BONUS | Dennis Whitney (IMA) - CMA Update!

IMA: https://www.imanet.org/
CMA: https://www.imanet.org/cma-certification
Exam Changes: https://www.imanet.org/cma-certification/getting-started/cma-2020-exam-changes
Update for CMA Candidates: https://www.imanet.org/cma-certification/getting-started/cma-notice
Coronavirus Update from IMA: https://www.imanet.org/about-ima/jeff-thomson-on-the-coronavirus

FULL EPISODE TRANSCRIPT
Adam: (00:00)
Welcome back to Count Me In. IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson, and I'm happy to bring you another bonus episode with, IMA's Senior Vice President of Certifications Exam and Constant Integration, Dennis Whitney. Last December, I had the chance to sit down with Dennis and he talked about the changes to the CMA exam. This time around Dennis spoke with Mitch and they discussed how IMA and CMAs can make a difference through this time of need. Dennis also shared updates on CMA testing centers, exam windows and pass rates. Keep listening to hear what IMA has been doing to support its candidates and the value CMAs have had for their organizations.

Mitch: (00:52)
So thank you for joining us again, Dennis. I know last we spoke, you spoke with Adam and gave us a nice overview of the CMA exam, the certification, some of the changes that were coming up in January earlier this year. But obviously there were quite a few challenges and some changes to what's going on with the CMA. So if you wouldn't mind just starting off kind of sharing some of those challenges and obstacles that we went through earlier this year.

Dennis: (01:20)
Yeah. Hi, Mitch. It's good to be with the, the program again. I appreciate you having me on. So yes, it's been a very difficult year of, in many respects in January, we introduced the new CMA content specification outline, and that went well in January and February, but then we were, toward the end of February, beginning of March, as everyone knows, we were hit with this terrible pandemic. At first it looked like it was only going to be something that was a major problem in China, and we were focused on making arrangements to change our Chinese language exam date, but then of course it spread to become a worldwide pandemic. The first impact we had was for our CSCA exam, which is the strategy certification for CMAs, and we give that exam, two windows, March and September. Unfortunately the March window, I think maybe for less than one week, some candidates were able to take the exam and then Prometric had to close all their testing centers. So that was a disappointment for us, and of course for the CSCA candidates. For the CMA exam, our testing windows don't start, you know, there's January, February, then there's May and June, and then there's September, October. So it didn't impact us or the candidates until May. Fortunately, Prometric started opening their testing sites in may, in the beginning of May, but not throughout the world. And we've seen, you know, as of now, actually all just about all testing sites, not all, but just about all Prometric testing sites are up and running and candidates are able to talk, take the exam. And, we could talk a little more about that later if you'd like, how under what conditions candidates are taking the exam, but so far, candidates are able to continue their pursuit of the certification, unfortunately, during a very difficult time.

Mitch: (03:41)
So as you mentioned, this really kind of hit globally, after a couple of months, and even though the testing windows weren't effected, obviously many businesses were. So from your perspective, why have CMAs remained so essential to their workforce and why have they been able to assist their companies so much through this ongoing global pandemic?

Dennis: (04:02)
Yeah, that's a great question, Mitch, and of course there, there are different categories of essential workers, including of course our frontline medical workers who have been true heroes during this pandemic. CMAs are also essential. They're essential in an economic sense. And in fact, accountants in general are critically important for the smooth functioning of businesses. They ensure that there's enough cash on hand to pay bills, to make payroll, to also ensure that processing of financial transactions are done and that managers have the results that they need to manage the business. Now, CMAs in particular, they can help companies not only survive, but they also help companies rebuild and grow. So that of course helps our economies, which are hurting during this, pandemic induced recession. And, our economies need to go rebuild and our companies need to rebuild. So this in turn, when CMAs help companies in this way, this protects jobs and it also adds jobs. So, so that workers could provide for their families. First of all, you know, from the survival perspective during the pandemic, companies need to be able to do the best to survive, to keep as many jobs as they can to meet customer demand and keep their companies in business. So that's where the risk management, cost management, and cash forecasting skills come into play. But CMAs can also use their value creation skills to help the companies not only survive, but also prosper. CMAs you know, the exam is really focused. It's a strong focused on planning analysis and decision support, and they can use these skills to help senior decision makers identify growth opportunities, which will help companies prosper, not only now, but well into the future because when the pandemic ends, and you probably reading about this, now in the business press, many companies are going to realize that they need to innovate their business models and revise their long term business strategy. So CMAs can be the trusted business advisors that they need to help guide the way in doing that.

Mitch: (06:47)
I think there's a pretty good connection also to, you know, the last time you did an episode with us, you discussed the updated learning outcome statements and the different changes that went into the CMA exam, you know, incorporating a lot of the technology & analytics. So how have some of those, you know, refined skills and the different things that you're now assessing really equipped CMAs as well, and what does that look like as far as moving forward to changing these business models like you just mentioned.

Dennis: (07:20)
Well, CMAs, even before this new content specification outline, CMAs, in my opinion, are well equipped to support organizations during this difficult time. But of course the profession does change as it evolves and becomes more sophisticated, more advanced, and that's reflected in the new content specification outline with a stronger emphasis on technology and analytics and decision making. And, you know, so skills like AI, RPA, data analytics, those are tools that can help CMAs provide a faster and more accurate forecast for example. Mining data, performing advanced, predictive, prescriptive analytics. These are new topics on the CMA exam, and adding these topics to actually it's part one of the content specification outline that helps the CMAs, that helps their companies, whether this pandemic. And also, it will help companies prosper while into the future because they have now the skills to better...