ACCA AFM

The syllabus is organised around the senior financial adviser's role, covering the financial management environment, investment appraisal and valuation, risk management, corporate restructuring and reorganisation, and financing decisions and cost of capital. Questions typically place these in a business scenario where you must analyse, evaluate and recommend rather than just calculate.

It suits candidates who have completed the earlier financial management material and want to specialise in corporate finance, valuation, treasury or advisory work. It is an optional strategic-level exam, so you should be comfortable with discounted cash flow, cost of capital and basic hedging before you start.

ACCA sets the current format, duration and question mix, and these are not confirmed on this page. Check the official ACCA AFM exam support resources and the current syllabus and study guide before your sitting so you are working to the right structure.

The pass mark is set by ACCA and is not verified here. Confirm it on the official ACCA website alongside the results and administration guidance before you sit, and do not rely on figures quoted in older study material.

There is no single correct figure, but strategic-level exams usually need several months of part-time study alongside timed question practice. Build in time to work through the syllabus once, then focus most of your remaining effort on past-style questions under exam conditions.

Retake rules are set by ACCA and are not confirmed on this page. Check the official ACCA rules and regulations for students, plus the exam entry deadlines, so you know how soon you can re-enter and what limits apply.

Start with cost of capital and investment appraisal, since valuation and restructuring questions build on them. Then move to risk management, where hedging techniques assume a grasp of the underlying exposures, and finish with the adviser's role and restructuring, which draw on everything else.

Common causes are weak technical accuracy in calculations, answers that compute without evaluating, poor time allocation, and ignoring the narrative marks. Practising full questions to time and writing explicit recommendations with reasons is the most reliable way to avoid these traps.

Read the requirement carefully to see whether it asks for evaluation, advice or discussion, then answer in short structured paragraphs that link back to the scenario. State the decision, give the financial and commercial reasons, acknowledge the risks, and finish with a clear recommendation.