About the exam
CIMA Management Exam structure
An independent guide to the current E2, P2 and F2 objective tests and the Management Case Study Examination.
Issuer and path
CIMA Management Level Study Guide is administered through AICPA & CIMA. Check official resources before booking, retesting, or relying on a stale requirement.
E2 Managing Performance
60 scored + 0 pretest
Business models and value creation, people performance and project management.
P2 Advanced Management Accounting
60 scored + 0 pretest
Cost and value management, capital investment, organisational-unit performance, risk and control.
F2 Advanced Financial Reporting
60 scored + 0 pretest
Long-term finance, reporting standards, group accounts, sustainability reporting and financial analysis.
Management Case Study Examination
4 scored + 0 pretest
A three-hour, human-marked written business simulation of a Finance Manager across five core activities.
Match the booking date to the correct blueprint
CIMA has published overlapping preparation windows. Confirm whether the intended objective test or MCS sitting uses 2026–2027 or 2027–2028, then check the live timetable, pre-seen release, booking deadline and delivery requirements.
Official Outline Coverage Map
Coverage is mapped to official outline item counts so content depth can be checked without hard-coding a single exam.
| Topic | Official outline items | Your questions | Your flashcards | Confidence |
|---|---|---|---|---|
| Business Ecosystems and Business Models | 9 | 23 | 3 | Priority |
| Value Creation, Digital Disruption and Operating Models | 9 | 22 | 3 | Strong |
| Leadership, Culture and Individual Performance | 12 | 30 | 3 | Priority |
| Teams, Change, Communication and Conflict | 12 | 30 | 3 | Strong |
| Project Concepts, Governance and Organisation | 9 | 23 | 3 | Priority |
| Project Planning, Risk, Control and Closure | 9 | 22 | 3 | Priority |
| Activity-Based Management and Cost Transformation | 6 | 15 | 3 | Priority |
| Quality, Process and Value Management | 6 | 15 | 3 | Strong |
| Project Cash Flows and Investment Appraisal | 11 | 27 | 3 | Priority |
| Investment Risk, Uncertainty and Real Options | 10 | 26 | 3 | Priority |
| Responsibility Centres and Transfer Pricing | 9 | 23 | 3 | Priority |
| Organisational Performance Analysis and Control | 9 | 22 | 3 | Priority |
| Enterprise Risk, Uncertainty and Internal Control | 9 | 22 | 3 | Priority |
| Long-Term Finance, Markets and Cost of Capital | 9 | 23 | 3 | Priority |
| Recognition, Measurement and Revenue | 8 | 19 | 3 | Priority |
| Financial Instruments, Provisions, Leases and Tax | 7 | 18 | 3 | Priority |
| Subsidiaries and Consolidated Statements | 8 | 19 | 3 | Priority |
| Associates, Joint Ventures and Foreign Operations | 7 | 19 | 3 | Priority |
| Integrated and Sustainability Reporting | 6 | 15 | 3 | Priority |
| Ratio, Performance and Position Analysis | 8 | 19 | 3 | Priority |
| Analytics, Recommendations and Analysis Limitations | 7 | 18 | 3 | Strong |
| Integrated Evaluation of Value Opportunities | 0 | 30 | 3 | Strong |
| Integrated Implementation of Senior Decisions | 0 | 30 | 3 | Strong |
| Integrated Performance and Cost Management | 0 | 31 | 3 | Strong |
| Integrated Performance Measurement and Reporting | 0 | 30 | 3 | Strong |
| Integrated Stakeholder Management | 0 | 30 | 3 | Strong |
How to use this guide
How to study CIMA Management Level
Secure E2, P2 and F2 knowledge before practising integrated medium-term judgement. These single-best-answer study questions do not reproduce or claim to simulate the pre-seen, unseen information, timed written sections, professional formats and human marking of the Management Case Study.
1. Decode the requirement
Identify the Finance Manager perspective, recipient, business format, task verb, time horizon and decision required.
2. Combine pre-seen and unseen evidence
Select relevant financial, operational and sustainability data, test provenance and perform proportionate analysis or calculations.
3. Analyse and challenge
Explain drivers and alternatives, then consider implementation, uncertainty, people, ethics, reporting and stakeholder effects.
4. Communicate an actionable conclusion
State the recommendation, rationale, owner, next step, monitoring measure and any further evidence required.
Blueprint topic
Business Ecosystems and Business Models
Markets, ecosystems, stakeholders, value propositions and the connected elements of a business model.
What to memorize cold
Business ecosystem
A connected community of participants whose interactions jointly create and exchange value.
Value proposition
The promised benefit offered to a defined stakeholder or customer group.
Value capture
The revenue, cost and surplus-sharing logic through which an organisation retains value.
Best next move
Markets, ecosystems, stakeholders, value propositions and the connected elements of a business model.
Blueprint topic
Value Creation, Digital Disruption and Operating Models
Business-model innovation, digital operating models, disruption and sustainable value across the ecosystem.
What to memorize cold
Business-model innovation
A change to how value is defined, created, delivered or captured.
Operating model
The capabilities, processes, technology and organisation used to deliver the business model.
Sustainable value
Value that considers durable financial, environmental and social effects for stakeholders.
Best next move
Business-model innovation, digital operating models, disruption and sustainable value across the ecosystem.
Blueprint topic
Leadership, Culture and Individual Performance
Leadership styles, organisational culture, motivation and the alignment of individual effort with strategy.
What to memorize cold
Situational leadership
Leadership behaviour is adapted to the people, task and circumstances.
Goal congruence
Individual and unit actions support the objectives of the organisation.
Culture
Shared assumptions and norms that shape how people interpret and act.
Best next move
Leadership styles, organisational culture, motivation and the alignment of individual effort with strategy.
Blueprint topic
Teams, Change, Communication and Conflict
Team development, empowerment, communication, negotiation, change management and conflict resolution.
What to memorize cold
Empowerment
Authority, information and capability are provided so people can make accountable decisions.
Stakeholder interest
The underlying need or concern behind a stated negotiating position.
Constructive conflict
Task-focused disagreement that improves scrutiny without damaging relationships.
Best next move
Team development, empowerment, communication, negotiation, change management and conflict resolution.
Blueprint topic
Project Concepts, Governance and Organisation
Project lifecycles, business cases, governance, roles, stakeholders and links to capital investment.
What to memorize cold
Project
A temporary endeavour organised to deliver defined outputs and outcomes.
Project sponsor
The senior owner who champions the business case and is accountable for benefits.
Business case
The continuing justification linking strategic fit, benefits, costs, risk and options.
Best next move
Project lifecycles, business cases, governance, roles, stakeholders and links to capital investment.
Blueprint topic
Project Planning, Risk, Control and Closure
Scope, schedules, resources, risk, quality, change control, monitoring, handover and post-project review.
What to memorize cold
Critical path
The longest-duration path through the network; delay on it delays project completion.
Change control
A governed process for assessing, approving and recording changes to the baseline.
Post-project review
A review of delivery, outcomes, benefits and lessons after implementation.
Best next move
Scope, schedules, resources, risk, quality, change control, monitoring, handover and post-project review.
Blueprint topic
Activity-Based Management and Cost Transformation
Activity-based costing and management, customer and channel profitability, cost drivers and transformation.
What to memorize cold
Activity cost driver
A factor with a causal relationship to the cost of performing an activity.
Tiered contribution
Successive profitability layers after customer- or channel-specific activity costs.
Cost transformation
Structural change to the cost base while protecting or improving value.
Best next move
Activity-based costing and management, customer and channel profitability, cost drivers and transformation.
Blueprint topic
Quality, Process and Value Management
JIT, total quality management, theory of constraints, Kaizen, process redesign and value analysis.
What to memorize cold
Theory of constraints
Improve system throughput by managing the binding constraint.
Kaizen
Continuous, incremental improvement involving the people who perform the process.
Value analysis
Challenge how a required function can be delivered at lower whole-life cost.
Best next move
JIT, total quality management, theory of constraints, Kaizen, process redesign and value analysis.
Blueprint topic
Project Cash Flows and Investment Appraisal
Relevant cash flows, tax, inflation, working capital, NPV, IRR, payback and accounting return.
What to memorize cold
Net present value
Present value of incremental project cash inflows less outflows.
Relevant project cash flow
A future incremental cash flow caused by accepting the project.
Nominal consistency
Nominal cash flows must be discounted at a nominal rate.
Best next move
Relevant cash flows, tax, inflation, working capital, NPV, IRR, payback and accounting return.
Blueprint topic
Investment Risk, Uncertainty and Real Options
Sensitivity, scenarios, probability, expected values, decision trees, adjusted discount rates and real options.
What to memorize cold
Sensitivity margin
The adverse change an assumption can absorb before NPV reaches zero.
Decision-tree rollback
Evaluate later chance and decision nodes before earlier choices.
Real option
Managerial flexibility to change a project as uncertainty resolves.
Best next move
Sensitivity, scenarios, probability, expected values, decision trees, adjusted discount rates and real options.
Blueprint topic
Responsibility Centres and Transfer Pricing
Cost, revenue, profit and investment centres; controllability; transfer-pricing methods and behaviour.
What to memorize cold
Responsibility centre
An organisational unit whose manager is accountable for defined financial or operational results.
Minimum transfer price
Incremental cost plus the opportunity cost of internal transfer.
Controllability
Performance evaluation should distinguish what a manager can control or significantly influence.
Best next move
Cost, revenue, profit and investment centres; controllability; transfer-pricing methods and behaviour.
Blueprint topic
Organisational Performance Analysis and Control
Financial and non-financial measures, investment-centre metrics, benchmarking and behavioural control.
What to memorize cold
Residual income
Controllable profit less a capital charge on controllable investment.
ROI dysfunction
A manager may reject a project above the cost of capital if it lowers current divisional ROI.
Balanced measure
A measure set combining financial, operational, stakeholder and future-oriented evidence.
Best next move
Financial and non-financial measures, investment-centre metrics, benchmarking and behavioural control.
Blueprint topic
Enterprise Risk, Uncertainty and Internal Control
Risk identification, assessment, appetite, response, control design and reporting.
What to memorize cold
Risk appetite
The amount and type of risk an organisation is willing to pursue or retain.
Residual risk
Risk remaining after controls and responses are applied.
Control design
The specified owner, action, frequency, evidence and escalation for a control objective.
Best next move
Risk identification, assessment, appetite, response, control design and reporting.
Blueprint topic
Long-Term Finance, Markets and Cost of Capital
Equity and debt sources, capital-market issues, dividend valuation, debt cost and WACC.
What to memorize cold
WACC
The market-value-weighted average required return of long-term financing sources.
Dividend valuation model
Equity value is based on the present value of expected dividends.
Convertible debt
Debt that may be converted into equity under specified terms.
Best next move
Equity and debt sources, capital-market issues, dividend valuation, debt cost and WACC.
Blueprint topic
Recognition, Measurement and Revenue
Revenue, non-current assets, intangible assets, impairment, fair value and related disclosure judgements.
What to memorize cold
Performance obligation
A promise to transfer a distinct good or service to a customer.
Recoverable amount
The higher of value in use and fair value less costs of disposal.
Fair value
An exit price in an orderly transaction between market participants at the measurement date.
Best next move
Revenue, non-current assets, intangible assets, impairment, fair value and related disclosure judgements.
Blueprint topic
Financial Instruments, Provisions, Leases and Tax
Financial-instrument classification, provisions and contingencies, lessor accounting and current/deferred tax.
What to memorize cold
Provision
A liability of uncertain timing or amount recognised when the required criteria are met.
Temporary difference
The difference between an asset or liability's carrying amount and its tax base.
Financial liability
A contractual obligation to deliver cash or another financial asset.
Best next move
Financial-instrument classification, provisions and contingencies, lessor accounting and current/deferred tax.
Blueprint topic
Subsidiaries and Consolidated Statements
Control, goodwill, non-controlling interests, intra-group adjustments and consolidated statements.
What to memorize cold
Control
Power over an investee, exposure to variable returns and ability to use power to affect those returns.
Goodwill
Consideration plus non-controlling interest less fair value of identifiable net assets acquired.
Unrealised profit
Profit on an intra-group transfer not yet realised outside the group.
Best next move
Control, goodwill, non-controlling interests, intra-group adjustments and consolidated statements.
Blueprint topic
Associates, Joint Ventures and Foreign Operations
Equity accounting, joint arrangements, foreign-subsidiary translation, group cash flows and disclosures.
What to memorize cold
Associate
An investee over which the investor has significant influence but not control.
Equity method
The investment is adjusted for the investor's share of post-acquisition results and other changes.
Translation difference
The exchange effect arising when a foreign operation's statements are translated for consolidation.
Best next move
Equity accounting, joint arrangements, foreign-subsidiary translation, group cash flows and disclosures.
Blueprint topic
Integrated and Sustainability Reporting
Integrated thinking, the Integrated Reporting Framework, six capitals and the objectives and scope of IFRS S1 and IFRS S2.
What to memorize cold
Integrated thinking
Active consideration of relationships among operating and functional units and the capitals used or affected.
Six capitals
Financial, manufactured, intellectual, human, social and relationship, and natural capital.
IFRS S1 and S2 scope
General sustainability-related financial disclosures and climate-related disclosures respectively.
Best next move
Integrated thinking, the Integrated Reporting Framework, six capitals and the objectives and scope of IFRS S1 and IFRS S2.
Blueprint topic
Ratio, Performance and Position Analysis
Profitability, liquidity, efficiency, gearing, investor measures and interpretation of performance and position.
What to memorize cold
Financial adaptability
An entity's capacity to change financing and cash flows in response to opportunities or threats.
Ratio narrative
Movement, comparator, likely driver, consequence and further evidence.
Gearing
The relationship between debt financing and equity or total long-term capital.
Best next move
Profitability, liquidity, efficiency, gearing, investor measures and interpretation of performance and position.
Blueprint topic
Analytics, Recommendations and Analysis Limitations
Gartner analytics maturity, predictive and prescriptive insight, improvement actions and data limitations.
What to memorize cold
Descriptive analytics
Analysis of what has happened.
Predictive analytics
Use of data and models to estimate what may happen.
Prescriptive analytics
Analysis that recommends actions given objectives and constraints.
Best next move
Gartner analytics maturity, predictive and prescriptive insight, improvement actions and data limitations.
Integrated skill
Integrated Evaluation of Value Opportunities
Capital investment, product and pricing choices, business models, digital data and WACC in a Finance Manager context.
What to memorize cold
Opportunity case
Strategic fit, value, funding, risk, sustainability, capability and implementation evidence.
Finance Manager lens
Translate long-term intent into a medium-term, evidence-backed and implementable recommendation.
Conditional recommendation
A recommendation linked to stated assumptions, safeguards and decision gates.
Best next move
Capital investment, product and pricing choices, business models, digital data and WACC in a Finance Manager context.
Integrated skill
Integrated Implementation of Senior Decisions
Project governance, people, performance measures, funding and risk for implementation.
What to memorize cold
Implementation bridge
Decision, deliverables, owners, resources, milestones, controls and benefit measures.
Decision gate
A controlled point where evidence is reviewed before further commitment.
Benefit owner
The manager accountable for realising an intended business benefit after delivery.
Best next move
Project governance, people, performance measures, funding and risk for implementation.
Integrated skill
Integrated Performance and Cost Management
Responsibility-centre insight, people, leadership, cost transformation, quality and risk for sustainable value.
What to memorize cold
Performance dialogue
Evidence-based discussion of results, drivers, controllability, action and support.
Sustainable cost action
Cost improvement that preserves required capability and stakeholder value.
Behavioural test
Ask how a reasonable manager may respond to the proposed target, measure or reward.
Best next move
Responsibility-centre insight, people, leadership, cost transformation, quality and risk for sustainable value.
Integrated skill
Integrated Performance Measurement and Reporting
Risk, business-model resilience, financial analysis, sustainability measures and reporting treatments.
What to memorize cold
Performance insight
What changed, why it matters, likely drivers, risk and recommended action.
Model-sensitive KPI
A measure selected because it reflects how the business model creates and captures value.
Reporting judgement
A documented conclusion based on applicable requirements, evidence and professional scepticism.
Best next move
Risk, business-model resilience, financial analysis, sustainability measures and reporting treatments.
Integrated skill
Integrated Stakeholder Management
Group changes, internal trading, sustainability reporting, communication, negotiation and conflict.
What to memorize cold
Stakeholder map
Assessment of interest, influence, information need and engagement approach.
Negotiation range
The space between acceptable outcomes, informed by interests and alternatives.
Professional escalation
Timely referral of unresolved ethical, reporting or governance concerns to appropriate authority.
Best next move
Group changes, internal trading, sustainability reporting, communication, negotiation and conflict.
Business Ecosystems and Business Models
Markets, ecosystems, stakeholders, value propositions and the connected elements of a business model.
Key rules
Rule 1
Distinguish a traditional market from a business ecosystem.
Exam cue: Identify the actors and the exchanges linking them.
Rule 2
Explain how a business model defines, creates, delivers and captures value.
Exam cue: Test whether the revenue and cost logic supports the value proposition.
Rule 3
Map participants, connections, rules, costs and risks in an ecosystem.
Exam cue: Connect stakeholder needs to the model rather than naming tools in isolation.
Common traps
Treating a platform as an ecosystem without analysing participants.
Prevention: Check the applicable blueprint, task verb, assumptions, units, timing, evidence provenance, stakeholders and whether the conclusion follows.
Equating revenue growth with value creation for every stakeholder.
Prevention: Check the applicable blueprint, task verb, assumptions, units, timing, evidence provenance, stakeholders and whether the conclusion follows.
Ignoring the cost and dependency risks of an open ecosystem.
Prevention: Check the applicable blueprint, task verb, assumptions, units, timing, evidence provenance, stakeholders and whether the conclusion follows.
Memory anchors
Business ecosystem
A connected community of participants whose interactions jointly create and exchange value.
Value proposition
The promised benefit offered to a defined stakeholder or customer group.
Value capture
The revenue, cost and surplus-sharing logic through which an organisation retains value.
Next best moves
Quick check-up
Use a short quiz to confirm the rule pattern is actually sticking.
Check-up Questions
A platform links independent sellers, couriers and buyers. What most clearly makes it a business ecosystem?
Which element states why a target customer should choose an offering?
Answer all questions to submit.
Next step personalized recommendations
Open another topic next
Official resources
Verify the details with the official sources
Use these links for eligibility, scheduling, handbook rules, and issuer updates. Our guide helps you study; official sources tell you what the testing partner currently requires.
Management Level overview
Current three subjects, medium-term focus, Finance Manager case-study role, CIMA Adv Dip MA award and Strategic Level progression.
2026–2027 Management Level Examination Blueprint
Applicable objective-test content and the May/August/November 2026 and February 2027 MCS structure, outcomes and weights.
2027–2028 Management Level Examination Blueprint
Published successor for objective tests from January 2027 and case studies from May 2027, with unchanged assessment structure and weights.
CIMA examination blueprints
Official landing page for annual blueprints, applicability dates, change summaries and role summaries.
CGMA Professional Qualification 2026 upgrade
Official F2 sustainability-reporting update and confirmation that Management Level has no generative-AI upgrade at this time.
CGMA exams
Official overview of on-demand objective tests, computer-marked interactions, pre-seen and case-study examinations.
Exam timetable
Current on-demand objective-test availability, February/May/August/November windows and sitting-specific deadlines.
After your exam
Official provisional/final objective-test timing and the six-to-eight-week case-study result timeline.
Management Case Study role summary
Printable official summary of the Finance Manager role and five assessment outcomes.
FAQ
Common CIMA Management questions
Is this an official AICPA & CIMA study guide?
No. It is an independent resource mapped to AICPA & CIMA's current Management Level page, examination blueprints, exam guidance, timetable and qualification-upgrade guidance.
Which assessments make up Management Level on the self-tailored route?
E2 Managing Performance, P2 Advanced Management Accounting and F2 Advanced Financial Reporting are three separate objective tests. After all three are passed or valid exemptions are awarded, the Management Case Study Examination is the capstone.
Can E2, P2 and F2 be taken in any order?
Yes. CIMA permits any order, although the blueprint recommends E2, then P2, then F2 because the Enterprise pillar provides context for the Performance and Financial pillars.
What is the objective-test format?
Each test has 60 independent, equally marked questions in 90 minutes and is available on demand. Multiple choice, multiple response, fill-in-the-blank number entry and drag-and-drop interactions may be used. All required elements must be correct because partial marks are not available.
When are objective-test results available?
A provisional pass or fail is provided when the computer-marked test is completed. CIMA states that the final grade is normally confirmed on the candidate dashboard within 48 hours, with content-area feedback.
What does the Management Case Study simulate?
It simulates the role of a Finance Manager. Candidates combine E2, P2 and F2 knowledge with pre-seen research and new information to produce professional written responses such as emails, memos, reports and briefing notes.
How is the three-hour MCS divided?
There are four equally weighted sections of 45 minutes, each containing more than one sub-task. A candidate may leave a section early but cannot return; the test driver moves automatically to the next section when the 45 minutes expire.
How is the MCS marked and passed?
It is human marked on a 0-150 scaled-score range, with 80 or above being a pass. All five core activities are assessed, but there is no separate pass threshold for an individual core activity. Results are normally available six to eight weeks after the exam.
What are the five MCS core-activity ranges?
Evaluate opportunities to add value; implement senior-management decisions; manage performance and costs to create sustainable value; measure performance; and manage internal and external stakeholders. Each has a 15-25% range, so the ranges are not additive fixed percentages.
What are the objective-test content weights?
E2 is 30% business models and value creation, 40% people performance and 30% projects. P2 is 20% cost/value management, 35% capital investment, 30% organisational-unit performance and 15% risk/control. F2 is 15% financing, 25% reporting standards, 25% group accounts, 10% integrated and sustainability reporting, and 25% working with financial statements.
Does CIMA prescribe the 26 internal study-topic item counts?
No. CIMA publishes the 12 objective-test content-area percentages and five MCS weighting ranges. The 26-topic grouping and its whole-item splits are internal coverage aids that preserve the official domain totals.
Which blueprint applies on 29 July 2026?
The 2026-2027 blueprint applies to current objective tests and the August and November 2026 and February 2027 MCS windows. The published 2027-2028 successor starts with objective tests in January 2027 and case studies in May 2027.
Does the successor blueprint change the assessment structure or weights?
No. E2, P2 and F2 remain 60-question, 90-minute objective tests; the MCS remains a three-hour four-section Finance Manager simulation; and all published objective-test percentages and five MCS ranges are unchanged. Its version 1.1 notes minor F2 wording and standards-appendix maintenance.
What did the 2026 qualification upgrade change at Management Level?
CIMA identifies sustainability reporting in F2 as the Management Level emerging-topic update. It states that this appeared in self-tailored objective tests from January 2025 and in case studies from May 2026. CIMA also explicitly states that there is no Management Level generative-AI upgrade at this time.
How does the Finance Leadership Program pathway differ?
FLP uses continuous assessment instead of separate objective tests, but it converges with the self-tailored route at the Management Case Study. Candidates should follow the requirements of their own pathway rather than assuming every route requires separate E2, P2 and F2 bookings.
Does this module reproduce an authentic MCS response?
No. Authentic MCS performance depends on sitting-specific pre-seen and unseen information, locked timed sections, professional written formats and human marking. Use CIMA's test driver, pre-seen, past variants, suggested solutions and examiner reports for format rehearsal.
Is the 601-item plan an official examination specification?
No. The 150 / 150 / 150 / 151 split is an internal learning-bank allocation. The official assessments remain three objective tests plus one written case study.
What is awarded after Management Level?
Successful completion leads to CIMA's Advanced Diploma in Management Accounting and the part-qualified letters CIMA Adv Dip MA, after which the candidate can progress to Strategic Level.