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CIMA Strategic level F3

F3

Exam Code: F3

Exam Name: F3 Financial Strategy

Updated: Aug 01, 2026

Q&A Number: 435 Q&As

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Format of the CIMA F3: Financial Strategy Exam

  • Number of questions: 60
  • Passing score: 70 percent
  • Length of Examination: 90 minutes
  • Format: Numerous choices, multiple responses
  • Language: English

Reference: https://planner.cimaglobal.com/proqual/2019/strategic/F3

CIMA F3 Exam Syllabus Topics:

SectionWeightObjectives
Financial Risks20%- Types of financial risk
  • 1. Interest rate risk
  • 2. Credit and liquidity risk
  • 3. Foreign exchange risk
- Risk reporting and governance
- Risk management techniques
  • 1. Derivatives: futures, forwards, swaps, options
  • 2. Hedging strategies
- Risk measurement and assessment
  • 1. Value-at-Risk, sensitivity analysis
Business Valuation40%- Impairment testing and value management
- Investment appraisal
  • 1. Adjusted present value (APV)
  • 2. NPV, IRR, payback, discounted payback
- Valuation methods
  • 1. Discounted cash flow (DCF)
  • 2. Asset-based valuation
  • 3. Relative valuation: P/E, EV/EBITDA
- Mergers, acquisitions and divestments
  • 1. Financing and post-deal integration
  • 2. Valuation of target companies
Sources of Long-term Funds25%- Equity finance
  • 1. Flotation and listing methods
  • 2. Ordinary shares, preference shares, rights issues
- Capital structure theories and WACC
  • 1. Cost of capital calculation
  • 2. Modigliani-Miller propositions
- Debt finance
  • 1. Bonds, loans, convertible instruments
  • 2. Leasing and sale-and-leaseback
- Dividend policy and distribution strategies
Financial Policy Decisions15%- Interaction between investment, financing and dividend decisions
- Strategic financial objectives and stakeholder impact
  • 1. Taxation and regulatory framework
  • 2. Financial objective setting
  • 3. ESG and ethical influences

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