CIMA · Level
Management Level
The CIMA Management Level builds on the Operational Level, deepening your expertise in performance measurement, risk management, advanced financial reporting, and project management. It culminates in the Management Case Study, which tests your ability to advise a mid-sized business on strategic decisions.
How you're assessed
Objective Test
Objective Test Exams (E2, F2, P2)
60 computer-based questions, 90 minutes, 50% pass mark. Each subject is sat independently.
60
Questions
90
Minutes
50%
Pass Mark
Case Study Exam
Management Case Study (MCS)
A 3-hour integrated assessment in a fictional company. Tests your ability to combine E2, F2, and P2 knowledge to advise on management and financial strategy.
3h
Duration
50%
Pass Mark
4
Sessions/yr
Subjects in this level
E2 Objective Test
E2 Managing Performance examines how organisations structure themselves, manage projects, and lead change. You'll study organisational design, stakeholder management, project management techniques, and the role of the finance professional in driving performance. It's the "people and strategy" subject of the Management Level.
Key topics
- Organisational design and structure
- Project management: planning, control, and risk
- Change management and leadership
- Stakeholder management and communication
- Performance management frameworks (BSC, KPIs)
- The finance function as a business partner
Exam details
60
Questions
90
Minutes
50%
Pass mark
4
Sessions/yr
March, June, September & December
P2 Objective Test
P2 Advanced Management Accounting deepens your cost management expertise into transfer pricing, advanced budgeting techniques, performance measurement frameworks (Balanced Scorecard, KPIs), and risk. It equips you to design and operate management accounting systems at a divisional or group level.
Key topics
- Transfer pricing: domestic and international
- Divisional performance measurement (ROI, RI, EVA)
- Advanced budgeting: beyond budgeting, rolling forecasts
- Environmental and life-cycle costing
- Risk management in management accounting
- Balanced Scorecard and strategic performance measurement
Exam details
60
Questions
90
Minutes
50%
Pass mark
4
Sessions/yr
March, June, September & December
F2 Objective Test
F2 Advanced Financial Reporting builds on F1, covering group accounting (complex consolidations), financial instruments, leases, and advanced IFRS standards. You'll develop the ability to prepare and critically evaluate financial statements for complex group structures.
Key topics
- Complex group consolidations (associates, joint ventures)
- Financial instruments: IFRS 9 classification and measurement
- IFRS 16 Leases — lessee and lessor accounting
- IFRS 15 Revenue from Contracts with Customers
- Employee benefits and provisions (IAS 19, IAS 37)
- Earnings per share and statement of changes in equity
Exam details
60
Questions
90
Minutes
50%
Pass mark
4
Sessions/yr
March, June, September & December
Management Case Study
The Management Case Study integrates your E2, F2, and P2 knowledge into a mid-level management scenario at a fictional company. You'll respond to tasks from senior management, drawing on pre-seen material about the company and its industry. It tests strategic application, professional judgement, and communication.
Key topics
- Integrated application of E2, F2, and P2
- Pre-seen company and industry analysis
- Advanced financial reporting tasks in context
- Performance management and strategic analysis
- Stakeholder communication and professional language
- Change and project management in context
Exam details
3h
Duration
50%
Pass mark
4
Sessions/yr
3
Tasks
Three tasks, each with multiple requirements. Pre-seen material released ~6 weeks before the exam.
Where this fits in the qualification
Prerequisites
Completion of the CIMA Operational Level (E1, F1, P1 + OCS)
On completion
Progress to the CIMA Strategic Level and unlock the Strategic Case Study
What students say
"F2 was the subject I feared most — complex consolidations, IFRS 16, financial instruments. VIVA broke it all down methodically. I went from anxious to confident in six weeks. Passed with 79%."
Ahmed K.
Passed F2 — June 2024
"The MCS case practice sessions are incredibly realistic. I sat three full mock cases before the real exam and felt completely prepared for the format and the pressure."
Claire B.
Passed MCS — September 2024
"P2's transfer pricing content finally made sense with VIVA's worked examples. The way they connect exam technique to real business scenarios is excellent."
Marcus J.
Passed P2 — March 2024
Frequently asked questions
What makes the Management Level harder than the Operational Level?
The Management Level increases in complexity and expects greater professional judgement. F2 introduces complex group accounting and financial instruments; P2 covers advanced cost systems and transfer pricing; E2 deals with organisational strategy and stakeholder management. The MCS also requires more sophisticated analysis than the OCS.
Do I need to complete the Operational Level before starting the Management Level?
Yes — you must complete E1, F1, P1, and the OCS before progressing to the Management Level. This is a CIMA requirement, not just a recommendation.
How difficult is the Management Case Study compared to the OCS?
The MCS is generally considered harder than the OCS. The fictional company is more complex, the scenarios require more nuanced strategic thinking, and the marking guidance expects a higher level of professional language. That said, students who prepared well for the OCS find the MCS manageable with good pre-seen preparation.
How long does the Management Level take to complete?
Most working students take 12–18 months. E2, F2, and P2 each require 80–120 hours of study. The MCS requires similar preparation to the OCS — plan for 80–100 hours on the pre-seen and practice case work.
What is the F2 exam like?
F2 is widely regarded as one of the harder CIMA OT papers. It builds directly on F1's financial reporting content and adds complex consolidations, financial instruments, leases (IFRS 16), and employee benefits. Strong F1 foundations are essential before attempting F2.
Related reading
CIMA F2 — the complete guide to Advanced Financial Reporting
Everything you need to know about F2: topics, exam technique, common pitfalls, and how to prepare for complex consolidations.
How to pass the CIMA Management Case Study first time
Tips from students who've passed the MCS first time — pre-seen strategy, practice cases, time management, and exam day advice.
CIMA Management Level — complete 2025 study guide
Subjects, exams, difficulty level, study hours, pass rates, and sequencing advice for the CIMA Management Level.
How VIVA teaches Management Level
Step 1
Learn
Grasp the Management Level syllabus fast.
4 subjects. Expert-led video lessons covering every examinable area for E2, P2, F2 and the Management Case Study (MCS) — no filler, nothing that isn't in the exam.
Step 2
Practise
Sit the Management Level exams before you sit them for real.
Objective test mocks for E2, P2, F2 — 60 questions, 90 minutes, official conditions. Plus full Management Case Study (MCS) case study mocks written by subject experts. Same format, same pressure, full worked feedback.
Step 3
Diagnose
Stop revising Management Level topics you already know.
After every mock, VIVA maps your strengths and weaknesses across all Management Level subjects and rebuilds your study path around what actually needs work. Instant AI-enhanced marking with expert oversight — the speed of technology, the judgement of real experts.
When your Exam Readiness Score hits Green, the system has confirmed you're ready to pass.
Hit Green ERS, sit your exam, fail — we refund you. Pass guarantee live for all CIMA courses.
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Access options
Management Level access
Full level bundle
- All video lessons and resources for every subject
- Unlimited practice questions and mock exams
- Pass guarantee on eligible subjects
Or buy individually