ICSAN Financial Strategy study guide
ICSAN Financial Strategy · Work through your exam, one topic at a time.
ICSAN Financial Strategy is the advanced finance paper within the Chartered Secretaries and Administrators of Nigeria professional programme. It is aimed at candidates who already understand financial accounting and management accounting and now need to make or challenge board-level financial decisions: whether to fund growth from debt or equity, which projects clear a risk-adjusted hurdle, what an acquisition target is worth, and how treasury exposure should be hedged. The ICSAN Financial Strategy study guide has 9 sections and about 2,770 words.
01Strategic Financial Management and the Role of the Finance Function
Strategic financial management links the finance function to long-term value creation. ICSAN questions test whether you can distinguish strategy from budgeting, evaluate investment, financing and distribution choices together, and explain the CFO, treasurer and financial controller roles in governance and decision support.
303 words, about 2 min02Financial Environment, Stakeholders and Corporate Governance
This domain examines how the financial environment-macroeconomic policy, markets, regulation and stakeholders-shapes financial strategy, and how governance allocates accountability. Expect questions on stakeholder mapping, agency relationships, board structures, disclosure and the Nigerian regulatory architecture.
295 words, about 1 min03Investment Appraisal and Capital Budgeting
Investment appraisal tests whether you can select projects that add value using incremental, after-tax cash flows and a risk-adjusted discount rate. Questions often combine NPV with sensitivity, capital rationing or replacement decisions.
318 words, about 2 min04Cost of Capital and Capital Structure Decisions
This domain tests computation and interpretation of component costs and WACC, CAPM, gearing effects and capital-structure theories. You must explain why the discount rate reflects risk and how financing choices affect firm value.
320 words, about 2 min05Sources of Finance and Financial Markets
Questions test matching finance sources to need (maturity, security, control and cost), issuing securities, and understanding Nigerian primary and secondary markets. Expect rights issues, bond features, leases and Islamic finance.
305 words, about 2 min06Business Valuation and Corporate Restructuring
Business valuation tests DCF, multiples and asset-based methods, and their use in mergers, acquisitions, MBOs and restructuring. You must value equity versus enterprise value correctly and assess synergy.
330 words, about 2 min07Risk Management, Derivatives and Treasury
This domain tests identification and hedging of currency, interest-rate, commodity and liquidity risk using forwards, futures, options, swaps and FRAs, plus treasury controls. Expect hedging outcomes and whether to hedge.
290 words, about 1 min08Dividend and Working Capital Policy
This domain tests dividend policy theories and practical distribution rules, plus management of cash, receivables, inventory and payables. Questions often compute the cash conversion cycle or evaluate a credit policy.
300 words, about 2 min09Financial Planning, Forecasting and Performance Measurement
This domain tests forecasts, cash budgets, pro forma financial statements and performance measurement. You must link operating assumptions to financing needs and use ratios and balanced-scorecard measures to evaluate strategy.
309 words, about 2 min