CIMA · objective_test
Risk Management (P3)
P3 – Risk Management — analysing, evaluating, and managing strategic, operational, and financial risk, including internal control and cyber risk
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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Risk Management (P3) — overview
P3 is the Performance pillar at the Strategic level — dedicated to identifying, analysing, evaluating, and managing risk across an organisation. It's the paper that prepares CGMAs for roles in risk management, internal audit, and strategic finance.
The syllabus covers enterprise risk management frameworks, strategic risk (competitive, reputational, regulatory), operational risk (process, people, systems, compliance), and financial risk (credit, liquidity, market, currency, interest rate). You'll also learn about internal control systems, cyber and data-protection risk, and the role of internal audit in monitoring and assuring risk responses.
P3 rewards applied judgment and the ability to apply risk frameworks to complex business scenarios. Practise writing short, structured responses that recommend specific controls and risk responses for a given situation.
The Performance pillar is the costing, budgeting, and decision-making heart of management accounting. It's the foundation of roles such as Management Accountant, Commercial Analyst, Finance Business Partner, and anyone supporting short- or medium-term business decisions. 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
Enterprise risk
02
Strategic risk
03
Internal controls
04
Cyber risk
Risk Management (P3) syllabus
The content areas you'll cover in P3 and their assessment weightings.
Enterprise risk
25%
Enterprise risk
25%Strategic risk
25%
Strategic risk
25%Internal controls
25%
Internal controls
25%Cyber risk
25%
Cyber risk
25%Subscription includes
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Risk Management (P3) exam format
How P3 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 Risk Management (P3)
Expert tips from Learnsignal's CIMA tutors for passing P3.
ERM frameworks are core
COSO ERM and ISO 31000 both appear. Know the components of each and how they relate. Risk identification, assessment, response, monitoring — the full cycle.
Internal control — COSO and controls categories
COSO Internal Control framework (control environment, risk assessment, control activities, information/communication, monitoring). Preventive/detective/corrective controls. All examinable.
Financial risks — quantitative and qualitative
Currency, interest rate, credit, liquidity, market risk — know the types, measurement (VaR, sensitivity, scenario), and responses (hedging, diversification, transfer, avoidance).
Cyber and information risk is rising in weight
Cybersecurity, data breaches, GDPR, system outages — all examinable. Know the risk categories and the main control frameworks (ISO 27001, NIST).
Operational risk — people, process, systems, external
The Basel categorisation applies widely. Know the four categories, typical controls, and how operational risk interacts with financial risk.
Ethics is embedded everywhere
Every scenario in P3 can be read as ethical. Apply CIMA's Code of Ethics framework (integrity, objectivity, professional competence, confidentiality, professional behaviour) to risk decisions.
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See CIMA pricing →Risk Management (P3) — frequently asked questions
Common questions about P3 — what's covered, how it's assessed, and how to prepare.
What does the P3 exam consist of?+
P3 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 P3?+
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 P3?+
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 P3?+
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 P3 and the case study?+
P3 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 P3 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 P3?+
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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