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The CIMA Professional Qualification is divided into three levels - Operational, Management and Strategic. Each of these levels consists of three pillars of domain knowledge - Enterprise, Performance and Financial. Passing each level of the qualification confirms a candidate's capabilities to perform the tasks at that level in the workplace to the highest standards. When combined with the required practical experience, the CIMA Professional Qualification ensures that members are ready to support and lead their organisations, through the challenging environment of continuous change. The syllabus, assessments and practical experience requirements ensure members are not only competent in the essential accounting, finance and business-related skills, but also in the skills required to lead the finance function in a digital age. The Operational level focuses on the short term and the implementation of decisions. Learners of CIMA P1 practice exams and CIMA P1 practice test will be able to work with others in the organisation and use appropriate data and technology to translate mediumterm decisions into short-term actionable plans.
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The CIMA CIMA P1 Management Accounting is a tricky little paper pass but it's one of the more interesting papers as it builds your knowledge of Management Accounting and the various concepts involved - and, after all, this is why we are studying for the CIMA qualification!
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Reference: https://www.cimaglobal.com/Qualifications/Professional-Qualification/Operational-level/
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CIMA CIMAPRO19-P01-1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Budgeting and Budgetary Control | 25% | - Preparation of functional and master budgets - Beyond budgeting and modern approaches - Budgetary control and performance reporting - Flexible budgeting - Purposes and types of budgets |
| Dealing with Uncertainty in the Short Term | 15% | - Uncertainty in budgeting and decisions - Risk attitudes: maximin, maximax, minimax regret - Sensitivity analysis - Decision trees - Probability and expected values |
| Short-Term Commercial Decision Making | 30% | - Product mix decisions - Make-or-buy and outsourcing decisions - Limiting factor analysis - Pricing strategies and decisions - Relevant costing principles |
| Cost Accounting for Decision and Control | 30% | - Standard costing and variance analysis - Absorption and marginal costing - Concepts and purposes of costing - Cost classification and behaviour - Cost-volume-profit (CVP) analysis - Activity-based costing |
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