CIPFA’s International Public Financial Management (IPFM) qualification has always offered the best foundation for developing the next generation of public finance professionals and leaders. In March 2022, CIPFA introduced a refreshed syllabus, the Professional Accountancy Qualification (PAQ), also known as CIPFA Futures. If you began studying the IPFM before 2022, you will find important information about this process on this page.
Key Dates
As the IPFM syllabus is being retired, you will need to make sure that you register for all of the final IPFM module terms and exams. If you do not register in time or are unsuccessful in a final module exam, you will be fully supported in transitioning to the updated PAQ syllabus. Any IPFM modules you have completed will be taken into account.
We will be communicating with you every step of the way, to ensure that you are aware of the key dates and are able to register in time.
|
Module name |
Final exam |
|---|---|
|
September 2024 |
|
|
March 2024 |
|
|
September 2024 |
Mapping the IPFM and PAQ modules
In many cases, the updated PAQ modules map directly onto the current IPFM syllabus. Where a new module has been mapped this indicates that the new module covers at least 80% of the legacy module's content. The below table also illustrates how you would transition across to the PAQ syllabus if you didn't register in time for a final module term or exam, or were unsuccessful in a final module exam.
|
Current IPFM module |
New PAQ module |
|---|---|
|
Management Accounting |
Management Accounting |
|
Financial Accounting |
Financial Accounting |
|
Audit and Assurance |
Audit and Assurance |
|
Financial Management |
Business Planning and Financial Management |
|
Company Financial Reporting |
Business Reporting |
|
|
Governance and Risk Management |
|
Strategy and Policy Development |
Developing Strategy and Data Analysis |
|
Public Finance* |
Tax and Law (International) |
|
Governance, Public Policy and Ethics* |
|
|
Strategic Public Finance |
Strategic Public Financial Management |
|
|
Advanced Audit |
|
Business and Change Management |
Implementing Business Change |
|
Public Sector Financial Reporting |
Public Sector Financial Reporting (International) |
|
Strategic Case Study** |
Strategic Case Study |
Please note:
*If you do not hold a pass/exemption in BOTH Public Finance and Governance, Public Policy & Ethics after the final exam sitting, then you will have to sit Tax & Law (International) under the PAQ qualification route.
**If you have previously attempted or have booked and deferred the Strategic Case Study and not passed this paper after the final exam sitting - September 2024, by way of a concession, you will be permitted two further attempts in December 2024 and March 2025. After this date, you will have to sit and pass Governance & Risk Management before sitting the Strategic Case Study exam.
Remember to submit your PEP
To make sure you get the recognition you deserve, you must submit your Practical Experience Portfolio (PEP) after your final exams. This is a log of the practical workplace experience and evidenced skills recorded over the duration of your studies. Once you have submitted your PEP, you will be awarded full membership to CIPFA and your Chartered Public Finance Accountant (CPFA) designation.
Find out more
For more information please contact us at paqexemptions@cipfa.org