ACCA AFM Exam: Syllabus, Structure, and Tips to Pass Advanced Financial Management

Published on: June 15, 2026

ACCA AFM Exam Guide

As one of the strategic professional-level papers, AFM is designed to test candidates' ability to manage financial resources in diverse and challenging environments.

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

  1.  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 
  2. Evaluate potential investment decisions and assess their financial and strategic consequences, both domestically and internationally
  3. Assess and plan acquisitions and mergers as an alternative growth strategy
  4. Evaluate and advise on alternative corporate re-organisation strategies 
  5. Apply and evaluate alternative advanced treasury and risk management techniques
  6. Apply a range of professional skills in addressing requirements within the Advanced Financial Management exam, and in preparation for, or to support, current work experience
  7. Apply employability and technology skills

 

The syllabus

The syllabus aims 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 sectors.

 A.  Role of senior financial adviser in the multinational organisation

  1. The role and responsibility of a senior financial executive/advisor
  2. Financial strategy formulation 
  3. Corporate environmental, social, governance (ESG) and ethical issues 
  4. Management of international trade and finance 
  5. Strategic business and financial planning for multinational organisations 
  6. Dividend policy in multinationals and transfer pricing 

B. Advanced investment appraisal 

  1. Discounted cash flow techniques 
  2. Application of option pricing theory in investment decisions 
  3. Impact of financing on investment decisions and adjusted present values
  4. Valuation and the use of free cash flows 
  5. International investment and financing decisions 

C. Acquisitions and mergers 

  1. Acquisitions and mergers versus other growth strategies
  2. Valuation for acquisitions and mergers 
  3. Regulatory framework and processes 
  4. Financing acquisitions and mergers 

D. Corporate reconstruction and reorganisation 

  1. Financial reconstruction 
  2. Business re-organisation

E. Treasury and advanced risk management techniques 

  1. The role of the treasury function in multinationals 
  2. The use of financial derivatives to hedge against foreign exchange risk 
  3. The use of financial derivatives to hedge against interest rate risk 

F.  Professional skills 

  1. Communication 
  2. Analysis and evaluation
  3. Scepticism 
  4. Commercial acumen 

G. Employability and technology skills 

  1. Use computer technology to efficiently access and manipulate relevant information. 
  2. Work on relevant response options, using available functions and technology, as would be required in the workplace. 
  3. Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools. 
  4. Present data and information effectively, using the appropriate tools

 

TIPS TO PASS THE EXAM

  1. Master the ACCA AFM Syllabus
  2. Practice Past AFM Question Papers
  3. Understand the Examiner’s Approach
  4. Application Rather than Memorization
  5. Get good and reliable books on ACCA exams from reputable providers like BPP, Kaplan and Study Hub.
  6. Enhance the skill set of financial modelling in Excel
  7. Practice many questions within a set time so that you can finish the paper
  8. Follow Financial News
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