The launch featured an address by Lynda Gratton - a British organisational theorist, consultant, and Professor of Management Practice at London Business School, best known for her work on organisational behaviour - who spoke on empowering the next generation of business leaders. It also included a panel discussion of business leaders , each representing one of CIMA's major regions, discussing the needs of Generation Y in the workplace to establish the need and context for the updates to the syllabus.
Samantha Louis, CIMA regional director for Africa, said: "According to the World Economic Forum (WEF) Global Risk 2014 report, South Africa has the third-highest unemployment rate in the world for people between 15 and 24, which accounts for more than 50% of youths in South Africa. While rising youth unemployment is a particular concern across sub-Saharan Africa, there are growing concerns about this around the world. Greece and Spain are the two countries reported to have higher youth unemployment than South Africa.
"In response to these concerns, CIMA's syllabus for 2015 focuses on equipping finance professionals with the skills to meet current and future business needs, and is based on extensive global research over the past four years."
The research involved face-to-face meetings with leading organisations in the UK, the US, South Africa and Malaysia, round table discussions in 13 countries and a global questionnaire to over 3000 participants. It led to the development of an updated competency framework addressing the skills and competencies employers expect from their finance team, as well as a new assessment process.
Besides core accounting and finance skills; business acumen, people skills and leadership skills were identified by top employers as crucial, and these insights were instrumental in creating a syllabus that ensures that the CIMA qualification remains relevant and meets the needs of students and employers. Besides supporting better business, this also enhances the employability of CIMA members.
New topic areas relevant to accounting in business - such as managing big data, finance function transformation and sustainability - have been included, with integrated case studies added to the assessment process at each level of the qualification to consolidate learning and reflect real-life work situations.
Other research which CIMA conducted into Generation Y shows that the younger generation learns differently and has different expectations from the workplace than previous generations.
Louis said: "Major changes have also been made to the assessment of candidates in line with developments in the use of technology in education and industry. Students will now benefit from online assessment and exams on demand - through a partnership with Pearson VUE - allowing them to choose their own pace of progression."
Malcolm Furber FCMA, CGMA, CIMA president, said: "We are delivering a world-class combination of computerised assessments, including integrated case studies and we are the first global accountancy body to pioneer this. The fact that this syllabus is research led and informed by those in business, makes it a work of best practice that addresses the employability needs of employers and students. Although the syllabus is focused on finance professionals our approach may be of interest to employers, educators and regulators, and we look forward to working with others in the public interest."
Since 2012, CIMA has been offering its certificate level exams as computer-based assessments on the Pearson VUE platform. Pearson VUE is a global testing company that boasts the world's leading test centre network, with over 5000 test centres in 175 countries.
Bob Whelan, president and CEO, Pearson VUE said: "One of the advantages of computer-based testing is its ability to create new and different question types to test the learning outcomes. The learning outcomes themselves and sound test design are at the heart of this project."
Charles Tilley FCMA, CGMA, chief executive, CIMA said: "CIMA is committed to supporting the next generation of global finance leaders and ensuring that management accountants stay at the forefront of developments in the business world throughout their careers. When designing the 2015 syllabus, we set out to enhance its relevance to employers, to ensure the rigour of the related examinations and to align the learning experience of candidates to the real world of business. I feel we have succeeded in this."
