CCIFP Knowledge Domains (updated 2020)

knowledge domains ccifp

The following is a detailed outline of the eight knowledge domains of the exam, with an indication of the approximate percentage of the construction finance exam devoted to each area:

ACCOUNTING AND REPORTING (23%)

  • Accounting standards and guidelines
  • Basic methods of accounting
  • Receivables
  • Leases
  • Costs in excess and billings in excess
  • Construction equipment
  • Subcontractor payables
  • Independent construction audit
  • Financial statements
  • Project management
  • Gross profit analysis

INCOME RECOGNITION METHODS (21%)

  • Financial reporting
  • Percentage-of-completion accounting method
  • Contract revenues, change orders and claims
  • Contract costs
  • Accounting for the effects of change in estimates

BUDGETING AND PLANNING (14%)

  • Strategic planning
  • Strategic cost management
  • Capital budgeting
  • Cash management
  • Benchmarking
  • Succession Planning

RISK MANAGEMENT (13%)

  • Risk management responsibilities
  • Construction-related insurance
  • Surety

TAXES (6%)

  • Accounting methods unique to the construction industry
  • Tax filing

HUMAN RESOURCES (7%)

  • Compensation
  • Employee benefit plans
  • Accounting/finance department administration
  • Labor and ERISA laws

LEGAL (9%)

  • Preparation and review of contracts
  • Subcontracts and purchase orders
  • Applicable laws
  • Warranties
  • Alternatives to litigation

INFORMATION TECHNOLOGY (7%)

  • Construction management platforms
  • Evaluation, implementation, selection and integration methods
  • Cybersecurity