2019 CIMA Syllabus – key updates

In November 2019, CIMA introduced a new syllabus that changed the content of what future professionals would study.

What is staying the same?

The Examination Framework (Exams)

Those familiar with the CIMA Examination Framework will notice, from the illustration, that current key features have all been retained: These are:

• 3 knowledge pillars – Enterprise, Performance and Financial

• 3 achievement levels – Operational, Management and Strategic

• 3 objective test exams at each level (E1/P1/F1, E2/P2/F2, E3/P3/F3)

• 3 case study exams at each level

• Practical Experience Requirements to be demonstrated and recorded

The names of the current exams also remain largely unaffected, with only a few changes highlighted in the table below:

What has changed?

The Competency Framework (Skills)

The new 2019 CIMA Syllabus will reflect how technology and a digital mindset will be required to affect and influence a student’s own decisions, actions and behaviours, as well as those of colleagues within a wider organisation. To be able to do this, five sets of skills have been identified. These are technical accounting and finance skills, business skills, people skills, leadership skills and digital skills. As part of these areas, a digital mindset will play a crucial part in underpinning these categories.

The syllabus content on each exam, across the Professional Level, has been updated with this underpinning in mind. Students will be expected to demonstrate competence in their digital skills to a varying extent across all of the exams.

Syllabus Outcomes

To facilitate the new digital focus, syllabus outcomes have been reviewed for all exams in conjunction with a general refresh and update. BPP is working with CIMA to prepare and publish helpful transition guides for each paper: These will highlight syllabus outcomes which have been introduced or removed from the syllabus. In addition, these will show where syllabus outcomes have changed focus to consider the content from a digital world perspective.

A brief overview of the changes by each pillar is as follows:

Enterprise Pillar Changes

The Enterprise Pillar exams have seen the most change, with some traditional models and theories removed to allow for a significant shift in focus to digital concepts and issues. This is introduced in E1, now renamed “Managing Finance in a Digital World”, which introduces topics such as cloud computing, big data analytics, blockchain and even 3D printing. E2, renamed “Managing Performance”, follows on from this to explore the disruption to businesses and business models caused by the digital world, while also focusing on how companies need to prepare and adapt. E3 Strategic Management has a whole new syllabus area dedicated to Digital Strategy, with business ecosystems and networks prevalent throughout the paper. 

Performance Pillar Changes

Big data analytics have been thoroughly embedded throughout all of the exams in this pillar, along with how they can be used and the associated risks. Other digital topics such as stress testing and business intelligence systems feature in P1 and P2, with P3 seeing a whole new syllabus area dedicated to Cyber Risk.

Financial Pillar Changes

The Financial Pillar has seen the least impact due to the new digital focus. However, Integrated Reporting has expanded to reflect its growing prominence. Each of the Financial Pillar papers has seen some syllabus content reallocated, with all group accounting moved from F1 up to F2, along with a few other standards, and financial risk being added to F3.

Paper Changes to the CIMA 2019 Syllabus

In each section below we explore the syllabus changes as they impact each Professional Level syllabus, showing you where content is brand new, where it has been updated to reflect a more digital focus and where it has moved between papers.

E1: Managing Finance in a Digital World 

With a change of name as well as a big shift in focus to digital issues, E1 is the paper which saw the most change, with 60% of the content new and much of the remaining content considering how businesses now operate in a digital world.

E1 Syllabus areas – content changes

P1: Management Accounting

P1 remained broadly the same, however two syllabus areas were refreshed to consider digital issues related to costing.
P1 Syllabus areas – content changes

F1: Financial Reporting 

F1 had the least change of all the professional OT papers, and the syllabus was even reduced in size. This is because Consolidated Financial Statements (group accounting) was moved to F2, along with a few other accounting standards.

F1 Syllabus areas – content changes
 

E2: Managing Performance

E2 presented the newest content at Management Level with a new syllabus area, Business Models, introduced representing 30% of the syllabus. Some of the more traditional business theories and strategies were removed from the old E2 syllabus to make way for new strategies with more relevance to businesses working in a digital world. Introduction to Strategic management was also removed and can now be found in the new E3 syllabus.

E2 Syllabus areas – content changes

P2: Advanced Management Accounting

Three of the four P2 syllabus areas include content relating to digital issues such as data analytics and stress testing, equating to approx. 15-20% of the syllabus, however much of the pre-existing syllabus remained broadly the same. Learning curves and optimal pricing are no longer in the syllabus.

P2 Syllabus areas – content changes

F2: Advanced Financial Reporting

The F2 syllabus was expanded. Group Accounts, and some other accounting standards, were moved up from F1. F2 didn’t escape the addition of digitally focused content, but only 10% of the F2 syllabus was dedicated to new digital content – Integrated Reporting.

F2 Syllabus areas – content changes
 

E3: Strategic Management

Around 25% of the syllabus was brand new, including a new area on Digital Strategy and the introduction of Business Ecosystems into the CIMA syllabus for the first time.  A further 15% of the syllabus was moved up from E2, where strategy management and processes are introduced.  

E3 Syllabus areas – content changes

P3: Risk Management

The P3 syllabus saw the most change at Strategic level with 40% new digitally focused content across all areas of the syllabus, most notably the new area of Cyber Risks which represents 25% in its own right. 

P3 Syllabus areas – content changes

F3: Financial strategy

The F3 syllabus remained broadly the same. 20% of the content has changed but this is due to the relocation of Financial Risk management from P3.

F3 Syllabus areas – content changes
 

For more information, download the CIMA’s 2019 Syllabus brochure or visit their website.

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