ingredient that I incorporate in my CMA journey was discipline. Discipline for me is about planning, time management, and anticipation of important tasks. Time is not unlimited resource that you can spend when you are a working professional. You need to balance your time properly and anticipate what are your important tasks that needs to be accomplish first. Below are my tips on how to prepare for review while working at the same time.
First, if you are a working professional, make yourself comfortable on the changes of your lifestyle during your exam preparation. Caveat, procrastination and laziness are prohibited at this stage. After which look for that time of the day when your brain works faster that on just a short period of time you can absorb and retain the information you have read. The goal here is about being effective and efficient with your review on a limited time. Second, prepare a schedule or a to-do list. You need to prepare a progressive study plan for the CMA exam and always remind yourself to diligently follow this schedule. As I pointed, planning and anticipation are critical on the success of this journey. Sticking to your planned activities will ease your stress and gives you better view on the things you want to accomplish on the daily basis up to the time you will take the exam. Nothing in this world is impossible to achieve if you plan smart, prepare effectively, and be disciplined enough to work hard for it. Lastly, always believe in yourself that you can pass the exam and never forget to ask for help and guidance from our Creator. Faith in God and confidence in yourself greatly affects your motivation and mental condition. Furthermore, ask for the support of your family, friends, and our Insights team. Their encouragements will give you a huge boost emotionally which can help you successfully hurdle the exam.
To all the working professionals, I encourage you to go out of your comfort zone and accept the CMA challenge. Learning new things while working is not an impossible task. You just need to take the first step towards such goal. If I have achieved my CMA dream, then you can also attain this dream.
About the Author:
Louie C. Borja currently handles bookkeeping and tax accounting tasks for Australian clients. He recently completed his Masters degree at the University of Cebu while also preparing for his CMA examination. He completed his Accountancy course in 2016 at Saint Paul School of Professional Studies, graduating cum laude, and passed the Philippine CPA examination in the same year.
I first learned about U.S. CMA program’s accessibility to Filipinos after noting that a few of my batchmates took and passed the exams right after the Philippine CPA exam.
I originally wanted to take CMA simply because MAS, Finance, and Economics were my favorite subjects in undergraduate. Eventually, as I gained real world experience, I appreciated the value of deeply understanding how a business works, which is where CMA shines. Finding that opportunity to rise, it has then been my goal to pursue it once I can afford it.
That time came last June 23, 2019 when I enrolled my self to Insights for the weekend lectures and the WileyCMAexcel Gold online study course package. Given the audit workload in the weekdays, when overtime was still the norm, I just wanted to sleep after arriving home. This lasted until end of July, when I resigned from my job.
By August, I had a lot to catch up, primarily to start and finish most of the WileyCMAexcel lectures and start answering the challenging test banks. At the same time, I was sending job applications and attending interviews.
The CMA certification program pushed me to have a more comprehensive understanding of concepts than what the CPA’s Management Advisory Services portion required.
I first took the Part 2 exam in September 2019. Days before the exam, I had the same uneasy feeling as when I took the CPA exam 4 years ago. I told my self “Ano ba ‘tong pinasok ko [What have I gotten my self into].” During the exam proper though, I was calm. It really helped that the exam interface is almost identical to the WileyCMAexcel study materials. I ended the exam with 15 flagged multiple choice questions (MCQs).
For the month of October 2019, I was left with the Part 1 exam, which I felt less confident of. I ended the exam with 19 flagged MCQs.
Results were out in December 2019 and the Insights team were very confident that I will get gold with my high scores. It became official this January 2020. I expected that I would pass but have not thought of getting the top score. In fact, I was only aiming to get at least 80 in MCQ, which is the passing score after I assumed that I can probably get at least 50% score in essay.
I have immediately realized the benefit of CMA as I was getting invited to interviews even more after it has become part of my name.
I am ecstatic that I’m currently processing my US visa for the IMA Annual Conference happening in Atlanta, Georgia, and another visa for my new job, for which CMA has helped one way or another.
I encourage students to take the CMA exam while topics are still fresh in your minds. It equips you with skills relevant to most career paths. At the same time, I urge accounting/finance professionals to take it, feasibly with each part in separate exam windows, or during transition between jobs, similar to what I did. It does open doors. I advise you to take it. You can pass it, but first “you’ve got to earn it.”
About the Author:
Michael John M. Cortez is a proud product of the University of Santo Tomas-Alfredo M. Velayo College of Accountancy, graduating magna cum laude under batch 2015. He passed the Philippine CPA examination in October 2015, and took and passed the CMA examination in October 2019, garnering the highest average exam score worldwide. He will be heading to Atlanta this June 2020 to receive his Gold Medal award in front of 800+ other CMAs estimated in attendance on that day.
Destiny is not a matter of chance; it is a matter of choice. Ever since I was a child, I am already a believer of that saying. However, there are things that we cannot control. Some things come unexpectedly which happen to be one of the best in our lives.
Since childhood, I was already active in school, may it be in academics or extra-curricular activities. From elementary to university life, I really enjoyed joining different organizations while keeping up with my academics .
Having the curiosity led me to question and study those around me. When I earned my two bachelor’s degrees in 1) Management Accounting and 2) Accountancy, I went to Manila to review for the board exams. It so happened that I met Mr. Angel Secerio and Ms. Ronie Paras who gave me more details about the CMA Program. Upon learning more about it, I became so interested and consulted my parents who gladly agreed to provide me the resources I needed. It was also a good thing to have availed of the “Pass Now, Pay Later” scheme given by Insights Financial Review Services. I was thankful because it was an opportunity for me to further advance my career.
During my review days at Insights, I always looked forward to attending the review sessions. Aside from the learning I had during my university years and from Wiley Gold review materials, I learned something new and deep everyday. I found the lessons truly enjoyable as it also tackled practical lessons in economics, finance, and accounting. The review became more enjoyable because the review rooms were very conducive to learning. The instructors and people from Insights were very approachable. Sleepless nights and days passed and I didn’t notice my examination days were getting closer. I still continued to study and practice using the review materials I had from Insights and Wiley. The support and guidance I had especially from my family gave me the strength and the will to do my best during the review and exam days.
During the review proper until the present, IMA sends updates, news, and more about the profession and the organization. But one day, a particular email caught my attention. It was an invitation to attend the IMA 100th Annual Conference and Expo to be held in San Diego, California. Deep inside, I wanted to attend that prestigious event. I even jokingly asked my parents if they would allow me to go to the USA if I passed the CMA exam. Luckily, they said yes. However, they told me not to think about it yet, but just focus on the review and exam instead. That statement from my parents made me more motivated to stay on track and do better. Focus, focus, and focus.
Days passed and examination days came. I was amazed because I found myself more prepared than what I expected to be. The preparation was really harder and longer than the actual battle. It took sleepless nights and days to actually prepare for a day or two for an exam.
As I was soundly sleeping, a loud thunder was heard and the rain fell which woke me up in the middle of the night. I could not go back to sleep so I decided to check my email. I was surprised and nervous when I saw an email from IMA with a subject, “ICMA Examination Results”. I could barely click on it as my hands were shaking. Luckily, I passed the exam with a high score. I could not believe that I did it. It was an achievement that I, alone, could not have done without the support and guidance of my parents, siblings, family, friends, professors, reviewers, and Insights. I owe this one especially to God, my parents, and the Insights team.
I finally applied for my visa upon passing the exam so I could attend the event in San Diego, California. Luckily, I had my visa approved. The conference week in June 2019 came and I was really excited to meet a lot of people. I learned a lot from the conference and enjoyed it together with my IMA Philippines colleagues, Insights team, and newly found friends from the conference. It really was a one of a kind experience. Now, as my CMA journey starts, I begin it with enthusiasm, dedication, and courage. Who knows what is up in the future? We’ll figure it out.
Our destiny is not really a matter of chance, it is a matter of choice. It may be pre-planned but it is always us who decides on things – whether we continue it or not. Never let fear be a barrier from pursuing what we want. Some setbacks, when used as stepping stones, serve as challenges for a major achievement. Always strive to do better. For in the end, it will pave way for bigger rewards and ultimately greater things in life.
About the author:
Von Jozelle Galinato Mangibin graduated cum laude in both BS Management Accounting, and BS Accountancy at Saint Louis University batch 2017 and 2018, respectively. She is fond of going places, meeting new people, and learning from her different experiences wherever situated. At present, she is enjoying her vacation in the USA.
Looking back, the thought of having two titles, let alone attaining them in one year, never really crossed my mind. Back then, I was so focused on preparing for my goal to do well in the CPA Licensure Exam. However, I was already aware of the CMA certification through hearing and reading about it. During my last semester in the undergrad, one of my professors reached out and introduced to me the certification. He explained how the title will help me to be m/ore competitive in the global environment and how he can help me in attaining that CMA title. I was hesitant at first and I did not really think it through. In the end, I decided to just go with the flow, do what everybody else is doing as most of my classmates went for it. Without much thinking, I signed up for it.
But then again, the journey was not smooth sailing as doubt started creeping in. Will I be able to pass and meet their expectations? More importantly, will I be able to pay for the fee? As most of us are aware of, the costs for the review and exam registration is not a joke. Gladly, the program that was offered to me made it easier in terms of preparation for the exams and payment scheme.
After braving through the tough CPA Licensure Exam in October 2018, we went straight to the two-week review period for the CMA Examinations afterwards. It was not easy as most of us were already exhausted after the CPALE and the time given to us to prepare seemed too short at that time. It was a tough two weeks as we had to master all the remaining topics in such a short period. The agony of waiting for the CPALE results definitely did not help as the results may come anytime during the review period. Nevertheless, the CPA-CMA review program definitely helped as everything we have studied for CPALE were still fresh and most lessons are still relevant for the CMA Exams. We took the CMA exams the same month we took the CPALE.
Fast forward to December 2018, results came and most of us were ecstatic as we have already achieved our goal of having two titles in one year. Not until I passed that 2-part exam that I realized that it is, in fact, possible.
Just when I thought that God has given me so much blessings already, another news came from Sir Angel that was unexpected. Before the CMA Ball, he told me that because of being 5th placer in the CPALE, I would be awarded a scholarship for the CMA program, meaning all the fees will be waived. I was overwhelmed and truly grateful as this scholarship did not only help me and my family but it also inspired me to always do more and to always aim for excellence in everything that I do.
It did not end there yet. January came and I received another exciting news that I will be awarded a Student Certificate of Distinguished Performance for being one of the top scorers in our testing window and that I, together with the other awardees, will be going to the US to personally receive our awards. Just last June 2019, we went to San Diego, California to attend the IMA’s Annual Conference and Expo 2019 wherein we personally received our awards and participated in the conference’s educational sessions.
I am truly delighted and thankful to God that I was given so much more than what I aimed for. I wouldn’t be able to achieve all this without the help of Insights team, especially Sir Angel and Sir Cabug, and my family who have been very supportive of me all throughout. To all aspiring CMAs, you’ll never know it is possible until you try. Dream big and do your best. It’s not going to be easy, but that does not mean it is impossible.
“Shoot for the moon. Even if you miss, you’ll land among the stars.” – Norman Vincent Peale
About the Author:
Charissa Mae S. Espinola is a magna cum laude graduate from the University of Santo Tomas with a degree in Bachlor of Science in Accountancy. She earned her CPA credential in October 2018, obtaining the fifth highest score of 90.17%. Also in October 2018, she took the 2-Part CMA examination and was awarded the Student Certificate of Distinguished Performance award for earning the second highest exam score among students who took the examination worldwide. She currently works as an external auditor in one of the Big Four accounting firms.
When I was in college, I am always fascinated by this Latin phrase engraved over one of our University’s structures, “Ad Astra Per Aspera”. When I saw the phrase, I immediately looked for its meaning, “to the stars through difficulties”. I realized that it is not one ordinary Latin jargon but one that inspires someone who reads and understands it. At that moment, my story of journeying towards the brightest stars commenced.
I graduated in college last April 2014 at the Cagayan State University in Tuguegarao City and passed the CPA board exams the same year emerging as one of the toppers. I still held into that phrase, but this time on a different tone, I think I have already reached the stars because I courageously faced the difficulties. I then joined the workforce as an auditor in Punongbayan and Araullo. A realization hit me, that even after graduating with Latin honors and topping the licensure exams, it feels like it is not enough. With the advent of the ASEAN integration as well as the technological disruptions in the labor market where robots are beginning to take the place of humans, it may already be necessary to equip myself with some other qualifications and credentials. However, because I wanted to first earn a living for myself and for my family, I opted to just sleep over it.
Fast forward, in early 2016, I came across FB posts showing a number of fresh graduates and even professionals passing the CMA exams. I contacted one of my friends (who is already a CMA) and he introduced me to Sir Angel Secerio of Insights Financial, the largest CMA review center in the Philippines. With my eagerness to pursue additional credential, I asked him a lot of questions regarding the CMA certification which he patiently and generously responded. However, I was distraught when I learned about the cost of the program (though Sir Angel offered me a discount and instalment payment option plan) and another thing, I still didn’t have one of the requirements to take the exam – a passport. So I decided not pursue for the meantime, but without throwing away that desire to obtain the title.
In 2017, my present employer, Bank of Makati, offered me a sponsorship for a certification (but not the CMA) and without hesitation, I gladly accepted. That same year, I earned the Certified Financial Consultants (CFC) credential.
But my desire to become a CMA still remains intact. In fact I had been an avid follower of the Facebook page of Insights Financial where they always share posts of successful examinees and I do always read testimonies and success stories of the passers in their website. Then last May 2018, my boss, Sir Rowell Umali, made an unsolicited recommendation to us (I and my friend Harvee Salvador) to perhaps try the CMA exam. Of course I was surprised and at the same time thrilled and excited. The title I have been yearning for more than 3 years is already coming to light. We drafted and submitted an intent letter to our President, Sir Luis Chua, showing our eagerness to pursue CMA and requesting for the Bank’s support which he gladly approved. To that, I express my most sincere gratitude to my very considerate and generous bosses in Bank of Makati.
And my journey towards the CMA certification begins.
But before that, it is also worth mentioning that a few months back, in March 2018, I have submitted an application for a Master’s degree in Management at the University of the Philippines- Manila (UPM). Passed the admissions exam last June 2018 and attended classes starting August.
During those months, my life was very difficult. Juggling between my: work– where the last semester of the year is the busiest because of the budgeting and planning season and the unit I am heading is the overall in charge; study for my Masters– Saturday class, studying in UP is a no joke as lots of readings and research papers are required and we also have to attend events and colloquiums outside the classroom, we were tasked to prepare Management Research Papers and a Strategic Management Paper of our respective organizations and do a book review of business strategy books; review for the CMA– I have to read the thousand-pages book of Wiley, attend live review sessions either in UST or in Insights Center in Makati during Sundays (thank you to the Insights Team!) and answer tons of CMA online problems (more or less 4,000 problems for both parts), have to memorize concepts and terms to prepare for the essay part of the exam, not to mention that I am stranger to some of the CMA topics such as US GAAP, Standards for Internal Audit and Risk Management and some foreign laws (Sarbanes Oxley Act, Foreign Corrupt Practice Act, to name a few); and lastly my personal life. It was really very hard and taxing.
For more than 8 months, I had to make sure I am on track of everything. Work demands are met, research paper and homeworks for my Masters are submitted on time and the CMA exam preparation is on track as Sir Angel would always ask me for an update how well am I doing with my preparation. I read the Wiley book in the morning at the office before office hours or if we need to submit a paper for my Masters I have to do that first. Use 30 minutes of my lunchbreak time to answer a couple of CMA problems, sometimes have to render overtime at the office. I read Wiley flashcards or listen to the Wiley audio lecture on my way going home after 6:30 in the evening, then at night after having my dinner, takes 10-20 minute power nap before starting to practice solving 50-100 CMA problems. Then goes to bed around 12 in the midnight to 1:00 AM and wakes up at 5:00 to 6:00. I barely had a review during weekends because I had to attend my class in UP during Saturday and the CMA live class session during Sunday.
But what kept me up and running during that time of struggle was my burning desire to really earn the certification- no matter how hard it gets- for my future and for my family. I am always reminded by that phrase “Ad Astra PerAspera”, “to the stars through difficulties”.
I took the exams last January 2019 for the Part 1 and February 2019 for the Part 2, need to take it in same exam window to qualify us for a medal ranking. The exams were in Ateneo Graduate School and I can say it was hard- 100 multiple choice questions and 2 essays with 6 questions each- all to finish in 4 hours in front of the testing computers of the Prometric Testing Center inside Ateneo. We were not allowed to bring anything inside the testing center, even our hankies! And every testing computer has a camera installed so the proctor can see every detail of our action within the 4 hours that we are inside.
We were informed that the results will be out 42 days after the last day of the month that we took the exams. Which means we had to wait for more than 2 months before we are able to know whether we passed or not. And just like how waiting for the CPA board exam results felt before, waiting for the CMA exams was also agonizing.
Exactly 42 days from end of January and February 2019, the results were released last March 14 and April 11- with the word “Congratulations” in the first line of the email I received from Mr. Dennis Whitney- the Senior VP of ICMA (Certification Division of IMA). I immediately told Sir Angel of my scores and he assured me of a medal given those scores, either the gold or the silver. And how did I feel? It was cloud nine, grinning from ear to ear! April 11, a day after my birthday, was actually one of the best days I had ever!
Indeed, my CMA journey was one thrilling ride. Struggles were everywhere- work, studies, review and personal life. But in battling those struggles, I had my weapons- discipline, focus and faith. I held into my dream and into holding that dream, I used those weapons. Now I can say, I have surpassed the difficulties and I have reached a ‘golden’ star- a star that will definitely open up a lot of opportunities in the future. Indeed, Ad Astra Per Aspera!
To God be All the Glory!
About the Author:
Reynald E. Tomas is a magna cum laude graduate from Cagayan State University. He earned his CPA title back in 2014, passing the tough Oct. 2014 CPALE with a rating of 90.71%, the second highest in that examination. He worked in one of the prominent audit firms immediately after passing the exam, and currently holds a key finance position in one of the well-known banks in Metro Manila.
