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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

As part of introducing new spreadsheet functions in the 2022 exams, you may be examined in the following ways:

  1. Data will be provided in the question, and you should populate the spreadsheet based on the data in the question.
  2. A spreadsheet will be provided in the exam with pre-populated data for you to structure, assimilate, interpret and evaluate.

To support this change, practice questions have been produced to show different ways you may be assessed. You can download the word processing and spreadsheet areas to work on offline, or access the questions and spreadsheet within the practice software, to see exactly how the spreadsheet functions may be presented to you in your exam. Further guidance on these can be found within the learning materials and on this page.

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.

Some past exams are used within our learning materials, they are updated to be in line with the examinable syllabus. The majority will appear in the published question banks, and some may be used in mock exams.

  • 2021

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  • 2022

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  • 2023

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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