For an accountant or management accountant to pass the Management Accounting test, they must take an examination that has been designed by the Boca Raton Accounting Society. The test consists of fifteen questions and the answers must be complete with accuracy and sufficient detail. If the candidate does not pass the exam, they are required to take another exam to recertify their scores. They must also complete a written evaluation after their exam, which gives the candidates feedback on their performance. This assessment also provides the candidate with feedback on how well they prepared and what they should do next to improve their scores.
The exam is given by professional examiners who have undergone years of training and experience. In order to pass the exam, the candidate must have an understanding of what the financial statements, accounting concepts, financial analysis, business planning, and managerial decision-making process are all about.
There are several companies that offer management training courses, but there is no official organization that provides an accountant training course that prepares for the exams. Most certification courses focus on the management section of accounting, whereas some focus solely on the business side of accounting. Some companies offer both.
Management is one of the few areas of business that is not part of any formal certification course. However, an accountant is required by law to hold a certain level of education in an accountant position. This requires passing the state exam that is administered by the Board of Accountancy of the American Institute of Certified Public Accountants (AICPA). The exam also must be taken before the state permits a person to take his own certification exams. These tests can be taken at a local community college or a business school.
In order to become a certified public accountant, an individual must be at least eighteen years old, hold at least a two-year bachelor’s degree, be employed in a business, and have at least five years of financial responsibility. An individual must also pass an examination that tests general knowledge of bookkeeping, tax preparation, bookkeeping procedures, and business finance. The examination also tests the individual’s knowledge of the Internal Revenue Code, laws regarding the filing of corporate documents, and knowledge of the business environment. The knowledge must include the ability to organize and handle financial records and organize and reports.
In order to become a certified management accountant, an individual must take the exam that covers areas such as business planning, financial statements, bookkeeping practices, management accounting, auditing and reporting of financial data, budgeting and control of the books of accounts, analysis of information, planning and strategies for growth and development, customer relations, risk management, and financial statement presentation. The exam also covers the business cycle, the role of a manager, business development and marketing, and how to run a company from the bottom-up, all of which are necessary for the responsibilities of an accountant.
To become a management accountant, an individual must complete at least four years of undergraduate studies, four years of graduate study, one year of study in accounting at an accredited school, pass the state exam, pass a written evaluation and participate in a successful management accounting career advancement program. Once an individual has graduated, he may begin taking the test or taking a refresher course in order to renew his professional certifications.
