Corporate Finance qualification FAQs

The syllabus is focused on corporate finance practice and theory and as such is internationally applicable. The syllabus also covers UK listing rules which are directly relevant to many members practicing outside the UK, including those advising clients listed on a London Exchange. We have international students from a variety of locations including; South Africa, Bucharest, Singapore, Bahrain, Dubai and Hong Kong SAR.

Candidates need to hold either:

• CISI Certificate in Corporate Finance
• ICAEW ACA
• Or a recognised Accountancy qualification

Full details are available on the Diploma in Corporate Finance webpage.

The Diploma in Corporate Finance consists of three on-demand exams and one narrative exam. The three new on-demand exams provide a flexible progression route, with each building upon the last in terms of required study hours and complexity.

• Diagram showing Diploma exam format for papers 1-4

Either through distance learning (self-study from anywhere in the world with the support of online materials) or classroom learning (with a tutor, surrounded by peers). Find a training partner near you.

Exams	Dates
Financial Reporting & Financial Statements Analysis	On demand
Sources of Finance, Capital Investments & Valuations	On demand
Mergers & Acquisitions & Market Regulations	On demand
Corporate Finance Strategy & Advice	3 June 2024 – 13:00 BST 25 November 2024 – 13:00 GMT

• Financial Reporting & Financial Statements Analysis - around 60 hours of study
• Sources of Finance, Capital Investments & Valuations - around 70 hours of study
• Mergers & Acquisitions & Market Regulations - around 100 hours of study
• Corporate Finance Strategy & Advice - around 300 hours of study

• Financial Reporting & Financial Statements Analysis – 70%
• Sources of Finance, Capital Investments & Valuations - 70%
• Mergers & Acquisitions & Market Regulations – 60%
• Corporate Finance Strategy & Advice - The pass mark varies but is never less than 50%

• Paper 1 - 50-minute multiple-choice exam, available on demand
• Paper 2 - 60-minute multiple-choice exam, available on demand
• Paper 3 - 70-minute exam, available on demand
• Paper 4 - 4-hour open-book examination based on a case study

There is no requirement for you to hold a professional accounting qualification. To be eligible to apply you must have specialised in the field of corporate finance for at least five years. You must currently be working in corporate finance, or another relevant role, and corporate finance should form a substantial part of that role. You should be working at a senior management and/or leadership position (eg, partner, principal, director, managing director).

All senior professionals who have at least five years’ experience in corporate finance are eligible to apply. You will need sufficient work experience to meet each of the requirements in the Examination of Experience, as set out in the application form through a description of six transactions and/or deals in which you have played a lead role, three of these must have been completed in the last three years.

One of the requirements of this qualification is to demonstrate knowledge of the current business environment which is why we insist that applicants must have experience in the last three years.

As long as your experience is current and you meet the eligibility criteria, living outside the UK does not disqualify you from applying. The CF qualification is a global qualification and as such is open to applicants from all over the world.

As long as the three deals on which you have worked have been concluded and as long as at least one of these deals was successfully transacted from your client’s perspective you are still able to apply.

Your referees must have known you for at least three of the last five years and must have knowledge of the quality and scope of your work. At least one must be someone independent of your current or previous employers. All referees must be in a senior management and/or leadership position in corporate finance (eg, partner, principal, director, managing director). Their role is to recommend you for the qualification.

In addition to the three referees, each of the six transactions and/or deals you submit must be certified by a transaction or deal certifier. The deals may be certified by the same or different certifiers, who may also act as a referee. They must be a senior manager or equivalent (eg, partner, principal, director or managing director) and be a member of a professional body with an ethical code and/or hold the Corporate Finance qualification.

You are eligible to attempt the Examination of Experience up to four times. If you fail, you should review the marks and comments made by the assessors in your results and feedback letters.

The cost of the Examination of Experience is:

• ICAEW member £796.00 + VAT
• Non ICAEW member £995.00 + VAT

The experience route application submission deadline is 3 October 2024.

The application form contains detailed guidance notes to help you with your submission, including an example of a deal/transaction summary. You can download a copy of the guidance notes (PDF 95KB/2 pages) from our website. In addition, there is a webinar available to talk you through the application process.

You may re-apply until you reach the maximum of four attempts. Details of resubmission requirements are set out in the feedback to unsuccessful applicants.

When you resubmit your Examination of Experience, you should submit all six of the original copies of your transactions together with any reworked and/or new transactions as recommended in the examiners’ feedback. You should read this feedback carefully in order to satisfy all requirements. All transactions should be marked appropriately in accordance with the instructions within your results and feedback letter. You must ensure that all transactions submitted were completed or terminated within the last five years.

The Examination of Experience refers to the use of examples of experience that are recent. This means examples of experience from within the last five years. As it may have been some time since you last applied, you will need to make sure that when resubmitting the transactions previously failed, you include examples from within the last five years. This enables you to include and reflect upon the most up-to-date and relevant examples in your answers.

All transactions and deals must be verified by a transaction or deal certifier. Where they have been reworked for resubmission, they must be reverified by a transaction or deal certifier.

Yes, if it has been some time since you applied, an up-to-date copy of your CV is requested. This enables you to include any new positions you have held or currently hold since your last application.

Yes, the assessors will expect your certifier(s) to have read the deals and/or transactions in your resubmission and reverify each one as authentic and a true record. Your referees must also reconfirm the accuracy of the total resubmission and recommend you for this qualification. The certifier(s) and referees may be those from your previous application.

The cost of each resubmission is £788.00 + VAT

If you require further information or advise, our CF qualification team is available to answer your questions, please call +44 (0)1908 248 250 or email cfqualification@icaew.com.

Suitably qualified and respected members of the corporate finance community have been invited by ICAEW to mark and assess your application. They combine the necessary technical skills and practical experience with a thorough knowledge and understanding of the assessment. ICAEW is a highly regarded awarding body and, in order to ensure that the CF qualification standards are consistent and results are reliable, employs similar assessment procedures for all its qualifications which include double marking.