Taking the CFM Exam by Computer
By Rob DePasquale, CMA, CFM

The exam-on-demand format offers significant advantages to any candidate who wants to pursue the Certified in Financial Management (CFM) designation. Principally, the format allows candidates to schedule the exam at a convenient day, time, and location. The computer format also allows for immediate feedback to CFM candidates. Candidates need not fear the use of the new technology. Indeed, anyone who can withdraw funds from an ATM machine or who can complete a telephone call by using a push-button telephone should be able to handle the minimum technology requirements.

Preparation and Scheduling
The exam-on-demand format was integral to my taking the CFM exam. The format allowed me the flexibility to prepare for the exam as my schedule permitted and to arrange for a time and test date that did not interfere with previously scheduled commitments. After registering to site for the exam through the Institute of Certified Management Accountants in Montvale, I received and authorization letter, which read in part:

This is an acknowledgement of your registration for Part 2 of the CFM Examination. You must take the examination within the time period shown above as your authorization will expire at the end of this 60-day period. Be sure to take this letter with you to the Sylvan Technology Center as proof of your authorization.

The letter specified an authorization number and the 60-day time period during which I had to complete the exam.

After reviewing my calendar I called the Sylvan Technology Center most convenient for me and scheduled an exam time and date. As a candidate you should schedule a time and date as early as possible to ensure the Center can accommodate you. The Center staff person will ask for the candidate's authorization number, so you should have the authorization letter handy when calling for a testing appointment. You also may want to take this opportunity to clarify the location of the testing center as well as the directions on how to get there.

Exam Day
The ICMA recommends that the candidate arrive at the testing center at least one-half hour before the scheduled time of the exam to allow for final details. When I arrived, the testing ce3nter staff asked for and retained the authorization letter and asked that I take a seat in the reception area while the workstation I would use was checked.

After just a few minutes, the staff person asked me if I were indeed ready (I was) and walked me into the testing room. Although the exact layout of the testing rooms will vary by location, of course, my guess is that they are all fairly similar. The testing room consisted of approximately 15 computer workstations arranged along the outside walls and in a row through the middle of the room. Be cause the Sylvan Centers administer other exams and because candidates, within reason, may establish a start time, others persons were involved in various exams as we entered the room.

The Exam
The software driving the exam is extremely easy to understand and use. On the screen was an introduction, with some directions on taking the exam, Candidates have the option to practice using the mouse or the arrow keys if they so desire before actually beginning the exam. The practice screen encourages the candidate to move around the screen by using either the arrow keys or the mouse. I actually spent a minute or so manipulating the mouse to become accustomed to its use on the specific computer.

After a minute or two to fell completely comfortable, I hit the ENTER key to begin the exam. As noted before, the software is extremely user-friendly. On the screen appeared question number one. All questions are four-option multiple choice. In the upper left-hand corner, a small digital clock appeared, counting down the amount of time remaining. Timing on the exam is not affected by the time the candidate spends on the practice screen. Rather, the timing begins when the first question appears.

For most questions, the entire text of the question as well as the four options (A, B, C and D) appear on one screen. For a few longer questions, however it is necessary to scroll down to access all of the information. Candidates can dos o by using the mouse or by pressing the down arrow key. You can choose the answer to the question at any time by merely pressing the appropriate letter key (A, B, C or D).

For some questions, addendum materials are presented. Most often, these questions involved present value or future value tables. The tables are presented separately; you gain access to them by clicking on an icon that appears on the screen. The candidate can find the information needed (for example, a particular present value factor) and then return to the test question screen.

The test software allows you to continue to move to the next question or, at any time, to move to a particular question (by number). You can do so by using the "Got to question number _" which appears in the menu bar on the screen. In the first ready of the question it made sense to me to merely handle them in order. But, because the exam is organized by topic (questions on a particular topic area are likely to appear consecutively), candidates may wish to skip ahead to a particular numbered question to try to find a certain topic area. Questions from particular exam topical areas tend to appear in the same order as they appear on the official topical outline.

The software ha a number of other features that facilitate taking the exam. One option lets you mark a question much a like a candidate might do when taking an exam with paper and pencil. If you want to review a particular question later, you can mark that question. At any time, you can review the list of marked questions by number. In addition, the software automatically records the number of any question that was skipped or omitted.

Upon completing the first run-through of all 120 questions, I accessed the list of questions I had chosen not to answer and returned to them. Then I accessed the list of question I had marked and reviewed them.

Each candidate, of course, has a unique test-taking technique. For example, some like to review each question and answer before ending an exam. Others believe in the adage that the first choice usually is correct and changing an answer to a multiple-choice question is not advisable. Except for those few questions which I had marked, I chose not to review my answers.

At the conclusion of the exam, the candidate has the option to provide some feedback to the Institute of Certified Management Accountants by answering a few questions. If you choose to provide the feedback, it is the only time you will need to use the entire keyboard (to type in the comments).

In conclusion, why did I take the exam? I believe the world is getting more credential-oriented, and the more you have, the better off you are. The exam-on-demand format provides candidates an easy, convenient way in which to complete the CFM exam. But I believe you should have an organized approach to studying for it, including studying some of the recommended text and taking advantage of the certification examination study aids that are available in the accounting field.

Rob DePasquale, CMA, CFM, CPA, Ph.D., is a professor and former department chair at Saint Vincent College, Latrobe, PA. A member of the Westmoreland County Chapter of the Institute of Management Accountants, he is a former national director of IMA.

Source: Institute of Management Accountants.