Management Level

The Management level has three objective test subjects: E2 (Managing Performance), P2 (Advanced Management Accounting), and F2 (Advanced Financial Reporting). After passing all three, you sit the Management Case Study (MCS), a 3-hour integrative written exam.

Yes — E2, P2, and F2 can be sat in any order. However, you must pass all three objective tests before sitting the Management Case Study. You must also have completed the entire Operational level (including the OCS) before sitting any Management level exams.

Management level subjects build on Operational level knowledge but with a broader, more strategic focus. E2 covers business models and project management, P2 advances into strategic costing and investment appraisal, and F2 introduces group accounts and advanced financial reporting standards. The exams expect deeper analysis and more professional judgement.

The Management Case Study (MCS) is a 3-hour written exam testing your ability to apply integrated knowledge from E2, P2, and F2 to management-level business scenarios. It is human-marked and available in four exam windows per year (February, May, August, November). A pre-seen scenario is published in advance.