CFAP-04 Strategic Business Finance
Current subject overview based on ICAP’s Autumn 2026 CFAP syllabus.
StageCFAP
Learning Hours110–130
Syllabus BasisAutumn 2026
This page summarizes the official syllabus structure, exam focus and study approach for Strategic Business Finance.
Official Syllabus Structure
| Area | Weightage | What It Covers |
|---|---|---|
| Business Appraisals & Securities | 40–60% | Business valuation, mergers, acquisitions, projects, shareholder value and debt valuation. |
| Capital and its Sources | 25–30% | Financing choices, capital budgeting, rationing and portfolio decisions. |
| Financial Risk Management | 20–25% | Price, currency, interest-rate, liquidity and credit risk assessment and management. |
Key Areas to Prepare
- NPV / APV / IRR / MIRR
- Business valuation
- Mergers & acquisitions
- WACC
- Capital structure
- CAPM
- Portfolio selection
- Interest-rate hedging
- Foreign-exchange hedging
- Risk management
How to Study This Paper
Speed comes from structured workings. Practise valuation, financing and hedging questions under time pressure and always explain the commercial implication of your numbers.
SC E-Learning Resources
Important: ICAP may update examinable laws, standards and study material. Always check the applicable official material for your attempt.