GAFM-AFMA Exam Information and Outline
Advanced Financial Management Analyst (AFMA)
Syllabus Update Checked on: November 6, 2026
GAFM-AFMA Exam Syllabus & Study Guide
Before you start practicing with our exam simulator, it is essential to understand the
official GAFM-AFMA exam objectives. This course outline serves as your roadmap.
The information below reflects the 2026 syllabus defined by
GAFM.
Below are complete topics detail with latest syllabus and course outline, that will help you good knowledge about exam objectives and topics that you have to prepare. These contents are covered in questions and answers pool of exam.
- Exam Format
- Online multiple-choice certification examination following the GAFM Accredited Certification Training Program (ACTP)
- Strategic Financial Management
- Financial strategy and value creation
- Shareholder value analysis
- Advanced Capital Budgeting
- Risk-adjusted NPV, real options
- Capital rationing
- Capital Structure and Dividend Policy
- Modigliani–Miller, WACC optimisation
- Dividend decisions
- Working Capital Management
- Cash, receivables, payables and inventory optimisation
- Mergers, Acquisitions and Restructuring
- Valuation of targets
- Synergies and post-merger integration
- Financial Risk Management
- Hedging FX and interest rate risk
- Derivatives
- Performance Measurement
- EVA, ROIC, balanced scorecard