CIMA (Chartered Institute of Management Accountants), the world's leading and largest professional body of Management Accountants, launched its updated professional qualification, CIMA Future, at the CIMA annual Lecturers' Conference in Warwick. The new qualification, developed in conjunction with the University of Bath, follows extensive research and contributions from more than 4,500 employers and other stakeholders worldwide. As an employer-led body, CIMA is the only professional accountancy qualification that is reviewed and updated every four years to ensure it remains the most relevant international accountancy qualification for business.
The first examinations on the new qualification will be in May 2010. A dedicated website area, explaining details of the new qualification, is available at www.cimaglobal.com/cima2010.The three pillars of study for all levels are now named Enterprise, Performance and Financial, and the pre-requisite entry requirements still apply to gain entry onto the professional qualification.
The Managerial level is now split into two parts - Operational and Managerial. This means the qualification structure will now comprise of three levels, beginning with Operational, rising to Managerial, and then Strategic. There will be a new stepped qualification for students successfully completing three papers at Operational level - the CIMA Diploma in Management Accounting. This decision to split the Managerial level into two parts reflects the career progression and development of students by marking their achievement at attaining this level of the qualification.
The Test of Professional Competence in Management Accounting (T4) will now comprise two parts. Part A - Initial Professional Development - Work Based Practical Experience comprises the practical experience requirements from the 2005 qualification. Part B is the case study examination. The T4 assessment is the ultimate test of professional competence and fitness to practice as a Chartered Management Accountant by bringing together the two key elements of technical expertise and practical experience.
Robert Jelly, CIMA's Director of Education, commented, 'In the present economic climate it is more important than ever for finance professionals to be trained and attuned to the current needs of industry. As the CIMA qualification is updated every four years after extensive consultation with leading employers and business, it acts as a quality benchmark for Management Accountants. Employers know that CIMA qualified finance professionals have the up-to-date skills and expertise to strategically manage their business, enabling them to stay competitive.'