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CIMA F3 Exam Overview:
| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | Financial Strategy |
| Exam Number: | F3 |
| Real Exam Qty: | 60 |
| Exam Format: | Multiple response, Multiple choice, Drag-and-drop, Fill-in-the-blank, Computer-based objective test |
| Available Languages: | English |
| Passing Score: | 100 out of 150 scaled score (~67%) |
| Related Certifications: | P3 Risk Management E3 Strategic Management Strategic Case Study Exam |
| Certificate Validity Period: | 3 years |
| Exam Duration: | 90 minutes |
| Exam Price: | £165 / $215 USD (varies by region) |
| Recommended Training: | CIMA Official Study Resources |
| Exam Registration: | CIMA Official Registration Pearson VUE Booking |
| 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 |
CIMA F3 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Business Valuation | 40% | - Investment appraisal
|
| Financial Policy Decisions | 15% | - Strategic financial objectives and stakeholder impact
|
| Sources of Long-term Funds | 25% | - Capital structure theories and WACC
|
| Financial Risks | 20% | - Risk measurement and assessment
- Risk management techniques
|
F3 Exam FAQ — Simulate, Schedule, Succeed on Your Terms
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 TorrentExam's 435 practice questions cover each one.
Completion of CIMA Management Level or relevant exemptions; must pass before Strategic Case Study Since requirements change over time, confirm the latest on the official CIMA exam page before scheduling.
Onsite at Pearson VUE centres or online remote proctored Register for the CIMA F3 Financial Strategy exam through these official channels:
After booking, TorrentExam delivers your practice questions within 1 minute — preparation starts the same day.
The F3 exam is a CIMA certification exam validating the CIMA F3 Financial Strategy syllabus shown above. It belongs to these credential paths: E3 Strategic Management, P3 Risk Management, Strategic Case Study Exam. Candidates in 2026 start with TorrentExam'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 CIMA F3 Financial Strategy exam contains 60 to complete within 90 minutes. Timed simulation in the TorrentExam Desktop Test Engine teaches that rhythm before exam day does.
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The CIMA F3 Financial Strategy exam requires 100 out of 150 scaled score (~67%) to pass, and registration costs £165 / $215 USD (varies by region). A failed attempt means paying the same fee again — a readiness check with the TorrentExam 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 TorrentExam help you apply theory and fill any gaps the training leaves.
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.
CIMA F3 Financial Strategy Sample Questions:
Which of the following statements is true of a spin-off (or demerger)?
- A. Allows investors to identify the true value of the demerged business.
- B. Changes the ownership structure of the core entity by introducing new shareholders.
- C. Raises finance to fund new projects.
- D. Increases the risk of a takeover bid for the core entity.
Correct Answer: A 🗳️
An entity prepares financial statements to 31 December each year. The following data applies:
1 December 20X0
* The entity purchased some inventory for $400,000.
* In order to protect the inventory against adverse changes in fair value the entity entered into a futures contract to sell the inventory for a fixed price on 31 January 20X1.
* The entity designated this contract as a fair value hedge of the value of the inventory.
31 December 20X0
* The inventory had a fair value of $480,000 and the futures contract had a fair value of $75,000 (a financial liability).
What will be the impact on the statement of profit or loss and other comprehensive income for the year ended
31 December 20X0 in respect of the change in the value of the inventory and the futures contract?
- A. A net gain of $5,000 will be recognised in profit or loss.
- B. A loss of $75,000 will be recognised in profit or loss.
- C. A net gain of $5,000 will be recognised in other comprehensive income.
- D. A loss of $75,000 will be recognised in other comprehensive income.
Correct Answer: A 🗳️
A company wishes to raise additional debt finance and is assessing the impact this will have on key ratios.
The following data currently applies:
* Profit before interest and tax for the current year is $500,000
* Long term debt of $300,000 at a fixed interest rate of 5%
* 250,000 shares in issue with a share price of $8
The company plans to borrow an additional $200,000 on the first day of the year to invest in new project which will improve annual profit before interest and tax by $24,000.
The additional debt would carry an interest rate of 3%.
Assume the number of shares in issue remain constant but the share price will increase to $8.50 after the investment.
The rate of corporate income tax is 30%.
After the investment, which of the following statements is correct?
- A. Interest cover will fall; P/E ratio will fall.
- B. Interest cover will fall; P/E ratio will rise.
- C. Interest cover will rise; P/E ratio will rise.
- D. Interest cover will rise; P/E ratio will fall.
Correct Answer: B 🗳️
Using the CAPM, the expected return for a company is 11%. The market return is 8% and the risk free rate is
2%.
What does the beta factor used in this calculation indicate about the risk of the company?
- A. It is not possible to tell from CAPM.
- B. It has greater risk than the average market risk.
- C. It has lower risk than the average market risk.
- D. It has the same risk as the average market risk.
Correct Answer: B 🗳️
Company X is an established, unquoted company which provides IT advisory services.
The company's results and cashflows are growing steadily and it has few direct competitors due to the very specialised nature of it's business. Dividends are predictable and paid annually.
Company P is looking to buy 30% of company X's equity shares.
Which TWO of the following methods are likely to be considered most suitable valuation methods for valuing company P's investment in Company X?
- A. P/E ratio method using IT industry average
- B. Cash based using free cash flow before interest
- C. Asset based using replacement cost
- D. Dividend based using DVM
- E. Earnings yield method using a listed IT company as proxy
Correct Answer: B,D 🗳️
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