ICMAP Strategic Level study plan

Build a one-page map of cost-classification and absorption-vs-marginal concepts, then compute operating profit under both methods for three constructed scenarios

Solve 15 activity-based costing problems, including cost-driver selection and ABC profitability by customer

Draft a summary sheet linking strategic management models (PESTEL, five forces, value chain) to the cost information each model demands

Set up an error log with columns for topic, error type, root cause and re-test date

Work through 20 decision-relevant costing problems covering relevant costing, limiting factors, make-or-buy and shutdown decisions

Compute and interpret transfer prices under market-based, cost-plus and negotiated methods, including the effect on divisional performance

Build a balanced scorecard for a described company with four perspectives, at least two KPIs each and stated cause-and-effect links

Critique three performance-measurement systems for dysfunctional behaviour and recommend two remedial changes

Compute NPV, IRR, discounted payback and equivalent annual annuity for six investment projects, including mutually exclusive choices

Calculate WACC from component costs (debt, preference and equity, using CAPM and dividend growth) for a geared company

Adjust for risk using sensitivity analysis, scenario analysis and adjusted present value on two worked cases

Distinguish and apply sunk, opportunity and incremental cash flows, including working capital and tax capital allowances

Evaluate financing choices (equity, debt, lease, convertible, warrant) against gearing, dilution and covenant constraints

Value a business using net asset, P/E, dividend growth and discounted free cash flow methods, and reconcile the differences

Explain and apply hedging with forwards, futures, options and swaps to interest-rate and currency exposure in four short cases

Analyse working capital and treasury policy, including cash-flow forecasting and the cost of overtrading

Apply PESTEL, five forces and value-chain analysis to two contrasting industries and rank the three most material strategic issues in each

Compare cost leadership, differentiation and focus strategies, and state the cost information and risk profile each requires

Map stakeholder power and interest, and derive a stakeholder-communication plan from it

Evaluate a stated growth option (organic, acquisition, joint venture) against criteria, risk and financing feasibility

Summarise the principles of corporate governance codes into a checklist covering board composition, independence, committees and disclosure

Apply an ethical decision framework to four dilemmas, identifying the stakeholders, the conflict and the defensible course of action

Outline the core legal concepts tested: contract formation, agency, negligence, directors' duties and insider dealing

Draft governance and ethics answers using the standard structure: identify the issue, cite the principle, apply it, recommend

Re-attempt every question in the error log and close out any topic still scoring below 60%

Practise 10 cross-domain questions that combine strategy, costing and finance, focusing on structuring rather than full workings

Drill computation speed on WACC, NPV, variances and ABC until each is completed within a set time limit

Build a one-page per domain recall sheet limited to formulae, frameworks and answer structures

Sit two full-length mock exams to strict time, allocating marks proportionally across the four domains

Mark each mock against the technical checklist and record mark loss by cause (knowledge, application, timing, presentation)

Re-drill the three weakest areas identified by the mocks with targeted question practice

Rehearse opening and closing paragraphs for discursive answers so each is produced within five minutes