- P3 Performance Strategy
- E3 Enterprise Strategy
- F3 Financial Strategy
The paper considers both financial and non financial risks. Management strategies covered extend to financial instruments, and more general strategies of risk identification and management. With the growing importance of new sources of risk, the paper pays particular attention to risks arising from governance, ethical and social/environmental issues.
Management control systems (10%)
Risk and internal control (25%)
Review and audit of control systems (15%)
Management of financial risk (35%)
Risk and control in information systems (15%)
E3 Enterprise Strategy
Paper E3 continues the integration of skills across functions, but concentrates on developing the knowledge and skills used in designing and implementing strategy. Strategy is developed in a context. Understanding how an organisation's external environment and stakeholders affect strategy development is important. This paper requires application of tools to assist in the evaluation of the performance implications of a given strategy.
Interacting with the competitive environment (20%)
Change management (20%)
Evaluation of strategic position and strategic options (30%)
Implementation of strategic plans and performance evaluation (30%)
F3 Financial Strategy
F3 deals with key elements in designing and managing the organisation's financial strategy - in the context of contributing to achieving the organisation's objectives and within its external constraints. The features and implications of the full range of major financing instruments are covered. A broad range of types of investment decision is also covered. It is recognised throughout that such decisions need to take account of broader strategic issues as well as financial analysis.
Formulation of financial strategy (25%)
Financing decisions (30%)
Investment decisions and project control (45%)
Exam sequenceAll three strategic level subjects must be studied at the same time and students must sit all three exams (P3, E3 and F3) together at the first sitting. Following this, re-sits can be taken in any combination (for example one at a time).
These papers must be successfully completed before students attempt the test of professional competence in management accounting.
For each subject there is a three hour written exam paper, plus 20 minutes of pre-exam reading time, with two sections:
Section A 50 marks: a maximum of four compulsory questions, totalling 50 marks all relating to a pre-seen case study and new unseen case material provided in the exam.
Section B 50 marks: two questions from a choice of three, each worth 25 marks. Short scenarios will be given, to which some or all questions relate.
The pre-seen material in Section A is common to all three of the strategic level papers at each exam sitting and will be published online 6 weeks before the exam.
The content of the Strategic level subjects incorporates information from the Operational and Managerial level in a cumulative fashion and may be tested altogether at the final stage of the qualification. Therefore, where exemptions are granted students are encouraged to refresh their knowledge prior to sitting the final stage examinations.
Assessment dates are in May and November. Rewrites for P3, E3 and F3 in March and September are currently being piloted in UK and ROI.
The pass mark for strategic level papers is 50%.
Upon successful completion of the Strategic level exams you may enter for the T4(b) case study exam.