ACCA FM Syllabus September 2026 to June 2027

The Financial Management syllabus, September 2026 to June 2027

ACCA's study guide for September 2026 to June 2027 says there have been no additions, deletions or amendments to the FM syllabus for this period. It has seven examined areas, plus employability and technology skills, shown by working in the computer-based exam.

Section A	Financial management function
Section B	Financial management environment
Section C	Working capital management
Section D	Investment appraisal
Section E	Business finance
Section F	Business valuations
Section G	Risk management

Section A

Financial management function

Section B

Financial management environment

Section C

Working capital management

Section D

Investment appraisal

Section E

Business finance

Section F

Business valuations

Section G

Risk management

The areas

A Financial management function: objectives, stakeholders and not-for-profit organisations.
B Financial management environment: the economy, financial markets and institutions, and money markets.
C Working capital management: inventory, receivables, payables and cash, and funding strategies.
D Investment appraisal: the techniques, inflation and tax, risk and uncertainty, and lease or buy, asset replacement and capital rationing.
E Business finance: sources of finance, the cost of capital, capital structure and finance for SMEs.
F Business valuations: valuing shares, debt and businesses, and market efficiency.
G Risk management: currency and interest rate risk and how to hedge them.

What is excluded

The study guide says no numerical questions will be set on foreign currency derivatives or interest rate derivatives, and no calculations are required on Islamic finance.

How this course follows it

Every question and lesson here is written to the September 2026 to June 2027 study guide, one lesson for each of its 17 topics.

Try 3 questions

Question 1 · Section A · Syllabus A1 to A42 marks

The financial management function

Ennis Co's directors met their target of 10% growth in earnings per share: EPS rose from 40 cents to 44 cents. Over the same year the share price fell from $6.00 to $5.40, and the company paid a dividend of $0.36 a share.

Which conclusion is correct? (2 marks)

Total shareholder return was -4.0%, so shareholders lost wealth while the EPS target was metTotal shareholder return was -10.0%, as the dividend is irrelevantEPS rose 10%, so shareholder wealth rose 10%Total shareholder return was 6.0%, so shareholders gained despite the fall in the company's share price

Question 2 · Section A · Syllabus B1 to B32 marks

The financial management environment

Harker Co's home currency is the dollar. It invoices its overseas customers in dollars and buys raw materials priced in velans (VL). The dollar weakens by 10% against the velan.

Which TWO of the following are the likely effects on Harker Co? (2 marks)

Tick 2Its goods become dearer for overseas customers, so export volumes may fallIts dollar revenue on each export sale falls by about 10%Its goods become cheaper for overseas customers, so export volumes may riseThe dollar cost of its imported raw materials risesThe dollar cost of its imported raw materials falls

Question 3 · Section A · Syllabus G2, G42 marks

Interest rate risk

Sole Co's 6% irredeemable loan notes trade at $96 per $100 nominal value, ex interest.

What is the interest yield on the notes? (2 marks)

5.76%6%6.25%10%

Questions people ask

Has the ACCA FM syllabus changed for 2026 to 2027?

No. ACCA's study guide says there have been no additions, deletions or amendments to the syllabus for September 2026 to June 2027.

Are currency futures and options calculations examinable in FM?

No. The study guide says no numerical questions will be set on foreign currency derivatives or on interest rate derivatives.

Does FM test Islamic finance?

Yes, as knowledge: the study guide says calculations are not required.

n	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%	13%	14%	15%	16%	17%	18%	19%	20%
1	0.990	0.980	0.971	0.962	0.952	0.943	0.935	0.926	0.917	0.909	0.901	0.893	0.885	0.877	0.870	0.862	0.855	0.847	0.840	0.833
2	0.980	0.961	0.943	0.925	0.907	0.890	0.873	0.857	0.842	0.826	0.812	0.797	0.783	0.769	0.756	0.743	0.731	0.718	0.706	0.694
3	0.971	0.942	0.915	0.889	0.864	0.840	0.816	0.794	0.772	0.751	0.731	0.712	0.693	0.675	0.658	0.641	0.624	0.609	0.593	0.579
4	0.961	0.924	0.888	0.855	0.823	0.792	0.763	0.735	0.708	0.683	0.659	0.636	0.613	0.592	0.572	0.552	0.534	0.516	0.499	0.482
5	0.951	0.906	0.863	0.822	0.784	0.747	0.713	0.681	0.650	0.621	0.593	0.567	0.543	0.519	0.497	0.476	0.456	0.437	0.419	0.402
6	0.942	0.888	0.837	0.790	0.746	0.705	0.666	0.630	0.596	0.564	0.535	0.507	0.480	0.456	0.432	0.410	0.390	0.370	0.352	0.335
7	0.933	0.871	0.813	0.760	0.711	0.665	0.623	0.583	0.547	0.513	0.482	0.452	0.425	0.400	0.376	0.354	0.333	0.314	0.296	0.279
8	0.923	0.853	0.789	0.731	0.677	0.627	0.582	0.540	0.502	0.467	0.434	0.404	0.376	0.351	0.327	0.305	0.285	0.266	0.249	0.233
9	0.914	0.837	0.766	0.703	0.645	0.592	0.544	0.500	0.460	0.424	0.391	0.361	0.333	0.308	0.284	0.263	0.243	0.225	0.209	0.194
10	0.905	0.820	0.744	0.676	0.614	0.558	0.508	0.463	0.422	0.386	0.352	0.322	0.295	0.270	0.247	0.227	0.208	0.191	0.176	0.162
11	0.896	0.804	0.722	0.650	0.585	0.527	0.475	0.429	0.388	0.350	0.317	0.287	0.261	0.237	0.215	0.195	0.178	0.162	0.148	0.135
12	0.887	0.788	0.701	0.625	0.557	0.497	0.444	0.397	0.356	0.319	0.286	0.257	0.231	0.208	0.187	0.168	0.152	0.137	0.124	0.112
13	0.879	0.773	0.681	0.601	0.530	0.469	0.415	0.368	0.326	0.290	0.258	0.229	0.204	0.182	0.163	0.145	0.130	0.116	0.104	0.093
14	0.870	0.758	0.661	0.577	0.505	0.442	0.388	0.340	0.299	0.263	0.232	0.205	0.181	0.160	0.141	0.125	0.111	0.099	0.088	0.078
15	0.861	0.743	0.642	0.555	0.481	0.417	0.362	0.315	0.275	0.239	0.209	0.183	0.160	0.140	0.123	0.108	0.095	0.084	0.074	0.065

n	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%	13%	14%	15%	16%	17%	18%	19%	20%
1	0.990	0.980	0.971	0.962	0.952	0.943	0.935	0.926	0.917	0.909	0.901	0.893	0.885	0.877	0.870	0.862	0.855	0.847	0.840	0.833
2	1.970	1.942	1.913	1.886	1.859	1.833	1.808	1.783	1.759	1.736	1.713	1.690	1.668	1.647	1.626	1.605	1.585	1.566	1.547	1.528
3	2.941	2.884	2.829	2.775	2.723	2.673	2.624	2.577	2.531	2.487	2.444	2.402	2.361	2.322	2.283	2.246	2.210	2.174	2.140	2.106
4	3.902	3.808	3.717	3.630	3.546	3.465	3.387	3.312	3.240	3.170	3.102	3.037	2.974	2.914	2.855	2.798	2.743	2.690	2.639	2.589
5	4.853	4.713	4.580	4.452	4.329	4.212	4.100	3.993	3.890	3.791	3.696	3.605	3.517	3.433	3.352	3.274	3.199	3.127	3.058	2.991
6	5.795	5.601	5.417	5.242	5.076	4.917	4.767	4.623	4.486	4.355	4.231	4.111	3.998	3.889	3.784	3.685	3.589	3.498	3.410	3.326
7	6.728	6.472	6.230	6.002	5.786	5.582	5.389	5.206	5.033	4.868	4.712	4.564	4.423	4.288	4.160	4.039	3.922	3.812	3.706	3.605
8	7.652	7.325	7.020	6.733	6.463	6.210	5.971	5.747	5.535	5.335	5.146	4.968	4.799	4.639	4.487	4.344	4.207	4.078	3.954	3.837
9	8.566	8.162	7.786	7.435	7.108	6.802	6.515	6.247	5.995	5.759	5.537	5.328	5.132	4.946	4.772	4.607	4.451	4.303	4.163	4.031
10	9.471	8.983	8.530	8.111	7.722	7.360	7.024	6.710	6.418	6.145	5.889	5.650	5.426	5.216	5.019	4.833	4.659	4.494	4.339	4.192
11	10.368	9.787	9.253	8.760	8.306	7.887	7.499	7.139	6.805	6.495	6.207	5.938	5.687	5.453	5.234	5.029	4.836	4.656	4.486	4.327
12	11.255	10.575	9.954	9.385	8.863	8.384	7.943	7.536	7.161	6.814	6.492	6.194	5.918	5.660	5.421	5.197	4.988	4.793	4.611	4.439
13	12.134	11.348	10.635	9.986	9.394	8.853	8.358	7.904	7.487	7.103	6.750	6.424	6.122	5.842	5.583	5.342	5.118	4.910	4.715	4.533
14	13.004	12.106	11.296	10.563	9.899	9.295	8.745	8.244	7.786	7.367	6.982	6.628	6.302	6.002	5.724	5.468	5.229	5.008	4.802	4.611
15	13.865	12.849	11.938	11.118	10.380	9.712	9.108	8.559	8.061	7.606	7.191	6.811	6.462	6.142	5.847	5.575	5.324	5.092	4.876	4.675