The CMA Program: The Essential Credential2010 Curriculum and Exam StructureCurrent Candidates

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What Is The CMA

The gold-standard, advanced professional certification for accountants and financial professionals working within business.

The CMA validates your mastery of financial planning, analysis, control and decision support – the critical skills needed to be a valuable strategic

advisor for your organization.

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Why The CMA?• Professionals with advanced financial management skills are evermore integral to business performance

• Accountancy is an increasingly complex market with a shortage of professionals who can perform as strategic business partners

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Why The CMA?

On average, CMAs earn nearly $30,000 higher annual compensation.

*IMA Annual Salary Survey, Strategic Finance, 2009

$95,974

$125,600

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

NoncertifiedAccounting

Professionals

CMA AccountingProfessionals

*

*

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Who Is The CMA For?

• Professionals who want to differentiate themselves from the competition

• Accounting experts who need more finance skills

• Finance experts who need more accounting skills

• Employers who realize they have a skills gap within their finance and accounting team

• Employers who embrace continuous professional development for their finance teams

• Employers who need a sorting device for making hiring decisions

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The New CMA Curriculum and Exam Structure

• The CMA curriculum and exam structure has evolved to keep pace with marketplace needs

• After extensive market research and expert committee recommendations the curriculum has been revised, focusing on financial planning, analysis, control, and decision support. These are the critical knowledge and skills that advanced accounting and finance professionals working within organizations need on the job every day

• The curriculum now assumes a candidate has foundational knowledge of economics, basic statistics, financial accounting. The new exam parts do not directly test these areas

• These changes ensure that CMA remains a rigorous, relevant, differentiated and respected certification

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Significant Research With Employers & CFOs Confirmed

• Most important skills to test– Ethics– Internal controls– Cost management– External financial reporting– Performance measurement– Financial statement analysis– Budgeting

• Least important skills to test (sorted by decreasing levels of importance)

– Quantitative methods– Business economics– Marketing– Global business– Organizational behavior

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Significant Research With Employers & CFOs Confirmed

• CFO’s need to raise the competency of their teams• There exists a skills gap at all levels, including the business

analytical level• Planning and analysis capabilities are lacking in organizations• There is a challenge identifying “advanced” or high potential

finance and accounting staff

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New Exam Structure

• Part 1 – Financial Planning, Performance and Control– Planning, budgeting and forecasting (30%)– Performance measurement (25%)– Cost management (25%)– Internal Controls (15%)– Professional Ethics (5%)

• Part 2 – Financial Decision Making– Financial statement analysis (25%)– Corporate finance (25%)– Decision analysis and risk management (25%)– Investment decisions (20%)– Professional Ethics (5%)

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Key Differences

Previous Exam Structure

• 4 parts, 13 hours

• Part 4 capstone: 3 hours of essay

• Subject matter not focused

• Some topics up to C level

• 4 years to complete

• No time requirement for completion

• Waiver for part 1

New 2010 Exam Structure

• 2 parts, 8 hours

• 2 hours of essay, 1 in each part

• Subject matter focused

• All topics up to C level

• 3 years to complete

• Must take exam in first year

• No waivers

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New Exam Topics

• Top-level planning and analysis: pro forma income, financial statement projections, and cash flow projections

• COSO Internal Control Framework• Analytical issues in financial accounting including off-balance

sheet financing and fair-value accounting• International Financial Reporting Standards (IFRS)• Corporate restructuring: mergers and acquisitions, divestitures,

and bankruptcy• Risk assessment: operational risk, hazard risk, financial risk,

and strategic risk, risk mitigation strategies, and ERM• Valuation for acquisitions and divestitures• IMA’s SMA “Values and Ethics: From Inception to Practice”

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Program Requirements

• Bachelors degree from an accredited college or university (in any major)

• 2 years relevant work experience• Foundational knowledge of: economics, basic statistics,

financial accounting

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Timing

• Program enrollment: Open• 2010 exam registration: Spring• First 2010 exam window: May • Deadline to complete current program: Dec 31, 2010

– (applies to existing candidates in the four-part program. See slide 14 for transition options)

• Program deadline: up to three years to complete both exam parts, must take an exam part within one year of enrollment

• Test windows: 2-month-long test windows, 3 times per year– (i.e., Jan/Feb, May/Jun, Sept/Oct)

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Options for Current Candidates

Current CMA candidates may complete remaining exam parts in the existing program by 12/31/2010 or transition to the new curriculum.

* May include Part 1 also

Current Exam Parts Passed Parts Remaining in New Program

Part 1 - Business Analysis Part 1 - Financial Planning, Performance & Control, and

Part 2 - Financial Decision Making

Part 2 - Management Accounting & Reporting* Part 2 - Financial Decision Making

Part 3 - Strategic Management* Part 1 - Financial Planning, Performance & Control

Part 2 - Management Accounting & Reporting,

and

Part 3 - Strategic Management*

Part T - Transition Exam

(available until 2/28/2013)

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Praise For The New Curriculum

• The changes to the CMA program are very positive, moving in a direction that will meet Caterpillar’s corporate and employee needs. Financial analysis and decision support are central to management accounting practice and we are happy to see the CMA focus on these areas.David B. Burritt, CMA, CPACFOCaterpillar, Inc.

• I’m most excited about the new CMA program because it will focus on the technical skills and content we’re looking to incorporate in our overall learning and training program.  These are the technical skills that individuals can best leverage to become successful finance professionals at ConAgra Foods.Barry M. Gisser, CMA, CFMSenior Financial OfficerConAgra Foods, Inc.

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Current or New Candidate

• The CMA is the certification specifically designed for accountants and financial professionals in business

• If you are a current CMA candidate the new 2010 curriculum reflects the most current marketplace needs, and is an easy transition should you choose to complete on this path

• If you are not a candidate but are looking for an advanced certification to build your skills, resume and earning potential – the CMA is the right choice

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