Montvale, N.J. (Feb. 3, 2004) -- The Institute of Certified Management Accountants has announced several changes to its Certified Management Accountant and Certified in Financial Management programs.

Effective March 1, the Certified in Financial Management certification will be the Certified Financial Manager certification. The ICMA expects to revise the CFM exam based on the findings of a study it is currently conducting of the corporate financial management profession.

The ICMA has also reorganized and updated the content of the CMA exam. Candidates for the CMA exam will need to complete the first three parts before they are eligible to sit for the fourth. Part four will consist of business-oriented essays and problems, facilitating more effective testing of the higher-level skills of evaluation, critical thinking and judgment, the ICMA said. Organization management, behavior and ethics will be tested exclusively in the fourth part.

The first three parts of the new CMA exam format will be available for candidate testing July 1, 2004, while the fourth part will be available Feb. 1, 2005. For candidates currently enrolled in the CMA/CFM programs, the existing examination format will continue to be available until Dec. 31, 2007.

-- WebCPA staff

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