The CIMA Certificate in Business Accounting qualification

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1 The IM ertificate in usiness ccounting qualification Getting started

2 IMstudy.com helping students around the world pass their exams Whether you are in a major city or in a far flung corner of the world, hundreds of miles away from the nearest college, IMstudy.com will help you pass the IM exams. If you are self-studying, you can feel isolated but with IMstudy.com you join a network of over 5,000 students. With dedicated forums and online tutors to answer your questions, you no longer have to feel like you are studying on your own. From certificate to strategic level, IMstudy.com provides you with invaluable support at every stage of your studies. IMstudy.com provides you with comprehensive syllabus coverage endorsed by the IM faculty interactive exercises to aid learning videos and animations to help explain concepts end of topic review questions with model answers subtitles option to further reinforce learning regularly updated content. So don t delay visit to see how it can help you. T E. IMstudy@elsevier.com LIK LERN PSS

3 Welcome to IM Welcome to the IM ertificate in usiness ccounting This welcome pack provides every new IM student with an overview of the qualification and the support available to help you make your first step on your journey towards the IM Professional Qualification. ontents The IM ertificate in usiness ccounting 2 Study methods 7 Study support from IM 8 Resources by paper 9 Planning your studies 10 Your first IM exam 11 e part of IM s interactive network 12 GM the new global designation 13 Questions and answers 14 The IM ertificate in usiness ccounting qualification 1

4 2 The IM ertificate in usiness ccounting qualification The IM ertificate in usiness ccounting IM has revised the IM ertificate in usiness ccounting syllabus for The syllabus has been designed to be relevant to employer needs, coherent, to support the professional qualification and enhance the student learning experience. New topics have been introduced to ensure the qualification remains relevant to modern business. They reflect significant emerging issues facing the business and financial communities, such as the causes and effects of the current banking and global financial crises. The updated syllabus also uses a new format which links the lead learning outcomes, component learning outcomes and syllabus content more explicitly. The five certificate subjects are completely flexible. You can study the papers in any order and choose any combination of papers to suit your way of studying. Students who carefully plan and commit to their studies can complete the IM ertificate in usiness ccounting qualification in months. WR - Member of the hartered Institute of Management ccountants T4 Test - Test of Professional ompetence in Management ccounting Part Part Initial Professional evelopment work-based practical experience ase Study Examination based on pre-seen and unseen material Enterprise pillar Performance pillar Financial pillar Strategic level PPER E3 - ENTERPRISE STRTEGY nalyse corporate environment (internal/external) Evaluate strategic options Manage change esign and run performance management systems PPER P3 - PERFORMNE STRTEGY Evaluate and manage business risk Manage financial risk Review, audit and evaluate risk control systems pply risk management to IT/IS environment PPER F3 - FINNIL STRTEGY Formulate and evaluate financial strategy onduct business or corporate valuation Model and forecast cash flows and other finances dvise on mergers, acquisitions and divestments Management level WR - IM dvanced iploma in Management ccounting PPER E2 - ENTERPRISE MNGEMENT nalyse competitive environment Plan, set up, manage and execute projects Lead the team Negotiate and communicate effectively WR - IM iploma in Management ccounting PPER P2 - PERFORMNE MNGEMENT dvise on product manufacture and pricing Plan and manage cost for competitive advantage esign and manage budgeting system Evaluate performance of organisational units PPER F2 - FINNIL MNGEMENT Prepare group accounts Evaluate and apply IFRS nalyse and interpret financial statements Prepare SR reports Operational level PPER E1 - ENTERPRISE OPERTIONS wareness of IT/IS issues and environment wareness of key marketing issues wareness of efficiency and quality issues wareness of people management PPER P1 - PERFORMNE OPERTIONS alculate and analyse cost of products Forecast and budget for organisational activities Evaluate capital expenditure Manage short-term finance (e.g. cash) PPER F1 - FINNIL OPERTIONS Prepare basic tax computations Prepare financial statements for single company Use IFRS and GP Manage general and other ledger systems IM ERTIFITE IN USINESS OUNTING Paper 01 - Fundamentals of Management ccounting Paper 02 - Fundamentals of Financial ccounting Paper 03 - Fundamentals of usiness Mathematics Paper 04 - Fundamentals of usiness Economics Paper 05 - Fundamentals of Ethics, orporate Governance and usiness Law

5 bout the syllabus The syllabus is made up of five subjects: Fundamentals of Management ccounting (01) Fundamentals of Financial ccounting (02) Fundamentals of usiness Mathematics (03) Fundamentals of usiness Economics (04) Fundamentals of Ethics, orporate Governance and usiness Law (05) Paper 01 Fundamentals of Management ccounting This paper deals with the basic techniques for the identification and control of costs and cost management. It introduces the context of management accounting in commercial and public sector bodies and its wider role in society. The context of management accounting 10% ost identification and behaviour 25% Planning within organisations 30% The context of management accounting ccounting control systems 10% 20% ost identification and behaviour E ecision making 25% Planning within organisations 30% Paper ccounting 02 Fundamentals control systems of Financial ccounting 20% onceptual and regulatory framework 20% This E paper ecision takes making candidates through conceptual and regulatory frameworks, accounting systems, preparing ccounting accounting systems statements for single entities, and the necessary 20% controls for accounting systems. Preparation of accounts for single entities 45% onceptual and regulatory framework ontrol of accounting systems 20% ccounting systems 20% Preparation of accounts for single entities 45% ontrol of accounting systems asic mathematics Probability Summarising and analysing data asic mathematics Relationships between variables Probability E Forecasting Summarising and analysing data F Financial mathematics Relationships between variables G Spreadsheets 10% E Forecasting F Financial mathematics The macroeconomic context of organisations G Spreadsheets 25% 10% The goals and decisions of organisations The IM ertificate in 25% usiness ccounting qualification 3 The market system and the competitive process 25% The macroeconomic context of organisations The financial system 25% 25% The goals and decisions of organisations 25% E E G F G F E E

6 ccounting control systems ost identification and behaviour 20% 25% E ecision making Planning within organisations 30% The ccounting context of control management systems accounting 10% 20% 4 The IM ertificate in usiness ccounting qualification E ost ecision onceptual identification making and regulatory and behaviour framework 25% 20% Planning ccounting within systems organisations 30% 20% ccounting Preparation control of accounts systems for single entities onceptual and regulatory framework 20% 45% 20% E ecision ontrol making of accounting systems Paper ccounting 03 Fundamentals systems of usiness Mathematics 20% This paper Preparation introduces of accounts students for single to basic entities mathematics, probability, summarising 45% and analysing data, variables, forecasting, financial mathematics and spreadsheets ie business applications of mathematics. onceptual ontrol of accounting and regulatory systems framework 20% ccounting asic mathematics systems 20% Preparation Probability of accounts for single entities 45% ontrol Summarising of accounting and analysing systems data asic mathematics Relationships between variables Probability E Forecasting Summarising and analysing data F Financial mathematics asic Relationships mathematics between variables G Spreadsheets E Probability Forecasting 10% E E E G F E G F E F Summarising Financial mathematics and analysing data Paper 04 Fundamentals of usiness Economics This G Relationships Spreadsheets between variables paper The macroeconomic covers the goals context and of decisions organisations of organisations, the market 25% 10% system Gand the competitive process, E Forecasting the financial system and the macroeconomic context of business. The goals and decisions of organisations 25% F Financial mathematics The market system and the competitive process 25% The macroeconomic context of organisations 25% G Spreadsheets 10% The financial system 25% The goals and decisions of organisations 25% The market system and the competitive process 25% The The macroeconomic financial system context of organisations 25% The Ethics goals and and business decisions of organisations 25% The Ethical market conflict system and the competitive process 25% 10% Paper 05 Fundamentals of Ethics, orporate Governance and usiness Law The orporate financial governance system 25% 10% Ethics and business This paper covers ethics and business, ethical conflict, corporate governance, comparison of English law with omparison alternative of English legal systems, law with alternative the law of legal contract, systems the law of employment, 10% Ethical conflict 10% and company administration and finance. E E The law of contract 20% orporate governance 10% F The law of employment Ethics omparison and business of English law with alternative legal systems 10% 10% G ompany administration and finance E Ethical The law conflict of contract 10% 25% 20% F orporate The law of governance employment 10% G omparison ompany administration of English law and with finance alternative legal systems 10% 25% E The law of contract 20% F The law of employment 10% G ompany administration and finance 25% F E G F E G F E G F

7 Understanding the syllabus The syllabus for each paper contains: Lead and component learning outcomes which demonstrate what our students can do once they pass that subject. Indicative syllabus content. component learning outcome has two main purposes: To define the skill or ability (referred to as learning objective ) that a well-prepared candidate should be able to demonstrate in the examination. To demonstrate the approach likely to be taken by examiners in examination questions. The learning outcomes are part of a hierarchy of learning objectives (Figure 1). Knowledge is level 1 (the lowest level) and the highest level is evaluation, which is level 5. In the IM ertificate in usiness ccounting syllabus only verbs from levels 1, 2 and 3 (knowledge, comprehension and application) are used in the component learning outcomes and only verbs from these three levels can be found in the assessments. See the syllabus for the full verb table. Figure 1 Learning objectives (skill or ability that a well-prepared candidate is expected to demonstrate) Evaluation nalysis pplication omprehension Knowledge Example from 01 Fundamentals of Management ccounting syllabus omponent learning outcome Explain the importance of cost control and planning within organisations. The verb explain is level 2 in the learning objective hierarchy. n assessment question based on this component learning outcome could use one of the verbs from level 2 (comprehension) or from the lower level 1 (knowledge) but a higher level verb will not be used to test this component learning outcome. The IM ertificate in usiness ccounting qualification 5

8 6 The IM ertificate in usiness ccounting qualification ssessment strategy ll exams under the 2011 certificate syllabus are computer based and can be taken at one of our accredited computer based assessment () centres worldwide. Find your nearest centre by visiting You may take the five subject assessments in any order and in any combination. You can study the subjects sequentially or concurrently, in any combination to suit you. s these are computer based assessments, you can sit the assessments at any time of the year at any IM approved assessment centre. The pass mark is 50% and you will receive a permanent credit for any subject in which you score 50% or more. Once you complete the five subject assessments, you will be awarded the IM ertificate in usiness ccounting qualification. Relevant mathematical tables and formulae will be provided for use during assessment. They are also available on the IM website Study weightings Within each subject, a percentage weighting is shown against each section topic. This can be used as guidance on the: proportion of study time required by each topic approximate proportional distribution of marks across section topics. It s essential you study all topics in the syllabus, since any single assessment question may examine more than one component learning outcome. Study routes It s possible to complete the qualification in months. The syllabus is very flexible and you can decide on the number of assessments you take and the sequence in which you take them. You can choose any combination of assessments to suit your own study requirements. For example, you could choose to study and sit assessments for two subjects every six months, as shown below. Paper 02 Fundamentals of Financial ccounting Paper 05 Fundamentals of Ethics, orporate Governance and usiness Law First six month period Second six month period Paper 01 Fundamentals of Management ccounting Paper 03 Fundamentals of usiness Mathematics Third six month period Paper 04 Fundamentals of usiness Economics

9 Study methods The IM ertificate in usiness ccounting qualification can be studied for in a variety of ways. It s recommended you organise your studies around component learning outcomes and not on topics or indicative syllabus content. This is because IM examines learning outcomes and not topics. In the assessment, the question requirement is simply a component learning outcome with a very short scenario or some data, for you to demonstrate your knowledge/comprehension or to apply your knowledge and understanding. lended learning lended learning offers the effectiveness of face-to-face tuition together with the flexibility of distance learning. n example of this would be a distance learning course followed by a taught revision course. If you would like to choose when and where you study but would also benefit from some tutor support, then blended learning may be the option for you. To find IM Learning colleges that offer distance learning courses, see IM s college list at istance learning with IMstudy.com The official IM online resource is IMstudy.com. It is ideal for students in areas where there is little or no tuition provision, or for those who prefer to self-study at their own pace. ourses are now available for all certificate level subjects. Visit for more information and to view demonstration modules. Home/self-study with official IM textbooks This is the most cost-effective method with which to study the IM qualification, the only study costs being your books and exam fees. Home study does require high levels of discipline and self-motivation. The official IM textbooks can be purchased from Taught course You can follow a taught course with one of the many colleges globally which teach IM. The IM Learning college list at will show you a list of colleges in your area which provide tuition for the IM qualification in varying degrees, whether it is tutor support when studying at home or full taught classes which are either full/part-time, evening/weekend or block basis. Please note, not all providers listed will offer every option. For information on fees, please contact the tuition provider you wish to study with. Quality Partner colleges have been assessed by IM under the IM Learning scheme, and have provided evidence they can meet all of our performance requirements. Where possible, we recommend that all students attend tuition in a Quality Partner college. olleges which are unable to meet the criteria for Quality Partner but have committed to our delivery guidelines will be listed on our college list. t this level we have not formally assessed the quality of tuition provided by these colleges, so we strongly advise you to carry out your own research before attending a course. IM Learning is the scheme in place to assess and accredit tuition providers, and it does not currently extend to online only course providers. The IM ertificate in usiness ccounting qualification 7

10 8 The IM ertificate in usiness ccounting qualification Study support from IM Syllabus Spend some time analysing the syllabus for each subject you are studying. Each syllabus is divided into a number of broad topics. The learning outcomes in the syllabus identify what you are expected to be able to do in the exam. The verbs used in the beginning of component learning outcomes demonstrate the level at which the examiner can ask a question based on a particular learning outcome. To help you with your studies, a full copy of the syllabus has been included as part of this welcome pack. Financial Management You will regularly receive IM s Financial Management magazine. This contains an informative mix of features, news and practical advice. Look out for the technical articles and exam notices in the study notes section. Velocity Velocity is our global e-magazine for all IM students, which is sent out every two months. It contains news, technical articles, case studies, study and career advice and exam notices. IMsphere IMsphere is our online community. It features a range of forums, groups, blogs, videos and live events, providing a platform for you to ask questions, share information, give advice and find expertise and support among peers. You can obtain advice from study support and learning specialists. You can also contact each other through the IMsphere web messaging service, organise events and find study buddies: Ethics and professionalism t IM we help you to develop both your technical ability and your professional capacity. Your success is important to us. Once you become a member, the designatory letters (M, GM/FM, GM) and chartered status denote your professionalism, practical experience, credibility and integrity, along with your commitment to ethics and IM professional development. Ethics is a key component of being a chartered professional, enhancing both reputation, employability and ongoing earning potential. In our annual survey, ethics and professional standards are deemed to be the most important aspect of IM membership. That is why ethical practice and understanding sits at the heart of the IM qualification and all members and students are committed to upholding the IM ode of Ethics. The ode is globally recognised and offers a framework and set of principles for all to follow. IM s ode and supporting resource material for ethics helps provide useful guidance around ethical practice and resolving ethical dilemmas. Ultimately, ethics makes good business sense. See why ethics is important to your career and longterm business success

11 Resources by paper We ve produced a collection of resources for each paper, which can be accessed from the syllabus website These include exam questions, study guides, useful articles, reading lists and mathematical tables. Fundamentals of Management ccounting (01) Fundamentals of Financial ccounting (02) Fundamentals of usiness Mathematics (03) Fundamentals of usiness Economics (04) Fundamentals of Ethics, orporate Governance and usiness Law (05) The IM ertificate in usiness ccounting qualification 9

12 10 The IM ertificate in usiness ccounting qualification Planning your studies Follow these tips and be prepared for the assessments. o some research before choosing how you are going to study make sure the option you choose will suit you and the way you learn best. Read the syllabus for the paper you are studying, then create a study plan and a separate revision plan. Stick to your plans. e realistic when creating your study and revision plans set achievable targets but make sure you will have time to cover everything. Keep a record of your progress against your plan. e protective of your study time. Find yourself somewhere peaceful to study with no interruptions if this isn t possible at home, study at work or in the library. Put variety into your study sessions spend some time reading your textbook, do a practice question, or read a related article from the IM magazine. uild review sessions into your study time to be sure you fully understand what you are learning. e honest about your strengths and weaknesses avoid concentrating your studies on the areas you are good at. Spend time tackling the areas that cause you problems. o plenty of exam question practice. Visit IMstudy.com for sample computer based assessments for you to assess your progress. Make use of all the study support available from IM. Studying can be very stressful, particularly around exam time. See our dedicated section for advice from IM students, staff and markers on how to keep anxiety at bay. Visit

13 Your first IM exam Find your nearest accredited assessment centre If you are not studying at a college, or if your college does not offer the certificate syllabus, search the list of accredited centres for your nearest centre at rrange to sit with a centre. You do not enter for exams directly with IM You can sit assessments at any time of the year. Each centre decides when they offer assessments. Speak directly to them to arrange a date and time. Pay the assessment fee to the centre You pay the assessment fee to the centre, not to IM. Please visit for details. Please note centres may charge additional administration fees. Try the software first Objective test questions are used in the qualification. Try the sample questions at Model question papers for each subject will soon be available in the Study Resources for each IM ertificate in usiness ccounting paper, on our website. Receive results and feedback when you finish You ll see your results and indicative feedback onscreen as soon as your assessment has finished. It will take between five and seven days for your results to show in your MY IM account. If you are successful, you will receive a certificate of achievement and your exam status will automatically be updated at IM. If you are unsuccessful, the feedback will show where you should focus your studies in the syllabus. You can arrange your re-sit when you are ready. alculators You can use electronic calculators and scientific calculators, including those with basic programming functions or with standard memory functions (including solar-powered calculators) are acceptable. You should refer to your calculator manufacturer s handbook for full details on the functionality of your calculator. The IM ertificate in usiness ccounting qualification 11

14 12 The IM ertificate in usiness ccounting qualification e part of IM s interactive network IM represents a community of students with a common interest to enhance their employability by studying IM. s a IM student, you can now be part of a local community with the ability to exchange views and experiences with other students. More importantly, you can speak to other students about exams or discuss the papers afterwards. Some of the best study advice comes from real IM students, so it s worth visiting and participating. IM s online community IM Student Support blogs IM Facebook ccountants/ IM Twitter IM LinkedIn Local support Local support helps you to keep you in touch with changing legal and business requirements in your area. It also puts you in touch with news and events that can help you through the exams and applying for membership. IM India IM Southern frica * local specific web pages also exist for otswana, Ghana, Malawi, Mauritius, South frica, Zambia and Zimbabwe. IM Sri Lanka IM UK

15 GM the new global designation hartered Global Management ccountant (GM) is the global designation for management accountants, it s powered by IP (the merican Institute of ertified Public ccountants) and IM, two of the world s leading accounting organisations. On completion of the IM qualification and becoming a IM member, you are automatically entitled to the GM designation. It will add global power to your V, showcase your value around the world and demonstrate your business acumen, ethics and commitment. s a GM you will benefit from: eing part of an online community a global community of like-minded peers where you can connect with the best minds in management accounting. ccess to the tools, webinars, reports and research to challenge your thinking and keep you at the forefront of your profession. To find out more visit The IM ertificate in usiness ccounting qualification 13

16 14 The IM ertificate in usiness ccounting qualification Questions and answers Q: What is a contact I? : Your contact I is your unique IM reference number. We give you a contact I when you register as a IM student or create a web account and you can use it in conjunction with a password to access your MY IM area and our discussion forums. You will find your contact I on all correspondence we send you. Q: How long will it take me to complete the IM ertificate in usiness ccounting qualification? : There is no time limit to complete this qualification. On average, it takes a student who is working full-time and studying part-time from one to two years to qualify. Q: How many times can I sit an assessment? : There is no limit to the number of attempts you may have at each exam. Q: Is there a time limit on completing my assessment? : No. You can take as long as you want to complete the qualification. However, please note the syllabus is updated on a regular basis (every five years) so you may need to refresh your knowledge when resuming your studies. Q: m I entitled to any exam exemptions for previous study? : To find out if you are eligible for any exemptions from the IM examinations, please visit Q: I hope to receive exemptions; when do I need to pay? : If we award you any exemptions you will receive an confirming this. You can view your exemptions online using your MY IM account under My exam history. You need to pay for your exemptions within eight weeks of them being awarded, either online by credit/debit card or by sending us a cheque or bankers draft. Q: o I get a certificate for my exemptions? : We do not issue exemption certificates. n will be sent confirming the exemptions you have been awarded and you can view your exemptions online using your MY IM account. If you choose to waive an exemption and then sit the exam and fail, you cannot reclaim the exemption for this paper. Q: Is there anyone I can come and see for advice on joining IM? : If you are outside the UK you can contact your local office; our IM prospects team at prospectivestudents@cimaglobal.com or call us on +44 (0) (select option 1). The IM prospects team operates Monday to Friday, 8.00am to 8.00pm GMT. You can come and meet one of the team at 26 hapter Street, London SW1P 4NP, or attend one of our Saturday open days (held the first and third Saturdays of each month). To book a place, please booking@cimaglobal.com

17 Q: How do I apply for a visa? : We are not involved in visa applications. You need to contact the UK order gency for further information regarding visas. Q: How do I get a job within management accounting? How easy is it to get a job? : You can visit IM My Jobs to find out about job offers in your area and sector. This service also allows you to search for a graduate scheme. The careers advice section contains a wealth of information for students and members looking to find a job as a management accountant. You can also use our employer database to find out if your employer or prospective employer is registered with IM Training. Q: How do I get practical experience if I am not working within management accounting? : You do not necessarily need to be working within management accounting to gain relevant work experience. IM students and members have a wide range of jobs available to them, not all of which are within finance or accountancy. ownload the practical experience requirements brochure from which will help you to determine whether your current job position allows you to gain the required basic, core and supplementary skills. Q: an I call myself IM part-qualified? : No. Full completion of the IM qualification, including the practical experience requirement, is broadly equivalent to a Master s degree and has post-graduate status in the UK. Membership (M, GM) is awarded when the full qualification, including the final test of professional competence, parts and have been successfully completed. IM does not use the term part-qualified. However, your progress through the examinations is rewarded at various stages, with the award of the IM ertificate of usiness ccounting after successful completion of the five certificate level papers, the IM iploma in Management ccounting on completion of all three operational level papers and the IM dvanced iploma on completion of all six operational and management level papers. These intermediate awards are a useful way of describing your progress and current skills and knowledge to employers. Q: I ve just completed my IM ertificate in usiness ccounting. When can I sit my professional level examinations? : If you want to sit the professional level examinations, you must have been awarded exemptions from, or have passed the certificate level papers, by 1 March for May professional examinations or 1 September for November examinations. It can take up to 20 working days to award exemptions during January/February and July/ugust peak periods. The IM ertificate in usiness ccounting qualification 15

18 16 The IM ertificate in usiness ccounting qualification Q: How much can I expect to earn once I m IM qualified? : LERN N ERN You can see how much you can expect to earn, and the qualifications you will get as you progress through the IM Professional Qualification syllabus. You can also see how your investment in studying and exams, which ranges from 500 to 3,000 at each stage depending on how you wish to study, is quickly rewarded. STRT: 26,000* *VERGE SLRY Office for National Statistics, , ,680 28,732 30,836 36,824 Operational Management Strategic T4 IM member M, GM IM member FM, GM IM ERTIFITE IN USINESS OUNTING + 2, months. IM IPLOM IN MNGEMENT OUNTING + 2, months. IM VNE IPLOM IN MNGEMENT OUNTING + 5, months. SSOITE HRTERE MNGEMENT OUNTNT + 15,856 FELLOW HRTERE MNGEMENT OUNTNT + 44,476 Source: 2011 IM Salary Survey *These figures are based on a UK Salary Survey Q: How do I contact IM? : Our call centre, IM ontact, is open from 9.00am to 5.00pm GMT Monday to Friday. T. +44 (0) E. cima.contact@cimaglobal.com Our postal address is: IM, 26 hapter Street, London SW1P 4NP, United Kingdom If you live in ustralia, Malaysia, hina, India, Hong Kong, the Republic of Ireland, Singapore, Sri Lanka or Southern frica, please contact your local office. etails of these can be found at

19 hartered Institute of Management ccountants 26 hapter Street London SW1P 4NP United Kingdom T. +44 (0) F. +44 (0) E.