AFMProfessional level

Advanced Financial Management

Complex financial decisions and risk management.

Exam length
3 hours 15 minutes
Pass mark
50%
Level
Professional level
Exam availability
March, June, September, December

Some papers have fewer variants in March and September. Check ACCA for the latest dates.

01 / ABOUT THIS PAPER

Built around the AFM exam

Our AFM course is organised into six areas: Investment Decisions, Corporate Reconstructions, Risk Management, Treasury Management, Financing Decisions and Professional Ethics. Each area comes with exam-style practice questions in the LMS.

Global pass rate: 47% (September 2026 sitting, source: ACCA)

02 / SYLLABUS

What the course covers

01

Investment Decisions

  • Advanced investment appraisal techniques
  • Project valuation and real options
  • Impact of financing on investment decisions
  • International investment decisions
  • Risk analysis in investment appraisal
02

Corporate Reconstructions

  • Mergers and acquisitions
  • Business valuation methods
  • Financing acquisitions
  • Defensive strategies against takeovers
  • Corporate restructuring
03

Risk Management

  • Foreign exchange risk management
  • Interest rate risk management
  • Derivatives and hedging strategies
  • Credit risk management
  • Enterprise risk management
04

Treasury Management

  • Role of the treasury function
  • Working capital management
  • Cash management strategies
  • Short-term investments and borrowings
  • International treasury management
05

Financing Decisions

  • Sources of finance and their relative costs
  • Capital structure theories and practical considerations
  • Dividend policy and its impact
  • Leasing vs. borrowing decisions
  • Islamic finance
06

Professional Ethics

  • Ethical issues in financial management
  • Professional values and ethics
  • Conflicts of interest
  • Social responsibility
  • Ethical decision-making frameworks
PRACTISE IN THE LMS

Practise AFM, marked instantly.

9
practice papers
39
questions today

Each with instant marks, feedback and a tip to improve. You always know whether your answer was right.

Try the LMS demo
03 / YOUR TEACHERS

Meet your teachers

SS
Sheikh Siyaf
Managing Director
JF
Javeriya Firdous
Academic Director

More teachers will be added soon.

04 / KEEP EXPLORING

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