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CIMA F3 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Business Valuation20%- Valuation concepts and purposes
  • 1. Valuation for listing or equity issuance
    • 2. Valuation for mergers, acquisitions, and disposals
      - Valuation methods
      • 1. Asset-based, earnings-based, cash flow-based
        • 2. Relative valuation and market multiples
          - Pricing and negotiation
          • 1. Post-transaction value creation
            • 2. Determining offer price and terms
              Topic 2: Financial Policy Decisions15%- Strategic financial objectives and governance
              • 1. Agency theory and stakeholder interests
                • 2. Role of financial strategy in overall corporate strategy
                  - Dividend and distribution policy
                  • 1. Theories of dividend relevance
                    • 2. Practical considerations and constraints
                      Topic 3: Financial Risk Management15%- Risk measurement and assessment
                      • 1. Value-at-Risk, duration, gap analysis
                        - Risk mitigation and hedging strategies
                        • 1. Internal controls and risk policy frameworks
                          • 2. Use of derivatives: forwards, futures, swaps, options
                            - Types and sources of financial risk
                            • 1. Credit and liquidity risk
                              • 2. Interest rate, foreign exchange, commodity risk
                                Topic 4: Investment Appraisal and Decisions25%- Risk analysis in investment decisions
                                • 1. Sensitivity, scenario, and simulation analysis
                                  • 2. Cost of capital estimation and adjustment
                                    - Advanced investment appraisal techniques
                                    • 1. Adjusted present value and real options
                                      • 2. Discounted cash flow, NPV, IRR, MIRR
                                        Topic 5: Sources of Long-Term Finance25%- Optimal capital structure
                                        • 1. Impact of gearing on risk and return
                                          • 2. Practical determinants of capital structure
                                            - Debt and hybrid finance
                                            • 1. Leasing, convertibles, and warrants
                                              • 2. Types of debt, terms, and covenants
                                                - Equity finance
                                                • 1. Cost of equity and capital structure theories
                                                  • 2. Types of equity and issue methods

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                                                    CIMAシラバスの変更と理論と実践の最新の開発状況に応じて、F3試験のブレインダンプが改訂および更新されます。 F3試験トレントは、経験豊富な専門家によって高品質で精巧にまとめられています。 F3ガイドの質問の内容は簡単に習得でき、重要な情報を簡素化します。より重要な情報を少ない回答と質問で伝えるため、学習は簡単で効率的です。この言語は理解しやすいため、学習者がF3試験に合格して合格するための障害はありません。

                                                    CIMA F3 Financial Strategy 認定 F3 試験問題 (Q310-Q315):

                                                    質問 # 310
                                                    A company is considering either exporting its product directly to customers in a foreign country or establishing a manufacturing subsidiary in that country.
                                                    The corporate tax rate in the company's own country is 20% and 25% tax depreciation allowances are available.
                                                    Which THREE of the following would be considered advantages of establishing the subsidiary in the foreign country?

                                                    正解：B、D、E

                                                    解説：
                                                    Consider each statement:
                                                    A). Foreign tax rate 40% - higher than home 20% # disadvantage.
                                                    B). Double tax treaty - avoids double taxation on profits remitted # advantage.
                                                    C). 100% Year-1 tax depreciation in foreign country - big early tax shield # advantage.
                                                    D). High customs duties on imports into foreign country - makes exporting costly; local production via subsidiary avoids duties # advantage.
                                                    E). Restrictions on remitting profits - makes getting cash out difficult # disadvantage.


                                                    質問 # 311
                                                    A company is considering taking out $10.000,000 of floating rate bank borrowings to finance a new project. The current rate available to the company on floating rate barrowings is 8%. The borrowings contain a covenant based on an interested cover of 5 times.
                                                    The project is expected to generate the following results:

                                                    At what interest rate on the floating rate borrowings is the bank covenant first breached?

                                                    正解：D


                                                    質問 # 312
                                                    Assume today is 31 December 20X1.
                                                    A listed mobile phone company has just launched a new phone which is proving to be a great success.
                                                    As a direct result of the product's success, earnings are forecast to increase by:
                                                    * 5% a year in each of years 20X2 - 20X6
                                                    * 3% from 20X7 onwards
                                                    Market analysts were very excited to hear the news of the success of the product and future growth forecasts.
                                                    Assuming a semi-efficient market applies, which of the following company valuation methods is likely to give the best estimate of the company's equity value today?

                                                    正解：C


                                                    質問 # 313
                                                    RR has agreed to sell goods to XX for S20.000 XX will pay when the goods are delivered in 6 months time.
                                                    RR's home currency is the £- The current exchange rate is 4.3 £/S. The projected inflation rate for the S is
                                                    2.8%, and for the E 4 6%.
                                                    When RR receives payment for its goods, what will the value be to the nearest pound?

                                                    正解：D


                                                    質問 # 314
                                                    ZZZ is a listed company based in Brinland. a European country. It is the largest owner and operator of residential care homes for elderly people in Brinland
                                                    Most of the residential care homes in Brinland are run by small private operators, and the standards of cafe are extremely variable However. 22Z has developed a good reputation because its client service is considered to be extremely good even though its prices are higher than those of most of its competitors.
                                                    ZZZ has expanded rapidly in the last few years, partly by acquisition and partly by organic growth consequently, the company's share price now stands at a record high, and the dividend declared at the end of the most recent accounting period was 10% higher than the previous year's dividend.
                                                    The Brinland government has recently set up a regulatory body to monitor the residential care homes industry. The regulatory body is considering introducing a variety of regulations to improve the customer experience in the industry. Following a period of consultation and investigation, the regulatory body is expected to announce a range of new regulations in the near future.
                                                    The directors of ZZZ are concerned that the new regulations may adversely affect their company
                                                    Which THREE of the following new regulations are likely to have the greatest negative impact on ZZTs performance?

                                                    正解：B、C、D


                                                    質問 # 315
                                                    ......

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