CIMA F3 study plan

Map the F3 syllabus into a one-page matrix linking each learning outcome to the four exam domains, then rank topics by your current confidence

Explain how financial strategy translates corporate objectives into funding, dividend and investment policies, writing a 150-word summary from memory

Distinguish debt versus equity financing trade-offs by building a comparison table covering cost, control, tax shield and covenant constraints

Compute a company's weighted average cost of capital from a given set of market values and after-tax costs, showing every step

Derive the after-tax cost of debt, cost of preference shares and cost of equity using both the dividend growth model and CAPM, and reconcile differences between the two equity estimates

Apply Modigliani-Miller propositions with and without tax to evaluate how gearing changes firm value, and state the assumptions that break down in practice

Calculate and interpret financial and operating gearing ratios and explain their effect on shareholder risk and the cost of capital

Evaluate dividend policy theories (residual, clientele, signalling) and recommend a payout approach for a stated scenario

Assess financing choices for a growth scenario, weighing rights issues, bond issuance and lease versus buy, and justify a recommendation in 200 words

Compute NPV, IRR, payback and discounted payback for a multi-year project with tax depreciation and working capital changes

Explain the limitations of IRR (multiple roots, ranking conflicts, reinvestment assumption) and when NPV should override it

Identify relevant versus sunk or allocated costs in an appraisal and adjust a cash flow forecast accordingly

Apply risk-adjusted discount rates and certainty-equivalent methods to the same project and explain why the two approaches can rank projects differently

Perform scenario and sensitivity analysis on a project's NPV, identifying the break-even value of each key variable

Explain how portfolio theory and the capital asset pricing model inform project-specific discount rates, including the use of asset beta and regearing

Evaluate real options (deferral, expansion, abandonment) qualitatively and describe when option value justifies accepting a negative-NPV base case

Value a company using net asset, dividend valuation, price-earnings and discounted free cash flow methods, then explain the divergence between the resulting figures

Estimate an appropriate cost of equity and terminal growth rate for a valuation and justify each assumption

Adjust comparable company multiples for differences in growth, gearing and accounting policy

Explain the efficient market hypothesis and its implications for whether acquisitions create value

Evaluate merger and acquisition motives and assess synergy, including estimating the gain and how it should be split between acquirer and target shareholders

Compare cash, share-for-share and mixed consideration from the perspective of both sets of shareholders, calculating post-merger EPS and ownership dilution

Appraise defence tactics against a hostile bid and judge their likely effect on shareholder value

Assess divestment, demerger and management buyout options against stated strategic objectives

Complete a timed 90-minute mixed mock covering all four domains and record the score per domain

Re-teach your three weakest topics from memory in written form, then check against source material and correct gaps

Practise constructing concise written answers to discursive requirements, keeping to the verb and the mark allocation

Refine your formula sheet to a single page you can reproduce from memory

Complete a second full timed mock under exam conditions and compare domain scores with week 7

Close every remaining gap on the week 7 remediation list and re-test each topic

Rehearse the reproduced formula sheet and recalculate two full numerical questions without notes

Plan exam-day time allocation across sections and rehearse a strategy for questions you cannot finish