2019 CIMA Professional Qualification Syllabus PDF

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2019 CIMA Professional Qualification Syllabus Reinventing finance in a digital world

“Digitalisationistransformingallindustries.Thisiswhydigital skillsshouldbeconveyedatalllevelsandinallformsof education.”

Contents 2

Foreword

20 E1:Ma

3

Contents

32 P1:Ma

JoeKaeser,PresidentandCEOSiemensAG

Foreword Iampleasedtointroducethe2019CIMAProfessionalQualificationSyllabus,whichfurtherstrengthensour commitmenttotheemployabilityneedsofbothbusinessandpeople,andunderpinstheCGMAdesignation. Inanincreasinglydigitalworld,rapidchangesintechnologyarecreatingchallengesforthebusinessmodelsof organisations.Itisalsomakingitdifficultforbusinessleadersandemployeestocreateandpreservesustainable value.Againstthisdigitalbackdrop,itisimperativethatfinanceprofessionalspossessrelevanttechnicalskills,a soundunderstandingoftheirorganisation,aswellastheabilitytoinfluenceandleadpeople.Thiswillmakethem capableofprovidingtheinsighttheirorganisationsneedtocraftandsuccessfullyexecutetheirstrategies. The2019syllabuscontinuestobridgetheskillsgapofnewlyqualifiedfinanceprofessionalsworldwide,meeting theemployabilityneedsofbothbusinessandpeople.Indesigningthesyllabus,wesetouttoenhancetherelevance ofthesyllabustoemployers;ensuretherigouroftherelatedexaminationsandalignthelearningexperienceof candidatestotherealworld. Thechangesinthesyllabusarebasedonourthree-stageresearchapproachofemployerinterviews,roundtables andaglobalsurveytoarangeofstakeholders.Wecontactedover6,500financeprofessionals,fromover2,000 organisations,inover150countries.Wehaveusedthesameresearchmethodologyastheprevioussyllabus updatebutonalargerscaleandwithwiderparticipation.Thisresearchhasallowedustocapturethelatestviews offinanceprofessionalssothatwecanincorporatetheseintothesyllabus. Importantly,theupdatedsyllabusincludeshowthedigitalworldaffectsfinance;thiscanbeseenthroughthe introductionofdigitalcostinganddigitalstrategy.Topicssuchascybersecurityandbusinessmodelshavealso beenincorporated.Existingareas,suchasintegratedreporting,havebeenexpandedtoreflecttheirgrowing prominence.Ultimately,thesetopicssupportCIMA’sdesiretoproducecompetentandconfidentmanagement accountingprofessionalswhocanguideandleadtheirorganisationstosustainablesuccess.

4 TheCIMAProfessionalQualification

42 F1:Fina

5 TheCIMAQualificationFramework

52 TheMa

6 TheCGMACompetencyFramework

56 E2:Ma

8 StructureoftheCIMASyllabus

64 P2:Adv

10 LearningoutcomesandExamblueprints

74 F2:Adv

12 CIMAassessmentstrategy

86 TheStr

12 Suggestedorderofexams

90 E3:Stra

14 Thesyllabusinthecontextofthefinance function

104  P3:Ris

15 Summaryofthe2019Syllabus

Increasingly,therequiredskillsoffinanceprofessionalsarem

problem-solving arenaandtheymustadoptcompeten changemanagement. Thefinanceprofessionalneedsa min through continuous learning.

Challenges

They must … .,FCMA,CGMA President—MAResearchandCurricula

2 CIMA Professional Qualification Syllabus

124  Examin

16 TheOperationalLevel

IstronglyrecommendtheCIMAProfessionalQualificationtoemployersandtothosewishingtopursuea successfulandrewardingcareerinbusiness.

Noe Executive

114  F3:Fina

Realisethechallenges organisationsface whichthreatentheir success

Performance

Comprehendthe performanceneeded fromthefinance teamtoaddress thosechallenges

Mi com

Under comp minds toper requir

The CIMA Professional Qualification

The CIMA Qualification Fram

CIMA’sobjectiveindesigningthesyllabusistoenhance theemployabilityofstudentsandmembers.Itintends tocreatealearningsystemthatenableslearnersto acquireskills,competenciesandmindsetsthatarein highdemandbyemployers.Thishasneverbeenmore importantwiththepaceofchangeincreasingand traditionalrolesbeingredefinedbytechnologyand digitaladvances.

ThediagrambelowshowstheCIMAQualificationFramework.Thisinclud theProfessionalQualification;AssessmentofPracticalExperience;andC intheformoflifelonglearning.

TheProfessionalQualificationcomprisesthreepillars ofdomainknowledgedividedintothreelevelsof achievement.ThepillarsareEnterprise,Performanceand Financial.ThelevelsareOperational,Managementand Strategic.Whencombinedwiththerequiredpractical experience,CIMAqualifiedmemberswillbecapable ofsupportingandleadingtheirorganisationsthrough thechallengingenvironmentofconstantchange. Thesyllabus,assessmentsandpracticalexperience

requirementsensuremembersarecompetentinthe essentialaccounting,financeandbusiness-relatedskills. Italsoprovidesthemwiththeskillsrequiredtoleadthe financefunctioninadigitalage. TocompletetheCIMAqualification,andbeableto usetheCharteredGlobalManagementAccountant ® (CGMA®)designation,studentsneedto:

AWARD: Membership of the Chartered Institute of Manage Accountants (ACMA/FCMA) and the CGMA® designation

• Meettheentryrequirementsoftheprofessional levelqualification.

Assessment of practical experience requirem

• S  tudyforandcompletetherelevantprofessional levelassessments,culminatingintheStrategic CaseStudyExam.

Strategic Level

• Completethreeyearsofrelevantpractical experience,whichcanbegainedbefore, duringand/orafterstudies.

Management Level

Strategic Case Study Exam

E3

P3

Strategic Management

Risk Management

AWARD: CIMA Advanced Diploma in Management Accoun Management Case Study Exam

E2

P2

Managing Performance

Advanced Management Accounting

Operational Level

AWARD: CIMA Diploma in Management Accounting Operational Case Study Exam

E1

P1

Managing Finance in a Digital World

Management Accounting Performance pillar

Enterprise pillar Certificate Level

AWARD: CIMA Certificate in Business Accounting

BA1

BA2

Fundamentals of Business Economics

Fundamentals of Management Accounting

BA4

Fundamentals of Ethics, Corporate Governance and Business

4 CIMA Professional Qualification Syllabus

The CGMA Competency Framework TheCGMACompetencyFrameworkwasfirstintroduced withthe2015syllabus.Itsetouttheskillsand competenciesthatemployersidentifiedasessential fortheirfinancestaffacrossarangeofindustries, organisationsizesandrolelevelswithinanorganisation. Toupdateboththesyllabusandcompetencyframework, weonceagainundertookglobalresearchtobetter understandwhatischangingforboththefinance functionwithintheorganisationandthefinance professional,againstthebackdropofanever-increasing digitalworld. Ourthree-stageresearchapproachofemployer interviews,roundtablesandaglobalsurveytoa rangeofstakeholders,meantthatwereachedout toover6,500financeprofessionals,fromover 2,000organisations,inover150countries,to answerthefollowingquestions; • H  owwillthefuturebedifferentforyourorganisation? • W  hatarethedriversofchangeforyourorganisation?

Thedigitalworld,inwhichorganisationsnowoperate, ischangingrapidlyandinunpredictableways.Our researchshowsthattechnologyisseenasthekey driverofchangeforbothorganisationsandtheirfinance functions.Technologyistransformingwhatfinance professionalsdo,andrevolutionisinghowthefinance functionisbeingdeployed. Thecompetencyframeworkreflectsourfindingsonhow financeprofessionalsareexpectedtoapplyaccounting andfinanceskillswithinthecontextofthebusiness/ organisationsinwhichtheyoperate.Italsoreflectsfor thefirsttimehowtechnologyandadigitalmindsetwill berequiredtoaffectandinfluencetheirowndecisions, actionsandbehavioursandthoseoftheircolleagues withinthewiderorganisation.Tobeabletodothis, fivesetsofskillshavebeenidentified—technical accountingandfinanceskills;businessskills;people skills;leadershipskillsanddigitalskills—andadigital mindsetunderpinningthecategories.

Theknowledge,skillsandbehaviourswithineachareaoftheCGMACom

Technical skills

Leadership

Financialaccountingandreporting;costaccounting andmanagement;businessplanning;management reportingandanalysis;corporatefinanceandtreasury management;riskmanagementandinternalcontrol; accountinginformationsystems;andtaxstrategy, planningandcompliance.

Teambuild performanc tomotivate

Business skills Strategy;businessmodels;marketandregulatory environment;processmanagement;business relations;businessecosystemsmanagement; projectmanagement;andmacroeconomicanalysis.

Digital skil

Information creation;pr planning;da

Theserema and profes

People skills Influence;negotiationanddecision-making, communication;andcollaborationandpartnering.

Basedonthesurveyresponses,thegraphbelowshowstheactivitiesinw dependingontheirrolewithintheorganisation.Itisanticipatedthatthese continuetoaffecttheroleofthefinanceprofessional.

• Whataretheimplicationsforfinance? • Howshouldfinanceprepareforthechanges?

50

Business skills

Technical skills Digital skills

Leadership skills

People skills

Points(0to100)representtimespenton activitiesineachknowledgearea.

45 40 35 30 25 20 15 10 5 0 Entrylevel

Manager

Se

Position held within the o Technicalaccounting

6 CIMA Professional Qualification Syllabus

Business

People

Structure of the CIMA Syllabus TheCIMASyllabuscomprisesninesubjectsthatareorganisedinthreepillarsandthreelevels.

The pillars Thethreepillarsrepresentspecificareasofknowledge. Thecontentofeachpillardevelopsasstudentsmove upthequalification.Thethreepillarsareinterlinkedto provideacoherentbodyofknowledgethatwillequip successfulstudentswiththecompetenciestheyrequire. The Enterprise Pillarfocusesontheroleofthefinance functionandhowitinteractswiththeorganisationusing dataandtechnology.Itlooksatbusinessmodelsand themanagementofpeopleandprojectstoachieve organisationalgoals.Itdealswiththeformulationand theeffectiveimplementationofstrategy. The Performance Pillarusesthetoolsandtechniques ofmanagementaccountingandriskmanagement toensurethatstrategyisrealisticandtomonitorits implementation.Itshowsstudentshowtousetheir understandingofcoststoconstructbudgets,make decisionsaboutpricesandcapitalexpenditure,manage costsandmanageperformance.Digitalcostingis introducedalongsidetraditionalcostingtechniquesand costmanagementisexpandedtoreflectitsgrowing importanceinanincreasinglycompetitiveenvironment

fororganisations.Itdevelopstheabilityofstudentsto progressivelyidentify,classifyandevaluatevariousrisks toanorganisation,includingenterpriserisk,strategicrisk andcyberriskandmanagetheseriskspredominantly throughinternalcontrols. The Financial Pillarfocusisthefinancialaccounting andreportingobligationsoftheorganisation.This includesanunderstandingoftheregulatoryframework andexternalreportingrequirements,includingintegrated reporting.Theabilitytoconstructandevaluate complexfinancialstatements,includingthoserelating togroupaccountstoshowthefinancialposition andperformanceofanorganisationisessential. Theprinciplesoftaxationandthetaximplications offinancingdecisionsarecovered.Italsolooksat formulatingfinancialstrategy,whichislinkedtothe formulationoforganisationalstrategyintheEnterprise PillarandassessingriskinthePerformancePillar. Thesubjectsineachlearningpillararedesignedto besequential,fromOperationaltoStrategicLevel, encouragingtheprogressivedevelopment ofknowledge,techniquesandskills.

The levels Thesyllabusisalsodividedintothreelevelsof achievement.StudentsprogressfromtheOperational LeveltotheManagementLevelandfinallytothe StrategicLevel.Ateachlevelstudentsstudysubjects acrossthethreepillars. The Operational Levelfocusesontheshorttermand theimplementationofdecisions.Studentswillbeableto workwithothersintheorganisationanduseappropriate dataandtechnologytotranslatemedium-termdecisions intoshort-termactionableplans. The Management Levelfocusesontranslating long-termdecisionsintomedium-termplans.Candidates willbeabletousedataandrelevanttechnologyto

manageorganisationalandindividualperformance, allocateresourcestoimplementdecisions;monitorand reportimplementationofdecisions;aswellasprepare andinterpretfinancialstatementstoshowperformance. The Strategic Levelfocusesonlong-termstrategic decision-making.Candidateswillbeabletosupport organisationalleaderstocraftstrategy;evaluateand managerisksthatmightpreventorganisationsfrom successfullyimplementingstrategy;valueorganisations; andsourcefinancialresourcesrequiredtoimplement thestrategy.

The CIMA Syllabus Strategic

E3: Strategic Management

P3: Risk Manag

(Decide)

A.Thestrategyprocess

• Makestrategic decisions.

B.Analysingthe organisational ecosystem

A.Enterpriser B.Strategicris C.Internalcon

• Formulateand createstrategy whilstmanaging theassociated risks.

C.G eneratingstrategic options D.Makingstrategic choices E.Strategiccontrol F.Digitalstrategy

Management

E2: Managing Performance

(Monitor)

A.B  usinessmodelsand

• Monitor implementation ofdecisions.

B.M  anagingpeople

valuecreation performance

C.Managingprojects

P2: Advanced M Accounting

A.M  anagingth

creatingval

B.C  apitalinve

decision-ma

C.M  anaginga

• Monitor,manage andanalyse performance.

theperform organisation

D.Riskandco

Operational (Implement)

E1: Managing Finance in a Digital World

A.R  oleofthefinance • I mplementation ofdecisions. • Translatemediumtermdecisions intoshort-term actionableplans; thenreporton performance.

function

B.T  echnologyinadigital world

C.D  ataandinformationin a digital world

D.S  hapeandstructure

P1: Manageme

A.C  ostaccou

decisionan

B.B  udgetinga control

C.S  hort-term

decision-ma

D.R  iskandun

theshortte

ofthefinancefunction

E.Financeinteractingwith the organisation

Enterprise Pillar

Performance

Articulateavisionin adigitalworld.

Makethevisio

Howdowearticulate theroleofthefinance functioninadigital world? Howdowemanage performancethrough peopleandprojects? Howdowedevelop andmanagestrategy?

8 CIMA Professional Qualification Syllabus

D.Cyberrisks

Howdoweus andbudgeting termdecision-

Howdowemo controlactivity performance?

Howdoweide mitigateagain manageriskst organisation?

Learning outcomes

Levels

5

Eachsyllabussectioncontainsoneormoreleadlearningoutcomes, relatedcomponentlearningoutcomes,topicstobecoveredand explanatorynotesthathelpprovidethecontextforthattopicarea. Eachleadlearningoutcomedefinestheskillorabilitythatawell-prepared studentshouldbeabletodemonstrateattheendoftheperiodoflearning. Theleadlearningoutcomesarepartofahierarchyoflearningobjectives. Theverbsusedatthebeginningofeachlearningoutcomerelatetoa specificlearningobjective.

4

Eg,‘Analysethefeaturesofinternalcontrolsystems’.Theverb‘analyse’ indicatesahigh-levellearningobject(level4).Becauselearningobjectives arehierarchical,itisexpectedthatatthislevel,studentswillbeableto examineandcommunicatetherole,featuresandpurposeofinternal controlsinmanagingorganisationalrisks.

Learning objective

Howyouareexpected touseyourlearning toevaluate,make decisionsor recommendations

Advise Assess Evaluate Recommend Review

Counsel,info Evaluateores Appraiseora Proposeaco Assessande

Align

Arrangeinan

Analyse Communicate

Examineinde Shareorexch

Compareandcontrast

Showthesim

Develop

Growandexp

Discuss

Examineinde

Examine

Inspectthoro

Interpret

Translateinto

Monitor

Observeand

Prioritise Produce

Placeinorde Createorbrin

Apply

Puttopractic

Calculate Conduct

Ascertainorr Organiseand

Demonstrate

Provewithce

Prepare

Makeorgetr

Reconcile

Makeorprove

Describe

Communicat

Distinguish

Highlightthe

Explain

Makeclearor

Identify Illustrate

Recognise,es Useanexamp

List

Makealistof

State

Express,fully

Define

Givetheexac

Outline

Giveasumm

Analysis Howyouare expectedtoanalyse the detail of what youhavelearned

Examination blueprints

3

Definition

Evaluation

Thefollowingtableliststhelearningobjectivesandtheverbsthatappear inthesyllabuslearningoutcomes.

Forthefirsttime,from2019examinationsonwards,CIMAwill publishexaminationblueprintsbasedonthesyllabus.Itwill setoutindetailwhatisexaminableineachoftheobjective testsandcasestudyexaminationsforagivenperiodandwill provideinformationabouttheformat,structureandweightings oftheassessments.Itisintendedt...