CIMA · Level
Strategic Level
The CIMA Strategic Level is the pinnacle of the CIMA Professional Qualification. You'll develop board-level thinking in enterprise strategy, financial strategy, and advanced risk — and face the Strategic Case Study, a 4-hour exam that tests senior management decision-making in a realistic listed company scenario.
How you're assessed
Objective Test
Objective Test Exams (E3, F3, P3)
60 computer-based questions, 90 minutes, 50% pass mark. Each subject is sat independently.
60
Questions
90
Minutes
50%
Pass Mark
Case Study Exam
Strategic Case Study (SCS)
A 4-hour integrated assessment simulating the role of a senior finance professional. Tests strategic application of E3, F3, and P3 knowledge in a listed company environment.
4h
Duration
50%
Pass Mark
4
Sessions/yr
Subjects in this level
E3 Objective Test
E3 Strategic Management develops your ability to think at board level. You'll study competitive strategy, strategic options, change management, and digital strategy — learning to advise on where an organisation should go and how to get there. It's the most strategic of all CIMA subjects.
Key topics
- External environment analysis (PESTEL, Porter's Five Forces)
- Competitive and generic strategy
- Strategic options: Ansoff, BCG portfolio models
- Digital strategy and innovation
- Strategic change and transformational leadership
- Corporate governance and ethics at board level
Exam details
60
Questions
90
Minutes
50%
Pass mark
4
Sessions/yr
March, June, September & December
P3 Objective Test
P3 Risk Management equips you to identify, assess, and manage enterprise risk at a strategic level. You'll study risk frameworks, financial risk hedging (interest rate, foreign exchange, commodity), and how to build resilience into an organisation's risk appetite and controls.
Key topics
- Enterprise risk frameworks (COSO, ISO 31000)
- Interest rate risk management (FRAs, swaps, options)
- Foreign exchange risk management (forwards, futures, options)
- Commodity risk and other financial risks
- Internal controls and control environment
- Risk appetite, governance, and board-level risk reporting
Exam details
60
Questions
90
Minutes
50%
Pass mark
4
Sessions/yr
March, June, September & December
F3 Objective Test
F3 Financial Strategy covers how businesses raise finance, manage capital structure, value companies, and make strategic investment decisions. You'll learn to evaluate M&A, understand treasury management, and apply real options and advanced valuation techniques. It's the "CFO toolkit" subject.
Key topics
- Cost of capital: WACC, CAPM, APT
- Capital structure: Modigliani-Miller and trade-off theory
- Business valuations: DCF, P/E, EVA approaches
- Mergers and acquisitions: rationale, process, due diligence
- Treasury management and foreign exchange risk
- Dividend policy and financial strategy decisions
Exam details
60
Questions
90
Minutes
50%
Pass mark
4
Sessions/yr
March, June, September & December
Strategic Case Study
The Strategic Case Study is the final integrated assessment of the CIMA Professional Qualification. Set in a listed company environment, you'll act as a senior finance professional advising the board on complex strategic decisions. It's the hardest and most prestigious of the case study exams, drawing on E3, F3, and P3.
Key topics
- Integrated application of E3, F3, and P3
- Listed company pre-seen analysis (industry, financials, strategy)
- Board-level strategic recommendations
- Complex financial analysis and valuation
- Risk identification and management at board level
- Professional ethics and corporate governance
Exam details
4h
Duration
50%
Pass mark
4
Sessions/yr
3
Tasks
Four tasks across a longer exam window. Pre-seen material released ~6 weeks before exam day.
Where this fits in the qualification
Prerequisites
Completion of the CIMA Management Level (E2, F2, P2 + MCS)
On completion
Award of the CGMA designation and CIMA's full professional membership upon passing the SCS and completing the practical experience requirement
What students say
"The SCS felt like the hardest exam of my life before I started preparing with VIVA. Their pre-seen analysis framework is brilliant — it genuinely changed how I approached the material. I passed first time."
Natasha V.
Passed SCS — November 2024
"F3 is brutally technical but VIVA's video explanations make the complex valuation models genuinely understandable. I passed with 74% and felt confident going in for the first time in years."
David W.
Passed F3 — June 2024
"I'm now a fully qualified CIMA member and CGMA. VIVA supported me through P3 and the SCS — both passed first time. The quality of the study materials at this level is exceptional."
Rachel M.
Qualified CGMA — 2024
Frequently asked questions
What is the Strategic Case Study like?
The SCS is CIMA's hardest integrated exam — 4 hours, set in a listed company environment, with a complex pre-seen released ~6 weeks in advance. You'll act as a senior finance professional advising the board on strategic, financial, and risk issues. The marking rewards professional language, structured arguments, and application of E3, F3, and P3 knowledge to the scenario.
Do I need the Strategic Level to use the CGMA designation?
Yes. The CGMA designation requires passing all three CIMA levels (including the SCS) plus three years of verified practical experience. Once both are satisfied, you become a full CIMA member and CGMA designate.
What are the hardest subjects at the Strategic Level?
F3 (Financial Strategy) is often cited as the most technically demanding — it covers complex valuation, M&A, and treasury management. P3 (Risk Management) introduces advanced hedging strategies and enterprise risk frameworks. E3 (Strategic Management) is more conceptual but requires deep strategic thinking.
How long does the Strategic Level take to complete?
Most working students take 12–24 months. E3, F3, and P3 each require 80–120 hours of study. The SCS requires the most rigorous preparation of the three case study exams — plan for at least 100–120 hours on the pre-seen and practice case work.
What happens after I pass the Strategic Case Study?
Once you've passed the SCS and met the three-year practical experience requirement, you apply for full CIMA membership. You'll then be awarded the CGMA (Chartered Global Management Accountant) designation — one of the most respected accounting qualifications in the world.
Related reading
The CIMA Strategic Case Study — a complete preparation guide
How to approach the 4-hour SCS: pre-seen analysis, practice case strategy, time management, and what examiners are looking for.
CIMA F3 Financial Strategy — topics, tips, and exam technique
A deep dive into the most technically demanding Strategic Level OT paper — from M&A valuation to interest rate risk management.
From student to CGMA — what happens after the Strategic Case Study
Everything you need to know about CIMA membership, the practical experience requirement, and what the CGMA designation means for your career.
How VIVA teaches Strategic Level
Step 1
Learn
Grasp the Strategic Level syllabus fast.
4 subjects. Expert-led video lessons covering every examinable area for E3, P3, F3 and the Strategic Case Study (SCS) — no filler, nothing that isn't in the exam.
Step 2
Practise
Sit the Strategic Level exams before you sit them for real.
Objective test mocks for E3, P3, F3 — 60 questions, 90 minutes, official conditions. Plus full Strategic Case Study (SCS) case study mocks written by subject experts. Same format, same pressure, full worked feedback.
Step 3
Diagnose
Stop revising Strategic Level topics you already know.
After every mock, VIVA maps your strengths and weaknesses across all Strategic 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
Strategic Level access
Full level bundle
- All video lessons and resources for every subject
- Unlimited practice questions and mock exams
- Pass guarantee on eligible subjects
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