CIMA past papers and answers

Find your relevant past papers from below links

Operational level 

F1 -

P1 -

E1 -

Management Level 


P2 -

E2 -

Strategic Level 

F3 -


E3 -

T4 - TOPCIMA (Part B)


CIMA operational case study exam (OCS)


The new CIMA case study exams for the 2015 syllabus contain a number of tasks involving material from E1, P1 and F1. The aim is to challenge you point with business related tasks. You  can expect this to be a tough assessment.

Available four times a year, the case study exams test what you have learnt at each level and reflect real-life work situations. 

This approach is rigorous and allows us to test a wider range of knowledge and skills across each level. It is designed in such a way to encourage you to go beyond specialising in a particular pillar.
 test skills including research and analysis, how to present information, and communication skills. The case study exams are human marked.

This change is a cornerstone of CIMA’s commitment to delivering the skills employers tell what they need.  changes in assessment contribute to our wider aim of improving your ‘employability’. 

The operational syllabus - what you are likely to be examined on:

Operational Level

E1 Organisational Management

P1 Management Accounting

F1 Financial Reporting and Taxation

Implement strategy

Report of strategy implementation

E1 Organisational Management

A)  Introduction to organisations

B) Managing the finance function

C) Managing technology  and information

D) Operations management

E) Marketing

F) Managing human resources

P1 Management Accounting

A) Cost accounting systems

B) Budgeting

C) Short-term decision making

D) Dealing with risk and uncertainty

F1 Financial Reporting and Taxation

A) Regulatory environment for financial reporting and corporate governance

B) Financial accounting and reporting

C) Management of working capital, cash and sources of short-term finance

D) Fundamentals of business taxation

The CIMA case study pre-seens

The exam questions will be based on pre-seen material .

The pre-seen material includes:

A two page company summary
Industry analysis
Financial information such as Balance sheets, P&L accounts, and cashflow statements.
You will need to understand the the company and industry before the exam.

The CIMA case study unseens

The unseens for the CIMA case study exams is the information given to you in the exam. It will consist of:

4-5 individual tasks, totalling a maximum of 3 hours
New info is presented to you as you progress through the exam, such as a new report or an email coming in from a senior employee
Included in this ‘new information’ will be details on what new steps need to be taken, but no set requirement will be given.
Time is controlled by the exam officiator. The time per task is a maximum available, when time has run out you must move on and after the task is finished you cannot return to it later on. Time management will be essential in achieving a good result

You will be expected to analysis and make suggestions based on financial data and information, but there will be no calculations as such.

Check the operational integrate case study  Practice exams and resources from CIMA 


CIMA Exams magic study tips and tricks

  • Make a weekly study schedule. Getting into a routine is the best way to ensure you're doing enough

check here how to create effective study plan for the CIMA exams -
  • If you want to listen to music as you study, try songs without words. This helps prevent distractions

  • Use mnemonics (e.g. CLUMP for Hofstede's Cultural Dimensions) to really help remember key topics

  • Have incentives! Keep yourself motivated by having rewards after a productive session.

  • Learn the most important facts first - then go back through other, fringe areas of the syllabus.

  • Give yourself plenty of breaks. Work hard for 40-50 mins, then have a 5-10 min break in a different room.

  • Block Facebook and Youtube! If you get easily distracted, you can get apps to help stop your mind wandering.

  • Eat properly! Keep up the fruit and veg, and try some 'brain foods' such as oily fish and blueberries.

  • Rest. Get plenty of sleep, and stop studying at least an hour before bed to prevent accounting dreams.   

  • Clear your mind 1st. Jot down any thoughts that aren't study related, and come back to them once you're done.

  • Make it fun! Use funny stories and ways of remembering things to keep them fresh.

  • Do a proper mock. Before the real exam, do a full length mock or past paper to practice timing and technique.

  • Make revision cards. Condense the key topics into small cards that you can revise from more easily.

  • Avoid big nights out. This may seem a great break at the time, but you'll regret it the next day.

  • Drink plenty of water. Keep yourself hydrated whilst studying and during the exam itself.

  • Let people know you've got an important exam coming up. They'll be less likely to disturb you.

  • Visualize success. Believe in yourself - you've worked hard for this exam, and soon you can celebrate passing.

  • Choose a nice pen! Find a pen that's comfortable and makes your writing neat - win the marker over early

CIMA is Relocating its Corporate Center from April 2015 - New CIMA Corporate center

CIMA is relocating its corporate center and European region to the heart of one of the world's most important financial and business hubs - the City.

From April 2015 CIMA's new home will be based in The Helicon, South Place EC2, moving from its current base Chapter Street in Pimlico.

CIMA has signed a 10 year lease.

FM Magazine December 2014 - CIMA Financial management December 2014 Read online

Read Fm Magazine online with out Apps

Highlights of this issue 

  • Wade Baze, CPA, CGMA, explains how being a CGMA has helped him make the shift across roles...and borders…
  • Find out how a management accountant goes about costing a new car model…
  • And find out all the latest on CIMA Connect – your dedicated place for learning resources and material…

Tips - Please Use Pc or laptop to Read magazine also use high speed internet and Just read the page and go to next page using arrow key in the Right hand side , please avoid playing audio and videos inside the magazine that are clickable but its may struck

For better view choose full screen mode from the right hand side

Thanks enjoy Reading

A Guide to CIMA professional development (CPD)

CIMA professional development (CPD) is the continuing professional development scheme for CIMA members. It supports you in your career by helping you identify your future learning needs.
CPD is also a compulsory part of maintaining your membership
How to complete your CIMA CPD

Find more about CPD Here -

CIMA November 2014 exam feedback - PQ magazine

Here's what candidates thought...


Better than May’s exam, with a tough section C. This seems to have been the general consensus of sitters.


Relatively straight-forward. Candidates felt they had seen some of these question somewhere before! 


Most sitters seem to steer clear of Q2 and those building blocks. 


A lot to get through here, with section A & B pretty tough. Many sitters claim they simply ran out of time.


Q1 to Q4 great, then it was downhill all the way. Some (perhaps too many) students just couldn’t work out what the examiner wanted. Was Q7 a bad joke?, asked one.


Questions seemed reasonable, although it was difficult for some candidates to pin down the areas of the syllabus for section B.


A paper of two halves? The first half od the paper seemed to go swimmingly for most. Then it came to Q3 (the stand-out toughie). Students were also a little surprised to see consolidation appear after a long absence. 


A fair test. 


Sitters felt there was quite a lot of theory in this test. Time management a real problem for many.


PQs found this was a time challenged test. It was also suggested that there might have been an error in the paper. Candidates were asked to write a report to the Board, but then old "Your email should include..." So, were students meant to write a report or email?

Also Check the Feedback form from Astranti Financial training 

All candidates now have just a short wait until the results are released on 18 December.

If you did the CIMA exam This November 2014 feel free to comment your feedback below in the comment section with your subject. 

CIMA 2015 syllabus Practice exams online

Test drive the 2015 assessments

As it will be beneficial to students to get a taste of the new assessment format, CIMA developed a series of practice exams for you to test drive.

All you need to do is create an account with Pearson VUE (this will take approximately five minutes) and you can then book your practice exam.

If you need a bit more help, follow  step-by-step guide.

Find your exam Here by Visiting the relevant links 

Operational level

Management Level 

Strategic Level 


CIMA Exam Top Tips for November 2014 Exam from Reed Accountancy Experts

Well this is it, our last–ever exam tips for the CIMA November, courtesy of Manchester Metropolitan University. There is a four-page pull out of exam tips in the latest PQ magazine


It is important to fully utilise all the materials provided. Basically, this means do the recommended reading from the course text, but also consider some wider reading, for example the financial and business press or articles from the CIMA website. As the E1 paper focuses on the operational and strategic elements, your ability to demonstrate your understanding and depth of knowledge in the application to your discursive answers will be of benefit. Consider the structure of your answers. For example, for a question about cross-cultural management the Hofstede Model has five dimensions, and the best approach should be to use each dimension as the basis for your answer. Consider how, according to the question or scenario, it relates to the intended meaning of each dimension, and what this in overall terms might mean in terms of the management of an entity due to national cultural variations. To maximise marks, can you give specific examples such as those from the course text or your wider reading? The ideas of structure could be applied to any discursive question; there will always be a series of points or concepts that you need to apply in order to demonstrate your knowledge and understanding.


There could be something on absorption costing/variances (an article has just gone up on CIMA's website on this!) and possibly modern costing methods/budgeting techniques. Project appraisal is usually a favourite as well. The Managing Short Term Finance section of the syllabus will be removed from P1 from 2015 so although this could be examined I don't think there is likely to be a big focus on it.

Strategic management:
• Competitor analysis.
• Strategic analysis, especially models such as Porter's Five forces or Value Chain.
• Corporate social responsibility and ethics.
Relationship management:
• Leadership theories, governance.
• Management control – performance appraisal.
Project management:
• Project management tools.
• People and projects.


Section A:
Usual mix of share based payments, pensions, consolidation, analysis (not EPS), financial instruments and developments. Substance over form may be tested, and developments may cover some of the additional reporting requirements such as the Global Reporting Initiative.
Section B:
There may be a full cashflow. If not a cashflow, I would expect an SFP rather than an income statement. Foreign exchange may be tested. The ratio analysis questions are fairly standard, however questions can be tested where ratios are already given, and the marks are purely for comments.


• Be prepared to use linear programming for profit maximisation.
• Cost analysis and product mix decision making is worth being familiar with.
• Learning curves, life cycle costing and balance scorecards are always popular topics.
• Being able to highlight the alternative measures of performance for responsibility centres and having full knowledge on all aspects of divisions and transfer pricing is wise.
• Continuous improvement methods such as Kaizen Costing and TQM are often examinable areas.


The examiner has continually highlighted the importance of financial risk, frequently highlighting the fact that it comprises 35% of the syllabus and the fact that students struggle with this area in particular. Question 1 always contains some element of financial risk and there is often another question, which includes at least some financial risk. The evaluation of financial risks and the management of those risks is therefore a very important to area to be comfortable with. While there may be an element of computation in these types of questions, the calculations do not normally carry many marks and you will still be expected to interpret the calculations and demonstrate an ability to use them to discuss, evaluate or advise on proposals.
Another very important area of the syllabus relates to the evaluation of risks and recommendation of risk management strategies. An analysis of past papers indicates that this area is tested on virtually every paper, so you need to be familiar with the tools for performing risk analysis and evaluation, including the risk matrix, all the standard approaches to managing risks and the CIMA risk management cycle, etc. The examiner has highlighted a typical cause of failure to be not understanding or answering the requirements of the question or relating it to the specific scenario. It is important, therefore, to read the requirements properly. Particularly in risk assessment questions, good marks can be earned by identifying the types of risk specifically asked for from the scenario given. Marks can be lost by identifying other types of risks or only general risks not highlighted, particularly as this can make it very difficult for you to assess the risk adequately or propose an appropriate strategy.
It is important that all areas of the syllabus are revised – the paper has little choice, only allowing one question to be missed out, so you need to ensure that you are also familiar with for example, information systems, internal audit and accounting control, all topics which appear on a regular basis.
Corporate governance and ethics is a topical area and questions are appearing more regularly so again ensure that you are familiar with and that, in particular, you would be happy to evaluate from a give scenario any weaknesses in corporate governance or discuss ethical issues arising.


The key to success on F3 is twofold. Firstly, question practice. It sounds like a cliché but the big topics such as capital structure and NPV have a limited number of complications that the examiner can use to test your understanding. Through question practice you can become familiar with as many of these as possible in advance of the examination so that you are more able to respond appropriately and ultimately pass on the day. Secondly, is not to focus too heavily on numbers and formulae at the expense of qualitative components of the syllabus. Students often omit ‘advantages/disadvantages' type revision as they perceive these to be easy. Often it is student performance on these more qualitative components of the assessment that will dictate whether they will either pass or fail the paper as a whole.


The following topics are considered essential revision areas for the exam:
• Porter's 5 Forces/Diamond
• Ethics including the CIMA Code of Ethics.
• Change management – implementing change: Lewin's Force Field/Prescribed.
• Planned Change theory.
• Portfolio Analysis – BCG/Product life cycle.

Health warning:
These tips should only be used in conjunction with proper study. We cannot guarantee that these topics will appear in the actual exam as we have not seen the exam papers. Examiners are not predictable so it is vital that all core syllabus areas are revised fully. The tips are based on our experts experience and understanding of the CIMA exams and will help focus your last-minute revision. Please also read all the Examiner's articles and PEGs – available on the CIMA website

courtesy -

CIMA Revision Enterprise Strategy (E3) or (ES) by Indika Liayanahewage

CIMA November 2014 Exam prediction from BPP

P1 - Performance Operation

• Working capital management – the calculation of the cycle, the impact of decisions on the cycle, EOQ calculation, cash flow forecast and compound interest calculation
• Operating statement reconciling budgeted to actual profits including fixed overhead variances and possibly mix and yield calculations
• NPV including tax and inflation and/or incremental revenue and costs
• Sensitivity calculations and yield to maturity using the IRR
• Expected values, joint probabilities and risk based decisions
• Decision trees requiring both appropriate construction and evaluation
• Activity based costing calculations and discussion of benefits and drawbacks
• Benefits/problems of budgeting techniques for discursive marks

F1 - Financial Operation

Section A
• Taxation (3 to 5 questions): definitions of key terms such as jurisdiction and hypothecation; calculations such as corporate tax due, underlying and withholding tax and sales tax
• External audit: the purpose of the audit and the rights and duties of the auditor 
• Ethics: definitions of the fundamental principles and ethical threats
• Accounting standards: questions testing definitions/ calculations on areas such as IAS 18 Revenue, IAS 38 Intangibles and IFRS 8 Operating Segments

Section B
• Taxation (3 to 4 questions): written questions relating to tax definitions such as underlying and withholding tax and the administration of taxes as well as more detailed calculations on the areas of direct, indirect, international tax and deferred taxation
• External audit: practical questions based on a scenario requiring you to consider whether the auditor’s report needs to be modified
• Ethics: practical questions based on a scenario requiring you to explain the ethical dilemma and consider the practical steps that could be taken to address the issue
• Accounting standards: written or computational questions on areas such as IAS 7 Statements of cash flows, IAS 11 construction contracts, IAS 17 leases and IFRS 5 Assets held for sale and discontinued operations

Section C
• Prepare the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity for a single entity (including adjustments for inventory, property, plant and equipment, intangibles, current and deferred tax, provisions, leases and construction contracts)
• Prepare the statement of cash flows for a single entity
• Prepare the consolidated statement of financial position and/ or the consolidated statement of profit or loss for a parent, subsidiary and associate (including adjustments for goodwill, the impairment of goodwill, inter-company trading and unrealised profit) 
• The preparation of financial statements for a single company and a group are the most common requirements in Section C. Where the statement of cash flows is tested, it is likely that this will be worth 15 – 20 marks and a separate requirement will examine another aspect of the F1 syllabus.

E1 - Enterprise Operation

• The political, social and economic context – explaining how a business relates to the national and international environment it finds itself in.
• Operations management – explaining how an organisation’s relationship with suppliers has developed (e.g. TQM, relational procurement).
• Information systems – discussing how information systems can be used to add value to an organisation (potentially linked to HR / Operations issues).
• Marketing – applying key concepts such as the marketing mix to a scenario that could have ethical implications.
• Managing human capital – explaining how HR can maximise the potential of an organisation, both strategically (HR plan) and operationally (recruitment & selection). 

F2 - Financial Management

Section A
• Groups question – numerical (consolidated statement of profit or loss and other comprehensive income, financial position or changes in equity; extracts/workings from group financial statements) or written question (explanation of accounting treatment of various investments).
• Interpretation of accounts question – segment reporting (usefulness, limitations, analysis), limitations of financial analysis, interpretation of pre-calculated ratios/statement of cash flow or written/numerical EPS question.
• Written question on external reporting e.g. human asset accounting, environmental/social reporting, narrative reporting (such as management commentary or operating and financial review), or convergence between US GAAP and IFRS.
• 2 multi-topic or single-topic questions on ‘Issues in Recognition and Measurement’ on some 
or all of the following:
- Classification, recognition, initial and subsequent measurement of financial instruments – requiring explanation of accounting treatment and/or calculations and/or journals
- Substance over form – discussion of accounting treatment (risks and benefits) and journal in context of consignment inventories, sale and repurchase, structured entities, debt factoring or loan asset transfers 
- Share-based payment – cash or equity settled; requiring explanation of accounting treatment and/or calculations and/or journal entries.
- Pension accounting – numerical question with notes to financial statements or written question explaining accounting treatment for defined benefit plan and/or defined contribution plan
- Asset valuation and changing prices - explanation of, comparison between or advantages & disadvantages of historic cost accounting, current cost accounting and current purchasing power; IFRS 13 definition of fair value and/or advantages & disadvantages of fair value accounting.

Section B
• Group financial statements e.g. preparation of consolidated statement of profit or loss and other comprehensive income, financial position, changes in equity or cash flow incorporating a change in group structure (step acquisition and/or disposal), a foreign subsidiary or a complex group and often written explanation of accounting treatment.
• Analysis of financial performance and position in a scenario (including some or all of statement of profit or loss and other comprehensive income, financial position, changes in equity, cash flow, segment analysis, pre-calculated ratios). Usually approximately 8 marks are available for calculation of ratios and approximately 12 marks for commentary. Possible part (b) on limitations of ratio analysis or extra information required.

E2 - Enterprise Management

• The competitive environment – discussing and distinguishing between different competitive environments (e.g. using stakeholder mapping & PEST).
• Strategic management – discussing how a firm develops a strategy, including the rational planning model and its alternatives.
• Project management – explaining what a project is and discussing the tools and techniques used to manage it (e.g. 4-D / 7-S models).
• Linking project management to the external environment (e.g. stakeholder management /reconciling time, cost and quality criteria).
• Leadership – discussing the difference between power, authority and responsibility as well as understanding and managing conflict.
• Managing the relationship between manager and subordinate, including teamwork, legal issues and interpersonal (negotiating / communication) skills.

P2 - Performance Management

• Limiting factors – calculations and discussion of shadow prices
• Pricing – optimal pricing and discussion of pricing policies 
• Learning curve – calculations and impact on variances
• Budgeting – impact of participation on motivation 
• Performance evaluation – via financial and non financial measures
• Transfer pricing – discussion of differing policies and their consequences linked with NPV
• Brought forward knowledge from P1 – this can be pretty random, so expect the unexpected

P3 - Performance Strategy

• Risk management – being able to evaluate risks and discuss their significance in the context of the scenario (both preseen and optional) 
• Corporate governance (but not always in a profit-making context) and its role as a form of organisational control, including identifying weaknesses and recommending improvements 
• Controls (especially organisational, HR and management accounting – so don’t forget what you’ve learned in P1 and P2!) 
• Internal audit – especially as a form of control and when being used for specific internal control purposes (such as fraud investigations or value-for-money projects) 
• Financial risk (including hedging controls and economic risk in the context of transnational organisations exposed to multi-jurisdictional currency risk – you must be prepared to discuss these risks as well as perform the necessary calculations) 
• IT/IS systems in specific organisations for specific purposes – recent examples have included supermarket customer data analysis, transport route revenue analysis and online vacation booking systems. 

E3 - Enterprise Strategy 

The Competitive Environment
• The way an organisation develops strategy is affected by its external environment and stakeholders. Be familiar with the PEST and Five Forces models.
• Strategic planning approaches vary from the rational model to emergent strategy 
• Information systems (IS) and information technology (IT) can have a significant impact on an organisation and its competitive position.

Strategic Position & Choices
• Internal resources and capabilities of an organisation shape its strategic options
• Be able to identify different strategic options, using models such as Ansoff, Lynch and Porter’s generic strategies
• The evaluation of strategic options should be structured around the SAF framework.

Change Management
• Be able to discuss the change process and identify triggers for change, be able to draw on models such as Balogun & Hope Hailey’s change matrix and Lewin’s Force Field Analysis.
• You may also need to recommend how change can be managed successfully to support an organisation’s strategy, and how resistance to change can be overcome, referring to the McKinsey 7S model.

Implementation & Performance Evaluation
• Performance measurement is very important for an organisation to be able to evaluate the performance implications of a given strategy, and whether it is delivering the benefits an organisation hoped it would.
• Performance measures can be both financial and non-financial, be able to refer to the Balanced Scorecard and the Performance Pyramid.

F3 - Financial Strategy

Formulation of Financial Strategy 
• You will often be asked to produce a forecast to assess whether objectives will be achieved. Discussion areas could include analysing the appropriate dividend policy and the inter-relationships between dividend, financing and investment policies

Financial Decisions 
• You are often required to analyse a source of finance (leasing is an especially important area), including cost of capital calculations and discussion of gearing levels; knowledge of the role and limitations of Modigliani & Miller theory is very important.
• Make sure that you can discuss the role and structure of a Treasury Department
• The different working capital financing and dividend strategies are a popular area for this examiner

Investment Decisions and Project Control 
• Overseas investment appraisal is one of the most important areas in this syllabus and is often tested in question 1. Make sure that you revise this area very carefully and that you can apply the two different methods for assessing overseas investments and also that you can discuss risk and financing issues too
• Business valuations are another crucial area and is also commonly examined in question 1 of the exam; make sure that you can apply all of the valuation methods and that you can debate financing issues and post acquisition integration
• Adjusted present value and real options are also important areas where a solid knowledge is important
• Finally, make sure that you are able to discuss project control techniques such as post auditing

courtesy -

CIMA November 2014 Exam prediction from London School of Business and Finance

E1 - Enterprise Operation

* National cultural differences (The Hofstede Model).
* Implementation of systems with a view to overcoming user resistance.
* Measuring service quality (SERVQUAL).
* Pricing strategies.
* Effective appraisal systems.

P1 - Performance Operation

• Investment appraisal, NPV, IRR, Asset replacement cycle. 
• Variances – Mix and yield variances along with some basic ones and operating statement.
• ABC and Absorption costing. 
• Risk – Maximax, maximin, expected value, minimax regret, value of perfect information. 

• Working capital valuation and period. 

F1 - Financial Operation

• Income tax and deferred tax calculations. 
• Property, plant and equipment, including disposals, depreciation and revaluations. 
• Consolidated financial statements consisting of subsidiary and associate. 
• Principles of business taxation theory.
• IASB framework 

E2 - Enterprise Management

• Levels of strategy.
• Porter’s diamond.
• Transaction cost theory. 
• Project planning. 
• Network diagram. 
• Conflict. 
• Groups and teams. 
• Communication. 
• Ethics and corporate social responsibilities. 

F2 - Financial Management

• Share based payments – both SAR and options. 
• Pension calculation. 
• Foreign subsidiary consolidation – theory plus selection of calculations. 
• Stepped acquisition – control to control. 
• Human resource accounting issues.
• Full ratio calculation. 

• Hybrid liabilities.

P2 - Performance Management

• Variances. 
• Budgeting. 
• CVP analysis. 
• Investment appraisal. 
• Transfer pricing.

E3 - Enterprise Strategy 

• Ansoff growth strategies. 
• Change management on implementation possibly via Lewin.
• Management of stakeholder ethical context. 
• CSF and performance measure identification. 
• Using technology to enhance advantage. 

F3 - Financial Strategy 

• Weighted average cost of capital. 
• Investment appraisal 
• Valuation technique. 
• Financial objectives and dividend policy. 
• Business finance. 

P3 - Performance Strategy

• Operational risks in a specific scenario. 
• The role of senior staff in risk management.
• Difficulties encountered when staff ignore or subvert control systems.
• Issues when implementing new management accounting systems. 
• Currency risk (with calculations).
• Internal audit reviews. 
• Failure of IT systems. 

courtesy -
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