CIMA F3 Financial Strategy : F3

F3 real exams

Exam Code: F3

Exam Name: F3 Financial Strategy

Updated: Aug 16, 2026

Q & A: 435 Questions and Answers

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

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Salary of CIMA F3: Financial Strategy Exam

United States: 90,000 USD Europe: 77,500 Euro India: 6,750,000 INR England: 66,500 Pound

CIMA F3 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Financial Policy Decisions15%- Interaction between investment, financing and dividend decisions
- Strategic financial objectives and stakeholder impact
  • 1. Financial objective setting
  • 2. Taxation and regulatory framework
  • 3. ESG and ethical influences
Topic 2: Sources of Long-term Funds25%- Debt finance
  • 1. Bonds, loans, convertible instruments
  • 2. Leasing and sale-and-leaseback
- Dividend policy and distribution strategies
- Equity finance
  • 1. Flotation and listing methods
  • 2. Ordinary shares, preference shares, rights issues
- Capital structure theories and WACC
  • 1. Modigliani-Miller propositions
  • 2. Cost of capital calculation
Topic 3: Business Valuation40%- Impairment testing and value management
- Investment appraisal
  • 1. NPV, IRR, payback, discounted payback
  • 2. Adjusted present value (APV)
- Valuation methods
  • 1. Discounted cash flow (DCF)
  • 2. Asset-based valuation
  • 3. Relative valuation: P/E, EV/EBITDA
- Mergers, acquisitions and divestments
  • 1. Valuation of target companies
  • 2. Financing and post-deal integration
Topic 4: Financial Risks20%- Risk measurement and assessment
  • 1. Value-at-Risk, sensitivity analysis
- Risk reporting and governance
- Types of financial risk
  • 1. Credit and liquidity risk
  • 2. Interest rate risk
  • 3. Foreign exchange risk
- Risk management techniques
  • 1. Hedging strategies
  • 2. Derivatives: futures, forwards, swaps, options

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