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Updated: Aug 25, 2026

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CIMA CIMAPRA19-F03-1 Exam Overview:

Certification Vendor:CIMA (Chartered Institute of Management Accountants)
Exam Name:Financial Strategy
Exam Number:F3
Available Languages:English
Exam Format:Computer-based objective test, Multiple choice, Multiple response, Fill-in-the-blank, Drag-and-drop
Exam Duration:90 minutes
Real Exam Qty:60
Related Certifications:E3 Strategic Management
P3 Risk Management
Strategic Case Study Exam
Exam Price:£165 / $215 USD (varies by region)
Passing Score:100 out of 150 scaled score (~67%)
Certificate Validity Period:3 years
Recommended Training:CIMA Official Study Resources
Exam Registration:CIMA Official Registration
Pearson VUE Booking
Sample Questions:CIMA CIMAPRA19-F03-1 Sample Questions
Exam Way:Onsite at Pearson VUE centres or online remote proctored
Pre Condition:Completion of CIMA Management Level or relevant exemptions; must pass before Strategic Case Study
Official Syllabus URL:https://www.cimaglobalhub.org/qualifications/professional-qualification/strategic-level/f3-financial-strategy

Cost of the CIMA F3: Financial Strategy Exam

The cost of the CIMA F3: Financial Strategy Exam is 300 US Dollars.

CIMAPRA19-F03-1 exam consists of objective test questions and is administered using computer-based testing (CBT) technology. CIMAPRA19-F03-1 exam is divided into two sections, each lasting 90 minutes, and consists of 60 multiple-choice questions. The first section covers financial strategy formulation, while the second section covers financial strategy implementation and evaluation. Candidates must pass both sections to earn the certification.

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

CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

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

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