CIMA Study Order: Which Objective Tests to Take First

Introduction

One of the most common questions from new CIMA students is: "Which objective test should I take first?" It is a sensible question. CIMA offers considerable flexibility in the order you sit exams within each level, and the path you choose can affect your study efficiency and overall progress.

This guide covers the recommended study order for each level of the CIMA qualification, the factors that should influence your decision, and practical tips for planning your qualification journey from start to finish.

How CIMA Is Structured

The CIMA qualification is divided into four levels that must be completed sequentially:

1. Certificate in Business Accounting (BA1, BA2, BA3, BA4)
2. Operational Level (E1, P1, F1 + Case Study)
3. Management Level (E2, P2, F2 + Case Study)
4. Strategic Level (E3, P3, F3 + Case Study)

You must pass all subjects at one level before progressing to the next. However, within each level, you can sit the objective tests in any order you choose. This flexibility is one of CIMA's strengths, but it also means you need to make a deliberate decision about sequencing.

Certificate Level: BA1 to BA4

At the Certificate level, you have four subjects to complete. There is no case study at this level — just the four objective tests.

Recommended Order

BA1 (Business Economics) or BA2 (Management Accounting) first, followed by the other, then BA3 (Financial Accounting), and finally BA4 (Ethics, Governance and Business Law).

Here is the reasoning:

• BA1 provides an understanding of the economic environment in which businesses operate. It is largely conceptual and does not require prior accounting knowledge, making it a gentle entry point for candidates new to the qualification.
• BA2 introduces management accounting principles that form the backbone of CIMA. If you have some accounting background, starting here allows you to build on existing knowledge.
• BA3 covers financial accounting, including double-entry bookkeeping and financial statements. It is more technical than BA1 but less conceptually challenging than BA2 for most candidates.
• BA4 covers ethics, governance, and business law. Many candidates find this subject the most straightforward because it involves understanding principles and frameworks rather than performing calculations.

If you have an accounting background, you might prefer to start with BA2 or BA3 where your existing knowledge gives you momentum. If you come from a business or economics background, BA1 is a natural starting point.

Certificate Level Timeline

Most candidates allow two to four weeks of study per subject. At this pace, the entire Certificate can be completed in two to four months. Some candidates with relevant experience or qualifications complete it more quickly, while those studying part-time alongside demanding work commitments may take longer.

Operational Level: E1, P1, F1

At the Operational level, you encounter the three pillars that run through each professional level:

• E (Enterprise): E1 — Managing Finance in a Digital World
• P (Performance): P1 — Management Accounting
• F (Financial): F1 — Financial Reporting

Recommended Order

The most commonly recommended order is E1 → P1 → F1, although F1 → P1 → E1 is also popular. The right choice depends on your strengths and background.

E1 first: E1 covers the role of finance in organisations, data and technology, and organisational structures. It is the least numerical of the three Operational subjects, making it a manageable transition from the Certificate level. Starting with E1 gives you context for how management accounting (P1) and financial reporting (F1) fit within the broader organisational picture.

P1 next: P1 builds directly on the management accounting concepts from BA2. If you studied BA2 recently, the material will still be fresh, and P1 extends those foundations into more detailed costing, budgeting, and pricing techniques.

F1 last: F1 is often considered the most technically demanding subject at Operational level, covering financial statement preparation, group accounting, and reporting standards. Leaving it until last means you have the most study experience when you tackle the hardest content.

However, if you have a strong financial accounting background, starting with F1 while your BA3 knowledge is fresh is a perfectly valid approach. The key is to play to your strengths.

Operational Level Timeline

Expect to spend four to eight weeks studying for each objective test. Including the case study, most candidates complete the Operational level in six to twelve months.

Management Level: E2, P2, F2

At Management level, the subjects increase in depth and complexity:

• E2 — Managing Performance: Project management, people management, and organisational relationships
• P2 — Advanced Management Accounting: Long-term decision-making, risk analysis, and advanced costing
• F2 — Advanced Financial Reporting: Complex group accounts, current reporting issues, and financial analysis

Recommended Order

E2 → P2 → F2 is the most popular sequence, but the differences between approaches are less pronounced at this level because the subjects are more interconnected.

E2 first works well because it covers management and organisational concepts that provide context for the more technical P2 and F2 subjects. It is also perceived as the most accessible of the three.

P2 is a significant step up from P1. It introduces techniques like activity-based costing, target costing, life cycle costing, and complex decision-making scenarios. Allow yourself more time for this subject than you did for P1.

F2 extends F1 into more complex areas including associate and joint venture accounting, foreign currency transactions, and analysis of financial statements. Candidates who struggled with F1 should allocate additional study time here.

Management Level Timeline

Six to twelve months is typical for the Management level. The case study at this level is notably more challenging than the Operational one, so factor in dedicated case study preparation time.

Strategic Level: E3, P3, F3

Strategic level is the final set of objective tests:

• E3 — Strategic Management: Strategy formulation, implementation, and change management
• P3 — Risk Management: Risk identification, assessment, and management strategies
• F3 — Financial Strategy: Financial policies, valuations, mergers and acquisitions, and treasury

Recommended Order

At Strategic level, the conventional E3 → P3 → F3 sequence remains popular, but many candidates choose based on their career focus:

• If you work in a strategy or general management role, E3 first leverages your professional experience.
• If you work in risk or compliance, P3 first may feel most natural.
• If you work in corporate finance or treasury, F3 first aligns with your daily work.

At this level, the subjects are deeply interconnected. Strategic decisions (E3) involve risk assessment (P3) and financial evaluation (F3). Studying one subject often reinforces understanding of the others, regardless of order.

Strategic Level Timeline

Strategic level typically takes six to twelve months. The Strategic case study is the most demanding assessment in the entire qualification, and many candidates dedicate two to three months specifically to case study preparation.

Factors to Consider When Choosing Your Order

Your Professional Background

Your existing knowledge and experience should inform your order. Accountants may prefer to start with the F (Financial) subjects where they have existing expertise. Business managers may find the E (Enterprise) subjects more intuitive. There is no universally correct order — only the order that works best for you.

Subject Integration

The E, P, and F subjects at each level are designed to integrate. Studying them in close succession helps you see the connections. Some candidates even study two subjects in parallel, which can reinforce the links between them, although this approach requires careful time management.

Your Employer's Preferences

If your employer is sponsoring your CIMA studies, they may have a preferred study order or timeline. Some organisations align CIMA study with specific project cycles or business periods. Check whether your employer has any requirements before committing to a schedule.

Exam Availability

CIMA objective tests can be sat on demand at Pearson VUE test centres throughout the year. This flexibility means you can schedule exams to suit your study pace. However, case study exams are only available during specific windows (typically four times per year), so plan backwards from your target case study sitting.

Planning Your Complete CIMA Journey

The full CIMA qualification typically takes three to four years to complete, although some candidates finish in as little as two years with intensive study, and others take longer while managing demanding careers.

A realistic plan might look like this:

| Level | Duration | Objective Tests | Case Study | |---|---|---|---| | Certificate | 2–4 months | BA1, BA2, BA3, BA4 | None | | Operational | 6–12 months | E1, P1, F1 | 1 sitting | | Management | 6–12 months | E2, P2, F2 | 1 sitting | | Strategic | 6–12 months | E3, P3, F3 | 1 sitting |

Build buffer time into your plan for unexpected delays, resits, and rest periods. Burnout is a real risk when studying for a multi-year qualification, and taking occasional breaks helps maintain motivation and performance.

Start Practising for Your First Objective Test

Whatever order you choose, the most effective way to prepare for any CIMA objective test is to practise questions regularly. Start with the subject you have selected first, build a consistent study routine, and test yourself frequently to track your progress.

Your CIMA journey begins with a single objective test. Choose your starting point, commit to your study plan, and take the first step.