Study Mode
Instant feedback & explanations
See the answer and explanation after each choice.
Corporate Finance
CISI Corporate Finance Strategy and Advice Exam Preparation (UK)
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
Exams Academy exclusive
CFSA is a written exam — train for it here
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.
Preview one sample question- 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.
5 mock exams / unlimited practice
Self-Paced Learning
Certificate of Completion
Full Chapter Audio Lessons New
Listen to extended lessons covering the examinable rules, numbers and traps in every chapter.
🎧 Audio
* This is a chapter sample. All audio is available in the full version.
Free exam-practice preview
Type your answer. See which marking points you covered.
Try one 8-mark CFSA written question. After you submit, you’ll receive a clear breakdown of the points your answer covered and what to improve.
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
8 marks available. Use the mark allocation to judge how much relevant detail to include.
Enter at least 10 characters. Do not enter real client or personal information.0 / 6,000
Syllabus
Module 1: Corporate Strategy
🎧 Audio
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
Student Reviews
4.7
★★★★★
Based on 937 reviews
5 stars
50%
4 stars
50%
3 stars
0%
2 stars
0%
1 stars
0%
Real Reviews, Real Results
From verified learners who used Exams Academy to prepare for their exams.
Recent Exams Academy learner reviews
Published feedback from learners using Exams Academy across our exam-preparation courses.
ه
هيفاء ق.
Jul 23, 2026
★
★
★
★
★
Exams Academy learner feedback
شرح الأسهم والسندات واضح
الملخصات واضحة وتوصيل المعلومة ممتاز، خاصة في فصول الأسهم والمشتقات المالية. منصة تستحق التجربة.
T
Timothy K.
VERIFIED · Jun 22, 2026
★
★
★
★
★
★
Trustpilot
Brilliant learning system
The active recall approach is highly effective. The mock exams prepare you perfectly for the real environment.
S
Sylvia N.
VERIFIED · Jun 18, 2026
★
★
★
★
★
★
Trustpilot
Outstanding support
Whenever I asked the AI tutor a question, the response was detailed and pointed directly to the rules.
S
Sophie T.
VERIFIED · Mar 20, 2026
★
★
★
★
★
Clutch
CFR takeover code 2026
Takeover code changes for 2026 are handled well here. Simplified the most complex part of the syllabus. Pass secured 81%.
K
Khalid M.
VERIFIED · Feb 14, 2026
★
★
★
★
★
Google
2026 content is live!!
Just used the updated 2026 GSCMR material. The new rules on sustainable finance in KSA are already included. Cleared it with 88% yesterday!
Response from Exams Academy
That's great to hear. We designed the flashcards specifically for last-minute revision — glad they helped!
E
Ethan M.
VERIFIED · Jan 13, 2023
★
★
★
★
★
★
Trustpilot
Passed with 81%!!
SAFIU reporting requirements.... All the timelines and triggers are laid out perfectly. Honestly way better than reading the official pdf. Scored 81% first try.
Interactive preview
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
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?
Tap to reveal answer
Focus Learn
- PESTEL and political risk
- Five Forces and industry economics
- Globalisation drivers and national advantage
- Lifecycle and funding implications
- SWOT, strategy levels and implementation
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…
Unlock all Focus Learn
Open every chapter’s key areas, pitfalls, exam traps and key numbers.
Adaptive study tools
Focus weak topics, learn with feedback, then switch to exam conditions.
Practice modes
Learn first. Then prove you’re ready.
Learn with feedback, then switch to exam conditions.
Practice Mode
Timed answer-planning practice
Use the timer, keep answers hidden, then review your result.
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.
No. For UK regulated activities, the firm must map the role to the FCA Training and Competence sourcebook and its appropriate-qualification tables. A CISI course title alone does not establish authorisation for every activity. Confirm the requirement with the employer and regulator before booking.
Use the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Corporate Finance Strategy and Advice. Confirm the current workbook edition and read Candidate Updates before booking.
Exams Academy checkout is displayed in US dollars and the card provider converts it to GBP. The official CISI exam and required workbook are booked and paid for separately at the current CISI price.
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
CISI Corporate Finance Strategy and Advice Exam Guides
Use these connected guides for the syllabus, exam format, booking and revision strategy.
★★★★★ 4.7 (937 Exams Academy reviews)
CISI Corporate Finance Strategy and Advice
Course Features
🇬🇧 Local market guide
CISI Corporate Finance Strategy and Advice in the United Kingdom: pathway, booking and careers
Review how CISI Corporate Finance Strategy and Advice connects to regulation, qualification pathways, booking, currency and careers in the United Kingdom before paying the official exam fee.
Regulator and qualification pathway
For UK regulated activities, the firm must map the role to the FCA Training and Competence sourcebook and its appropriate-qualification tables. A CISI course title alone does not establish authorisation for every activity.
Financial Conduct AuthorityBooking and official examination
Use the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Corporate Finance Strategy and Advice. Confirm the current workbook edition and read Candidate Updates before booking.
Find a CISI test centreCareer and employer context
CFSA is most relevant to UK corporate-finance advisory, strategy, mergers and acquisitions, restructuring and strategic-finance roles. The CISI Diploma supports professional competence; the employer and regulator determine the requirements for each role and regulated activity.
Price and currency
Exams Academy checkout is displayed in US dollars and the card provider converts it to GBP. The official CISI exam and required workbook are booked and paid for separately at the current CISI price.
Market-specific reading
Understand the pathway before booking
Ready to Pass Your Exam?
Build accurate recall and exam-day confidence with syllabus-aligned study tools, realistic practice and a course-grounded AI tutor.
CISI Corporate Finance Strategy and Advice
★ 4.7 (937)
$199 $499
-60%