cima strategic case study new syllabus

How to pass the Strategic Case Study

Remember at Operational Case Study (OCS) you are a finance assistant and at Management Case Study (MCS) you are a finance manager. At Strategic Case Study (SCS), however, you are one step higher to reflect the level of your studies. So you need to think strategically, as an advisor to the board. This article has been developed to set you up for CIMA's CGMA Strategic case study exam, so you can be in the best possible position to pass.

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If CIMA’s CGMA Professional Qualification sets out to reach one goal, it’s this: to enhance your employability. Upon completion, you’ll have the skills, competencies and mindset that employers want. 

The syllabus comprises three levels of achievement. You’ll start at the Operational level and move on to Management before culminating at the Strategic level. Throughout, you’ll study nine subjects from three areas of knowledge: Enterprise, Performance and Financial. To earn the CGMA Professional Qualification, you’ll need to complete all three levels — the average student takes around four years — and have three years of relevant practical experience. 

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CIMA Strategic Case Study

Theory revision series

In our post-exam surveys after almost every strategic case study exam, students tell us they wish they’d spent MORE time revising the theory from their E3, F3 and P3 exams.

For many students, it’s been months (if not years) between them passing their objective test exams and attempting the case study – a lot of time for their knowledge to slip!

And yet, to revise all three subjects in full is nigh on impossible when you also have to understand the pre-seen and master your case study technique too.

Our aim is to save you time and make your life easier!  We have examined the last 8 years of case studies to work out what theory tends to come up regularly and what rarely comes up at all, and summarised all the key examinable topics in a clear and simple way in our revision texts and videos.

Our SCS theory revision series: + Covers all the most important theory that you need to know for the case study exams + Converts the key content from over 1,100 pages of syllabus study texts into just 552 pages + Condenses the theory into manageable chunks, with around 33 hours of video to watch + Gives you the platform to successfully apply the syllabus theory to the pre-seen company and the un-seen exam scenarios

Find out exactly what’s covered and take a look at our samples from the theory revision series below.

“I couldn’t recommend Astranti enough. I used them throughout my case study preparations and found their materials prepared me so well for the exams, meaning I was confident in all aspects from exam technique to theory to case study analysis.”

CIMA Case Study Student , January 2024

“I have completed CIMA’s MCS and SCS with Astranti and have passed them both at first attempt. Great Customer Service, Course Structure is Excellent. Mocks and Theory Revision Kits are the best feature of the course.”

CIMA Qualified , April 2022

Learn what it takes to pass

Focus on the key topics you’re most likely to be tested on

Refresh your syllabus knowledge with help from our tutors

Clear and simple examples bring each topic to life

Reduce revision time

Avoid rereading the full E3, F3 and P3 study texts

Save yourself time and focus on the most important topics

Revise from one place, using our study texts or videos

Switch up your learning

Watch the videos, download the audio or print the study texts

Cement your knowledge in the way that suits you

Content is split into manageable chunks to make things easier

Take a look for yourself…

Part 1 – Key theory from CIMA E3

Part 1 - What's covered?

• Chapter 1: Mission and Objectives
• Chapter 2: External Analysis
• Chapter 3: Scenario Analysis
• Chapter 4: Internal Analysis
• Chapter 5: Product and Corporate Appraisal
• Chapter 6: Developing Strategic Options
• Chapter 7: Strategy Evaluation
• Chapter 8: Supply Chain Management
• Chapter 9: Digital Technologies

Total video running time: 10 hours

Part 2 – Key theory from CIMA F3

Part 2 - What's covered?

• Chapter 1: Finance Strategy
• Chapter 2 : Dividend Policy
• Chapter 3: Equity Finance
• Chapter 4 : Debt Finance
• Chapter 5: Financial Risk
• Chapter 6: Currency Risk
• Chapter 7: Mergers and Acquisitions
• Chapter 8: Business Valuation I
• Chapter 9: Business Valuation II

Total video running time: 13 hours

Part 3 – Key theory from CIMA P3

Part 3 - What's covered?

• Chapter 1: Risk
• Chapter 2: Further Risk Management
• Chapter 3: Governance and Reporting
• Chapter 4: Internal Controls
• Chapter 5: Management Control Systems
• Chapter 6: The Role of Internal Audit
• Chapter 7: Cyber Threats
• Chapter 8: Cybersecurity Objectives
• Chapter 9: Cybersecurity Processes

What our students have to say…

Please see our  testimonials page  for our latest student reviews. Here are a couple of examples:

“I passed my SCS exam in November 2023. As I came through the CFO pathway, I knew I needed to fill knowledge gaps before tackling the CIMA Strategic Case Study.

Astranti’s Strategic level theory summaries proved invaluable for this. This streamlined approach saved me precious time and helped me confidently navigate the pre-seen material.”

CIMA Qualified , November 2023

“I have purchased the theory revision series for Management Case Study and now Strategic. Very informative and provides useful scenarios you can expect to see in the exams as well as gaining an understanding of how to build application marks in case studies.

I passed MCS first time with the help of this, so I’ve purchased in again for SCS. Fingers crossed! Would highly recommend this revision series. Thank you!”

Passed CIMA MCS , October 2021

Purchase the theory revision series

The Theory Revision Series is also part of our SCS Premium Course. Head to the course page to find out more.

SCS Theory Revision Series £165

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2019 CIMA Syllabus – key updates

In november 2019, cima introduced a new syllabus that changed the content of what future professionals would study., what is staying the same, the examination framework (exams).

Those familiar with the CIMA Examination Framework will notice, from the illustration, that current key features have all been retained: These are:

• 3 knowledge pillars – Enterprise, Performance and Financial
• 3 achievement levels – Operational, Management and Strategic
• 3 objective test exams at each level (E1/P1/F1, E2/P2/F2, E3/P3/F3)
• 3 case study exams at each level
• Practical Experience Requirements to be demonstrated and recorded

The names of the current exams also remain largely unaffected, with only a few changes highlighted in the table below:

What has changed?

The competency framework (skills).

The new 2019 CIMA Syllabus will reflect how technology and a digital mindset will be required to affect and influence a student’s own decisions, actions and behaviours, as well as those of colleagues within a wider organisation. To be able to do this, five sets of skills have been identified. These are technical accounting and finance skills, business skills, people skills, leadership skills and digital skills. As part of these areas, a digital mindset will play a crucial part in underpinning these categories.

The syllabus content on each exam, across the Professional Level, has been updated with this underpinning in mind. Students will be expected to demonstrate competence in their digital skills to a varying extent across all of the exams.

Syllabus Outcomes

To facilitate the new digital focus, syllabus outcomes have been reviewed for all exams in conjunction with a general refresh and update. BPP is working with CIMA to prepare and publish helpful transition guides for each paper: These will highlight syllabus outcomes which have been introduced or removed from the syllabus. In addition, these will show where syllabus outcomes have changed focus to consider the content from a digital world perspective.

A brief overview of the changes by each pillar is as follows:

Enterprise Pillar Changes

The Enterprise Pillar exams have seen the most change, with some traditional models and theories removed to allow for a significant shift in focus to digital concepts and issues. This is introduced in E1, now renamed “Managing Finance in a Digital World”, which introduces topics such as cloud computing, big data analytics, blockchain and even 3D printing. E2, renamed “Managing Performance”, follows on from this to explore the disruption to businesses and business models caused by the digital world, while also focusing on how companies need to prepare and adapt. E3 Strategic Management has a whole new syllabus area dedicated to Digital Strategy, with business ecosystems and networks prevalent throughout the paper. 

Performance Pillar Changes

Big data analytics have been thoroughly embedded throughout all of the exams in this pillar, along with how they can be used and the associated risks. Other digital topics such as stress testing and business intelligence systems feature in P1 and P2, with P3 seeing a whole new syllabus area dedicated to Cyber Risk.

Financial Pillar Changes

The Financial Pillar has seen the least impact due to the new digital focus. However, Integrated Reporting has expanded to reflect its growing prominence. Each of the Financial Pillar papers has seen some syllabus content reallocated, with all group accounting moved from F1 up to F2, along with a few other standards, and financial risk being added to F3.

Paper Changes to the CIMA 2019 Syllabus

In each section below we explore the syllabus changes as they impact each Professional Level syllabus, showing you where content is brand new, where it has been updated to reflect a more digital focus and where it has moved between papers.

E1: Managing Finance in a Digital World 

With a change of name as well as a big shift in focus to digital issues, E1 is the paper which saw the most change, with 60% of the content new and much of the remaining content considering how businesses now operate in a digital world.

E1 Syllabus areas – content changes

P1: management accounting.

P1 remained broadly the same, however two syllabus areas were refreshed to consider digital issues related to costing. P1 Syllabus areas – content changes

F1: Financial Reporting 

F1 had the least change of all the professional OT papers, and the syllabus was even reduced in size. This is because Consolidated Financial Statements (group accounting) was moved to F2, along with a few other accounting standards.

F1 Syllabus areas – content changes  

E2: managing performance.

E2 presented the newest content at Management Level with a new syllabus area, Business Models, introduced representing 30% of the syllabus. Some of the more traditional business theories and strategies were removed from the old E2 syllabus to make way for new strategies with more relevance to businesses working in a digital world. Introduction to Strategic management was also removed and can now be found in the new E3 syllabus.

E2 Syllabus areas – content changes

P2: advanced management accounting.

Three of the four P2 syllabus areas include content relating to digital issues such as data analytics and stress testing, equating to approx. 15-20% of the syllabus, however much of the pre-existing syllabus remained broadly the same. Learning curves and optimal pricing are no longer in the syllabus.

P2 Syllabus areas – content changes

F2: advanced financial reporting.

The F2 syllabus was expanded. Group Accounts, and some other accounting standards, were moved up from F1. F2 didn’t escape the addition of digitally focused content, but only 10% of the F2 syllabus was dedicated to new digital content – Integrated Reporting.

F2 Syllabus areas – content changes  

E3: strategic management.

Around 25% of the syllabus was brand new, including a new area on Digital Strategy and the introduction of Business Ecosystems into the CIMA syllabus for the first time.  A further 15% of the syllabus was moved up from E2, where strategy management and processes are introduced.  

E3 Syllabus areas – content changes

P3: risk management.

The P3 syllabus saw the most change at Strategic level with 40% new digitally focused content across all areas of the syllabus, most notably the new area of Cyber Risks which represents 25% in its own right. 

P3 Syllabus areas – content changes

F3: financial strategy.

The F3 syllabus remained broadly the same. 20% of the content has changed but this is due to the relocation of Financial Risk management from P3.

F3 Syllabus areas – content changes  

For more information, download the  CIMA’s 2019 Syllabus brochure  or  visit their website .

Back to insights

CIMA Student Series: Strategic Case Study (SCS)

The Strategic Case Study represents the final hurdle for CIMA students. In this article, Angelo Koukios demonstrates the importance of the right attitude. His never-say-die attitude and ability to identify and improve his weaknesses saw him improve his score by 25 marks between his first and second attempts.

Angelo Koukios currently works as a financial advisor at Grant Thornton (see LinkedIn profile here ). Angelo enjoys a versatile working experience in two different countries (England & Greece) within a variety of industries and roles. His main areas of interest are predominantly financial planning and analysis in the context of financial modelling, along with the application of advanced data analytics and Business Intelligence (BI) techniques. During his free time, Angelo loves to hang out with friends, exploring the beauty of Greece as well as watching and playing sports. ‍

The Strategic Case Study represents the final hurdle for CIMA students. In this article, Angelo demonstrates the importance of the right attitude. His never-say-die attitude and ability to identify and improve his weaknesses saw him improve his score by 25 marks between his first and second attempts. ‍

When did you take the SCS exam and how did you get on? Was it your first attempt?

I successfully passed the SCS exam in May 2019 and that was my second attempt. As the saying goes, “you are allowed to fall, but you must get back up”. I failed with my first attempt with a scaled score of 78 (just 2 marks below the passing grade), and I am sure that you can imagine how devastated I was. I had to go down the same road over again, in the context of a new case study scenario, only because I got a result slightly lower than the pass mark. By being persistent, paying more attention to those small things that make the difference and having the unlimited support of VIVA, I eventually got the desired pass mark, this time 103.      

How long did you spend preparing for the SCS paper?

My preparation for the SCS paper lasted approximately 6 weeks. Believe me, time flies! On average, I was studying approximately 4 hours per working day and approximately 10 hours on Saturdays and Sundays.  

Did you take a course or did you opt for self-study?

As you can imagine, self-study and commitment are the most important parts in this journey. However, VIVA’s SCS Genius Study Pack paved the way for succeeding in the exam. The case study preparation videos, professional marking of my mock exams with detailed comments and the one-to-one session helped me to familiarise myself with exam requirements and conditions. In the SCS exam it is not just a test of what you know, but also a test of how you manage to express that knowledge in a specific scenario. This is exactly where VIVA’s terrific contribution makes the difference and equips you with confidence during the actual exam.

What (if anything), did you find especially difficult with the SCS in relation to your preparation?

Definitely, balancing work, personal and study life is the toughest part of this process. As time is probably the most valuable asset that we have as individuals, the CIMA qualification requires substantial amounts of it, if you want to reap the benefits of this accreditation. Getting inspiration from the virtue of learning more and envisioning a better future are key incentives to push yourself forward and never give up.

What (if anything), did you find especially difficult with the SCS in relation to the exam day?

I believe that time management is key on the exam day. However, more often than not, good time management is highly correlated with good preparation. The more you know, the more efficient you become when you express that knowhow either verbally or on paper.

Was there an area of the Strategic syllabus that you liked more than others?

Most students struggle with hedge accounting or currency and interest hedges. I was one of those to be honest. However, this gradually became one of my favourites along with valuations, Big Data and the Balance Scorecard.

Was there an area of the Strategic syllabus that you liked less than others?

Probably the areas of Integrated Reporting and GRI were not “my cup of tea”. However, I grasp the main attributes of those two areas and I was prepared to implement them in the case scenario.

Do you have any tips for other students about to sit the SCS?

Stay focused, be confident, aim for the best but also be prepared for the worst. Life is a marathon, not a sprint. SCS is a “once in a lifetime” experience and as such, presents particular challenges that are unique to it.

Were there any study techniques you used that were particularly helpful?

Reviewing weak areas again and again with a fresh view and continuous familiarisation with the industry and the scenario itself are critical success factors for exam success.  

Do you have any final comments/recommendations/feelings/thoughts about your SCS experience?

Have fun! The learning process and exams are tough. However, the whole experience makes you stronger and better. As the song says: “At the end of a storm, there's a golden sky”!

‍ You might want to explore and learn more about our CIMA Strategic Case Study Course . You can also check our webinar for Introduction to the SCS, register here .

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Leading Change and Organizational Renewal

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Leading Change and Organizational Renewal FAQs

What are the learning requirements in order to successfully complete the course, and how are grades assigned.

Participants in Leading Change and Organizational Renewal are eligible for a Certificate of Completion from Harvard Business School Online.

Participants are expected to fully complete all coursework in a thoughtful and timely manner. This will mean meeting each week’s course module deadlines and fully answering questions posed therein. This helps ensure your cohort proceeds through the course at a similar pace and can take full advantage of social learning opportunities. In addition to module completion, we expect participation in the social learning elements of the course by offering feedback on others’ reflections and contributing to conversations on the platform. Participants who fail to complete the course requirements will not receive a certificate and will not be eligible to retake the course.

More detailed information on course requirements will be communicated at the start of the course. No grades are assigned for Leading Change and Organizational Renewal. Participants will either be evaluated as complete or not complete.

What materials will I have access to after completing Leading Change and Organizational Renewal?

You’ll have access to the materials in every prior module as you progress through the program. Access to course materials and the course platform ends 60 days after the final program deadline.

At the end of each course module, you can download a PDF summary highlighting key concepts introduced in the course. At the end of the program, you’ll receive a PDF compilation of all the module summary documents. We hope these serve as a helpful resource after you finish the course.

What is the personal case project?

The personal case project is a learning exercise spanning all six modules of Leading Change and Organizational Renewal. It allows participants to apply course concepts to a real organizational challenge.

Participants identify a performance or opportunity gap within their organizations and analyze the root causes of it using course frameworks like the four components of architecture. Based on this analysis, participants propose an action plan to address the gap. Throughout the course, they refine their project based on peer feedback to develop an evidence-based solution grounded in course learnings.

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Harvard Business School Online Certificate in Leading Change and Organizational Renewal [Cohort Start Month and Year]

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Leading Change and Organizational Renewal is a 6-week, 35-40-hour online certificate program from Harvard Business School. Leading Change and Organizational Renewal equips experienced team leaders with tools and frameworks to anticipate and respond to external shifts, overcome barriers to change, and drive transformation.

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Strategic Case Study Exam — CIMAstudy.com course

The only online learning resource reviewed and approved by the CIMA faculty, delivered in partnership with Kaplan. More than 120 hours of online learning content per module.

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Aim of the syllabus

In an increasingly digital world, it is imperative that finance professionals possess relevant technical skills, a sound understanding of their organisation, as well as the ability to influence and lead people. This will make them capable of providing the insight their organisations need to craft and successfully execute their strategies.

Topics covered

The case study is designed to bring together the knowledge learned at the objective test levels. The case study exam is tested using core syllabus areas designed to reflect the daily tasks expected of a finance professional at the relevant exam level.

The Strategic level focuses on long-term strategic decision making. Candidates 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 implementation of strategy.

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