Overview

The CIMA F3 syllabus now has stronger links with the other papers in the Financial pillar (CIMA F1 and CIMA F2).

The three most significant changes to the 2015 CIMA F3 paper are:

1. A much stronger emphasis on sources of finance which even includes some elements of financial reporting that were previously in the F2 paper in the current 2010 syllabus paper;
2. Investment appraisal has been transferred to paper P3 Risk Management
3. A focus on IIRC (Integrated Reporting) and Sustainability.

Overall Comparison to the 2010 CIMA F3 Syllabus

So what’s staying the same?

• Syllabus sections A and B are still based around the formulation of financial strategy and sources of finance with the required skills upgraded for various learning outcomes.
• In section C of the revised syllabus, the new Corporate Finance section relates to the management of acquisitions and divestments, which was also a key part of section C of the 2010 syllabus

And what are the ins and outs?

Syllabus Content In:

• B2 (a) Evaluate alternatives to cash dividends and their impact on shareholder wealth and entity performance measures.
• B2 (b) Recommend appropriate dividend policies, including consideration of shareholder expectations and the cash needs of the entity.
• C3 (a) Evaluate alternative pricing structures and bid process including tax implications.

These Learning Outcomes have been moved into F3 from the CIMA F2 2010 syllabus:

• A1 (c) Advise on the use of sustainability and integrated reporting to inform stakeholders of relevant information concerning the interaction of a business with society and the natural environment (F2 syllabus section D1b).
• A2 (c) Evaluate the impact of the adoption of hedge accounting disclosure of financial risk on financial statements and stakeholder assessment (F2 syllabus section B1e).

Syllabus Content Out:

• B1 Working capital management. (Note: this has been moved to paper F1.)
• B2 Discuss the role & management of the treasury function. (Note: this minor discussion area has been moved to paper E1.)
• C1 and C3 Evaluate investment choices & procedures for investment projects (Note: investment appraisal now in P2 & P3.)

In summary

• The CIMA F3 syllabus now has less breadth of content than before but you will be expected to add more depth to your knowledge of the syllabus with a number of learning outcomes being raised to level 5 verbs (i.e. Advise, Evaluate and Recommend)