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I. Financial Management (FM)The aim of FM is to develop the knowledge and skills expected of a finance manager, in relation to investment, financing, and dividend policy decisions.The syllabus for Financial Management (FM) is designed to equip candidates with the skills that would be expected from a finance manager responsible for the finance function of a business. It prepares candidates for more advanced and specialist study in Advanced Financial Management (AFM).A Financial management function1. The nature and purpose of financial management2. Financial objectives and relationship with corporate strategy3. Stakeholders and impact on corporate objectives4. Financial and other objectives in not-for-profit organisationsB Financial management environment1. The economic environment for business2. The nature and role of financial markets and institutions3. The nature and role of money marketsC Working capital management1. The nature, elements and importance of working capital2. Management of inventories, accounts receivable, accounts payable and cash3. Determining working capital needs and funding strategiesD Investment appraisal1. Investment appraisal techniques2. Allowing for inflation and taxation in DCF3. Adjusting for risk and uncertainty in investment appraisal4. Specific investment decisions (lease or buy, asset replacement, capital rationing)E Business finance1. Sources of, and raising, business finance2. Estimating the cost of capital3. Sources of finance and their relative costs4. Capital structure theories and practical considerations5. Finance for small- and medium-sized entities (SMEs)F Business valuations1. Nature and purpose of the valuation of business and financial assets2. Models for the valuation of shares3. The valuation of debt and other financial assets4. Efficient market hypothesis (EMH) and practical considerations in the valuation of sharesG Risk management1. The nature and types of risk and approaches to risk management2. Causes of exchange rate differences and interest rate fluctuations3. Hedging techniques for foreign currency risk4. Hedging techniques for interest rate riskH Employability and technology skillsII. Advanced Financial Management (AFM)AFM develops upon the core financial management knowledge and skills covered in the Financial Management (FM) syllabus and prepares candidates to advise management and/or clients on complex strategic financial management issues facing an organisation.A Role of senior financial adviser in the multinational organisation1. The role and responsibility of senior financial executive/advisor2. Financial strategy formulation3. Corporate environmental, social, governance (ESG) and ethical issues4. Management of international trade and finance5. Strategic business and financial planning for multinational organisations6. Dividend policy in multinationals and transfer pricingB Advanced investment appraisal1. Discounted cash flow techniques2. Application of option pricing theory in investment decisions3. Impact of financing on investment decisions and adjusted present values4. Valuation and the use of free cash flows5. International investment and financing decisionsC Acquisitions and mergers1. Acquisitions and mergers versus other growth strategies2. Valuation for acquisitions and mergers3. Regulatory framework and processes4. Financing acquisitions and mergersD Corporate reconstruction and re-organisation1. Financial reconstruction2. Business re-organisationE Treasury and advanced risk management techniques1. The role of the treasury function in multinationals2. The use of financial derivatives to hedge against forex risk3. The use of financial derivatives to hedge against interest rate riskF Professional skills1. Communication2. Analysis and evaluation3. Scepticism4. Commercial acumenG Employability and technology skills

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