Corporate Finance

CISI Corporate Finance Strategy and Advice Exam Preparation

Structured preparation for the final Level 6 CFSA unit in the CISI Diploma in Corporate Finance, covering the latest syllabus and four-hour open-book case-study assessment.

3 compulsory written questions Detailed Study Notes Written-answer focused revision

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This practice paper contains 3 compulsory written questions.

Write your own answers, manage 100 available marks within the published 4-hour time limit, and receive criteria-based practice feedback after submission.

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Responses: 3 compulsory written questions
Marks: 100 available marks
Time: 4 hours exam-conditions option
Selection: All questions in this practice paper required
Feedback: Written-answer criteria after submission

Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam.

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Question (a)

Evaluate8 marks

ScenarioBoard information pack —20 September 2026. Northgate makes precision components for industrial customers. Its three largest customers account for 65% of sales and are consolidating their procurement. A patented input has one reliable supplier. New environmental standards will require investment, while Northgate's engineers have developed a process that reduces customer energy use. A competitor is beginning to imitate it. The board can invest organically over three years or acquire Target B, whose distribution network would provide immediate overseas access. Northgate has not yet tested the network's customer retention or the compatibility of its IT systems. The valuation team estimates Northgate standalone equity value £120m and Target B standalone equity value £40m. All values below are on the same equity-consistent date and basis. Incremental synergy PV before implementation cost is £18m; transaction and integration cost PV totals £6m. The seller seeks £50m cash, with an alternative of part shares. The £18m includes uncertain cross-selling as well as specified procurement savings. Management's bonus depends on completing the acquisition this year. A draft announcement quotes gross savings without costs or timing. A separate target operating forecast has EBIT £20m, accounting depreciation £4m, tax allowances equal to depreciation, capex £6m and increase in operating working capital £2m. Use hypothetical tax 25%. This forecast is for checking the cash-flow method; it is not enough by itself to recalculate the stated standalone value. After integration, a proposed performance target uses adjusted opening capital £80m, NOPAT £10m and WACC 10%. The board wants to reward managers solely on first-year EVA. The integration cash forecast opens with £0.8m and has successive monthly net flows of−£0.5m,−£0.6m and+£0.7m, after all scheduled payments. A committed £0.5m facility is fully available with no other usage. The forecast contains no within-month detail. A key customer has not consented to contract transfer. Assume no particular statutory approval threshold unless the facts supplied establish it.

Advise the board on strategic direction.

Identify and evaluate two material strategic pressures affecting the acquisition choice.

8 marks available. Use the mark allocation to judge how much relevant detail to include.

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Syllabus

Module 1: Corporate Strategy

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Analyse domestic and international business strategy and give relevant advice. This area carries an official weighting range of 15-35%.

• SWOT, PEST and Porter's Five Forces
• Growth strategy and value creation
• Acquisition versus organic growth
• Disposals and the disposal process

Module 2: Mergers and Acquisitions

Evaluate acquisition finance, valuation, enlarged-group effects, integration, restructuring, sale preparation and due diligence. This area carries an official weighting range of 35-50%.

• Acquisition financing and financial effects
• Free-cash-flow, multiples and comparable-company valuation
• Synergies and post-acquisition integration
• Schemes, sale preparation, due diligence and dividend policy

Module 3: Corporate Performance and Reconstructions

Assess advanced corporate performance, recovery, reconstruction, schemes and private equity. This area carries an official weighting range of 30-50%.

• Economic value added and performance analysis
• Business recovery and reconstruction
• Schemes of arrangement
• Role of private equity

Module 4: Supporting Material for Sections 2 and 3

Apply the transaction, capital-markets, advisory, regulatory, governance and investor-relations knowledge required within M&A and reconstruction scenarios.

• Advisory team and capital-raising methods
• Flotations, private equity and quoted-company transactions
• UK Listing Rules, Takeover Code, DTR, UK MAR and AIM Rules
• Directors, governance, shareholders and confidential information

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Free CISI Corporate Finance Strategy and Advice Written Exam Sample Questions

Try 15 CISI Corporate Finance Strategy and Advice answer-planning prompts from Corporate Performance and Reconstructions

Practice CISI Corporate Finance Strategy and Advice written-exam answer planning with sample prompts and model structures, then unlock all five planning sets and chapter study tools.

Exam Practice

Corporate Performance and Reconstructions

Scenario 1 of 15

NOPAT is £10m, invested capital £80m and WACC 10%. What is EVA?

1 / 15

Flashcards

Card 1 of 10Chapter 1

Question

A substitute and a rival differ in what way?

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Focus Learn

Key Written-Exam Areas5

PESTEL and political risk
Five Forces and industry economics
Globalisation drivers and national advantage
Lifecycle and funding implications
SWOT, strategy levels and implementation

Written-Answer Pitfalls to Avoid3

Exam Traps3

Key Numbers5

Chapter 1: The Strategic Environment

Strategy connects long-term direction, the scope of the organisation, competitive advantage, environmental fit, resources and capabilities, and stakeholder values. A corporate finance recommendation therefore begins with the business problem, not the availability of a financing product. Strategic decisions are uncertain, cross-functional and consequential: expanding abroad changes operational demands, cash requirements and exposure to political decisions as well as potential sales.

Analyse the environment at three levels. PESTEL organises political, economic, social, technological, environmental and legal influences in the wider economy. Industry analysis asks how competition and bargaining distribute value. Competitor and market analysis identifies strategic groups, customer segments and…

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Preparation Package at a Glance

Feature	Exams Academy	Details
Access Period	Lifetime Access	One-time enrollment with no recurring fee
Answer-Planning Practice	Unlimited Retakes
Study Support	Instant 24/7 AI Tutor	Self-service AI support; live instructor support is not included
Cost	$199 (One-Time)	One-time payment with no recurring subscription

Frequently Asked Questions

The course follows CISI's latest publicly available Corporate Finance Strategy and Advice workbook and official Version 12 syllabus, with dated updates for rules that have changed. Check CISI candidate updates for your examination date.

Corporate Finance Strategy and Advice is assessed through a four-hour open-book narrative case study. Candidates have 55 minutes to review and annotate the information, a five-minute transition, and three hours for written answers. Printed reference materials are permitted; electronic reference materials are not permitted in the official exam.

CFSA is the final Level 6 unit in the current four-unit Diploma route. It follows FRFS, SFCIV and MAMR. Candidates using legacy or exemption routes should check their current eligibility directly with CISI.

Version 12 gives Corporate Strategy a 15-35% range, Mergers and Acquisitions 35-50%, and Corporate Performance and Reconstructions 30-50%. Supporting material is applied within the M&A and reconstruction sections rather than receiving a separate weighting.

No. It is an open-book narrative case study requiring analysis, professional judgement, conclusions and commercially practical recommendations. The course’s selected-response sets are answer-planning practice; its original written cases develop typed analytical recommendations. Neither is an official CISI paper.

Yes. There are five original written cases, 19 chapters, 225 flashcards, 163 reference items and 300 answer-planning practice questions. Practice feedback and the 70% mastery reference are not official grades. The official pass mark varies and is never below 50%.

CFSA is assessed in writing. This original practice paper provides 240 minutes and 100 practice marks, with 3 compulsory written questions. These practice counts do not establish the official paper structure. Marking guidance stays hidden until submission. Try the free written-answer preview.

Key Benefits

Four-hour case-study method

Separate the 55-minute information-review stage from the three-hour writing stage and use each period deliberately.

✓ Issue and evidence mapping
✓ Analysis and calculation planning
✓ Timed report delivery

Integrated corporate-finance judgement

Connect strategic, transaction, performance and regulatory evidence before selecting a recommendation.

✓ Corporate strategy and value creation
✓ M&A alternatives and financing
✓ Performance, recovery and reconstruction

Board-level report structure

Turn case facts into balanced analysis, conclusions and practical recommendations for the intended audience.

✓ Executive summary and terms of reference
✓ Numerical and narrative evidence
✓ Risks, implementation and next steps

Exam Format & Details

Assessment	Four-hour open-book narrative case study: 55-minute review, five-minute transition and 180-minute written stage
Duration	240 Minutes
Level	CISI Level 6
Total Qualification Time	300 hours

Prepare for the CISI Corporate Finance Strategy and Advice examination

Corporate Finance Strategy and Advice is the final Level 6 narrative unit in the current CISI Diploma in Corporate Finance route. It follows Financial Reporting and Financial Statements Analysis, Sources of Finance, Capital Investments and Valuations, and Mergers & Acquisitions and Market Regulations.

The course follows the official Version 12 syllabus and preserves the workbook’s 19 study chapters. Version 12 groups the technical content into Corporate Strategy, Mergers and Acquisitions, Corporate Performance and Reconstructions, and supporting transaction material. The three weighted areas carry ranges of 15-35%, 35-50% and 30-50% respectively, so candidates must prepare for an integrated scenario rather than predict one fixed topic split.

The official assessment is a four-hour open-book case study. Candidates receive 55 minutes to review and annotate the information, a five-minute transition and a three-hour written stage. The assessment tests the ability to assimilate evidence, analyse financial and non-financial information, exercise professional and ethical judgement, and communicate practical recommendations. The course includes 19 lessons, 225 flashcards, 163 reference items including 38 worked calculations, 300 answer-planning practice questions in five sets, and five original four-hour written cases. The cases use an authored three-question, 100-mark design; these counts are not presented as a fixed official paper structure. Selected-response exercises support revision and answer planning rather than reproduce the official written assessment.

Who Is This For?

✓ Candidates preparing for the CISI Corporate Finance Strategy and Advice examination

✓ Professionals completing the current CISI Diploma in Corporate Finance route

✓ Corporate-finance advisers who need to integrate strategy, valuation, transaction and regulatory evidence

✓ Candidates preparing to write commercially focused case-study reports under time pressure

Preparation centre

Use these connected guides for the syllabus, exam format, booking and revision strategy.

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Booking & costs

CISI CFSA Exam Guide: Four-Hour Open-Book Case Study

Understand the CISI CFSA Level 6 exam, its four-hour open-book format, syllabus weightings and a practical review-and-writing plan for the case study.

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