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ACCA FM (Financial Management)
Guides, Practices & Mock Exams

ACCA FM (Financial Management) is one of paper in Applied Skills Module.  They syllabus states its aim is to develop students’ knowledge and skills, relevant to investment, financing and dividend policy decisions, to qualify as a finance manager.

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Exam Structure

ACCA FM is a 3-hour exam.  All questions are compulsory. The exam will contain both computational and discursive elements. Some questions will adopt a scenario/case study approach.

Section A of ACCA FM exam includes 15 objective test questions of 2 marks each. Section B of the exam comprises 3 cases and each case includes 5 objective test questions of 2 marks each.  

In other words, total marks from objective test questions contribute 60 marks of the exam.

Section C includes two 2-mark constructed response questions. These TWO questions mainly come from working capital management, investment appraisal and business finance areas of the syllabus.

You are provided with a formulae sheet and tables of discount and annuity factors.


Syllabus in brief

The aim of the ACCA FM syllabus is to provide the necessary knowledge for aspiring finance managers to qualify for their role.

Finance managers have a range of responsibilities within organizations. They are responsible for effectively managing the financials and providing guidance to senior management on investment appraisal decisions. This includes evaluating the financial feasibility of investment projects using tools like discounted cash flow (DCF) analysis.


For manufacturing or trading companies, finance managers play a crucial role in managing working capital. They must make decisions regarding inventory levels and develop strategies for handling overdue receivables.


Finance managers also provide advice on financing costs to senior management, helping them determine the optimal capital structure for the organization.


In addition to these responsibilities, finance managers may be involved in advising on acquisitions and conducting business valuations. They also need to consider risk management in areas such as interest rate risk and foreign exchange rate risk, especially when dealing with debt financing and overseas operations.


ACCA recognizes that knowledge gained from the Management Accounting (MA) paper is relevant to Financial Management. This includes using ratio analysis techniques to assess financial performance.

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