CMA Final Paper 15 study plan

Build a one-page formula sheet covering NPV, IRR, MIRR, payback, discounted payback, and profitability index, then solve 15 capital-budgeting problems without notes

Distinguish and apply WACC components (cost of debt after tax, cost of preferred, CAPM-based cost of equity) across 10 weighted-average cost of capital computations

Explain how capital structure, leverage, and dividend policy affect firm value by writing a 300-word comparative note on Modigliani-Miller with and without taxes

Map the linkage between strategic planning, capital allocation, and shareholder value using value-based management metrics (EVA, MVA, ROIC vs WACC)

Compute free cash flow to firm and free cash flow to equity from given income statement and balance sheet data in 8 cases

Apply discounted cash flow valuation, including terminal value via perpetuity growth and exit multiple, to value a hypothetical company

Compare relative valuation multiples (P/E, EV/EBITDA, P/B) and identify when each is appropriate

Analyze merger and acquisition motives, synergy estimation, and accretion/dilution effects on EPS in 5 short scenarios

Classify costs (fixed, variable, mixed, sunk, opportunity, relevant) and apply relevant costing to 10 make-or-buy, special-order, and keep-or-drop decisions

Prepare a contribution-margin income statement and compute break-even, target profit, margin of safety, and operating leverage in 8 exercises

Apply activity-based costing to allocate overhead across cost pools and drivers, then compare resulting product costs with traditional absorption costing

Explain the balanced scorecard perspectives and construct one strategy map linking objectives across all four perspectives

Apply standard costing to compute direct material, direct labor, and overhead variances, and decompose each into price and quantity components

Interpret variances by distinguishing controllable from uncontrollable causes and drafting corrective management responses

Set transfer prices under cost-based, market-based, and negotiated methods and evaluate divisional performance effects

Distinguish responsibility centers and select appropriate performance measures (ROI, residual income, EVA) for each

Identify and quantify financial, operational, strategic, and compliance risks using a risk register with likelihood and impact ratings

Apply COSO ERM and COSO internal control frameworks to evaluate a described control environment and identify control gaps

Distinguish preventive, detective, and corrective controls and recommend controls for 5 given business processes

Explain segregation of duties, authorization, reconciliation, and physical safeguards, and diagnose weaknesses in 6 short scenarios

Compare corporate governance models (shareholder vs stakeholder, unitary vs two-tier boards) and explain board committee roles and independence requirements

Apply an ethics decision framework to 6 dilemmas involving conflicts of interest, confidentiality, and earnings manipulation

Outline key business law concepts relevant to management accounting: contract formation, agency, fiduciary duty, and fraud elements

Identify whistleblowing channels, codes of conduct, and consequences of non-compliance under typical regulatory regimes

Interpret the four primary financial statements and compute liquidity, solvency, profitability, and efficiency ratios from a full set of statements

Perform horizontal, vertical, and trend analysis and explain limitations of ratio comparison across industries

Apply revenue recognition and lease accounting principles to determine reporting effects in 5 scenarios

Detect earnings quality red flags such as accrual spikes, channel stuffing, and aggressive capitalization in 4 case descriptions

Complete two full-length timed mock exams under exam conditions and record scores by domain

Review every missed question from the mocks and write a corrected explanation for each error

Re-drill the 20 weakest topics identified across all six domains using the formula sheet and personal error log

Rehearse exam-day time allocation and question triage strategy for essay and computation sections