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Strategic level

Strategic level is the third and final level of CIMA's CGMA Professional Qualification and consists of three subject areas.

What do you learn at the Strategic Level?

Strategic level is the third and final level of the CGMA Professional Qualification and consists of three subject areas and the Strategic level case study exam.

The Strategic level focuses on long term strategic decision making. You will be able to support organisational leaders to craft strategy; evaluate and manage risks that might prevent organisations from successfully implementing strategy; value organisations; and source financial resources required to implement of strategy.

E3 Strategic Management

A. The Strategy process

B. Analysing the organisational ecosystem

C. Generating strategic options

D. Making strategic choices

E. Strategic control

F. Digital strategy

What do you learn in E3?

• The foundation of strategic management and an understanding of the dynamics of the organisational ecosystem and how it affects the strategy of the organisation. 

• Strategic choice and how options are generated, linking them to the purpose, values and vision of the organisation and how the options are evaluated, chosen and integrated coherently to form the strategy of the organisation. 

• How strategy is implemented, how implementation objectives are achieved and how change is managed.

• What are the technologies that underpin digital transformation and various elements of digital strategy.

P3 Risk Management

A. Enterprise risk

B. Strategic risk

C. Internal controls

D. Cyber risk

What do you learn in P3?

• How to identify, evaluate and manage enterprise risks.  

• Where strategic risks emanate from, how to evaluate them and understand how oversight of these risks is critical to the governance of the organisation.

• How internal controls can be used effectively in the risk management process and how to identify, analyse, remedy and report strategic risks including cyber risks. 

F3 Financial Strategy

A. Financial policy decisions

B. Sources of long term funds

C. Financial risks

D. Business valuation

What do you learn in F3?

• The different strategic financial objectives and policy options that are open to organisations. 

• The types of funds available to organisations to finance the implementation of their strategies, including where and how they access these funds at the right time, in the right quantities and at the right cost.

• The sources of financial risk, how to evaluate and manage financial risk appropriately, and techniques in business valuation to assess whether a company has created and preserved value within the organisation. 

• The valuation techniques to calculate value of organisations and conditions applicable for such calculations especially intangibles in the digital world and how to report intangible value and their drivers in integrated reporting.

Strategic Level Case Study

Each level of CIMA's CGMA Professional Qualification culminates in a Case Study Examination, which integrates the knowledge, skills and techniques from across the three pillars into one synoptic capstone examination.

At the Strategic level, the role simulated is that of the senior finance manager. The Case Study Examination provides a simulated context which allows learners to demonstrate that they have acquired the required knowledge, skills, techniques and mindset for that role.

Further detail of the Management Case Study can be found in the Examination Blueprints

Exam pass rates

We publish up-to-date pass rates for the Professional Qualification exams every three months. 

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For the first time, under the updated 2019 Professional Qualification, CIMA has published examination blueprints based on the syllabus which set out what is examinable in each of the nine Objective Tests and three Case Study exams. The Blueprints are published annually, and provide information about the format, structure and weightings of the assessments. 

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Objective Tests

Format: computer based
Availability: on demand at any of the 5,000 Pearson VUE centres around the world
Length: 90 minutes
Marking: computer marked
Results: provisional result available immediately followed by confirmation no more than 48 hours later

Further information
Objective Tests are comprised of a range of items including short multiple choice questions, number entry questions, drag and drop questions and other formats. They test all component learning outcomes across the whole subject.

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Study options

Browse and purchase CIMA approved courses, resources and products for the Certificate in Business Accounting and Professional Qualification, all in one place on the CGMA Study Hub.

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Syllabus document

Find out more about CIMA's CGMA Professional Qualification

Download the 2019 Syllabus