The APM examiner has said that structure and time management are common weaknesses among the ACCA students sitting this Strategic level paper.
Stronger candidates plan their answers, use headings/sub-headings, and balance their time across all requirements, rather than writing extensively on one part and rushing the rest.
The examiner stressed that students need to show professional scepticism – so do not accept data in the scenario at face value but comment on its reliability, relevance, and limitations.
Finally, avoid rehearsed or generic answers. Each exam is context-driven, so the ability to tailor your response to the organisation and industry described is critical if you want a pass.
Here are our full exam tips for all the Strategic level December exams:
Strategic Business Reporting (SBR)
It is vital that you read the examiner’s approach article available on the ACCA website. ACCA has also published several exam technique and technical articles that you should read as part of your exam preparation. These are available in the SBR study support resources section of the ACCA website www.accaglobal.com.
If you are sitting the CBE, you should make every effort to attempt some questions using the ACCA Practice Platform. There are resources here relating to the CBE that you should access.
The exam – Section A
Section A will be 2 questions, worth 50 marks in total – both questions are compulsory.
Question 1 – 30 marks
Q1 will be based on group accounting. This question may test any aspect of group accounting, including consolidated statements of cash flows, foreign subsidiaries and associates and JVs.
It will include a pre-populated spreadsheet containing a consolidated statement which you will have to adjust for information given in the scenario. The requirement related to the spreadsheet will be worth between 10 and 14 marks.
Usually the spreadsheet will require adjustments for amounts you have calculated or explained earlier in the question, if this is the case, an efficient way of tackling the spreadsheet is to make the required adjustments as soon as you have calculated or explained the issue in that part of the question, rather than wait and do all the adjustments together.
In the spreadsheet, you should lay out your answer as clearly as possible. Using a separate column for each adjustment is a good idea. Rather than relying on formulas in the spreadsheet cells, it will be helpful to the marker if you type out any calculations separately so that they can easily follow what you have done and therefore award any ‘own figure’ marks available if you have made a mistake.
You also need to make it clear in the spreadsheet whether your adjustment should be added or subtracted, otherwise you will not be able to gain the marks for that adjustment. There are no marks available in the spreadsheet for a total column, so don’t waste your time adding the spreadsheet up.
Timekeeping is key to passing this question. A recent examiner report identified that students were spending too long writing detailed answers to the first parts of question 1 and then not attempting the later parts. The marker cannot award more than the allocated number of marks for each part of the question, so to maximise your marks, you must make sure you attempt each part of the question. Make sure you work out the time you have available for each question on the exam and then stick to your timings.
Question 2 – 20 marks, including 2 professional marks
Q2 will cover the reporting and ethical implications in a given scenario. Make sure you consider any threats to the fundamental principles of ACCA’s Code of Ethics and Conduct in your answer.
Two professional marks are available in this question and the examiner has stated that the question will make it clear what these marks will be awarded for.
The exam – Section B
Section B will be 2 questions, worth 25 marks each – both questions are compulsory.
Section B can deal with any area of the syllabus and may be based on a short scenario, a case study with several parts, or an essay.
Section B will always include a question or part-question involving the analysis or appraisal of information from the perspective of a stakeholder. Make sure you have a go at answering this question. There is no ‘right’ answer at this level – marks will be awarded for sensible points that have been applied to the scenario.
There are two professional marks available for the question that covers the stakeholder’s perspective. To gain these marks, you must discuss the issue from the perspective of the stakeholder – eg if asked for the investor’s perspective, you must answer from the investor’s perspective.
Current issues are usually examined in Section B as a part of a question (not a full question). However, current issues could be examined in either Section A or Section B of the exam. A question on current issues may require the application of existing accounting standards to a current accounting issue – for example, accounting for cryptocurrency, accounting for the effects of a natural disaster or global event.
General advice: Make sure you plan your time at the beginning of the exam (and stick to it) to ensure you don’t over-run on particular question – it is 1.95 minutes per mark (or 1.8 minutes per mark if you allocate 15 minutes to reading the exam at the beginning).
Generally, you will be awarded 1 mark for each relevant well-explained point in the SBR exam. Make sure you make enough points for the marks available – for example, if the requirement is worth 8 marks, you should aim to make 8 relevant, well-explained points.
It will be easier for the marker to award you marks if you lay out your answers clearly, leaving space between your points. You can use the spreadsheet (and spreadsheet functionality) to do calculations. If you do use the spreadsheet, make sure you cross reference to any narrative discussion, if appropriate.
Some requirements state that you do not need to refer to an exhibit to answer that particular requirement. Where this is the case, then it is recommended that you follow that advice and stick to general discussion, rather than referring to the scenario.
Use the ‘cut’ and ‘paste’ tools wisely – eg, do not cut and paste into your answer large sections of the exhibits as the examiner has stated in a recent examiner’s report that this will be obvious to the marker, and will gain no marks. If you wish to use cut and paste, the examiner recommends just copying and pasting relevant parts of sentences and then adding your own comments.
Good luck!
Strategic Business Leader (SBL)
Strategic Business Leader (SBL) is ACCA’s case study exam at the Strategic Professional level. As with all other ACCA exams, SBL is examined as a closed book exam, and the pass mark is 50%.
SBL builds on the knowledge that you have gained at the ‘Applied Knowledge’ and ‘Applied Skills’ levels. However, it does also have its own distinct syllabus content.
Exam format in June 2025
The December 2025 exam will:
• Have a duration of 3 hours and 15 minutes, which includes reading and planning time.
• Include pre-seen information that will be issued by ACCA two weeks in advance of the exam.
• Comprise further exhibits/information, three question with two or three sub-requirements.
ACCA has indicated that the information in the pre-seen will not be examined directly, but will provide context and background for the exam questions (for example, the industry in question, the organisation’s history and background, board structure, KPIs, competitor information.) You need to be familiar with this information before you begin the exam.
You will receive the pre-seen through your MyACCA account two weeks before the exam, so make sure you have access to the account and check it regularly for notifications from ACCA in the time before the pre-seen is due to arrive.
The exam will focus on one main organisation (which has been introduced in the pre-seen information), and the question requirements will relate to that organisation. The exam will contain some additional exhibits (typically four or five) and the questions will be based on these new exhibits.
The questions in the exam are referred to as ‘tasks’. There will be three tasks in the exam, although these may include sub-tasks. All of the requirements (tasks; sub-tasks) in the exam are compulsory.
Question requirements in the exam could assess and link several subject areas across the syllabus and will test your ability to construct appropriate responses to practical problems an organisation is facing.
Every SBL exam will consist of 80 technical marks and 20 professional skills marks. Each professional skill will appear once per exam, for four marks.
General advice
The importance of effective time management: The SBL exam is demanding, and – as such – you need to give careful consideration to how you will manage your time to make the most effective use of it.
You are recommended to spend about 15 minutes reading the exhibits and starting to plan your answers (for example, identifying the exhibit, and information, which is most relevant to each task).
This then leaves you 3 hours (180 minutes) to tackle each task. Since there are only 80 technical marks, this works out at 2.25minutes per technical mark. So, if a task has 16 technical marks, and 4 professional skills marks, you should spend 36 minutes on it (16 × 2.25). You don’t need to specifically allocate time for professional skills marks. You earn the 20 professional skills marks by virtue of the way you answer the 80 technical marks.
It is important to note that you can spend longer than 15 minutes reading and planning your answer. Indeed the 15 minutes – 180 minutes split is just a recommendation. However, if you choose to spend longer on reading and planning then you will need to bear this in mind when you come to writing your answers, and adjust your time allocation for each task accordingly.
Regardless of the time allocation you choose, it is crucial that you stick closely to your planned timings, to ensure that you do not spend too long on one task to the detriment of those you are yet to attempt.
Planning your answer: Clearly, if you have gone to the trouble of preparing an answer plan it is important that you use it when writing up your answer. To get the most from your answer plan, it is therefore important that you include as much detail as you think will be helpful when the time comes to write up your answer.
Numerical analysis: Rarely question requirements may require you to conduct some numerical analysis. For example, you may be asked to analyse the performance of the organisation featured in the exam, or a potential investment it is considering. When doing numerical analysis, though, it is important that you focus only on performing any calculations that are going to support your answer and provide you with something to talk about. Producing lots of unnecessary calculations for the sake of it will not earn marks, and will only serve to waste time in the exam.
Using computer software: Ensure you practise timed exam questions using the ACCA CBE software. You need to be comfortable reading and highlighting the exhibits on the screen, as well as taking notes in the scratch pad. It will be easier if you plan your ideas and set up your answer structure in the response area in the software, in the form of headings.
The exam software comprises a word processor, a spreadsheet, and some presentation software. The word processor should be used for discursive answers (e.g. reports; memos; letters) and is likely to be used for answering most of the tasks. Any calculations you perform should be in an appendix in the spreadsheet software. Tasks requesting slides should be completed in the presentation software.
Appropriate use of theoretical models: To stand the best chance of passing the SBL exam, you will need to have a good understanding of the entire syllabus. However, it is important to remember that tasks in the SBL exam will not ask you to simply regurgitate your knowledge of a particular topic or theoretical model. The task requirements test your ability to apply your understanding of the topics covered in the SBL syllabus in the context of the question scenario (for example, in order to provide advice to the Board about how to respond to a particular situation or issue).
Advanced Financial Management (AFM)
All AFM exams will have questions which have a focus on:
1. Syllabus section B (Advanced Investment appraisal) and
2. Syllabus section E (Treasury and Advanced Risk Management Techniques).
These syllabus areas are therefore high priority areas for your revision.
Q1: 50 marks
We would expect questions to cover at least two different syllabus areas. This emphasises the importance of having a good broad knowledge of the syllabus, and NOT targeting your final exam revision on a small number of numerical syllabus areas.
Questions are often mainly based on core syllabus areas such as: project appraisal (domestic or overseas), business valuations and business / financial reorganisations; these areas often include cost of capital calculations.
Risk management may also feature in a number of different ways such as value at risk, real options, interest rate or current hedging, and risk management (e.g. mapping).
Q2-3: 25 marks each
Areas that are commonly tested include:
• Risk management (currency or interest rate) including the functions and structure of a treasury department.
• Dividend policy and general financing issues.
• Real options (including limitations of the approach).
• Business reorganisation.
General advice
The examining team have emphasised that exams are designed to make question spotting extremely difficult for this paper, so it is important to have a broad understanding of the key aspects of each syllabus area.
Pay equal attention to discussion areas as you do to numerical analysis in your final revision – remember that this paper is not a maths exam and that in all exam questions the examiner is interested in your ability to communicate well and to give sound, practical, management advice that relates to the scenario in the question. This is now even more important as 20% of the marks are awarded for professional skills. Make sure you aware what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question.
UK Advanced Taxation (ATX)
The exam will comprise of one compulsory 50-mark question within Section A. The requirements will be detailed in the manager’s email marked ‘work to be carried out’ and there will be several exhibits containing further information. The answer will need to be prepared in a specific format as set out in the manager’s email which will include mark allocations for the sub-requirements. Due to the size of the question it is possible that the scenario could involve more than one client or a personal client in addition to a corporate client. The question will comprise of 35 technical marks, 5 ethics marks and 10 professional skills marks. Each of the four professional skills will be tested.
Section B will comprise of two compulsory 25-mark questions. These will be in a more succinct, note form style and will comprise of 20 technical marks and 5 professional skills marks. A minimum of two of the three professional skills will be tested in these questions (not including communication).
The whole syllabus is examinable throughout the exam.
The exam will test candidates’ ability to analyse and evaluate the tax implications of various situations; numerical calculations will only be required to assist in producing an answer and no purely numerical questions will be set.
Since the introduction of the professional skills marks from the June 2023 sitting, students now have more time to attempt each question than under earlier sittings. The ACCA has stated that the additional professional skills marks should not be considered as additional requirements but that the extra time they allow should be used for planning and thus to prepare a more comprehensive answer.
Topics/ scenarios we would expect to see include:
· Personal income tax scenarios which could involve: investing in a pension; investing in EIS, SEIS or VCTs, share schemes; employment income possibly with termination payments; a personal service company; property income or a takeover.
· Unincorporated business- particularly including loss reliefs, partnerships or basis period rules.
· A question focusing on overseas issues- this could be income tax, capital gains tax, inheritance tax or a corporate scenario.
· Capital gains tax versus inheritance tax including availability of reliefs.
· Corporate scenarios- likely to focus in more depth on intangibles; research and development; losses; corporate groups or consortia.
· Special corporate scenarios such as liquidation; purchase of own shares; close or investment companies.
· A business transformation scenario question such as selling a sole trade business, incorporation, or, in a corporate context, the sale of shares versus the sale of trade and assets.
· Other common types of question/ calculation to expect are:
o Reviewing a pre-prepared computation to spot, explain and correct errors
o Calculations such as “tax saved through an action”, “after-tax proceeds”, “the value of a post-tax inheritance”, “net spendable income” or the “net of tax cost of something”
Don’t forget that across the scenarios we typically expect to see VAT marks available. The partial exemption rules, VAT on land & buildings, a transfer of going concern, the capital goods scheme, overseas VAT transactions and registration / group registration / deregistration tend to be frequently examined.
There will also likely be a couple of marks for stamp duty points if you remember to think about it in your planning!
Finally, don’t forget your basic administration points are also likely to be examined- when does the tax need to be paid, when does the return need to be filed and what if either of those are late?
Advanced Performance Management (APM)
Q1 section A: Q1 of the APM exam will focus on a range of issues from syllabus section A (strategic planning and control), section B (performance measurement systems and design), and section C (strategic performance measurement).
Section A (50 marks) contains one question broken down into sub requirements. You will often be required to link a business’s mission to its performance objectives using the concept of CSFs and KPIs. You may well also have to critique and recommend improvements to performance reports and the balanced scorecard and/or information systems could well be tested in this context.
Assessing the performance of an organisation is likely to be tested and this could include benchmarking as a theme.
Financial performance measures (ROCE/RI/EVA etc) are also likely to be examined in this context, but don’t neglect non-financial issues from syllabus section C such as quality management, value for management and reward systems.
Q2-3 section B: ACCA has said that one of two section B questions will come from syllabus section D (performance evaluation). This means you need to have sound knowledge of the balance scorecard, building block and performance pyramid models. You will also need to have a good working knowledge of activity based management (ABM) and value based management (VBM).
The other question can be sourced from a variety of syllabus areas including quality management, information reporting (e.g. big data, lean information), HR frameworks (e.g. reward & appraisal systems), transfer pricing and environmental management accounting.
General advice: APM is primarily a skills-based exam which tests the ability to apply knowledge to practical problems. This is now even more important as 20% of the marks are awarded for professional skills. Make sure you aware what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question.
However, application of knowledge is only possible if you have a good range of technical skills in place. So, even though APM is not about reciting technical knowledge, it is vital that you ensure that you have a good broad knowledge of core technical areas.
Let’s look at the full December list of tips for the Strategic level papers: for
Advanced Audit & Assurance (AAA)
Recent AAA exams have contained no real surprises, although you should be prepared for the look and feel of the embedded email and supporting exhibits and the split of both technical and professional skills marks.
Section A will comprise a case study, worth 50 marks, split into 40 technical marks and 10 professional skills marks, and will be set at the planning stage of the audit, for a single company, a group of companies or potentially several audit clients.
Candidates will be provided with detailed information, which will vary between examinations, but is likely to include extracts of financial information, strategic, operational, and other relevant information for a client, as well as extracts from audit working papers, which could include the results of analytical procedures. The date will be set as 1 July 20X5 unless you are told otherwise.
Candidates will be required to address a range of requirements, from syllabus sections A, B, C and D, thereby tackling a real-world situation where candidates may have to manage a range of issues simultaneously in relation to planning, risk assessment, evidence gathering and ethical and professional considerations.
Ten professional marks will be available in section A and will be awarded based on the demonstration of professional skill within a candidate’s answer, including communication, analysis and evaluation, professional scepticism and judgement, and commercial acumen.
Section B will contain two compulsory 25-mark questions, with each being predominately based around a short scenario. The marks will be split into 20 technical marks and five professional skills marks. There are no optional questions in AAA.
One question will always test syllabus section E, and candidates should therefore always be prepared to answer a question relating to completion, review, and reporting. There are a number of formats this question could adopt, including, but not limited to, matters to be considered and evidence expected to be on file, a going concern assessment, the impact of subsequent events, evaluating identified misstatements and any corresponding effects on the auditor’s report. Candidates may also be asked to critique an auditor’s report or a report which is to be provided to management or those charged with governance.
The second section B question can be drawn from any other part of the syllabus, including sections A, B, C, D and F. Syllabus section G on current issues is unlikely to form the basis of a question on its own, but instead will be incorporated into the case study or either of the section B questions depending on question content and the topical issues affecting the profession at the time of sitting the exam.
Five professional marks will be available in each Section B question for demonstrating professional skill in analysis and evaluation, plus at least one of professional scepticism and judgement and commercial acumen.
This is a technically demanding exam which tests auditing knowledge from both AA and AAA. All three exam questions will require you to apply this knowledge to the scenarios given: the professional marks will be awarded on the strength of your application of knowledge to the situation presented in each of the exhibits. Apart from poor auditing knowledge, lack of success usually comes from poor analytical skills, poor application, poor judgement. and poor time-keeping.
This subject can also test topical issues which have been covered by the AAA examination team’s technical articles (e.g. quality management in September 2022, and the impact of data analytics in September/December 2020).
You should be prepared for a requirement where you will not need to refer to an exhibit at all (in other words, a knowledge-based requirement) which was last seen in 2024: for example, when candidates were asked to: ‘Discuss the challenges associated with the use of data analytics in performing external company audits’. This is most likely to be seen in Section B.
Check out the examining teams two articles on quality management, two articles on planning questions and risk, plus another two articles that discuss recent developments in social, environmental and sustainability reporting. There are also ‘Topic explainer’ videos on areas such as quality management, audit procedures and prospective financial information (forecasts) that you may find of use.
There are two new syllabus learning outcomes for September’s exam – one on the ISA for auditing less complex entities (only applicable to the INT version) and an evaluation of evidence gathered as part of an assurance engagement (both versions) – so you can expect to see something on these in the coming sittings. Also, remember the continuing focus on sustainability assurance following the issue of the IAASB’s exposure draft of ISSA 5000.
In addition to syllabus changes, IFRS 18 Presentation and disclosure in financial statements is now examinable so you should be prepared for the changes in terminology that this will require.
The examining team has advised that certain less-frequently examined topics such as audit committees, money laundering, internal auditing and outsourcing could make an appearance, so you should make sure you have covered a good breadth of subjects in your revision.
Check out the December issue of the magazine for all the ACCA Applied Skill paper tips: https://issuu.com/pqpublishing/docs/pq_magazine_december_2025
