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 TRANSCRIPTAdam: (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...