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Updated: Oct 15, 2026
No. of Questions: 435 Questions & Answers with Testing Engine
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Topics of the CIMA F3: Financial Strategy Exam
CIMA F3 exam dumps included the following topics:
- Financial policy decisions 15%
- Sources of long-term funds 25%
- Financial risks 20%
- Business valuation 40%
CIMA F3 Exam Overview:
| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | CIMA F3 Financial Strategy (Strategic Level Objective Test) |
| Exam Number: | CIMAPRA19-F03-1 |
| Certificate Validity Period: | No expiry for passed exams; CGMA designation requires ongoing CIMA membership |
| Exam Price: | £120–£150 (varies by region and testing provider) |
| Exam Duration: | 90 minutes |
| Exam Format: | Case-based questions, Computer-based Objective Test (OT), Multiple-choice questions |
| Related Certifications: | CIMA P3 Risk Management CIMA F3 Financial Strategy CIMA E3 Strategic Management CGMA Designation |
| Available Languages: | English |
| Real Exam Qty: | 60 questions |
| Passing Score: | 100/150 (scaled score, equivalent to ~60%) |
| Recommended Training: | Kaplan CIMA Training BPP CIMA Courses |
| Exam Registration: | CIMA Exam Booking Information CIMA Official Exam Registration (My CIMA) |
| Sample Questions: | CIMA F3 Sample Questions |
| Exam Way: | Computer-based exam delivered at authorised test centres or online proctoring where available. |
| Pre Condition: | Completion of CIMA Operational and Management levels is recommended (E3, P3, F3 sit within Strategic level of CIMA syllabus). |
| Official Syllabus URL: | https://www.aicpa-cima.com/cimaexams |
CIMA F3 exam is a computer-based test that assesses a candidate's knowledge related to financial management. F3 exam is in three sections, which focus on topics such as financial strategy, financial risk management, and financial instruments. The F3 module evaluates a candidate's ability to analyze business situations and provide financial strategies for implementation. Additionally, it assesses a candidate's knowledge of financial instruments, including derivatives, and their ability to manage financial risk in various organizational contexts.
Reference: https://planner.cimaglobal.com/proqual/2019/strategic/F3
Passing the CIMA CIMAPRA19-F03-1 (F3 Financial Strategy) Certification Exam demonstrates that a candidate has the skills and knowledge required to succeed in the field of financial management. It is an excellent way for professionals to enhance their career prospects and increase their earning potential. Employers in the finance and accounting industry value candidates with this certification because it demonstrates their commitment to professional development and their ability to drive financial performance in their organizations.
CIMA F3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Strategy Formulation | - Strategic financial objectives - Corporate financial planning |
| Dividend Policy | - Dividend theories - Dividend decisions and shareholder value |
| Mergers, Acquisitions and Corporate Restructuring | - Valuation principles - Synergies and takeover strategies |
| Sources of Long-Term Finance | - Hybrid financial instruments - Equity and debt financing |
| Financial Risk Management | - Interest rate risk - Foreign exchange risk |
CIMA F3 Financial Strategy Sample Questions:
A company has recently announced a scrip issue of 1 new share for every 4 existing shares. The market value of each share price before the announcement was $20.00.
What is the best estimate of the share price after the scrip issue ignoring all other influences on the share price?
- A. $16 00
- B. $40 00
- C. $20 00
- D. $25 00
Correct Answer: A 🗳️
Which of the following statements is true of a spin-off (or demerger)?
- A. Raises finance to fund new projects.
- B. Changes the ownership structure of the core entity by introducing new shareholders.
- C. Allows investors to identify the true value of the demerged business.
- D. Increases the risk of a takeover bid for the core entity.
Correct Answer: C 🗳️
D has US$10 million to invest over 12 months in either USS or GBP Its options are to invest in USS at the present USS interest rate of 10 18%. or to convert the USS to GBP at the spot rate GBP1 =US$1 61 and invest in GBP at an interest rate of 6.4%.
According to the interest rate parity theory, what will the one year forward rate be?
Give your answer to three decimal places.
Correct Answer:
1.667
A company has:
* A price/earnings (P/E) ratio of 10.
* Earnings of $10 million.
* A market equity value of $100 million.
The directors forecast that the company's P/E ratio will fall to 8 and earnings fall to $9 million.
Which of the following calculations gives the best estimate of new company equity value in $ million following such a change?
- A.
- B.
- C.
- D.
Correct Answer: B 🗳️
Company BBB has prepared a valuation of a competitor company, Company BBD. Company BBB is intending to acquire a controlling interest in the equity of Company BBD and therefore wants to value only the equity of Company BBD.
The directors of Company BBB have prepared the following valuation of Company BBD:
Value of Equity = 4.63 + 5.14 + 5.56 = S15.33 million
Additional information on Company BBD:
Which THREE of the following are weaknesses of the above valuation?
- A. Free cash flows to all investors should be discounted at the cost of equity of 10% rather than WACC of
8%. - B. The valuation is understated as the directors have failed to include a perpetuity factor in the calculations.
- C. The approach used calculates the value of the total entity not the value of equity.
- D. The valuation is understated as forecast future growth has been ignored beyond year 3.
- E. The valuation is overstated as the directors have failed to deduct tax from the free cash flows.
Correct Answer: B,C,E 🗳️
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