This subject primarily covers the economic and operating context of business and how the factors of competition, the behaviour of financial markets and government economic policy can influence an organisation.

This subject deals with the fundamental knowledge and techniques that underpin management accounting. It identifies the position of the management accountant within organisations and the role of CIMA.

The main objective of this subject is to obtain a practical understanding of financial accounting and the process behind the preparation of financial statements for single entities.

The learning outcomes in this subject reflect the professional standards to be demonstrated for the benefit of all stakeholders. With this in mind, the place of ethics and ethical conflict is an essential underpinning for commercial activity.

E1 focuses on the structuring of organisations. It covers the structure and principles underpinning the operational functions of the organisation, their efficient management and effective interaction in enabling the organisation to achieve its strategic objectives.

E2 emphasises a holistic, integrated approach to managing organisations, from external and internal perspectives. It builds on the understanding of organisational structuring gained from E1 and is centred on the concept of strategy and how organisational strategy can be implemented through people, projects, processes and relationships.

E3 builds on the insights gained from E1 and E2 about how organisations effectively implement their strategies by aligning their structures, people, process, projects and relationships. E3 aims to develop the skills and abilities of the strategic leaders of organisations.

F1 covers the regulation and preparation of financial statements and how the information contained in them can be used. It provides the competencies required to produce financial statements for both individual entities and groups using appropriate international financial reporting standards.

F2 builds on the competencies gained from F1. It covers how to effectively source the long-term finance required to fund the operations of organisations, particularly their capital investments.

F3 focuses on the formulation and implementation of financial strategy to support the overall strategy of the organisation. Using insights gained from F1 and F2, it provides the competencies to evaluate the financing requirements of organisations and the relative merits of alternative sources of finance to meet these requirements.