For Nov 2026 and Feb 2027 · Vennlisk pre-seen

The SCS Ultimate Interactive Guide.

Everything you need for CIMA’s Strategic Case Study, in one place: the blueprint, the official pre-seen, the writing technique, and two real Vennlisk practice questions you can get marked for free. Free, and yours to read like a book at your own pace.

Use the ← → arrow keys to walk through chapters at your own pace.

What is the SCS

The final case study exam within the CIMA professional qualification.

The SCS tests your ability to apply your E3, P3 and F3 knowledge in a realistic business scenario. You play the role of a senior finance professional, working closely with the Board and senior management to support strategic decision-making, evaluate risks and opportunities, and help shape the long-term direction of the organisation.

The SCS is not about calculations or technical knowledge. It is about analysing complex strategic issues, evaluating courses of action and making well-justified recommendations in the context of the business. Generic textbook answers score poorly. Balanced evaluation, commercial awareness and strong scenario-specific application score well.

E3
Strategic Management
Strategic analysis, strategic choice, strategic implementation, digital strategy, innovation and change management.
P3
Risk Management
Strategic risk, enterprise risk management, internal controls, cyber risk, project risk, governance and managing uncertainty in strategic decisions.
F3
Financial Strategy
Business valuation, mergers and acquisitions, corporate financing, treasury management, international finance and shareholder value creation.
The five core activities

What CIMA is actually testing.

The exam simulates the real job of a senior-level finance professional. You are not sitting a theory test. You are being assessed on whether you can do the job and recommend the path for the business. CIMA condenses that job into five core activities, each with a weighting range. Every task in the exam will link to one of them.

  1. A

    Develop business strategy

    Evaluate strategic options, acquisitions and digital and sustainability responses, then recommend the strategic decisions that best position the organisation for the long term.

    15-25%
  2. B

    Evaluate the business ecosystem and environment

    Set strategic objectives, apply analytical tools, assess stakeholder needs, and recommend responses to changes in the ecosystem and to economic, political and currency risk.

    15-25%
  3. C

    Recommend financing strategies

    Recommend suitable sources of finance and dividend policy, and apply business valuation models to acquisition, investment and shareholder-value decisions.

    15-25%
  4. D

    Evaluate and mitigate risk

    Evaluate strategic, cyber and ethical risks, maintain the corporate risk register, and recommend responses and internal controls that protect the business.

    15-25%
  5. E

    Recommend and maintain a sound control environment

    Apply internal audit, recommend appropriate controls, evaluate the implications of compliance failures, and respond to threats arising from poor governance.

    15-25%

All five activities carry a similar weighting (15 to 25% each), so none can be neglected. They map onto your E3, P3 and F3 syllabus. Cover those well and you can satisfy these activities and score strongly on this paper.

Each core activity comes with a set of "I can" statements: the specific skills being tested. They are not a reading list. They tell you exactly what the examiner expects you to be able to do as a senior finance professional: evaluate strategic options and justify recommendations, assess enterprise-wide risks and governance implications, analyse acquisitions, financing and investment decisions, evaluate long-term value creation, or advise the Board on complex strategic challenges. Every "I can" statement is a potential exam task. Treat each as a practical skill you must be able to apply in the context of the case company.

View all "I can" statements (A to E)
A

Develop business strategy

  • I can evaluate strategic options.
  • I can recommend strategic decisions.
  • I can evaluate potential acquisitions and divestment opportunities.
  • I can recommend responses to opportunities and threats arising from digital technologies.
  • I can recommend responses to sustainability issues.
B

Evaluate the business ecosystem and environment

  • I can recommend appropriate financial, non-financial and sustainability-related strategic objectives.
  • I can select and apply suitable strategic analytical tools.
  • I can conduct an analysis of stakeholder needs and recommend appropriate responses.
  • I can recommend appropriate responses to changes in the business ecosystem.
  • I can recommend KPIs that encourage sound strategic management.
  • I can recommend responses to economic, political and currency risks.
C

Recommend financing strategies

  • I can recommend suitable sources of finance.
  • I can recommend dividend policy.
  • I can recommend and apply business valuation models.
D

Evaluate and mitigate risk

  • I can evaluate risks and recommend responses, and maintain the corporate risk register.
  • I can identify ethical dilemmas and recommend suitable responses.
  • I can evaluate and mitigate cyber risks.
  • I can recommend internal controls.
E

Recommend and maintain a sound control environment

  • I can apply internal audit resources.
  • I can recommend appropriate controls and evaluate the implications of compliance failures.
  • I can recommend responses to threats arising from poor governance.
The preseen
Applicable for the Nov 2026 and Feb 2027 sittings

You get a head start, but only if you study it properly.

Around seven weeks before the exam, you receive a 20 to 30 page document describing a fictional company: its background, environment and key issues. You study it in advance so that on exam day you already know the business.

Preseen A
November & the following February
share the same preseen.
Preseen B
May & the following August
share the same preseen.

The pre-seen runs to 20 to 30 pages, but the issues that actually matter for the exam can be distilled into a sharper summary. Read our overview first, then go back to the official CIMA document with a sharper eye.

Important topics revision
Applicable for the Nov 2026 and Feb 2027 sittings

The topics that keep coming up in the SCS.

Across recent sittings, certain technical topics have appeared repeatedly, often within different business scenarios. The exact question is always new, but a strong grasp of these themes makes it much easier to spot the key issues and respond with confidence. We've pulled them into a single summary file so your mocks are written on a base of solid, exam-ready technical knowledge. Every topic below links to the Vennlisk pre-seen in the Finntutors analysis for the November 2026 and February 2027 sittings, and the last three are themes that analysis covers in depth for Vennlisk.

EthicsCurrency risksAcquisitions & their implicationsGovernance issuesRisk-related decision makingStakeholder managementInternal auditInternal controlsInterest-rate risksScenario planningShare-price fluctuationsTypes of risk & their effectsRaising finance: debt & equitySFACyber security & cyber riskDividend policyBoard committeesESG / sustainability reportingAI & digital disruptionKPIs & balanced scorecardBeta & cost of equity
Most Important SCS Topics to First Revise
Finntutors summary notes · ranked by exam frequency
Download PDF
On exam day

Three hours. Three questions. One Senior Finance Manager: you.

Each question contains two tasks, all set inside the same preseen company. Your job is to read the email from your senior, work on the direction or help where needed, and write professional, scenario-specific advice.

3
Questions in the paper
2
Tasks per question
3hrs
Total exam length
Finance
Manager
Your role: advising the Board and senior management
Format & delivery

Computer-based. Four sittings a year.

The SCS is sat at Pearson VUE centres, or remotely where available. There are four sittings per year: February, May, August and November.

The current syllabus is the 2019 syllabus with a few updates announced and incorporated within Finntutors’ 2026 material.

Prerequisites

Three ways to get to SCS. One way out.

Before sitting the SCS you must have closed out the E3, P3 and F3 knowledge, by one of three routes. Completing the SCS and your subsequent PER earns you the ACMA, CGMA designation.

Route 1 · Objective Tests
Pass the three Strategic level Objective Tests (E3, P3, F3) and then sit the SCS.
Route 2 · Exemptions
Receive exemptions for the Objective Tests and sit the SCS directly.
Route 3 · FLP
Complete the FLP competencies (which embed E3, P3 and F3) before sitting the SCS.
All three routes converge. → Sit the SCS → Complete PER → ACMA, CGMA designation.
What the examiner is looking for

Technical knowledge alone does not pass.

The examiner wants to see that you think and behave like a senior finance professional, not that you can recall content. Three qualities run through every marking grid.

Communication

Writing clearly and professionally, as if you are addressing a real manager. Short sentences. Logical structure. Plain English over jargon.

Professional judgement

Making sensible, reasoned recommendations. Weighing trade-offs. Reaching a conclusion when the task asks for one and being willing to take a view.

Business acumen

Understanding the bigger picture of what the company is trying to achieve and how the finance lens connects to operations, customers and strategy.

Details of mock writing
Applicable for the Nov 2026 and Feb 2027 sittings

Everything from here is about how to actually write the answer.

Up to now we've covered what the exam is, how it is built, and what to study. The next sections (command verbs, planning, PEA writing and levels-based marking) are about translating that knowledge into marks. Start by looking at what a real SCS question actually looks like, set on the Vennlisk pre-seen.

Sample question

What does a case study question look like?

From: Tshepo Batane, Chief Financial Officer
To: Senior Finance Manager
Subject: Ostland acquisition: managing risk and cybersecurity governance

Tshepo Batane, Vennlisk’s Chief Financial Officer, stops by your office and gives you a document:

“Following Board approval, Vennlisk has now completed the acquisition of a call centre operator in Ostland. This is our first call centre outside Westland and will allow us to offer lower-cost services to some clients. However, the Board is increasingly concerned about the risks of operating in Ostland, particularly given recent cyber-attacks on call centres in the region. I need you to prepare a report that covers two matters:

Firstly, recommend, with reasons, the approach that Vennlisk should now take to manage the political and operational risks in Ostland following the acquisition. [sub-task (a) = 50%]

Secondly, evaluate the arguments for treating Vennlisk’s cybersecurity as a strategic issue that should be overseen directly by the Board.” [sub-task (b) = 50%]

Reference material: Ostland expansion and risk context

Vennlisk has acquired a call centre operator in Ostland, a country where pay rates are much lower than in Westland.

The acquisition responds to competition from call centres in low-cost countries. The Ostland centre will handle calls for some of Vennlisk’s shared inbound clients, using high-speed links to Vennlisk’s cloud-based servers in Westland.

Recent reports suggest that call centres in the region have been hit by cyber-attacks aimed at stealing customer data and at disrupting telephone and internet links.

There are also concerns about the political and regulatory environment in Ostland. The government has proposed a law that would require customer data handled in Ostland to be stored on servers inside the country, and would give government agencies the right to inspect that data.

Corporate governance guidance highlights that cybersecurity and the protection of personal data are becoming more critical for businesses that hold large amounts of customer information.

How to read it

The seven things to identify before you start writing.

  1. 01

    The unseen information

    The unseen is the new information given to you on exam day. Two things are happening here. Vennlisk has completed the acquisition of a call centre operator in Ostland, its first centre outside Westland, which will handle calls for some shared inbound clients over links to Vennlisk’s cloud-based servers. At the same time, call centres in the region have been hit by cyber-attacks aimed at stealing customer data and disrupting telephone and internet links. On top of this, the Ostland government has proposed a law that would force customer data handled in Ostland to be stored there and let government agencies inspect it.

  2. 02

    The task

    Two tasks, clearly separated. Sub-task (a): recommend, with reasons, how Vennlisk should manage political and operational risks in Ostland following the acquisition. Sub-task (b): evaluate the arguments for treating cybersecurity as a Board-level strategic issue. Sub-task (a) is a risk-management question; sub-task (b) is a corporate-governance question. Keep them separate in your answer so that they do not bleed into each other.

  3. 03

    The mark weighting

    Both sub-tasks carry 50% each: equal time, equal depth, equal effort on both. Plan four points for each half before you write either, so that the second half gets the same attention as the first. Treat both halves as two separate mini-questions of equal importance.

  4. 04

    How the scoring works

    The exam is marked out of 100 and scaled to 150, and you need 80 out of 150 to pass. Generic risk frameworks or cybersecurity theory without Vennlisk-specific application will score poorly. Every point you make should connect back to something in the unseen or the pre-seen. The examiner wants practical business advice, not textbook definitions.

  5. 05

    How much to actually write

    Each sub-task is 50%, roughly 16 to 17 marks each. As a ballpark, one well-explained, Vennlisk-specific argument is worth around 4 marks, so you are looking for four solid points per sub-task, not more. You may have ten ideas, but we want the best four only. A well-explained point is five to six sentences. Do not write ten shallow points hoping to cover the marks; four deep, well-applied arguments will always outscore a list of ten one-liners. For (a), four points on political and operational risk, each identifying a specific risk, why it matters for Vennlisk, and a clear recommended response. For (b), four points evaluating whether cybersecurity belongs in the boardroom rather than the IT department.

  6. 06

    The reference material

    These are the specific facts available to apply, so use them: the Ostland centre is Vennlisk’s first outside Westland and serves some shared inbound clients; it connects to Vennlisk’s cloud-based servers in Westland; cyber-attacks in the region target customer data and telephone and internet links; the proposed Ostland law would require local storage of customer data and allow government inspection; and governance guidance flags cybersecurity and personal data protection as critical. From the pre-seen, add that clients outsource partly for robust data protection, that access to client files and dependence on telecommunications links are both among Vennlisk’s principal risks, and that Vennlisk’s strategy is a good quality service rather than the lowest price.

  7. 07

    The command verbs

    The verbs tell you exactly what to do. Sub-task (a) says recommend with reasons: for every risk you identify, state what Vennlisk should do and explain why that response makes sense in the Ostland context. Do not just list risks. Sub-task (b) says evaluate: engage with the arguments critically, not just list reasons why cybersecurity matters. Ask yourself: does this risk genuinely belong at Board level, or can it be managed operationally? Then make the case.

Key SCS command verbs

Every task begins with a verb. The verb decides the answer.

Tasks typically use verbs such as Evaluate, Discuss, Interpret, Recommend, Analyse and Identify. The verb tells you how deep to go and what shape your answer takes. In the SCS you are almost always operating at Level 4 (analysis) or Level 5 (evaluation). Whichever verb is used, you must always apply it to the specific scenario in the case.

Level 5 · Evaluation
Evaluate

Judge how good something is, in depth. Look at advantages and disadvantages, consider risks and long-term impact, and give a clear final judgement.

Assess

Judge how important or serious something is, in depth, for the business, and explain its impact.

Recommend

Suggest the best course of action in depth and clearly explain why it should be chosen.

Advise

Give practical, professional guidance to management on what they should do next, in depth.

Justify

Provide strong reasons and evidence to support a particular decision or viewpoint, in depth.

Review

Check something carefully and in depth, and decide whether it needs changes.

Level 4 · Analysis
Analyse

Break the issue into parts, explain causes and effects in depth, and link it to business strategy.

Discuss

Examine in detail by argument: present both sides, explain each, and give a balanced conclusion.

Examine

Study the issue in detail to understand what is happening, and why, in depth.

Interpret

Explain what the data or information means, in depth, for the business decision.

Critically evaluate

Deeply analyse and question assumptions before giving a well-reasoned judgement.

Finntutors planning framework

4 + 4 + 4. Plan every section before you write a word.

You have 60 minutes per section. Spend the first 12 to 15 minutes planning. Three stages of roughly four minutes each. The students who skip this phase always finish under-time and under-scored.

  1. 4 minFirst four

    Read and understand the scenario

    Read the unseen email or conversation carefully. Who is asking, what has happened, what needs addressing. Note the names, the unseen themes, the things that stand out. Absorb the situation fully before thinking about your answer.

  2. 4 minSecond four

    Decode the sub-tasks

    Read every sub-task. For each, identify the command verb and the weighting. Read them all before answering any of them. This stops you covering later content too early and leaving yourself empty.

  3. 4 minThird four

    Plan your sub-headings

    Jot down the sub-headings for each sub-task. Think about the technical knowledge that applies, what the preseen tells you about this company, and what new detail the unseen has introduced. You are building a skeleton, not writing sentences yet.

Finntutors writing framework

PEA. Every paragraph, every time.

PEA stands for Point, Explanation, Application. It is the structure for every single point you make. Once you have planned, every paragraph follows this pattern. A PEA paragraph written well earns Level 3 marks.

P

Point

State your point clearly and directly in one sentence. Do not build up to it. Lead with it.

E

Explanation

Explain why this point matters or how it works. This is where the technical knowledge comes in. One to two sentences is usually enough.

A

Application

Link the point directly to the company. Use the name, the specific numbers, the situation from the preseen or unseen. This is what separates a pass from a borderline answer.

How marking actually works
Applicable for the Nov 2026 and Feb 2027 sittings

Levels-based marking. The same answer at each level.

The SCS does not tick correct facts. The examiner reads your whole answer and places it in Level 1, 2 or 3. Three things decide which: clarity, depth, and application to the scenario. Using sub-task (a) from the Vennlisk Ostland question, and taking one point only, political risk: Ostland’s proposed law on storing and inspecting customer data, here is the same point answered at each level.

The task: Recommend, with reasons, the approach that Vennlisk should now take to manage the political and operational risks in Ostland following the acquisition.
Level 1 Some understanding Generic. Could apply to any business operating overseas.

Vennlisk should monitor the political environment in Ostland and take steps to manage the risks associated with operating there. Political risk can affect a company’s operations and it is important that management are aware of this.

Level 2 Reasonable understanding Explained well, but not applied to Vennlisk.

Vennlisk should assess the political risks associated with operating in Ostland and put measures in place to manage them. Governments in some countries pass laws on where data must be stored and who can access it, particularly for foreign-owned businesses. This could affect Vennlisk’s ability to operate freely and may result in additional compliance costs. Management should engage with local regulators and seek legal advice to ensure the business remains compliant with local requirements.

Level 3 Good understanding Specific, applied, scenario-anchored.

Recommend engaging with regulators and keeping client data in Westland: It is recommended that Vennlisk engages early with regulators in Ostland and takes legal advice on the proposed data law. This is a direct risk for Vennlisk because clients outsource to it partly for robust data protection, and Vennlisk complies with all legislation and contractual terms on personal data. If its clients’ customer data had to be stored in Ostland and could be inspected by government agencies, Vennlisk could breach those contracts and lose clients to rivals such as Ringcoll. Vennlisk should design the operation so that Ostland agents view files held on its Westland cloud servers without storing them locally.

Recommend routing only suitable calls to Ostland: Vennlisk should keep calls involving sensitive personal data, such as healthcare and banking calls, in its five Westland call centres, and route simpler calls to Ostland, reducing its exposure if the law is passed.

The takeaway. Every student walking into this exam knows that political risk can affect overseas operations. That knowledge alone is Level 1. The jump to Level 3 comes from asking three questions before you write: what is the specific political risk Vennlisk faces, why does it matter for this company specifically, and what should Vennlisk actually do about it. Read your sentence back: if it could appear in an answer about any company acquiring any overseas business, it needs one more layer of application.
Common mistakes

What costs students marks every sitting.

Most students who fail know enough content to pass. The marks are lost in how the answers are written. Five mistakes show up across every sitting.

  1. 01

    Writing generically instead of applying to the company

    The single biggest reason students drop from Level 3 to Level 2. Technically correct answers that could apply to any business. If your answer does not mention the company by name, reference its specific situation, and use the reference material or details from the preseen or unseen, it will not reach Level 3.

  2. 02

    Ignoring the command verb

    Writing a discuss answer when the task says identify. Writing a list when the verb is evaluate, missing the judgement the marks depend on. Every task starts with a verb. Read it. Match it.

  3. 03

    Misallocating time across sub-tasks

    Spending too long on the first comfortable sub-task and running out of time for the rest. Levels-based marking means a brilliant answer on one sub-task cannot compensate for a missing answer on another. A complete Level 2 on every sub-task beats Level 3 on one and nothing on the next.

  4. 04

    No planning before writing

    Diving straight in produces rambling, unstructured answers that jump between points without clear logic. 4+4+4 per section produces tighter answers, ensures every sub-task is covered, and almost always reaches a higher level than unplanned writing.

  5. 05

    Making points without explaining them

    A point with no explanation sits at Level 1. Students list five or six correct ideas in quick succession but never develop any of them. One well-explained, well-applied point is worth more than three undeveloped ones.

Seven-week preseen plan
Applicable for the Nov 2026 and Feb 2027 sittings

What to do with the preseen, week by week.

Most students re-read the preseen and call it studying. This is what tutors actually do across the seven weeks between release and exam day.

  1. Week 1Understand the exam

    Understand what the SCS is testing before you touch the pre-seen

    The SCS sits at the strategic level. The examiner expects you to think like a senior advisor, not a middle manager. Before you open the pre-seen, pick up the blueprint and understand the five core activities, how marks are awarded, and what the command verbs at this level actually demand. The SCS applies E3, P3 and F3 knowledge to complex, multi-layered business situations. If you are studying with us, everything is structured from day one and our WhatsApp group is live for questions throughout.

  2. Week 2Enter the pre-seen

    Read the pre-seen properly: not just once, but with a purpose

    Read it like a new board member preparing for their first meeting. You are not skimming for facts. You are building a picture of the business: its strategic position, the key stakeholders and where conflicts might arise, its financial health, the governance structure, the strategic, operational, financial and reputational risks, and where E3, P3 and F3 map onto the company's reality. For Vennlisk, that means reading its financial statements side by side with those of Ringcoll, its closest competitor, and reading the Board biographies against the committee table. If you are studying with us, we have already done this mapping for you so you can focus on understanding rather than hunting.

  3. Week 3Strategic depth

    Go deeper on the strategy and governance layers

    Work through the pre-seen with strategic lenses in mind: what strategic options does the company face (growth, diversification, acquisition, withdrawal)? What are the governance risks? What does the financial position mean strategically? Where are the ethical dilemmas likely to emerge? For Vennlisk, the pre-seen raises questions such as how far to use AI and chatbots, how to compete with low-cost overseas call centres, whether to keep growing through acquisitions, and how to fund all of this given its borrowings and dividend. Continue your topic-by-topic technical revision alongside this. If you cannot confidently evaluate a strategic acquisition, assess board-level risk oversight, recommend a financing structure or analyse stakeholder conflict, your answers will not move beyond surface-level analysis. Our twice-weekly live lessons every Wednesday and Friday at 6pm UK time focus on exactly these skills.

  4. Week 4Writing for marks

    Learn how marks are actually awarded at SCS level

    The examiner at this level expects integrated thinking. Study the command verbs (evaluate, recommend, advise, assess) and understand what each demands. Learn what a Level 3 answer looks like versus Level 1 or 2, and that one well-developed, scenario-specific argument is worth more than three generic observations. Start submitting mocks for marking and study the model answers to understand why certain points score and others do not. With us, you work through 25 mock questions in structured set-wise parts: writing, receiving feedback, discussing in class, and writing again.

  5. Week 5Fix the gaps

    Use what the mocks reveal and address it directly

    Mocks are a mirror. Whatever they show (thin application, weak financial analysis, poor governance knowledge or answers that drift from the scenario), this week is for fixing it. Watch for the SCS-specific gaps: writing generically instead of applying to the company, ignoring the command verb, misallocating time across sub-tasks, no planning before writing, and making points without explaining them.

  6. Week 6Past papers

    Write under timed conditions and practise integrating across pillars

    The SCS regularly requires you to draw on E3, P3 and F3 within a single answer. Past papers help you see how the examiner constructs multi-part questions and how integration is rewarded. Pay attention to how high-scoring answers move between strategic analysis, financial evaluation and governance within one response. Unlike some case-study exams, the SCS does not recycle themes, but past papers still help with direction. Keep targeting your specific weak areas.

  7. Week 7Exam week

    Arrive fresh, not frantic

    Knowledge is set by now. Do a final clean read of the pre-seen, review all the mocks you have completed, and focus on execution rather than learning anything new. Rest properly. You got this!

Practice questions
Applicable for the Nov 2026 and Feb 2027 sittings

Two real questions from our Vennlisk practice set.

These come straight from our November 2026 and February 2027 practice set, worded exactly as our students sit them. Write your answer under each sub-task, then send it to our team for free marking and written feedback through the free SCS mini course.

5 scenarios · open and study at your own pace 0/10
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