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CIMA F3 Exam Overview:
| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | Financial Strategy |
| Exam Number: | F3 |
| Available Languages: | English |
| Certificate Validity Period: | N/A (Subject to annual subscription) |
| Exam Format: | Drag-and-Drop, Multiple Response, Number Entry, Multiple Choice |
| Exam Duration: | 90 minutes |
| Real Exam Qty: | 60 |
| Related Certifications: | CGMA (Chartered Global Management Accountant) CIMA Professional Qualification |
| Exam Price: | £115 (Strategic Level Objective Test fee) |
| Passing Score: | 100 (Scaled score out of 150, approx. 67%) |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Computer-based (On demand at Pearson VUE test centres or Online) |
| Pre Condition: | Completion of Management Level (E2, P2, F2 plus Management Case Study) |
| Official Syllabus URL: | https://www.astranti.com/cima/strategic/objectivetests/syllabus/f3 |
CIMA F3 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Sources of long-term funds | 25% | - Financing and dividend decisions
|
| Topic 2: Business valuation | 40% | - Corporate finance and valuation
|
| Topic 3: Financial policy decisions | 15% | - Formulation of financial strategy
|
| Topic 4: Financial risks | 20% | - Managing financial risks
|
F3 Exam FAQ — Design, Delivery, Dedication
The F3 exam is a CIMA certification exam validating the CIMA F3 Financial Strategy syllabus shown above. It belongs to these credential paths: CIMA Professional Qualification, CGMA (Chartered Global Management Accountant). Candidates in 2026 start with Lead2Passed's 435 practice questions, available as a printable PDF, a Windows Desktop Test Engine, and an Online Test Engine — three versions of the same materials.
The official CIMA F3 Financial Strategy outline defines 4 domains. The leading three are Business valuation (40%), Financial risks (20%), and Sources of long-term funds (25%). The full list is in the topics section above, and Lead2Passed's 435 practice questions cover each one.
Completion of Management Level (E2, P2, F2 plus Management Case Study) Since requirements change over time, confirm the latest on the official CIMA exam page before scheduling.
Three versions of the same study materials: a printable, expert-prepared PDF with free demo download and instant access; a Desktop Test Engine for Windows with customizable simulation and timed modes that works offline; and an Online Test Engine for any browser on Windows, Mac, Android, and iOS with test history and performance review. All 435 practice questions are identical across versions. Every purchase includes 365 days of free updates, a 50% renewal discount afterward, and unlimited computer installations.
The CIMA F3 Financial Strategy exam requires 100 (Scaled score out of 150, approx. 67%) to pass, and registration costs £115 (Strategic Level Objective Test fee). A failed attempt means paying the same fee again — a readiness check with the Lead2Passed engines before booking is the cheaper option.
CIMA recommends these training resources for the CIMA F3 Financial Strategy exam:
Follow the training with steady self-testing — the 435 practice questions from Lead2Passed help you apply theory and fill any gaps the training leaves.
The CIMA F3 Financial Strategy exam contains 60 to complete within 90 minutes. Timed simulation in the Lead2Passed Desktop Test Engine teaches that rhythm before exam day does.
Lead2Passed issues a full refund if you take the CIMA F3 Financial Strategy exam within 60 days of purchase and do not pass. The policy does not apply if the exam is taken within 3 days of purchase, if the exam was never actually taken, or to free materials or expired orders, and the candidate name must match the payer name. Submit a scan of your enrollment slip and the official Score Report PDF within 2 days of the exam; claims are processed within 7 days. Alternatively, exchange for two free exam products of equal value and keep your original update service. Orders arrive by email within 1 minute — contact support if nothing arrives within 2 hours.
Computer-based (On demand at Pearson VUE test centres or Online) Register for the CIMA F3 Financial Strategy exam through these official channels:
After booking, Lead2Passed delivers your practice questions within 1 minute — preparation starts the same day.
CIMA F3 Financial Strategy Sample Questions:
A company is currently all-equity financed.
The directors are planning to raise long term debt to finance a new project.
The debt:equity ratio after the bond issue would be 30:60 based on estimated market values.
According to Modigliani and Miller's Theory of Capital Structure without tax, the company's cost of equity would:
- A. increase.
- B. increase or decrease depending on the bond's coupon rate.
- C. decrease.
- D. stay the same.
Correct Answer: A 🗳️
A company is located in a single country. The company manufactures electrical goods for export and for sale in its home country. When exporting, it invoices in its customers' currency. What currency risks is the company exposed to?
- A. Transaction risk only
- B. Transaction and economic risks
- C. Transaction, economic and translation risks.
- D. Translation and economic risks.
Correct Answer: C 🗳️
Company M is a listed company in a highly technical service industry.
The directors are considering making a cash offer for the shares in Company Q, an unquoted company in the same industry.
Relevant data about Company Q:
* The company has seen consistent growth in earnings each year since it was founded 10 years ago.
* It has relatively few non-current assets.
* Many of the employees are leading experts in their field. A recent exercise suggested that the value of the company's human capital exceeded the value of its tangible assets.
The directors and major shareholders of Company Q have indicated willingness to sell the company.
Before negotiations become too advanced, the directors of Company M are considering the benefits to their company that would follow the acquisition.
Which THREE of the following are the most likely benefits of the acquisition to Company M's shareholders?
- A. Access to technical expertise.
- B. Improved asset backing for borrowing due to the acquisition of intangible assets.
- C. Improve earnings per share (EPS).
- D. Gain economies of scale.
- E. Reduction of risk through diversification.
Correct Answer: A,C,D 🗳️
Company X is based in Country A, whose currency is the A$.
It trades with customers in Country B, whose currency is the B$.
Company X aims to maintain its revenue from exports to Country B at 25% of total revenue.
Company A has the following forecast revenue:
The forecast revenue from Country B has assumed an exchange rate of A$1/B$2, that is A$1 = B$2.
If the B$ depreciates against the A$ by 10%, the ratio of revenue generated from Country B as a percentage of total revenue will:
- A. fall to 22.7%.
- B. rise to 30.3%.
- C. fall to 23.3%.
- D. rise to 27.0%.
Correct Answer: C 🗳️
A company has convertible bonds in issue.
The following debt is apply (31 December 20X0):
* Conversion ratio- 20 shares for each $130 bond.
* Current share price - $4 50
* Expected annual growth in share price - 5%
Advise the bond Holder at which date the convers on would be worthwhile?
- A. 31 December 20X0
- B. 31 December 20X3
- C. 31 December 20X1
- D. 31 December 20X2
Correct Answer: B 🗳️
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