Looking for the complete AFM exam-pass study guide? This article explains how to use OpenTuition resources. For exam structure, investment appraisal, valuation, acquisitions, treasury risk, spreadsheet technique, professional skills and a ten-week plan, see How to Pass ACCA Advanced Financial Management (AFM).
ACCA Advanced Financial Management (AFM) is an applied decision-making exam. It demands technical finance, but high marks come from evaluating alternatives, explaining assumptions and making commercially sensible recommendations.
Checked for September 2026 to June 2027: AFM is a 3 hour 15 minute exam with three compulsory questions. Section A is one 50-mark case study (40 technical marks and 10 professional skills marks). Section B contains two 25-mark questions (20 technical marks and 5 professional skills marks each).
1. Start with the complete Advanced Financial Management (AFM) course
Begin at the OpenTuition Advanced Financial Management (AFM) course page. Use the notes and lectures together in the published chapter order. Notes give you the structure; the lectures explain the difficult points, calculations and exam approach.
As you work through the course, organise your revision around these core areas:
- the role and responsibility of the senior financial executive or adviser
- advanced investment appraisal, including international investment decisions
- acquisitions, mergers and corporate valuation
- corporate reconstruction and reorganisation
- treasury and advanced risk-management techniques
Do not try to “cover” a topic by only watching a lecture. Read the notes, pause to make a short annotation, then test yourself before moving on.
2. Use a repeatable chapter routine
- Read the relevant notes to understand the aim of the chapter.
- Watch the matching lecture and add only useful explanations, examples and warnings to your notes.
- Rework the lecture example independently, then complete a related requirement from a current revision kit or the ACCA Practice Platform.
- Mark your work carefully, correct the error and return to the notes or lecture if the reason is not clear.
- Add recurring mistakes to an error log, not just a list of topics to revisit.
Do not learn formulas in isolation. For each technique, learn what it measures, the assumptions behind it, when it is unreliable and how its result affects the recommendation.
3. Turn knowledge into exam marks
Question practice should begin from the first chapter. OpenTuition notes, lectures and revision lectures establish and reinforce understanding; the volume of AFM exam-standard question practice must come from a current revision kit and the ACCA Practice Platform.
Show clear workings, then interpret them. A calculation is rarely the whole answer: state what it means for the company, compare alternatives and acknowledge limitations where relevant.
When reviewing an answer, do more than read the solution. Identify the precise point where your approach changed: misunderstanding the requirement, selecting the wrong technique, missing a fact, weak explanation, or poor time management. That is how practice produces improvement.
4. Add ACCA technical articles and examining team guidance
OpenTuition should sit alongside ACCA's own AFM exam support resources. Early in your preparation, read the current syllabus, technical articles and examining team guidance. They explain the emphasis of the exam, the approach to requirements and the areas where students commonly lose marks.
In your final revision phase, use examiner reports with sample or practice questions: attempt the question first, review the published answer, then read the examiner feedback and write down two or three changes you will make in your next attempt. This is particularly valuable for application, professional skills, written explanations and time management.
5. A practical six-week revision plan
Weeks 1–4: learn and test. Work through the course in order using notes and lectures, then practise a related requirement from your current revision kit or the ACCA Practice Platform. Keep short weekly review sessions so that earlier topics do not fade while you study later ones.
Week 5: targeted question practice. Use a current revision kit or official ACCA practice materials. Group questions by weak area at first, then move to mixed sets. Revisit OpenTuition lectures only when your review identifies a genuine gap.
Week 6: timed exam practice. Complete at least one full 3 hour 15 minute mock in the 50/25/25-mark structure. Practise planning information-heavy scenarios before calculating, use the spreadsheet for traceable workings and link every recommendation to the facts given. Review every attempt, revisit your error log and use support before exam day rather than carrying uncertainty into the exam.
6. Final advice
AFM rewards judgement. A technically correct number without analysis, context or a justified recommendation will not earn the marks available.
If you are stuck after working through the notes, lecture and question, ask a focused question in the OpenTuition Ask ACCA Tutor forum. Include your own attempt and the exact step you do not understand; that leads to much better help and faster progress.
Used consistently, OpenTuition gives you a structured teaching route, while ACCA guidance and disciplined question practice turn that knowledge into exam performance.