Recommend an overseas investment
Build the cash flows and valuation, then explain assumptions and the decision to the board.
RY STUDIES · ACCA AFM
ACCA AFMAdvanced Financial Management
Prepare for ACCA AFM by turning valuations, investment appraisals and hedging calculations into advice a finance director can act on. Practise explaining assumptions, risk and the reasons for your recommendation.
The syllabus, connected
What AFM asks you to do.
What the exam looks like
3 hours 15 minutes. One compulsory 50-mark case and two compulsory 25-mark questions. Twenty marks assess professional skills. Typical tasks combine valuation or hedging calculations with recommendations and challenges to assumptions.
Choose a hedge
Compare net outcomes, margin cash flows and uncertainty before recommending an instrument.
Evaluate an acquisition or disposal
Calculate value and shareholder effects, and challenge whether the forecast benefits are achievable.
Syllabus updates and the 2027 transition
No content change from 2025/26 to September 2026–June 2027 according to ACCA's change notice. September 2027 is a separate qualification transition.
Learn from examiner observations
Turn exam feedback into a preparation habit.
March/June 2026
Candidates must then plan their answer
- Practise futures including initial margin and daily settlement. When closing spot and futures prices are given, use them instead of automatically applying a lock-in-rate shortcut.
- Write the explanation even when a calculation is difficult. Link hedge comparisons to cash-flow predictability and keep answering later requirements.
September/December 2025
A common failing was to simply state assumptions rather than…
- For each material assumption, explain why it might fail and how the valuation or recommendation changes. Finish the report with an explicit conclusion.
- Separate NPV cash flows from supporting workings. Check cumulative inflation, initial working capital and tax treatment against the scenario.
Prepare for AFM with a feedback loop.
Learn the topic
Study AFM video theory, then apply it to practice tasks.
Check your answer
Written practice uses AI marking and feedback. Discuss the question or your draft with Asya.
Choose what comes next
Your results inform the knowledge map and personal practice priorities.
- Start each hedge with the currency, payment or receipt, settlement date and contract size. Then explain the remaining risk and your recommendation.
- In project appraisal, separate operating cash flows, tax timing, working capital and currency conversion. Explain which assumptions could change the investment decision.
- Treat managerial flexibility as a decision: identify whether the option delays, expands or abandons a project before selecting inputs for its valuation.
Official ACCA sources used for this guide
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A · Financial strategy
Connect funding, dividends, international operations and ESG to the organisation's objectives.
B · Investment decisions
Evaluate projects with tax, inflation, financing, uncertainty and real options; explain what could change the decision.
C–D · Acquisitions and restructuring
Value businesses and shareholder gains, assess synergies, and compare restructuring or disposal choices.
E · Treasury and hedging
Calculate currency and interest-rate hedges, then recommend a method suited to cash-flow needs and risk.
F–G · Professional advice and digital working
Turn spreadsheet workings into a concise, sceptical and commercially useful report.