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Time-resolved pump-probe magneto-optical method was used to study Fe/CuMnAs bilayer. The probe polarization dependence was used to identify and separate parts of detected signals due to Faraday and Voigt magneto-optical effects that provide information about pump-induced magnetization precession in ferromagnetic Fe and reduction of the sublattice magnetization in antiferromagnetic CuMnAs layers, respectively. We observe a strong asymmetry in the dependence of the precession phase on the external magnetic field that we attribute to the exchange coupling between Fe and CuMnAs. Unlike in X-ray magnetic linear dichroism experiments, we do not observe any significant reorientation of magnetic moments in CuMnAs by external magnetic field due to the interlayer exchange coupling with Fe. Differences between these two experimental techniques, providing the distinct pictures, are discussed. [ABSTRACT FROM AUTHOR]