CIMA 2019 Syllabus – New Syllabus Overview

CIMA 2019 syllabus structure

The 2019 update to the syllabus continues to follow the same structure as the 2015 syllabus. There are 3 core pillars (enterprise, performance and financial) spread across 3 assessment levels (operational, management and strategic). 

There are a total of 12 professional level exams for students to pass including 9 objective test style exams and 3 written case study style exams.

Where there has been no change to the syllabus structure or exam format, the 2019 syllabus does introduce new content as well as a fresh vision for the CIMA qualification.

“When combined with the required practical experience, CIMA qualified members will be capable of supporting and leading their organisations through the challenging environment of constant change. The syllabus, assessments and practical experience requirements ensure members are competent in the essential accounting, finance and business-related skills. It also provides them with the skills required to lead the finance function in a digital age.” – CIMA 2019 Syllabus Document

On this page you will find details of the key content that each of the 3 pillars will focus on within the 2019 syllabus.

If you have any questions about the CIMA 2019 syllabus, please head to our Discussion Page where you will find our new syllabus discussion board as well as our list of FAQs.

CIMA 2019 Syllabus - Strategic Objective Test Exams
CIMA 2019 Syllabus - Management Objective Test Exams
CIMA 2019 Syllabus - Operational Objective Test Exams

CIMA 2019 syllabus content

Click on the boxes below to find more information about the content of the CIMA 2019 syllabus for each module.

Some exams have received more changes than others. For more information on the key differences between the 2015 and 2019 syllabus exams, head over to our Key Changes page.

CIMA E3 Overview

Strategic management:

“Formulate strategy and create conditions for successful implementation…”

CIMA E3 builds on the insights gained from E1 and E2 about how organisations effectively implement their strategies by aligning their structures, people, process, projects and relationships. E3 aims to develop the skills and abilities of the strategic leaders of organisations, enabling them to create the vision and direction for the growth and long-term sustainable success of the organisation. This involves successfully managing and leading change within the process of strategy formulation and implementation.


  • 15% – The strategy process
  • 20% – Analysing the organisational ecosystem
  • 15% – Generating strategic options
  • 20% – Strategic control
  • 15% – Finance interacting with the organisation
  • 15% – Digital strategy

Find out more…

CIMA P3 Overview

Risk management:

“Analyse, evaluate and manage strategic, operational and cyber risks…”

CIMA P3 shows how to identify, evaluate and manage various risks that could adversely affect the implementation of the organisation’s strategy. It provides the competencies required to analyse, evaluate and apply the techniques, processes and internal control systems required to manage risk. It also contains a section raising your awareness to cyber risks. This insight is then used to manage risk associates with both cash flows and capital investment decisions – two important areas of organisational life for which the finance function is responsible.


  • 25% – Enterprise risk
  • 25% – Strategic risk
  • 25% – Internal controls
  • 25% – Cyber risks

Find out more…

CIMA F3 Overview

Financial strategy:

“Create financial strategy, evaluate and manage financial risk and assess organisational value…”

CIMA F3 focuses on the formulation and implementation of financial strategy to support the overall strategy of the organisation. Using insights gained from F1 and F2, it provides the competencies to evaluate the financing requirements of organisations and the relative merits of alternative sources of finance to meet these requirements. Finally, it develops the competencies required to value investment opportunities including the valuation of corporate entities for mergers, acquisitions and divestments.


  • 15% – Financial policy decisions
  • 25% – Sources of long term funds
  • 20% – Financial risks
  • 40% – Business valuation

Find out more…

CIMA E2 Overview

Managing performance:

“Mechanisms to implement decisions and manage people performance…”

CIMA E2 emphasises a holistic, integrated approach to managing organisations, from external and internal perspectives. It builds on the understanding of organisational structuring gained from E1 and is centred on the concept of strategy and how organisational strategy can be implemented through people, projects, processes and relationships. It provides the basis for developing further insights into how to formulate and implement organisational strategy, which is covered in E3.


  • 30% – Business models and value creation
  • 40% – Managing people performance
  • 30% – Managing projects

Find out more…

CIMA P2 Overview

Advanced management accounting:

“Making medium-term decisions and managing costs and performance…”

Focusing primarily on the long term, CIMA P2 builds on the insights about costs and their drivers (from P1) to provide the competencies needed to analyse, plan and manage costs to support the implementation of the organisation’s strategy. It shows how to manage and control the performance of various units of the organisation in line with both short-term and long-term strategy. P2 covers investment decision making and the risks associated with such decisions. It provides the basis for developing deeper understanding of various types of risk affecting the strategy and operations of organisations (covered in P3).


  • 20% – Managing the costs of creating value
  • 35% – Capital investment decision making
  • 30% – Managing performance of organisational units
  • 15% – Risk and control

Find out more…

CIMA F2 Overview

Advanced financial reporting:

“Analysing and communicating insights about the performance of the organisation…”

CIMA F2 builds on the competencies gained from F1. It covers how to effectively source the long-term finance required to fund the operations of organisations, particularly their capital investments. It also deepens the coverage of financial reporting to more complex aspects of group accounting and analyses the rules governing the recognition and measurement of various elements of the financial statements. Finally it shows how to analyse financial statements to provide insights about the financial performance and position of the organisation over time and in comparison with others.


  • 15% – Financing capital projects
  • 25% – Financial reporting standards
  • 25% – Group accounts
  • 10% – Integrated reporting
  • 25% – Analysing financial statements

Find out more…

CIMA E1 Overview

Managing Finance in a digital world:

“How the finance function is organised…”

CIMA E1 focuses on the structuring of organisations in a digital world. It covers the structure and principles underpinning the operational functions of the organisation, their efficient management and effective interactions in enabling the organisation to achieve its strategic objectives. It lays the foundation for gaining further insight into both the immediate operating environment and long-term strategic future of organisations, which are covered in E2 and E3.


  • 20% – Role of the finance function
  • 20% – Technology in a digital world
  • 20% – Data and information in a digital world
  • 20% – Shape and structure of the finance function
  • 20% – Finance interacting with the organisation

Find out more…

CIMA P1 Overview

Management accounting:

“What the finance function does…”

CIMA P1 stresses the importance of costs and the drivers of costs in the production, analysis and use of information for decision making in organisations. The time focus of P1 is the short term. It covers budgeting as a means of short-term planning to execute the strategy of organisations. In addition it provides competencies on how to analyse information on costs, volumes and prices to take short-term decisions on products and services and to develop an understanding on the impact of risk to these decisions. P1 provides the foundation for cost management and the long-term decisions covered in P2.


  • 30% – Cost accounting for decision and control
  • 25% – Budgeting and budgetary control
  • 30% – Short-term commercial decision making
  • 15% – Risk and uncertainty in the short term

Find out more…

CIMA F1 Overview

Financial reporting:

“What the finance function does and its implications…”

CIMA F1 covers the regulation and preparation of financial statements and how the information contained in them can be used. It provides the competencies required to produce financial statements for both individual entities and groups using appropriate international financial reporting standards. It also gives insights into how to effectively source and manage cash and working capital, which are essential for both the survival and success of organisations. The competencies gained from F1 form the basis for developing further insights into producing and analysing complex group accounts (covered in F2) and formulating and implementing financial strategy (covered in F3).


  • 10% – Regulatory environment of financial reporting
  • 45% – Financial statements
  • 20% – Principles of taxation
  • 25% – Managing cash and working capital

Find out more…

When do the new syllabus exams start?

Here are the start dates for the 2019 syllabus CIMA exams:

  • 4th November: Objective test exams
  • February 2020: Case study exams

There is a case study resit in February 2020 for anyone who failed the November 2019 case study. This is running alongside the first new syllabus case study exam, but is testing students on the 2015 syllabus.

For more dates relating to the new syllabus, visit our Important Dates page.


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