“Embracing the Setback: Turning Failure into Triumph”
John Davis Baguio, CPA, CMA (U.S.)

All my life, I never really considered myself to be hard-working. A personal observation of mine has led me to be aware of my carefree mindset. Even with academics, I did not really care too much about grades. I never thought about the concept of FAILURE or SUCCESS on a deeper level. It was that situation until one of my friends asked me, “Nakasuway nakag ka-fail yot?” (Have you ever experienced failure?), and I remember not giving her an exact answer. I was left pondering over her question because I honestly do not know what to say. Despite experiencing setbacks in the past, I did not consider them as failures.

I brought the same carefree mindset with me when I entered in college, taking up Bachelor of Science in Accountancy. I remember one time when my friends had to call me while I was playing DOTA in an internet cafe right across school to inform me that a major exam was happening that day. Even with that viewpoint, I managed to perform well in school. With the satisfactory results that I constantly received all throughout the duration of college; friends started rooting for me to top the CPALE. Although sometimes I may have made it appear to them as if I did not care one bit, the praises have gradually placed pressure on me to top the exam. I honestly thought at that time that I could do it and that if I at least change some habits, I could top the board. Sadly, I FAILED. Although I passed the CPA board exams, I was not able to achieve what I hoped and worked for. As arrogant and ungrateful as it may sound to others, but I treated it at that time to be my failure. Instead of rejoicing with my family for passing the hardest board exam in the country, I stared straight at the screen and shed a tear of disappointment. For a moment I felt tiny and defeated.

After a couple of days, I tried to think for my next move. I thought I shouldn’t just sit around, be miserable and think about my CMA exam. I was presented with the option of taking Part 2 in October 2023 and Part 1 in January 2024, but I respectfully declined. I wanted to take both parts in October thinking I could try my luck in and get an award. Ultimately, I took a leap of faith, decided to take both parts at the end of October 2023.

Taking both parts by the end of October meant I only had a brief two-week study period. It is safe to say that I crammed hard. Due to the lack of time and desire to finish the coverage, I took Part 1 with zero sleep. Needless to say, it was exceptionally hard, and to cut the story short, I SUCCEEDED! I got the Priscilla S. Payne Outstanding Student Performance Award for attaining the highest average exam score.

If my friend asked me the same question, I can look her in the eyes and tell her my story of failure. I will confidently share that I embraced that failure and completely turned things around. The greatest takeaway from this CMA journey is that God has better plans in store for us. We should embrace each experience, knowing that they are part of a greater journey orchestrated by a loving and wise Creator.

About the author:

John Davis Baguio is a full-fledged Certified Public Accountant and a recipient of the Priscilla S. Payne Outstanding Student Performance Award for attaining the highest average exam score globally in the Sept-October 2023 Exam Window of the US CMA examination. Davis graduated Magna Cum Laude at the University of San Carlos with a degree of Bachelor of Science in Accountancy.

“First of Many”
Jocelyn Faith R. Sumbi, CMA (U.S.)

Where do you see yourself in 10 years? When I was young, I never saw myself doing anything in the future. I often change my answer when asked about my dream job. Not once did I think of being an accountant. I chose practicality because I was indecisive about what program to take. I enrolled in the Accountancy program of the University of San Carlos. However, I failed the qualifying examinations. With this redirection, I paused, grieved, and picked myself up to explore other options. I could transfer to a different school and continue the program or shift to a different one. Then I found out about the Certified Management Accountant examination from the Facebook page of Insights Financial Review Services Inc. With the nearing start of the school year, I decided to stay in the same University and shift to the Management Accounting (BSMA) program. It was not easy. I faced the discrimination of being a Management Accounting student.

One of the Insights professors mentioned that no medalists were from the BSMA program. He motivated us that we are not “just” Management Accounting students. For the first time, I received validation from someone of authority who is both a CPA and a CMA. The different professors built my confidence, motivating us that I can do more and achieve more. With this, I strived hard and aimed higher. Little did I know that waiting for me was the Student Certificate of Distinguished Performance. I achieved my goal, I brought pride to the BSMA program, and I was able to prove them wrong. I am not “just” a BSMA graduate; I am a BSMA graduate and I am proud of it.

It was attainable with the study materials from Insights, which made reviewing more convenient. The option to know the reason why an answer is wrong for every question helped me understand the concepts more deeply. I would also like to extend my gratitude to the Insights team for their assistance. I was very close to taking the exam on two testing windows because of the tight availability of the slots. I would have been disqualified from receiving the award if it happened. More importantly, this was made possible by the professors from Insights, who went out of their way to motivate us, on top of their dedication to teaching the students. Knowing that someone believes in you does wonders. Glory to God!

About the Author:

Jocelyn Faith Sumbi graduated Magna Cum Laude with a Bachelor of Science in Management Accounting from the University of San Carlos. In September/October 2023, she successfully completed the Certified Management Accountant examination administered by the Institute of Management Accountants, earning the Student Certificate of Distinguished Performance Award for achieving the second highest exam score worldwide. As the first among her peers to receive this honor, Jocelyn exemplifies the exceptional capabilities of BSMA graduates, dispelling any notion that they are merely “only BSMAs.”

“Hard work is the heartbeat of success”
Mr. Hebban Talib Tawantawan, CPA, CMA (U.S.)

In my formative years, I was uncertain about the career path I would eventually pursue as an adult. The idea of excelling in the Licensure Examinations for Certified Public Accountants (LECPA) and successfully passing the US Certified Management Accountant (CMA) exams was beyond my wildest imagination. Like many others, I grappled with self-doubt and often felt that I was not anything special. I lacked extraordinary talents and didn’t stand out in a crowd. However, what I did have were big dreams and grit. I wanted to prove that I had what it takes to be great. My favorite NBA player, Dwyane Wade, once said, “My belief is stronger than your doubt.” As time has passed, this mantra has become my guiding principle in my journey through life. I tell this story to people all the time, but when I was in the Integrated Classes at the University of San Jose-Recoletos (USJ-R), I would always be the first to enter the library and be the last one to exit. I was aware I wasn’t inherently exceptional, so I felt the need to put in extra effort to remain competitive. To this day, I still remember what it felt like to fail my first three quizzes in one of my major subjects during my first year in college, but that did not stop me from progressing forward.

Consequently, I established my study habits, honed my self-learning skills, and cultivated discipline early on. With dedication, I managed to consistently achieve high grades, ultimately earning Latin honors upon graduation. This experience taught me that, with the right mindset, being ordinary can be an asset, not a limitation. I was not overly surprised when I topped the boards; in my heart, I knew I could make it happen because I worked three times as hard as anyone.

I embarked on my CMA journey during my fourth year of college, concurrently with my on-the-job training (OJT) sessions. That time, we could opt for certification exams to fulfill OJT work hours. Initially, I had reservations because it seemed quite expensive, especially considering I was just a student with no income. However, during an event organized by Insights Financial Review Services in partnership with USJ-R, one of their representatives shared their experience of being a CMA before becoming a CPA, sparking my interest and motivation to pursue the same path.

Fortunately, Insights provided an installment plan and a discounted fee, which I promptly took advantage of. I can confidently say that, as a professional now, I have no regrets about my decision because once we attain professional status, the fees imposed by IMA for the CMA exams will increase, resulting in higher expenses. Beyond the satisfaction of personal achievement, the CMA certification has opened doors to new avenues in my career, particularly advantageous when seeking opportunities abroad. Employers recognize the significant value that a CMA brings not only as a financial professional but also as a strategic partner contributing to organizational success. My approach to studying for the CMA exams differed slightly from my LECPA preparation. In the former, I focused more on solving multiple-choice questions and practicing essay responses. Given that I had recently graduated, I didn’t bother rereading concepts.

After graduating last December 2022, I took the CMA exam in the January-February 2023 window. Admittedly, because of personal challenges affecting my mental state at that time, I wasn’t able to give it my very best. Despite this, thanks to Insights’ resources and continuous reminders. I managed to overcome the challenges and achieve commendable scores. When it came to the CPA exams, on the other hand, I felt more mentally prepared.

My study approach that time involved a significant focus on reading concepts and textbooks, given that I took a 3-4 months break from studying. I wouldn’t recommend this to everyone, as many may tend to forget a lot during such a hiatus, and cramming in a short review period could compromise one’s health. Due to time constraints, I dedicated the last month of my review to solving multiple-choice questions (MCQs), but overall, my preparation was concept-based.

My daily review schedule consisted of waking up at 8-9 AM and going to bed at 11 PM, with breaks in between. It was extremely challenging at first, especially with the temptation to indulge in my hobby of playing computer games. However, as time went by, my body adapted to the routine, and I successfully developed self-discipline. Trying to get through the first few humps is the hardest part but once you make it past there, you’ll be exactly at the place where you want yourself to be at. An additional advantage of having pursued the CMA before the CPA was that I didn’t need to extensively review Management Services (MS) during my CPA preparations, as I had already covered it in my CMA exams and I was able to allocate more time to the subjects that posed greater challenges for me. It’s not just about the satisfaction of becoming a CMA before a CPA, it genuinely aided in my preparations. To those considering the CMA journey and aspiring CPAs, my advice is to adopt a concept-based approach during your undergraduate studies and review sessions.

Incorporate multiple-choice questions (MCQs) and essays, but aim to gain a deep understanding of the topics and learn them by heart. This approach will not only benefit you in your exams but also the post-exam phase as you take the next step towards becoming a professional. Additionally, I encourage you to embrace the challenge, relish the learning process, and know that the destination is not just a certification; it’s a testament to your capabilities and a key to unlocking new horizons in your career. Let me leave you with one of my favorite quotes by Theodor Roosevelt, “Believe you can and you’re halfway there.”

About the Author:

Hebban Tawantawan currently serves as an Assurance Associate at Isla Lipana & Co., the Philippine member firm of PriceWaterhouseCoopers (PwC). He graduated Magna Cum Laude, obtaining his Bachelor of Science in Accountancy from the University of San Jose-Recoletos. In October 2023, Hebban Tawantawan undertook the Licensure Examinations for Certified Public Accountants in the Philippines, emerging as the top scorer among 8,734 test takers nationwide. Prior to attaining the CPA designation, he successfully passed the Certified Management Accountant examinations administered by the Institute of Management Accountants in February 2023.

“Believe you can and you will.”
Danielle P. Pedrajas, CMA (U.S.)

After almost four agonizing years, the long wait is finally over for completing the CMA program.

A couple of months before I graduated, I decided to give the CMA certification course a try after learning about it from my seniors and friends. Given the widespread recognition of this credential within and outside of the Philippines, I thought the CMA presents a wide range of opportunities.

After graduating in March 2019, I flew to Manila to review at Insights Financial Review Services for at least six months. Yes, that was how committed I was to passing the tough examination. It was difficult because it was my first time living away from my parents. I struggled during the review for various reasons, including the lessons, homesickness, and emotional breakdowns due to receiving low scores on the comprehensive and mock exams.

Despite my best efforts, I failed in both parts on my first try. Although disappointing, it was anticipated. Though I know I am capable; it’s just that I did not perform well.

With my parents’ support, I decided to continue what I started. I consulted with Insights and made the decision to sit for the Part 2 exam in January-February 2020 testing window and the Part 1 exam in May-June 2020 window. I returned to Manila and spent a month and a half reviewing for Part 2, making the most of every day to study hard. While waiting for the result, I returned to my hometown to self-review for Part 1, and then the COVID-19 pandemic struck. I did pass the Part 2 exam! However, due to financial difficulties and travel restrictions, I opted to work and reassessed my goal for taking the remaining exam Part. I enjoyed working and felt content at moments when I considered dropping out of the program. But I begged for a sign because I was still debating whether I should continue or not.

One day, I received the sign I was hoping for. My friend, who was also my companion during the review at Insights, asked whether I wanted to continue the remaining part. We contacted Insights, and they assisted us in processing what we needed to continue with the program. Since the three-year period then was coming to an end, I did write IMA a letter stating my intention to continue the program and requesting that my Part 2 exam be reinstated for credit. And as if it were for me, the ICMA responded, giving me until September/October 2023 to pass the Part 1 exam.  

It was a risky decision, and I struggled getting used to it since I felt I was starting over. Managing my schedule between working, sleeping, and studying was difficult. I occassionally placed more importance on sleeping than studying when I got home late from work. I wanted to finish things off, so I took the chance of taking the exam in May/June 2023 window. That rushed decision did result in another exam failure. This time around, I felt like I failed so much that I was depressed and thought maybe this CMA title wasn’t for me after all. It had taken a financial and physical toll on me.

Since childhood, I have always had big dreams, I do not give up easily, and most importantly, I take risks. I did pay for another exam fee and restudied for the September/October 2023 window. At that moment, I distinctly recall saying, “This will be the last time that I step on this place because I believe that this time I will pass.” Although it was a bold thing to say, it gave me the confidence I needed to finish the exam and leave the Prometic Testing Centre in Makati smiling.

The remaining months of 2023 were filled with both excitement and nervousness. Waiting for the result for over a month and a half gave me relief since I FINALLY PASSED! At last, my efforts have paid off. I just thought then that it was all over.

As I was processing the requirements for the CMA certification, I noticed in my IMA account that my Part 2 exam was not credited. I then went back to the email that I received from the ICMA and realized that I had misunderstood something. I was so desperate that I sent another email to them requesting the reinstatement of my Part 2 exam because I knew I had worked hard for it and believed that I had met the requirements.

I waited for a response for two weeks, but I never got one, which worried me. I was about to give up and started pulling out my notes for Part 2 since I was prepared to retake the exam, but the Lord is so kind that He heard my prayers. IMA Communication sent me an email informing me that my requirements are satisfied and that my certificate is on its way. I was crying and yelling because I had finally earned my CMA title.

For those whose goals have been put on hold due to the pandemic, financial difficulties, or other issues. Please never give up, keep having great dreams, and step beyond your comfort zone. Although the journey may be difficult, the benefits will be great. We may face many obstacles and come to many realizations along the way, but that path will shape who we are today.

I would like to thank Insights Financial Review Services, especially Sir Angel Secerio, for the guidance and never-ending support and for answering all my queries. To my family, Ma, Pa, I hope I made you proud. To my friends and colleagues who are always cheering for me, and to the Almighty High, who always makes the impossible possible.

About the Author:

Danielle P. Pedrajas is a Bachelor of Science in Accounting Technology graduate at the Ateneo de Zamboanga University. She currently works at the AFPSLAI office in Zamboanga City.

It All Started with a Dream

Everyone has a dream in his life which they want to achieve when they grow up. dreams are essential as, without them, we will not have the motivation to move forward in life. when we were a child, some of us aspire to become a doctor, some teacher, or an engineer. however, to achieve these dreams, one has to work hard, our goals provide us the strength to face obstacles and motivate us towards achievement. 

I believe that every accomplishment starts with the decision to try. each every one of us have our own story on our journey to achieve the title “certified management accountant.” as an ambitious young little girl, i’ve been longing to become a successful cpa. and as a result, i enrolled as a bs-accountancy student at university of santo tomas. being a bs-accountancy student is simply no joke. i devoted almost all my life in the Library just to pass the qualifying exams to be able to major in bs-accountancy. fortunately, with the blessing & guidance from god, i was able to hurdle the qualifying exams and my dream to become a successful cpa is on the right track.

I was every excited as my journey to become a successful cpa is becoming nearer to reality. i studied very hard because i really wanted to achieve my ambition to become a cpa. unfortunately, the joy & eagerness to fulfill such ambition of mine was put to the sideline because oof the covid-19 pandemic. the schedule of the cpale was postponed several times. that’s the reason why i was so upset during those times. i don’t know what to do during those times. but god is really good to me. in one occasion, i met one of my college friend and we had a friendly question & answer about what had happened to our ambitions. it was during that conversation with my friend that i’ve learned about cma. she suggested to me why not take the cma while i’m waiting for the resumption of the cpale.

After college, i really wanted to study further for the progression of my career. i had few option in mind but i decided to get the CMA certification since this is the one that will greatly contribute to my interest in the field of accounting. my problem then was i didn’t know where to apply and review for the exam. luckily, i discovered insights during our review last year in RESA. that’s the reason why me and my friends decided to enroll and take the CMA exam. when i decided to go for the CMA exam, i knew it going to be my daily habits and weekend schedule to review and attend for review classes. sometimes, i even had to miss going out with family and friends. i thought these were just small sacrifices that must be made to have bigger returns in the future. there were multiple times that i felt frustrated because i wasn’t able to follow my review schedule, but i decided that there’s no use worrying over it and just remained positive and made the best of the time left.

Thankfully, after several months of studying, i passed the two-part exam and now i can proudly say that i am now a certified management account (CMA). with the help of the review sessions provided to us by insights and WILEY study materials, i was able to achieve my goals and become a CMA.

I am really thankful to insights financial review services for providing what i needed to be successful in my exam, and to sir angel for his untiring support & continuous guidance on my CMA journey. to all who are aspiring to become a certified management accountant (CMA), learn how to be optimistic and learn that if you want for something, then should pursue for it.

My father was always been saying to me that believing in yourself is one of the first step to success because if you don’t have confidence in yourself, it will difficult to succeed in anything. self-belief is the point at which everything begins and without it, it is difficult to succeed. we should always think positive because negative thoughts kills your opportunities. it is important to trust yourself and pray to god so that he will guide you in every path that you will take. i always believe that “if you can dream it, then you can achieve it.” just enjoy things and have confidence always. everything is possible as long as you believe and have the determination in fulfilling your dreams. just keep the faith and we should always do our very best & god will do the rest of us.