CIMA spotlight PQ
CIMA BREAKS MOULD CIMA has dropped exemption fees and ushers in 2019 syllabus exams, writes Stephen Flatman
in a Digital World’ section has been updated, it now covers technology, data and information in a digital world and the changing shape and structure of the finance function. The P1 ‘Management Accounting’ and F1 ‘Financial Reporting’ is now more digitally-focused in areas like cost accounting, budgeting, and short-term commercial decision-making for P1 and areas such as managing cash and working capital section for F1. There is now new content on business models and value creation in E2 ‘Managing Performance’, reflecting the impact of digitisation in these areas. Under P2 ‘Advanced Management Accounting’, managing the costs of creating value has been updated, along with capital investment decision-making and managing performance of organisational units. We also added integrated reporting as a new area in F2 ‘Advanced Financial Reporting’.
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ith the aim of broadening the pipeline of finance professionals, from 1 August 2019 students embarking on their journey with CIMA will no longer have to pay exemption fees. This launch coincides with the start of the 2019 syllabus exam registration in November, and we hope removing the fees will reduce barriers and give budding finance professionals around the world greater access to the CIMA qualification, which is equivalent to a Master’s degree. At the moment, you can find our members and students working across all levels of business in all kinds of capacities, but over the past few years we have seen some roles and responsibilities change. New and emerging technologies This has been brought about by new technologies and as they continue to evolve we know there will be further impact. To understand what the future of finance will look like, we carried out research, speaking with more than 2,000 organisations from more than 150 countries, our findings told us that new and emerging technologies will continue to take over traditional tasks but, at the same time these changes which demand new digital competencies, will create opportunities that many finance professionals have yet to recognise. Additional research also told us that the transformational efforts of many organisations is dependent on having a highly digitally skilled team of finance professions. But 90% of finance leaders said they felt their teams didn’t have the skills they needed. In an effort to make sure we plug any skills gaps we updated the CIMA syllabus – it was launched on 31 January.
TIMETABLE The timeline for the changes to exemptions will follow: • From 1 August 2019, CIMA students who apply for exam exemption(s) will no longer have to pay a fee for any exemptions granted for eligible prior learning. • For students who have been awarded and already paid for exemptions between 1 January and 31 July 2019, and who will be taking an exam between 1 August and 31 December 2019. CIMA will credit these students’ accounts with the difference between the previous and new 2019 exam fees on a monthly basis over the remainder of 2019. This credit can be used towards the 2020 subscription fee. • For new and existing students who have entered the CIMA qualification through gateway and experiential programmes fees will remain the same. PQ Magazine September 2019
The syllabus is still based on our CGMA Competency Framework, which was developed in partnership with employers, and covers key skills such as leadership and people management. But it’s now filled with content that not only prepares members with all relevant technical skills, business acumen and competencies, but also gives them the digital skills needed to thrive in an automated world. Students will be examined on the new syllabus from November 2019 and new topics such as data analytics, blockchain, digital costing and digital strategy and artificial intelligence. The CIMA syllabus is split across three levels – Operational, Management and Strategic and into three areas – enterprise (E), performance (P) and financial (F). The syllabus includes nine subjects, each covers a specific area of knowledge and content. All subjects interlink to give our students the highest level of competencies. The impact on our exams will be seen in new key areas such as integrated reporting, business models, cyber-security and technology to our core accounting, finance and business topics. After reaching the end of each level, our students’ skills and competencies are assessed in a Case Study exam. This involves a real world business scenario that management accountants might experience. All the technical, business, people and leadership skills and competencies that CIMA students have learnt throughout their studies will need to be clearly demonstrated. Testing competencies like this unites the learning from each of the subjects in a holistic way that is critical to professional development and shows employers what they can do. At the operational level, E1 ‘Managing Finance
Digital strategy At the strategic level, digital strategy is now part of E3 ‘Strategic Management’, this will help students feel confident in developing a digital strategy and supporting the digital transformation of their business. In P3 ‘Risk Management’, there is now a new area covering cyber risks so students can better understand, identify, evaluate and manage new digital risks on behalf of their organisation. We have moved some of the content from P3 ‘Risk Management’ to F3 ‘Financial Strategy’; F3 now also includes business valuation and covers everything you need to know about intangible and tangible assets. We know these changes are significant. They had to be, to meet the demands of an automated world head on. But, to make sure we don’t leave any students behind we developed exam blueprints. The blueprints are a tool and a first for the management accounting sector. They’re designed for tuition providers and students, to understand the new expectations – they tell you what you’ll be assessed on and they also show employers you are gaining all the skills they have told us they need in modern business. The aim is to give you everything you need to be successful in your exams, so within each blueprint you will see a series of ‘I Can’ statements, which reflect the competencies you will come to own and tasks you will be able to perform as you pass each level. We also developed a transition tool to give current CIMA members and students personalised step-by-step support while the changes take place. Detailed transition guides for each subject are now available for each. You can access the tool at CIMA Study Planner where you can also find study guides, tips and resources. PQ • Stephen Flatman, Vice President, Examinations, Management Accounting, The Association of International Certified Professional Accountants 27