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CMA Exam Changes in 2020
The ICMA is attempting to make significant improvements to the CMA exam that will take effect in January 2020. In conclusion:
Changes to Part 1
These modifications are undoubtedly more substantial since Part 1 will include a completely new section of coverage, Domain F: Technology and Analytics. This domain had previously not been covered in the exam, but it now accounts for 15% of exam coverage (52 LOSs). The coverage of some other domains was reduced to make room for this new addition. Domain B has been reduced by 10% (to 20% coverage), while Domain D has been reduced by 5% (to 15% coverage).
There are a few key takeaways from the changes made to Part 1 of the exam. The ICMA clearly believes that knowledge of internal controls is still important for CMAs. CMAs, on the other hand, should be less involved in internal auditing and more involved in control management. The reduction in coverage in Cost Management (Domain D) and Planning, Budgeting, and Forecasting (Domain B) emphasises the importance of analytics skills as a knowledge area that will define the CMA's role as a data reporter and critical decision maker more specifically.
Changes to Part 2
These will include some coverage changes as well as the addition of some new LOSs. Domain A: Financial Statement Analysis and Domain E: Investment Decisions will have 5% less coverage, while Domain C: Decision Analysis and Domain F: Professional Ethics will have 5% more coverage. The addition of new LOSs on "groupthink," "diversity of thought," "ethical leadership and traits of ethical leaders," and "facilitating payments" contributes to Domain F's expanded coverage.
We can see from the increased coverage of Professional Ethics that the ICMA is emphasising workplace ethics, including the "tone at the top." Furthermore, the exam's title change to Part 2 emphasises the CMA's evolving role as an important strategic asset to a company or organization rather than just someone who does calculations and reports.
What remains unchanged in CMA?
Though the changes to the CMA exam for 2020 are significant, they will have no effect on:
- Number of exam parts
- The CMA course will still have two-part exam
- Question types on each part
- Multiple Choice Questions (MCQs) and Essay Scenarios
- Number of questions per part
- 100 MCQs
- 2 Essay Scenarios
- Exam administration
- Eligibility and registration
- Exam fees
- Total testing time
- Marks required to pass- 360
HOW TO PREPARE FOR CMA EXAM CHANGES
When the CMA exam changes, candidates have many questions about how it will affect them. Use the Simandhar CMA exam changes resources to ensure you have a plan for the CMA exam, regardless of what changes are announced.
Advantages of taking the CMA exam after the changes
You are testing on the most recent material.
The CMA exam is changing for a valid reason: the industry's expectations of CMAs have shifted. This could range from minor changes due to a minor law change to a major overhaul due to a shift in the types of positions CMAs are expected tofill= sizes='100vw'. Regardless, testing with the most recent material will ensure that your skills are in line with current or anticipated industry demand. If you're already in the workforce, you're probably already familiar with the material that the CMA exam will cover.
While a closing date can be encouraging, it is best to avoid taking the exam if you do not have enough time to complete your studies. Sitting for an exam when you are unprepared can be costly and demotivating if you fail. Before you decide to take the CMA exam, you should seriously consider how much studying you need to do and how much time you have.
You have a better chance of getting the testing appointment you want.
While it may seem like a minor issue to most people, getting a testing appointment at a specific time or testing centre can be critical for some candidates. When the CMA exam is changed, many candidates rush to take the exam before it is changed. This can result in testing centresfill= sizes='100vw'ing up quickly, particularly during the final testing window before the CMA exam changes. If you want to take the exam before it changes, make your testing appointment as soon as possible.