ACCA AFM - Advanced Financial Management

ACCA AFM - Advanced Financial Management

The ACCA AFM Advanced Financial Management exam is designed to replicate the role of a senior financial executive or advisor, it prepares candidates to advise management and/or clients on complex strategic financial management issues facing an organisation.


Andrew Quinn


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ACCA AFM – Advanced Financial Management


The aim of the ACCA AFM syllabus is to apply relevant knowledge, skills and exercise professional judgement as expected of a senior financial executive or advisor, in taking or recommending decisions relating to the financial management of an organisation in private and public

Objective of the Syllabus

On successful completion of this exam, candidates should be able to:

  • Explain and evaluate the role and responsibility of the senior financial executive or advisor in meeting conflicting needs of stakeholders and recognise the role of international financial institutions in the financial management of multinationals
  • Evaluate potential investment decisions and assessing their financial and strategic consequences, both domestically and internationally
  • Assess and plan acquisitions and mergers as an alternative growth strategy
  • Evaluate and advise on alternative corporate re-organisation strategies
  • Apply and evaluate alternative advanced treasury and risk management techniques

Exam Format

The Advanced Financial Management exam builds upon the skills and knowledge examined in the Financial Management exam. At this stage, candidates will be expected to demonstrate integrated knowledge of the subject and an ability to relate their technical understanding of the subject to issues of strategic importance to the organisation. The study guide specifies the wide range of contextual understanding that is required to achieve a satisfactory standard at this level.

The syllabus is assessed by a three-hour 15 minutes examination with a total of 100 marks.

Section A

Section A will always be a single 50 mark case study, which will contain four professional marks in which candidates are required produce a business document such as a report or a briefing paper for the board of directors.

Candidates should understand that they will be expected to undertake calculations, draw comparison against relevant information where appropriate, analyse the results and offer recommendations or conclusions as required.

Financial managers are required to look across a range of issues which affect an organisation and its finances, so candidates should expect to see the case study focus on a range of issues from at least two syllabus sections from A – E. These will vary depending on the business context of the case study.

Section B

Section B will consist of two compulsory 25 mark questions. All section B questions will be scenario-based and contain a combination of calculation and narrative marks. There will not be any wholly narrative questions.

All topics and syllabus sections will be examinable in either section A or section B of the exam, but every exam will have question(s) which have a focus on syllabus sections B and E.

To read more about AFM and to access past exam papers please click here.

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