For a full detailed outline of the topics covered in the individual papers please see CIMA Global Website.

Level 1. Certificate in Business Accounting

· Fundamentals of Management Accounting
· Fundamentals of Financial Accounting
· Fundamentals of Business Mathematics
· Fundamentals of Business Economics
· Fundamentals of Ethics, Corporate Governance and Business Law

Level 2. Managerial Level

· Management Accounting Performance Evaluation
· Management Accounting Decision Management
· Organisational Management and Information Systems
· Integrated Management
· Financial Accounting and Tax Principles
· Financial Analysis

Level 3. Strategic Level

· Management Accounting Risk and Control Strategy
· Management Accounting Business Strategy
· Management Accounting Financial Strategy

Final Qualification Level

· TOPCIMA - The Test of Professional Competence in Management Accounting

Level 1. Certificate in Business Accounting

Fundamentals of Management Accounting

Topic and Study Weighting

A - Cost Determination 25%
B - Cost Behaviour and Break-even Analysis 10%
C - Standard Costing 15%
D - Cost and Accounting Systems 30%
E - Financial Planning and Control 20%

Learning aims

· explain and use concepts and processes to determine product and service costs;
· explain direct, marginal and absorption costs and their use in pricing;
· apply cost-volume-profit (CVP) analysis and interpret the results;
· apply a range of costing and accounting systems;
· explain the role of budgets and standard costing within organisations;
· prepare and interpret budgets, standard costs and variance statements.

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Fundamentals of Financial Accounting

Topic and Study Weighting

A - Conceptual and Regulatory Framework 20%
B - Accounting Systems 20%
C - Control of Accounting Systems 15%
D - Preparation of Accounts for Single Entities 45%

Learning aims

· explain the conceptual and regulatory framework of accounting;
· explain the nature of accounting systems and understand the control of such systems;
· prepare and interpret accounts for a single entity;
· calculate and interpret simple ratios.

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Fundamentals of Business Mathematics

Topic and Study Weighting

A - Basic Mathematics 15%
B - Probability 15%
C - Summarising and Analysing Data 15%
D - Inter-relationships between Variables 15%
E - Forecasting 15%
F - Financial Mathematics 15%
G - Spreadsheets 10%

Learning aims

· demonstrate the use of basic mathematics, including formulae and ratios;
· identify reasonableness in the calculation of answers;
· demonstrate the use of probability where risk and uncertainty exist;
· apply techniques for summarising and analysing data;
· calculate correlation coefficients for bivariate data and apply the technique of simple regression analysis;
· demonstrate techniques used for forecasting;
· apply financial mathematical techniques;
· apply spreadsheets to facilitate the presentation of data, analysis of univariate and bivariate data and use of formulae.

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Fundamentals of Business Economics

Topic and Study Weighting

A - The Goals and Decisions of Organisations 20%
B - The Market System and the Competitive Process 30%
C - The Financial System 20%
D - The Macroeconomic Context of Business 30%

Learning aims

· Distinguish the differing goals of organisations and identify how these differing goals affect the decisions made by managers;
· Illustrate how market economies function and identify the reasons for and impacts of government involvement in economic activities;
· Identify the role of financial institutions and markets in the provision of short and long term finance to individuals, businesses and governmental organisations;
· Identify how macroeconomic variables and government economic policies affect the organisation.

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Fundamentals of Ethics, Corporate Governance and Business Law

Topic and Study Weighting

A - Ethics and Business 15%
B - Ethical Conflict 10%
C - Corporate Governance 10%
D - Comparison of English Law with Alternative Legal Systems 10%
E - The Law of Contract 20%
F - The Law of Employment 10%
G - Company Administration and Finance 25%

Learning aims

· discuss the framework of professional values, ethics and attitudes for exercising professional judgement and acting in an ethical manner, that is in the best interests of society and the profession;
· explain the need to comply with the CIMA and IFAC ‘Codes of Ethics for Professional Accountants';
· explain the importance of good corporate governance and the evolution of good practice;
· explain fundamental aspects of the organisation and operation of the English legal system and compare and contrast it with other legal systems;
· explain the elements of the tort of negligence and the manner in which the tort impacts upon professional advisers;
· explain the essential elements of a simple contract, what is regarded as adequate performance of the simple contract, and the remedies available to the innocent party in the event of a breach;
· explain the essential differences between sole traderships, partnerships and companies limited by shares;
· explain the way in which companies are administered, financed and managed;
· apply legal knowledge to solve business problems.

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Level 2. Managerial Level

Management Accounting Performance Evaluation

Topic Study weighting

A Cost Accounting Systems 25%
B Standard Costing 25%
C Budgeting 30%
D Control and Performance Measurement of Responsibility Centres 20%

Learning aims

· apply both traditional and contemporary approaches to cost accounting in a variety of contexts and evaluate the impact of 'modern' data processing and processing technologies such as MRP, ERP and JIT;
· explain and apply the principles of standard costing, calculate variances in a variety of contexts and critically evaluate the worth of standard costing in the light of contemporary criticisms;
· develop budgets using both traditional and contemporary techniques, evaluate both interactive and diagnostic uses of budgets in a variety of contexts and discuss the issues raised by those that advocate techniques ‘beyond budgeting';
· prepare appropriate financial statements for cost, profit and investment centre managers, calculate appropriate financial performance indicators, assess the impact of alternative transfer pricing policies and discuss the behavioural consequences of management control systems based on responsibility accounting, decentralisation and delegation.

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Topic Study weighting

A Financial Information for Short-term Decision Making 30%
B Financial Information for Long-term Decision Making 25%
C The Treatment of Uncertainty in Decision Making 15%
D Cost Planning and Analysis for Competitive Advantage 30%

Learning aims

· separate costs into their fixed and variable components and use these in break-even analysis and in decision-making under multiple constraints;
· establish relevant cash flows for decision making and apply these principles in a variety of contexts including process/product viability and pricing including evaluation of the tension between short-term, 'contribution based' pricing and long-term, 'return on investment' pricing;
· develop relevant cash flows for long-term projects taking account of inflation and taxation where appropriate, evaluate projects using discounting and traditional methods, critically assess alternative methods of evaluation and place evaluation techniques in the context of the whole process of investment decision making;
· apply learning curves in forecasting future costs and the techniques of activity-based management, target costing and value analysis in managing future costs and evaluate the actual and potential impacts of contemporary techniques such as JIT, TOC and TQM on efficiency, inventory and cost;
· undertake sensitivity analysis and assess the impact of risk in decision models using probability analysis, expected value tables and decision trees as appropriate;
· discuss externally oriented management accounting techniques and apply these techniques to the value chain, 'gain sharing' arrangements and customer/channel profitability analysis.

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Organisational Management and Information Systems

Topic Study weighting
A Information Systems 20%
B Change Management 10%
C Operations Management 20%
D Marketing 20%
E Managing Human Capital 30%

Learning aims

· describe the various functional areas of an organisation and how they relate to one another,
· apply theories, tools and techniques appropriate to a functional area in support of the organisation's strategy,
· prepare reports and plans for functional areas,
· evaluate the performance of functional areas.

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Integrated Management

Topic Study weighting

A The Basis of Strategic Management 30%
B Project Management 40%
C The Management of Relationships 30%

Learning aims

· identify and apply management techniques necessary for decision-making that cuts across functional areas;
· analyse data in support of strategic decision making;
· contribute to decision making in these areas by advising management.

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Financial Accounting and Tax Principles

Topic Study weighting

A Principles of Business Taxation 20%
B Principles of Regulation of Financial Reporting 10%
C Single Company Financial Accounts 45%
D Managing Short Term Finance 25%

Learning Aims

· describe the types of business taxation rules and requirements likely to affect a company (in respect of itself and its employees);
· describe and discuss how financial reporting can be regulated and the system of International Accounting Standards;
· prepare statutory accounts in appropriate form for a single company;
· assess and control the short term financial requirements of a business entity.

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Topic Study weighting

A Group Financial Statements 35%
B The Measurement of Income and Capital 20%
C Analysis and Interpretation of Financial Accounts 35%
D Developments in External Reporting 10%

Learning aims

· prepare consolidated accounts and explain the accounting principles associated with this area, such as changes part way through an accounting period and in the merger method;
· appropriately employ relevant accounting standards;
· evaluate a business entity's financial statements and provide analysis of performance;
· explain the problems of profit measurement and alternative approaches to asset valuations;
· discuss and evaluate current developments in external reporting.

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Management Accounting Risk and Control Strategy

Topic Study weighting

A Management Control Systems 15%
B Risk and Internal Control 20%
C Review and Audit of Control Systems 15%
D Management of Financial Risk 30%
E Risk and Control in Information Systems 20%

Learning Aims

· evaluate and advise on management and internal control systems for a range of risks;
· plan a review process, including an internal audit, of such systems;
· evaluate alternatives and advise on the management of financial risks;
· advise on the development of information systems that support the risk control environment.

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Management Accounting Business Strategy

Topic Study Weighting

A Assessing the Competitive Environment 20%
B Interacting with the Competitive Environment 20%
C Evaluation of Options, Planning and Appraisal 30%
D Implementation of Strategic Plans 30%

Learning Aims

· identify and evaluate approaches to strategic management;
· explain the place of the enterprise in the broader economic and social environment;
· apply contemporary thinking on strategic management;
· identify and utilise appropriate tools for strategic analysis;
· evaluate appropriate strategic options and make recommendations;
· evaluate the linkages between strategic planning and the implementation of those plans;
· design and recommend appropriate performance measurement systems.

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Topic Study weighting

A Formulation of Financial Strategy 20%
B Financial Management 30%
C Business Valuations and Acquisitions 25%
D Investment Decisions and Project Control 25%

Learning aims

· understand and apply contemporary thinking on strategic financial management;
· understand and utilise appropriate tools for strategic financial management;
· evaluate strategic financial management options in light of the needs of management and the policy of the enterprise;
· characterise and describe the enterprise's financial strategy and use that characterisation to develop optimal financial strategy for all stages of the life-cycle;
· assess and evaluate proposed strategies.

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Final Qualification Level

TOPCIMA is the final exam candidates will sit. They must sit this exam after they have completed all other exams in line with guidelines produced by the International Federation of Accountants (IFAC).

It is based upon a case study and set within a simulated business context. By passing this exam the candidate will prove that he or she has the ability to transfer strategic and practical knowledge to a real life business situation.

The TOPCIMA has no specific syllabus content. Material from any of the Managerial and Strategic level subjects could be relevant.

Learning Aims

The aim of the Test of Professional Competence in Management Accounting (TOPCIMA) is to test the capabilities and competence of students, to ensure that they:

· have a sound technical knowledge of the specific subjects within the curriculum;
· can apply technical knowledge in an analytical and practical manner;
· can extract, from various subjects, the knowledge required to solve many-sided or complex problems;
· can solve a particular problem by distinguishing the relevant information from the irrelevant, in a given body of data;
· can, in multi-problem situations, identify the problems and rank them in the order in which they need to be addressed;
· appreciate that there can be alternative solutions and understand the role of judgement in dealing with them;
· can integrate diverse areas of knowledge and skills;
· can communicate effectively with users, by formulating realistic recommendations, in a concise and logical fashion;
· can identify, advise on and/or resolve ethical dilemmas.

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