CIMA Exam Study Plan


CIMA Exam Study Plan

CIMA exam Study Plan – The Chartered Institute of Management Accountants (CIMA) qualification is one of the most globally-recognised and sought-after business accreditations. It combines accounting, finance and management with the leading-edge skills and techniques that drive successful modern businesses. A schedule is only as valuable as your Determination to follow it.Think about how much time you are going to allocate to studying, what you want to achieve in each of your study sessions and where you will study.

How to Create a Study Plan That Gives you Enough Time and Motivation to Study

Here are the three best ways to study

  1. Testing yourself (particularly using challenging questions) – This is number one for a very good reason. It works so well because it practices recall (what you have to do in the exam) and it also teaches you what you don’t know (but thought you did). If you do this at the end of every chapter and review your progress, you won’t just be ‘doing’ but you’ll truly be learning.
  2. Writing notes in your own words – putting down how you understand the material in your head down on paper
  3. Re writing and condensing these notes – use small revision cards and recap them over and over again – you’ll forget less and the essential information stays in your longer term memory

This typically only requires you to study a few hours a day, for only 60-90 minutes at a time. But if you’re doing it correctly, then that should be all the time you need.

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The goal here is to stretch your thinking and focus on improving areas you’re not good at – before it’s too late and the exam hits you like a sledgehammer.

And there’s an old saying about how memory relates to engagement. For example, you may only remember 10% of what you read but that number goes up significantly when actively breakdown the information and regularly test yourself.

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CIMA Study Schedule When Sitting a Paper for the First Time

A comprehensive study schedule should include both the Study materials and practice questions.

Below you’ll find a guide that breaks down how you should consider spending your time.

It’s based on committing to a minimum of 11 hours of studying per week.

If you follow the schedule, you will go through the learning outcomes for each paper you are sitting, at least once, and you will go through a number of practice questions, including sitting full past papers under exam conditions. Based on your individual needs and commitments, you should also be able to modify the schedule to fit your life.

While going through practice questions, don’t get disheartened if you initially struggle to answer them. This is simply instant feedback of where your weaknesses lye, which you can address going forward. It’s a great time at this point to ask an expert to help you.

Okay, so let’s look at what a study schedule should look like in more detail, using Operational level paper F1 as an example….

For each learning outcome:

  • Have a detailed read through the relevant study materials for these learning outcomes.
  • Make a note of key concepts, especially the principles behind them and go through any worked examples.
  • Create mnemonics, define a step by step approach to calculations, cross check any linkages with other parts of the syllabus and quiz yourself on the knowledge you’ve gained.
  • Pay close attention to challenging areas. Make a note on your schedule if you feel you will need more time for review and repetition

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Question Practice:

Aim to complete all the past paper questions relevant to each learning outcome. Click here for a breakdown of which questions to attempt for F1.

Give yourself 1.8 minutes per mark, for each question you attempt. Also, give yourself time to review the model answers.

PAPER F1 – FINANCIAL OPERATIONS

SYLLABUS OVERVIEW: Familiarise yourself with the syllabus by reading and taking notes on the following resources:

F1 Syllabus Content

DURATION: 1 hour


RECAP/REVIEW PAPER C02: Recap or review knowledge from paper.  As paper C02 is a pre requisite of F1, it’s a good idea to spend an hour and brush up on financial accounting knowledge. You can put this to the test using the below:

Sample paper for Co2

DURATION: 1 hour


SYLLABUS AREA A: PRINCIPLES OF BUSINESS TAXATION (25%)

LEARNING OUTCOMES 1a) – 1c):

1a) Identify the principal types of taxation likely to be of relevance to an incorporated business in a particular country.

1b) Describe the features of the principal types of taxation likely to be of relevance to an incorporated business in a particular country

1c) Explain key administrative requirements and the possible enquiry and investigation powers of taxing authorities associated with the
principal types of taxation likely to be of relevance to an incorporated business

DURATION: 2 hours


LEARNING OUTCOMES 1d) – 1e):

1d) Explain the difference in principle between tax avoidance and tax evasion

1e) Illustrate numerically the principles of different types of tax based on provided information

DURATION: 1 hour


LEARNING OUTCOMES 2a) – 2b):

2a) Identify situations in which foreign tax obligations (reporting and liability) could arise and methods for relieving foreign tax;

2b) Explain sources of tax rules and the importance of jurisdiction

DURATION: 1 hour


LEARNING OUTCOMES 3a):

3a) Prepare corporate income tax calculations based on a given simple set of rules

DURATION: 1 hour


LEARNING OUTCOMES 4a):

4a) Apply the accounting rules for current and deferred taxation, including calculation of deferred tax based on a given set of rules

DURATION: 1 hour


SYLLABUS AREA B: REGULATION AND ETHICS OF FINANCIAL REPORTING (15%)

LEARNING OUTCOMES 1a) – 1c):

1a) Explain the need for regulation of published accounts and the concept that regulatory regimes vary from country to country;

1b) Explain potential elements that might be expected in a national regulatory framework for published accounts;

1c) Describe the role and structure of the International Accounting Standards Board (IASB) and the International Organisation of Securities
Commissions (IOSCO);

DURATION: 1 hour


LEARNING OUTCOMES 1d) – 1g):

1d) Explain the meaning of given features or parts of the IASB’s Framework for the Presentation and Preparation of Financial Statements;

1e) Describe the process leading to the promulgation of an IFRS;

1f) Describe ways in which IFRSs can interact with local regulatory frameworks;

1g) Explain in general terms, the role of the external auditor, the elements of the audit report and types of qualification of that report

DURATION: 3 hours


LEARNING OUTCOMES 2a) – 2c):

2a) Explain the importance of the exercise of ethical principles in reporting and assessing information;

2b) Describe the sources of ethical codes for those involved in the reporting or taxation affairs of an organisation, including the external
auditors

2c) Apply the provisions of the CIMA Code of Ethics for Professional Accountants of particular relevance to the information reporting, assurance and tax-related activities of the accountant

DURATION: 4 hours


SYLLABUS AREA C: FINANCIAL ACCOUNTING AND REPORTING (60%)

LEARNING OUTCOMES 2a): part 1

2a) Apply the accounting rules contained in IFRSs and IASs dealing with reporting performance, non-current assets, including their
impairment, inventories, disclosure of related parties to a business, construction contracts (and related financing costs), post-balance
sheet events, provisions, contingencies, and leases (lessee only);

DURATION: 4 hours


LEARNING OUTCOMES 2a): part 2

2a) Apply the accounting rules contained in IFRSs and IASs dealing with reporting performance, non-current assets, including their
impairment, inventories, disclosure of related parties to a business, construction contracts (and related financing costs), post-balance
sheet events, provisions, contingencies, and leases (lessee only);

DURATION: 4 hours


LEARNING OUTCOMES 2b):

2b) Explain the accounting rules contained in IFRSs and IASs governing share capital transactions

DURATION: 5 hours


LEARNING OUTCOMES 1a):

1a) Prepare a complete set of financial statements, in a form suitable for publication for a single company;

DURATION: 5 hours


LEARNING OUTCOMES 1b):

1b) Apply the conditions required for an undertaking to be a subsidiary or an associate of another company;

DURATION: 1 hour


LEARNING OUTCOMES 1c):

1c) prepare the consolidated statement of financial position (balance sheet) and statement of comprehensive income for a group of companies in a form suitable for publication for a group of companies comprising directly held interests in one or more fully-controlled subsidiaries and associates (such interests having been acquired at the beginning of an accounting period);

DURATION: 10 hours


LEARNING OUTCOMES 1d):

1d) Apply the concepts of fair value at the point of acquisition, identifiability of assets and liabilities, and recognition of goodwill.

DURATION: 1 hour

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Recommended Read : Complete details of CIMA Exam preparation, study tips

CIMA Exam Study Plan

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Watch CIMA Certificate level sample video lectures Here
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Watch CIMA Strategic Level Sample Video Lecture Here
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