Planning for the CIMA Syllabus Change
Are you ready?
The updated CIMA syllabus for 2019 comes into effect from the 4th November 2019, which means students sitting objective tests from that date onward will be tested on the new 2019 syllabus which is geared towards finance in a digital age.
However, the first set of CIMA case study exams to be examined under the new syllabus won’t be until February 2020.
But fear not for those students who do FAIL a November 2019 case study under the old 2015 syllabus as you will still get one chance to pass the next case study sitting in February 2020 under the 2015 syllabus.
By now, hopefully all students are aware of the transition arrangements you could be facing and how best to approach them to ensure you do not waste any time with your studies.
If not, CIMA have this excellent transition tool that will help you plan your path to becoming qualified under the new 2019 syllabus.
The CIMA 2019 Syllabus
The qualification structure itself has not changed, there are still the three pillars (enterprise, performance and financial) and there are still case study exams to be completed at each level (operational, management and strategic).
It’s only a change in terms of content with a focus on Finance in a Digital World, it stems from a shift in the mindset that management accountants are simply not just cost controllers but should be creating value and leading the transformation in business.
This below video from CIMA sums it up nicely.
The biggest changes here are with the E1 paper that has practically been overhauled with a shift lots of new content “Managing Finance in a Digital World”.
In the 2015 syllabus, CIMA looked at other departments like HR and marketing but now it’s been replaced with how finance interacts with the organisation (point E below).
Meanwhile, P1 looks the same in terms of the structure however, more subtle content has been added like big data analytics and spreadsheet modelling, which reflects the current trends in industry.
Students studying F1 in the new syllabus will be pleased to hear that Group Accounts have been moved into the F2 paper, while the only addition to the syllabus is IFRS 17 Leases.
E2 has shifted it’s focus from Project Management to Managing Performance, there is a new section on this paper focused on business models and value creation. While the human aspects of the old 2015 paper now look towards managing people and projects.
P2 Advanced Management Accounting remains the same in name as the 2015 syllabus but there is now a bigger focus on activity based management and responsibility centres while areas like the learning curve and budgeting have been reduced.
Finally, F2 sees a new topic “D. Integrated Reporting”. The subject of group disposals have been removed, although this is replaced by the former F1 topic of group accounts. The accounting standards that are examinable have also been updated, i.e. IFRS 15 Revenue from contracts are now included.
The main shift from the 2015 to the 2019 syllabus with E3 strategic management paper is role of information systems has been replaced with digital strategy and how technology has impacted the strategic process.
P3 has seen the old subjects like cash flow risk, currency risk, interest rate risk and hedging techniques moved to the new F3 paper. While the 2019 syllabus for P3 contains the new subject of “cyber risks”.
As mentioned, F3 now contains more content on cash flow and currency risk while the old content in 2015 now has a digital focus and the strategic applications of financial accounting.
- The exam formats remain the same.
- The new objective tests start on 4th November 2019.
- The new case study exams start from February 2020.
- If you fail a November 2019 case study exam, you can re-take it in February 2020 under the old 2015 syllabus.
- The transition tool from the 2015 syllabus to the 2019 syllabus can be found here.
- CIMA does not expect any significant change in pass rates, the 2019 exams will not be “tougher”.
For can find further information on the CIMA 2019 syllabus direct from CIMA here.