How to Study for a Contracts Exam

When faced with the prospect of a contract management exam, it can be easy to feel confused on where to begin. There are five different certifications offered by the National Contract Management Association (NCMA), each serving a different purpose for aspiring contract management professionals.

Those with advanced management interests typically study for the Certified Professional Contracts Manager (CPCM) exam, NCMA’s respected senior certification. Others with specialized interests may focus on either the Certified Federal Contracts Manager (CFCM) or Certified Commercial Contracts Manager (CCCM) exams. There are also two industry certifications: The Industry Certification in Contract Management–Defense (ICCM–D^®) and the Industry Certification in Contract Management–Federal (ICCM–F^®) options.

Fortunately, while each exam does require specialized knowledge, they are based on many of the same general contract management principles.

The Five CMBOK Competencies

Even if you plan to take a more specialized contract management exam, the five competencies in the Contract Management Body of Knowledge (CMBOK) form the core system of knowledge that should be fresh in your mind. These five competencies cover the baseline responsibilities required of a contract management professional and may be relevant even if seeking certification in commercial, federal or defense contract management:

• Pre-Award – The pre-award competency covers important knowledge areas and related background information before contracts are awarded.
• Acquisition Planning & Strategy – This competency focuses on how to seek out and secure sound contracts.
• Post-Award – Where the pre-award competency focuses on considerations before acquiring a contract, the post-award competency concentrates on what to do immediately after. These competencies are crucial to ensuring the success of the secured contract.
• Specialized Knowledge – In this competency, professionals find the variety of specialized skills and knowledge areas which, while not fitting into the above three competencies, are nonetheless important to overall contract management success.
• Business – This competency is more general, focusing on the business support skills contract management professionals need to work effectively. This includes a general knowledge of finance, accounting and economics.

General Study Tips

Beyond the specific knowledge required to pass a contracts exam, it is often useful to review and practice some fundamental study strategies.

Manage study time – Contracts exams are knowledge-based tests. In order to perform well, test takers should allow for sufficient study time in advance of the exam date in order to process and retain information. If test takers wait and attempt to cram at the last minute, they risk being tired and forgetting important points on the actual exam.

Organize your study space – Finding the right place to study is as important as how to study. A workspace should be comfortable and well lit with minimal distractions. For some, this may mean turning off, or putting aside, smartphones or closing any distracting programs on the computer. Others may study better in public spaces like coffee shops or around a table with a study group. Experiment with different methods to determine which study environment is optimal for you.

Use past exams – If possible, try to practice with real exam questions from previous contracts exams. Getting a feel for how questions are structured and how much time it usually takes to complete each question or section may be quite helpful.

Take regular breaks – Finally, try to relax. It is easy to allow exam preparation to consume all of your time, but burnout can hinder even the most diligent students. Take time to unwind and allow yourself to put studies out of your mind at regular intervals.

Summary

With the variety of certification exams available from the NCMA, studying for a contracts exam may feel a bit overwhelming. Fortunately, certifications complement each other in some ways. The CMBOK competencies are generally a good place to start regardless of your particular certification interest. As with any test, the key is to try to stay relaxed, to budget your time effectively and to practice with real study questions.