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CIMA F3 Exam Syllabus Topics:

Section	Weight	Objectives
Financial Risks	20%	- Risk reporting and governance - Types of financial risk 1. Foreign exchange risk 2. Interest rate risk 3. Credit and liquidity risk - Risk measurement and assessment 1. Value-at-Risk, sensitivity analysis - Risk management techniques 1. Derivatives: futures, forwards, swaps, options 2. Hedging strategies
Business Valuation	40%	- Impairment testing and value management - Investment appraisal 1. NPV, IRR, payback, discounted payback 2. Adjusted present value (APV) - Valuation methods 1. Discounted cash flow (DCF) 2. Asset-based valuation 3. Relative valuation: P/E, EV/EBITDA - Mergers, acquisitions and divestments 1. Valuation of target companies 2. Financing and post-deal integration
Sources of Long-term Funds	25%	- Capital structure theories and WACC 1. Modigliani-Miller propositions 2. Cost of capital calculation - Debt finance 1. Bonds, loans, convertible instruments 2. Leasing and sale-and-leaseback - Dividend policy and distribution strategies - Equity finance 1. Flotation and listing methods 2. Ordinary shares, preference shares, rights issues
Financial Policy Decisions	15%	- Strategic financial objectives and stakeholder impact 1. ESG and ethical influences 2. Financial objective setting 3. Taxation and regulatory framework - Interaction between investment, financing and dividend decisions

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CIMA F3 Financial Strategy Sample Questions (Q24-Q29):

NEW QUESTION # 24
Company A plans to diversify by a cash acquisition of Company B an unlisted company in another country (Country B) which operates in a different industrial sector
Company A already manufactures its product in Country B and has a loan denominated in Country B's currency
Company A regularly suffers foreign exchange losses due to volatility in the exchange rate between the two countries' currencies in recent years.
Which THREE of the following appear to be be valid justifications of this diversification decision?

A. The diversification will give Company A protection from political risk
B. The diversification will enable Company A to enjoy production scale economies
C. The diversification will give Company A greater protection from transaction risk.
D. The diversification into another product market will lower business risk
E. The diversification will give Company A greater protection from translation risk

Answer: A,C,E

NEW QUESTION # 25
A manufacturing company is based in Country L whose currency is the L$.
One of the company's products is exported to Country M, a rapidly growing economy, whose currency is the M$.
In the most recent financial year:
* 100,000 units of the product were sold to customers in country M
* The unit selling price was M$12
The spot rate today is L$1 = M$5
The company has an objective of growth in total sales value in L$ of 10% a year.
If the L$ strengthens by 5% next year against the M$, what volume of sales of this product is needed next year to achieve the objective?

A. 110,000 units
B. 115,500 units
C. 104,500 units
D. 105,000 units

Answer: B

NEW QUESTION # 26
Which THREE of the following statements are correct?

A. Systematic risk can be eliminated in a diversified portfolio.
B. A beta of 1 indicates that the investment is risk free.
C. The security market line (SML) shows the relationship between systematic risk and return.
D. The beta of a company's shares reflects systematic risk.
E. A portfolio can be diversified by increasing the number of securities in different industries held in the portfolio.

Answer: C,D,E

NEW QUESTION # 27
A company intends to sell one of its business units, Company R by a management buyout (MBO).
A selling price of $100 million has been agreed.
The managers are discussing with a bank and a venture capital company (VCC) the following financing proposal:

The VCC requires a minimum return on its equity investment in the MBO of 30% a year on a compound basis over 5 years.
What is the minimum TOTAL equity value of Company R in 5 years time in order to meet the VCC's required return?
Give your answer to one decimal place.
$ ? million

A. 111.4, 111, 111.0, 111.1, 111.2, 111.3, 111.5, 111.6, 111.8
B. 111.4, 111, 111.0, 111.1, 111.2, 111.3, 111.5, 111.6, 111.7

Answer: B

NEW QUESTION # 28
A profitable company wishes to dispose of a loss-making division that generated negative free cashflow in the last financial year.
The division requires significant new investment to return it to profitability.
Which of the following valuation approaches is likely to be the most useful to the company when negotiating the sales price?

A. P/E ratio applied to forecast earnings next year
B. Dividend growth model
C. Discounted forecast free cashflow
D. Asset basis

Answer: D

Explanation:
The division is:
Currently loss-making
Has generated negative free cash flow
Requires significant new investment to return to profitability
Under CIMA F3 valuation principles:
Dividend growth model (A) - not suitable: the division does not pay dividends and may not be a standalone listed entity.
P/E ratio on forecast earnings (D) - inappropriate where current earnings are negative and future earnings highly uncertain.
Discounted forecast free cash flow (C) is theoretically strong, but here forecasts are likely to be very uncertain because profitability depends on substantial new investment by the buyer.
In such cases, the asset-based valuation (B) is often most useful as a negotiation tool: it provides a defensible view of what the business is worth in terms of its underlying net assets and sets a floor for acceptable sale price.
So the most useful approach in negotiations is B. Asset basis.

NEW QUESTION # 29
......

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