CMA Study Group

Part 2 section f (ethics and virtue)

  • 1.  Part 2 section f (ethics and virtue)

    Posted 11 days ago
    Dear members,

    I have been studying for cma part 2 exam for a while now and even have my exam due end of this month, but i have been facing a-lot 
     of problem in retaining such heavy theoretical information given in section F. 

    If anyone has a better idea of how i may be able to do it in such short time, it would greatly support my efforts. 
    Regards,
    Shreyansh mohan das 
    Kolkata


    --
    Sincerely,
    Shreyash Mohan Das,
    4th Semester,
    2C BBA2018179


  • 2.  RE: Part 2 section f (ethics and virtue)

    Posted 8 days ago
    Hi Shreyansh,

    I get it what you are going through. I have just completed section F and plan to appear for the exam in July.

    I have read in Hock that we need to memorize the IMA Ethics Principles and Standards. It is not easy though. The tactic that I use is I remember the initials and make some type of mental impression of what i write. When i read an MCQ, the whole impression appears in my mind and it helped me to answer MCQs. For example,

    4 IMA Ethics principles - HFOR

    Honesty, Fairness, Objectivity and Responsibility

    Honesty - TT and TT - Truthfulness and Trustworthiness - Telling the truth based in the best of knowledge - Now i will be able to make sentences based on this
    Fairness - IBDI - Not being Impartial, unbiased, dishonest and injustice
    Objectivity - FSoC - The decisions are based only on facts and set of criteria. Basing everything on established facts alone
    Responsibility - TC and AA - the decision and responsibilities are timely and complete. The analyst must be accountable and answerable for the decisions taken.


    4 standards
    CCIC - Competence, Confidentiality, Integrity and Credibility

    Although, they are difficult to be remembered word by word, I have again worked out some tactics.

    Competence - Everything related to professional duties, professional leadership and decisions
    Confidentiality - Legal, user and unethical - confidentiality of the information unless legally required to be disclosed, training other users to keep the information confidential, and never using confidential information unethically
    Integrity - CoI, Professional discredit, unethical and integrity - regularly sharing the information with the other users so that there is no conflict of interest, abstain from doing anything that discredit the profession of management accountancy and abstain from doing anything that is unethical, place the integrity of profession above all
    Credibility - All about true, fair and honest reporting

    I cannot cram word to word but this has worked out for me in solving MCQs. I have not yet solved essays questions.

    I hope this helps.

    Nupur

    ------------------------------
    Nupur Mahajan
    nupur1188@...
    Hartford CT United States
    ------------------------------



  • 3.  RE: Part 2 section f (ethics and virtue)

    Posted 7 days ago
    Hi all,

    I agree, it's hard but it pays off, it's really helpful to memorize the concepts like any other ratio formulations.

    The initials for key words are a great tip that I used too.

    Moreover, schemas will help you get the true meaning of concepts like moral, ethics and virtue so you don't get confused.

    Finally, my best advice is learn with pills of info. For instance, focus during 2 days on "Competence":
    5 minutes in the morning and 5 in the evening.
    Don't start with "Confidentiality" until Competence is well embedded in your mind.

    Regards!

    ------------------------------
    David Nieto-Heurtebis
    Palma De Mallorca
    Spain
    ------------------------------