ICMA EXAMINATION SYLLABUS ( Updated: July 2007)
ICMA OVERALL EXAMINATION SYLLABUS |
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STAGE 1 ICMA EXAMINATION SYLLABUS |
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Unit 1 : Organisational Management Objectives : On completion of this subject students should have an understanding and appreciation of the managerial role and the contribution managers make to organisational effectiveness; within a financial services context; have an understanding of the major managerial strategy and functions; demonstrate an awareness of the major behavioural science theories and concepts relating to the behaviour and communication in the workplace, performance and productivity of individuals and groups in organisations; be capable of formulating and critically evaluating alternative courses if managerial action; be able to analyse organisational situations using the knowledge and frameworks gained during the course in order to better understand, work as part of a team and predict and influence the behaviour of individuals and groups within organisations. Students should also be able to use technology in the workplace, apply health and safety practices and be able to resolve customer complaints in the workplace. Synopsis :
This subject covers the six industry core units applicable from Certificate III in Financial Services (Accounts Clerical) in the Australian Qualifications Framework. As such, those possessing Certificate III qualifications will be given Recognised Prior Learning (RPL) credit in this unit. The six industry core units are : FNBFS01B Work within a Financial Services Context
Unit 2 : Accounting Principles and Practice Objectives : On completion of this subject, students should be able to understand how to prepare accounting records including profit and loss statements and balance sheets under the accrual concept of accounting for different types of business organisations. The nature purpose and limitations of accounting reports and the use of accounting information in decision-making is also covered. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework: FNBACC04B Prepare Financial Reports for a Reporting Entity
Unit 3 : Accounting Control Systems Objectives : On completion of this subject students should understand how a variety of costing systems are designed and implemented in manufacturing, merchandising and service industries; appreciate the differences and conflicts between financial accounting and management accounting information systems and demonstrate the flow of costs through inventory, payroll and overhead accounts into the profit and loss statements. Students should also have a sound understanding of implementing organizational improvement programs. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework : FNBACC03B Manage Budgets and Forecasts
Unit 4 : Financial Information Systems Objectives : On completion of this subject students should have developed an understanding of information technology and its use in a business environment; the concepts behind a comprehensive accounting package; the role of databases in business computing; the internal control issues relating to computers; the specification and selection issues for major computer systems; the impact of information technology on business processes; the preparation, uses, characteristics and limitations of financial models; advanced logic within financial models; the principles of structured programming in spreadsheet macro languages; designing, testing; debugging, coding and documenting macro programs. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework : FNBACC32A Maintain Asset and Inventory Records
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STAGE 2 ICMA EXAMINATION SYLLABUS |
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Unit 5 : Financial Economics Objectives : On completion of this subject students should have a basic understanding of the methodology and principles of economics; have a basic understanding of micro and macroeconomics; be able to present arguments and make decisions in the economic environment. The techniques available to evaluate financial performance and risk are also covered. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework : FNBFIN70A Prepare Financial Forecasts and Projections (microeconomics)
Unit 6 : International Business Law and Governance Objectives : On completion of this subject students should be able to appreciate alternative business enterprises internationally, namely sole proprietorships, partnerships, companies and trusts; recognise the general laws which apply to such business entities internationally and appreciate the development of corporate governance regulation in different countries. The applicable comparative legislation is that of the country the student is sitting the examinations in. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework : FNBACC29A Make Decisions within a Legal Context
Unit 7 : Business Analysis and Audit Objectives : On completion of this subject students should be able to revise basic mathematical concepts and skills so that they are able to understand and perform a wide variety of basic mathematical processes that are necessary for analyzing business operations; become competent in the basic use of statistical tools and techniques their applications to solve problems in business; and become competent in the use of statistical data in order to be more effective in business planning, forecasting, performance evaluation, auditing and management. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework : BSBCMN405A Analyse and Present Research Information
Unit 8 : International Business Taxation Objectives : On completion of this subject students should be able to identify the taxation issues that arise from a range of transactions and to understand international tax issues; including assessable income and exempt income; allowable deductions; special classes of taxpayers including trusts, partnerships and companies; objections and appeals; capital gains tax; fringe benefits tax; superannuation; eligible termination payments; tax collection; and tax avoidance. Synopsis :
This subject covers the following competency units of the Financial Services Training Package (FNB 99) of the Australian Qualifications Framework : FNBACC22A Process Business Tax Requirements
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STAGE 3 ICMA EXAMINATION SYLLABUS |
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Unit 9 : Financial Accounting Objectives : On completion of this subject students should possess a thorough knowledge of the content of the reports of publicly listed companies and be able to prepare such reports and regulations of the various regulatory bodies; be aware of current issues in financial reporting and be cognisant of current changes in disclosure requirements and be able to critically evaluate such proposed changes. Synopsis :
Unit 10 : Marketing Management Objectives : This subject aims to provide students with the foundation for differentiating marketing from other organisational functions by fostering an understanding of markets, marketing concepts, key marketing issues and the relationship of these to society as a whole. This framework enables students to link their knowledge with the practicalities of marketing. Synopsis :
Unit 11 : Information Management Objectives : The aim of this subject is to develop an understanding of information technology (IT) and its significance for managers; to explore how information technology and electronic commerce enable changes to the skills, work practices, structures and culture of organisations; to understand how information technology can enhance an organisation’s business strategies, increase business opportunities and create a competitive advantage; to understand how information technology affects an organisation’s clients, customers, suppliers and the community as well as staff, to enable managers to combine information and communication technology expertise with general management skills; to allow managers to direct and co-operate with information systems professional and colleagues in identifying, selecting and managing their organisation’s information systems. Synopsis :
Objectives : On completion of this subject students should be able to understand the dynamic nature of business and the strategic management process employed to gain sustainable competitive advantage. Students will be able to apply and integrate general business skills and techniques to strategic problem solving, and to communicate concisely and cogently the analysis and recommended solutions to strategic problems. Synopsis :
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STAGE 4 ICMA EXAMINATION SYLLABUS |
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Unit 13 : Financial Management Objectives : On completion of this subject students should be able to apply capital budgeting principles and techniques to investment proposals in order to facilitate optimum decision-making, understand the risk/return trade-off inherent in portfolio analysis and selection; understand how to apply techniques suitable for valuing various debt and equity securities; examine and evaluate empirical research relating to the optimum financial structure of the firm; understand the nature, purpose and limitations of financial ratios and other data to evaluate performance and credit risks; examine and understand empirical research relating to the concept of market efficiency; examine and evaluate empirical research relating to the optimum dividend policy of the firm. Synopsis :
Unit 14 : Financial Statement Analysis Objectives : This subject seeks to describe and explain the properties of financial statement numbers, the key aspects of decisions that use financial statement information, and the features of the environment in which these decisions are made. Synopsis :
Unit 15 : Financial Modeling Objectives : On completion of this subject students should be able to appreciate the role of computers in analysing the financial activities of a business and in decision support; appreciate the problems involved in the implementation of computerised financial models and spreadsheets; recognise the ways in which computer-based financial models may be used by management and evaluate commercially available financial modeling software. Synopsis :
Unit 16 : Managerial Accounting Objectives : On completion of this subject students should be able to understand the decision making requirements and the information needs of management; apply management accounting principles and techniques to a wide range of situations in both service and manufacturing industries; appreciate recent developments in the theory and practice of management accounting, control systems; and appreciate the developments information technology in relation to the provision of management accounting information. Synopsis :
Current research on budgeting indicates that some organisations claim that they have abandoned the major annual budget preparation exercise (‘Beyond Budgeting’ – Hope & Fraser (2003). It has been argued that a number of adverse impacts result from the budget. Examples of such impact are: – Annual budgeting adds little value and takes up too much valuable management time. – Too heavy reliance on budgetary control in managing performance has an adverse impact on management behaviour. – The use of budgeting as a base for communicating corporate goals, setting objectives, assisting continuous improvement, etc. is seen as contrary to its original purpose as a financial control mechanism. – Most budgets are not based on a rational causal model of resource consumption and are, therefore, of little use in determining strategy. – The process has insufficient external focus from which to derive targets or benchmarks. – The argument may be put that increased focus on knowledge or intellectual capital through competent managers, skilled workforce, effective systems, loyal customers and strong brands is more likely to yield improved business effectiveness. (Alternative relevant uses and comments would be accepted in all parts of the answer).
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