BPP ACCA AFM Advanced Financial Management Books. Valid till June 2027
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Official BPP Learning Media print books for ACCA Advanced Financial Management (AFM). AFM takes Financial Management (FM) to a strategic level — from calculating WACC to applying Adjusted Present Value, from basic hedging to pricing derivatives and structuring mergers. One of the most technically demanding Strategic Professional optional papers, with a global pass rate of approximately 42–46%. Free delivery across India. Authorised BPP reseller, up to 64% off standard prices.
Choose your option
Have classroom coaching, need the official text
Course Book
Complete AFM syllabus — advanced investment appraisal, corporate finance, M&A, and advanced risk management — with worked examples for every calculation type from APV and real options to Black-Scholes and interest rate derivatives.
In revision phase or retaking the exam
Exam Practice Kit
Section A case studies and Section B scenario questions with examiner solutions. Demonstrates the professional format (Board reports, financial advisory memos) that AFM Section A requires alongside technical workings.
Comprehensive self-study preparation
Course Book + Exam Kit Bundle
Both books at a lower price. The Course Book builds deep technical calculation ability; the Exam Kit develops the professional advisory presentation skills that earn marks in Section A.
★ Most popular
Strongly recommended — especially exemption-route candidates and first-time Strategic paper
AFM Complete Preparation Pack — Course Book + Exam Kit + BPP ECR
Everything in the bundle, plus BPP ECR recorded video lectures by BPP AFM specialists. Tutors walk through APV, Black-Scholes, swap pricing, and M&A valuations — and demonstrate the professional format Section A requires. Activation within 3–6 working days.
Why we recommend ECR for AFM
- 38–42% pass rate — nearly 1 in 2 candidates do not pass on their first attempt. A failed sitting costs more than the Complete Preparation Pack.
- Calculations + professional format + advisory writing — AFM tests all three simultaneously, making it a significant step up from FM.
- Exempt candidates face extra risk — AFM may be your first ACCA exam, introducing the CBE environment, professional report-style answers, and Professional Skills marks for the first time.
Which option is right for you?
| If you are… | We suggest |
|---|---|
| Progressing from FM, confident in self-study and financial calculations | Books Bundle |
| Retaking AFM — strong on calculations but Section A format cost marks | Exam Kit or Complete Pack |
| Currently enrolled with a tuition provider for classroom coaching | Books Bundle |
| Entering via exemptions (CA, CPA, ACMA or equivalent) | Complete Pack ✦ Recommended |
| Working professional who chose AFM as a Strategic optional paper | Complete Pack ✦ Recommended |
| Finding real options, APV, or advanced derivatives difficult from textbooks | Complete Pack ✦ Recommended |
Why students fail ACCA AFM
- Wrong format, lost marks before the examiner reads a figure — Section A (50 marks) requires a specific professional format (Board report or advisory memo). The format carries 10 professional skills marks on its own.
- Treating AFM as harder FM — real options (Black-Scholes, binomial trees), Adjusted Present Value, complex M&A valuations, and interest rate derivatives have no FM equivalent. Candidates who don't rebuild their technical framework from scratch consistently underperform in both sections.
Why AFM feels different from FM
| FM (Applied Skills) | AFM (Strategic Professional) |
|---|---|
| WACC and standard NPV | Adjusted Present Value (APV), Modigliani-Miller with tax shields |
| Basic investment appraisal | Real options (Black-Scholes, binomial), capital rationing with LP |
| Standard hedging (forwards, options) | Complex derivatives, exotic options, interest rate swaps pricing |
| Business valuation basics | M&A valuation, deal structuring, earn-outs, corporate reconstruction |
| Section C written analysis | Professional format (Board report, advisory memo) with 20 professional skills marks |
This jump catches many strong FM candidates off guard. BPP ECR explicitly bridges both the technical depth and the professional format requirements.
ACCA AFM exam format
| Detail | Information |
|---|---|
| Duration | 3 hours 15 minutes |
| Section A (50 marks) | 1 compulsory case study — 40 technical + 10 professional skills marks. Covers at least 2 syllabus sections. Professional format required (e.g. report to Board). |
| Section B (50 marks) | 2 compulsory 25-mark questions — 20 technical + 5 professional skills each. Scenario-based, combining calculation and narrative. Always includes sections B and E. |
| Professional skills | 20 marks total — Communication, Analysis and Evaluation, Scepticism, Commercial Acumen |
| Questions | All three compulsory. No choices. |
| Pass mark | 50% (pass rate: 42–46% — see ACCA pass rates for all papers) |
| Exam windows | September, December, March, June |
No OTQs. Every mark requires scenario-applied calculation, professional judgment, or advisory writing. Section B always tests advanced investment appraisal (B) and advanced risk management (E).
What ACCA AFM covers
A
Governance & regulation
Market failure, economic policy, environmental issues, corporate governance, financial strategy, agency theory.
B
Advanced investment appraisal
APV, Modigliani-Miller, real options (Black-Scholes, binomial trees), capital rationing with linear programming, project valuation under uncertainty.
C
Acquisitions & mergers
M&A valuation methods, deal structuring, earn-out arrangements, leveraged buyouts, cross-border acquisitions, post-merger integration.
D
Corporate reconstruction
Business reorganisation, financial reconstruction, demergers, MBOs, debt restructuring.
E
Advanced risk management
Currency risk (complex hedging, currency swaps, options), interest rate risk (FRAs, futures, IRS, caps and floors, swaptions), risk evaluation and reporting.
About BPP ECR — expert coaching for AFM
AFM demands both technical mastery and professional advisory delivery. BPP ECR develops both — walking through APV, Black-Scholes, swap structures, and M&A valuations step by step, while demonstrating how to present findings in the Board report or advisory memo format that Section A requires.
100% of AFM syllabus
Pre-recorded lectures by BPP AFM specialists, chapter-aligned to the Course Book
Professional format coaching
How to present calculations and recommendations in the Board report / advisory memo format that earns marks
Full mock + periodic assessments
Exam-style Section A and Section B practice with marking guidance
Flexible access
Rewatch any lecture on desktop, tablet or mobile via bpp.com.
To include BPP ECR, select the AFM Complete Preparation Pack from the dropdown above ↑
BPP or Kaplan for AFM?
BPP's AFM Course Book is particularly strong on the most technically complex areas — APV, real options, and advanced derivatives — with step-by-step worked examples that make the logical framework clear. For a paper where calculation depth and professional presentation both carry significant marks, BPP's structured approach is widely preferred. Read the full subject-by-subject comparison of BPP and Kaplan ACCA books.
Exam validity
Valid for September 2026 through June 2027 exam sittings. For exam technique guidance specific to AFM, read our guide to passing ACCA AFM with proven exam technique.
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