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Financial Management

The Financial Management exam is 2.5 hours long and will consist of three questions. The exam focuses on four key interlinked business decisions: investment decisions, financing decisions, dividend decisions and risk management decisions. Managing financial risk will have a question all to itself, whereas assessing financing options and investment decisions and valuation will be spread throughout the remaining two questions. The exam is available in March, June, September and December and you have a maximum of four attempts at this exam.

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Exam guidance

We are here to support you throughout your ACA journey to ensure you have everything you need for your upcoming exam, from exam resources to free and confidential wellbeing support from CABA. Ensure you are fully prepared by reading our exam guidance prior to your exam.

Exam preparation


The syllabus presents the learning outcomes for each exam and should be read with the relevant technical knowledge grids and, where applicable, the skills development grids. 

Practice software

It's important that you get to know the exam software and its various functions before you take an exam. To help, we have created an online only practice exam software.

Visit icaew.com/examsoftware to access the question banks and mocks in the practice exam software.

Spreadsheet functionality

In 2022, you will be examined on spreadsheet functionality and exam questions may feature pre-populated data in the spreadsheet area of the exam software. Guidance on these can be found within the learning materials and on this page. Practice questions with illustrative answers can be accessed within the practice software.

Exams and marks plans

Use past exams in addition to the blank practice software where you can practise answering questions. The marks plans will help you check your answers.

Plan your study

Use the planner to plan ahead and keep organised throughout the year. Schedule in all the key dates and deadlines for your exams and record the days you plan to study.

Exam study support