CIMA is now examining Gen AI in its Operational Level exams. So where will you find it?
Gen AI has arrived in the form of the upgraded CGMA syllabus, but students will be only be too aware that CIMA is already examining AI and big data.
The enhanced content on Gen AI within existing component outcomes and core activities will appear in:
E1B (Technology in a Digital World)
1b – The key technologies that define and drive digital world.
2d – Ethics of technology use.
P1B (Budgeting and Budgetary Control)
2a – Forecasting.
2b – Master budgets.
2c – What-if analysis in budgeting.
Operational case study
This will feed into core activity B: discuss budget information for the purposes of planning and control.
For E1 and P1 OT exams there will be specific questions on Gen AI for the relevant representative task statements. And, in turn, the OCS will see greater use of Gen AI embedded into the case study content. You might also find some specific tasks related to budgeting focusing on the use of Gen AI.
Students have already been asked questions about big data and AI so, as we said, including Gen AI is just an extension of this.
But what are the scope of these changes? All the new learning material has been updated with the new content.
For E1 and the Financial Function Transformational competency, the key areas are:
- Definition of Gen AI.
- Different types of Gen AI models and applications.
- Common uses of Gen AI.
- Linking into ethical consideration and mitigations around the use of Gen AI.
New Kaplan guidance
The benefits and dangers of AI are highlighted in Kaplan’s new guidance for CIMA students sitting the E1 OT exam.
The benefits of AI include improved productivity, motivation, availability efficiency, reduction in operational costs, innovation and finally personalisation.
On the danger side are bias, ethical concerns, resource intensity and cost, variable quality, lack of creativity, lack of emotional intelligence, encouraging human laziness, and finally the risk to employment.
Students also need to understand that both machine learning and generative AI are subsets of AI.
With P1 and Budgeting and Planning Competency, there is new material on the use of Gen AI in budgeting and its links to big data analytics, and the issues to consider when doing so.
You can find Kaplan’s articles here, along with the changes to E3.
Check out the full Gen AI operational level webinar here.
