CIMA · objective_test
Financial Strategy (F3)
F3 – Financial Strategy — developing the financial strategy of an organisation, evaluating and managing financial risks, and advising on long-term sources of finance
90 minutes
Exam length
100 out of 150 scaled score (equivalent to approximately 67%)
Pass mark
Computer-based objective test
Format
On demand at Pearson VUE test centres worldwide or online, bookable up to 48 hours before the exam date
Sittings
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Financial Strategy (F3) — overview
F3 is the Financial pillar at the Strategic level — the paper where CIMA students learn to develop and execute an organisation's financial strategy over the medium and long term.
The syllabus covers formulating financial strategy, evaluating financing options and capital structure, managing financial risks (currency, interest rate, counterparty) using hedging and derivatives, business valuations for M&A, and making decisions about corporate restructuring, acquisitions, disposals, and financial reconstructions.
F3 is the most calculation-heavy paper at the Strategic level. Fluency with business valuation methods (DCF, multiples, asset-based), cost of capital (WACC, CAPM), and hedging mechanics is essential. Practice NPV-based valuation questions repeatedly.
The Financial pillar covers financial reporting, tax, and financial strategy. It's essential for roles in financial reporting, group consolidations, treasury, and any role producing or interpreting statutory financial statements under IFRS. Passing the Strategic level, combined with three years of relevant practical experience, earns you the CGMA (Chartered Global Management Accountant) designation and full CIMA membership (ACMA). This opens senior roles such as Financial Controller, Head of Finance, Finance Director, CFO, Internal Audit Director, and senior strategic roles across industry and consulting.
Learning outcomes
What you'll be able to do.
01
Financial policy decisions
02
Sources of long-term funds
03
Financial risks
04
Business valuation
Financial Strategy (F3) syllabus
The content areas you'll cover in F3 and their assessment weightings.
Financial policy decisions
15%
Financial policy decisions
15%Sources of long-term funds
25%
Sources of long-term funds
25%Financial risks
20%
Financial risks
20%Business valuation
40%
Business valuation
40%Subscription includes
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Financial Strategy (F3) exam format
How F3 is assessed, how long you have, and what to expect on exam day.
Duration
90 minutes
Format
Computer-based objective test
Structure
60 equally-weighted questions drawn from all content areas in the blueprint. Item types include multiple choice, multiple response, fill-in-the-blank (number entry), and drag-and-drop. All questions are independent — partial marks are not available. Candidates may answer in any order and navigate between questions.
Sittings
On demand at Pearson VUE test centres worldwide or online, bookable up to 48 hours before the exam date
Pass mark
100 out of 150 scaled score (equivalent to approximately 67%)
How to pass Financial Strategy (F3)
Expert tips from Learnsignal's CIMA tutors for passing F3.
Business valuation — master all three methods
DCF, relative (multiples), and asset-based valuations all feature. Know when each is appropriate and the assumptions behind each. Practise full DCF valuations with terminal values.
Cost of capital — WACC and CAPM
WACC calculation, CAPM for cost of equity, dividend growth model, and Modigliani-Miller propositions. Fluent use of these is essential for F3.
Capital structure decisions
Debt vs equity, gearing, financial distress costs, agency costs, pecking order theory, traditional view vs M&M — all examinable at the principles level.
Hedging financial risk — know the instruments
Forward, futures, options, swaps for currency and interest rate risk. Know the mechanics of each instrument and practise example calculations for pound/dollar hedges.
M&A, disposals, restructuring
Due diligence, synergies, integration, post-acquisition performance, divestment strategies. The commercial judgment around M&A is as examinable as the valuation maths.
Ethics of financial strategy
Tax planning vs avoidance, earnings management, window dressing, the interests of different stakeholders. Expect at least one ethics-flavoured task statement in any F3 exam.
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See CIMA pricing →Financial Strategy (F3) — frequently asked questions
Common questions about F3 — what's covered, how it's assessed, and how to prepare.
What does the F3 exam consist of?+
F3 is a 90-minute computer-based objective test with 60 equally-weighted questions. You'll see multiple choice, multiple response, fill-in-the-blank, and drag-and-drop items. All questions are independent and partial marks are not available — every element of a question must be answered correctly for it to be marked correct.
What's the pass mark for F3?+
The pass mark for every CIMA objective test is a scaled score of 100 out of 150 — roughly 67%. Scaled scoring ensures different versions of the exam are comparable in difficulty, so your raw mark and your scaled mark can differ slightly.
When can I sit F3?+
CIMA objective tests are available on demand at Pearson VUE test centres worldwide or online. You can book up to 48 hours before the exam date, subject to availability. There are no fixed sitting windows.
How long should I spend studying F3?+
CIMA's indicative study time is around 150 hours of structured study per objective test, though this varies by student. Most part-time students take 3–4 months per paper. Strategic Level students often study two objective tests in parallel to keep momentum.
What's the difference between F3 and the case study?+
F3 is a stand-alone objective test that assesses the specific subject's content. The Strategic Level case study is a synoptic assessment that brings together content from all three Strategic Level objective tests into a real-world business simulation. You must pass all three objective tests before sitting the case study.
Do I need the F3 knowledge to sit the other Strategic Level papers?+
The three Strategic Level objective tests are designed to be independent — you can sit them in any order. That said, many students find that the content overlaps in subtle ways, so understanding all three gives the strongest foundation for the case study.
How is the scaled score calculated?+
CIMA uses scaled scoring to ensure comparable difficulty across different versions of each exam. Your raw score is converted using a formula that accounts for the difficulty of the specific questions you saw. You'll see the scaled score on your results dashboard within 48 hours of sitting.
What does Learnsignal provide for F3?+
Your Learnsignal subscription includes recorded lectures by CIMA tutors, interactive quizzes, structured topic notes, a full question bank of past-style questions, and timed mock exams — all mapped to the current CIMA Professional Qualification Syllabus and accessible 24/7.
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