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ICMA® (The Institute of Certified Management Accountants), the certification division of IMA® (The Institute of Management Accountants), announced that it is making changes to its CMA® (Certified Management Accountant) exam. The updates to the exam are being made to ensure the CMA remains relevant in the ever-evolving environment of the management accounting profession. The changes will be effective January 1, 2020.
The updated exam will continue to be two parts, with each part containing 100 multiple-choice questions and two essays. ICMA found an increased need to include the impact of technology on the profession on the exam, and as a result, 15 percent of Part 1 will feature a “Technology and Analytics” section.
Part 1 will now be titled “Financial Planning, Performance, and Analytics” and include content focusing on external financial reporting decisions, planning, budgeting and forecasting, performance and cost management, and internal controls.
The revisions to Part 2 of the exam will include greater emphasis on ethics and strategic decision-making. Part 2 will now be titled “Strategic Financial Management” and include content on financial statement analysis, corporate finance, risk management, and investment decisions.
Intention: Technology is transforming the profession, and CMA wants to prepare their clients. Part 1 of the CMA exam will include a new section on Technology and Analytics.
New Title: Financial Planning, Performance, and Analytics
New Content: Technology and Analytics, Integrated Reporting
Deleted Content: Internal Auditing
Intention: Being able to apply an ethical and strategic framework to decision-making in a complex, digital world is a skill every accounting and finance professional needs. Part 2 of the exam will expand the Professional Ethics and Decision Analysis sections.
New Title: Strategic Financial Management
New Content: Business Ethics, Sustainability and Social Responsibility
Deleted Content: Off-Balance-Sheet Financing, Bankruptcy, Tax Implications of Transfer Pricing
For more than 45 years, the CMA® certification has been the global benchmark for management accountants and financial professionals. For more information about the CMA exam changes, please visit IMA’s website.