From September 2026 the syllabus of APM has been reordered. Some learning outcomes have been consolidated, some have been removed, and a few new learning outcomes have been added.  The full details of the changes to the syllabus for September 2026 can be found in the syllabus and study guide.  

• All questions will be compulsory; there will be no choice in Section B
• Section A will continue to be a 50-mark case study style question but will focus on topics from syllabus sections A and B.
• Section B will contain two 25-mark questions; one of which will come mainly from syllabus section C and one will come mainly from syllabus section D.
• In terms of years, dates are now artificial – i.e. use of 20X5 etc. For consistency it has been decided that where necessary APM will attempt to always use a reporting year of 1 July 20X4 – 30 June 20X5. It will also state above the requirements the date that it is now and again for consistency APM will aim to always use 1 September 20X5.

PM is at the Applied Skills level and tests the candidate's ability in the application and analysis of core management accounting techniques. APM develops key aspects introduced at the PM level, with more of a focus on the synthesis and evaluation of the key topics and techniques. APM also introduces more specialised techniques and current issues in performance management.

The whole of the PM syllabus is assumed knowledge for an APM candidate. It is unlikely that PM topics will be retested in APM at the level of detail that is required to pass PM. However, a candidate who does not know the methods and techniques taught for PM will struggle to complete the tasks in APM, which are to synthesise and evaluate those methods in business scenarios. Refer to the article Stepping up from Performance Management article which discusses bringing forward PM knowledge and skills into APM. 

Technical articles will be used to bring candidates' attention to current topics covered by the syllabus but not mentioned specifically.

Therefore, candidates are advised to read our technical articles on performance management in preparing for the exam. Please note that candidates should read technical articles from more than the last couple of years.

This is because performance management moves slowly than say, tax or financial accounting, with trends taking years to build.

EIS refers to the system that is used by the senior executives to plan and control the business. ERPS contains sub-systems with these functions but can also be used to cover the lower-level systems of an organisation.

ERPS is often associated with the move to a single database or data store for the organisation's needs. So, these topics are broadly similar but not exactly the same.

If the question is addressing strategic information needs, then the preference would be to use EIS as it is more precise. If the question is addressing bringing all functional areas into one system and looking at links to suppliers and customers then ERPS would be used.

In so far as stakeholder analysis may prove useful then yes, it is examinable.

Mathematical tables will be provided in the exams (and Annuity tables). Formulae sheet will not be provided with each exam but specific formula will be given where a question requires one.

Formulae will be given for learning curves and Z scores (or any other credit-scoring formulae). WACC (Weighted Average Cost of Capital) formula will not be given as this is basic knowledge.  

Yes, provided these are explained sufficiently in order to allow a marker to see their relevance to the question asked.

This is a core area and APM will continue to increase its focus on technology and data analytics, reflecting the impact this is having on the accounting profession and management accounting in particular. From September 2026, one of the section B questions will come mainly from syllabus section D, Data science and technology for performance and insights.  

Yes, it is a core area.

There are two technical articles written by a member of the APM examining team on this subject. The articles address changes in financial reporting that have affected EVA^TM calculations and will explain in detail what is expected of candidates as a result.

Candidates should be able to perform these adjustments in an EVA^TM calculation and be able to explain why these adjustments are necessary.

The implications of a proposed strategy are relevant for APM because of their impact on the management of performance of the organisation in question.

So, a question may ask about how the proposed mission, values or strategies feed into critical success factors and the drivers of performance, and then how these are reflected in the KPIs that are used.

The key questions are about the coherence of these choices, their consistency and the subsequent impact on management activity (i.e. choice of performance management and measurement systems) in monitoring and controlling the organisation.