(MENAFN Press) ICMA (Institute of Certified Management Accountants), the certification division of IMA (Institute of Management Accountants), has updated the exam for its CMA (Certified Management Accountant) credentials to include content related to financial reporting and strategic planning; skills that are increasingly important for management accountants as their roles evolve. The revisions are based on a recent Job Analysis Study that polled CFOs, controllers and other accounting/finance professionals from the Middle East and around the world.
The study revealed that the three most important subject areas for management accountants are financial reporting, planning, budgeting and forecasting and performance management. The purpose of the study was to identify the knowledge, skills and tasks currently needed by management accountants. The update is part of an ongoing process by IMA to ensure exam content is current, relevant and valid
Dennis Whitney, CMA, CFM, CAE, ICMA (Institute of Certified Management Accountants) senior vice president said: "As the roles of CFOs and their teams evolve due to external factors such as developments in technology and globalization, it is essential that we develop the CMA to ensure that it remains the most relevant assessment for management accounts, and equips them with the correct skills to serve their organisations to the highest possible standards. Speaking directly with CFOs and accounting professionals around the world means we are able to fully understand the developments that need to be made, from the people directly practicing these skills.
The changes in the CMA exam will affect approximately 10 percent of the exam content. It will remain as two four-hour parts, and each part will include 100 multiple-choice questions and two 30-minute essay questions. Part one of the CMA exam will be renamed 'Financial Reporting, Planning, Performance and Control, and will include a new content domain 'External Financial Reporting Decisions' and a new subdomain 'Strategic Planning'. In addition to this, part two will include topics related to Corporate Restructuring and Fraud. These updates will take effect in January 2015 (March 2015 for the Chinese language version).