CS Professional · June 2025 · Paper 5
CS Professional Strategic Management and Corporate Finance June 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICSI; read them on ICSI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 1(a)(i) | 5 | Factors shaping the CSR activities of a large integrated steel producer | Introduction to Strategic Management |
| 1(a)(ii) | 2 | CSR matters on which the board of directors takes decisions | Introduction to Strategic Management |
| 1(a)(iii) | 3 | Role of the company secretary in implementing a robust corporate governance framework | Introduction to Strategic Management |
| 1(b)(i) | 5 | Principles of Total Quality Management behind turnaround of an automobile manufacturer | Business Policy and Formulation of Functional Strategy |
| 1(b)(ii) | 3 | Reasons for a mature manufacturer to adopt Six Sigma after quality and reputation setbacks | Business Policy and Formulation of Functional Strategy |
| 1(b)(iii) | 2 | Steps of Six Sigma implementation under the DMAIC approach | Business Policy and Formulation of Functional Strategy |
| 2(a) | 5 | Steps in the strategic planning cycle and benefits of strategic planning | Strategic Analysis and Planning |
| 2(b) | 5 | Definition of business environment and influence of demographic factors on business growth | Analyzing the External and Internal Environment |
| 2(c) | 5 | Comparison of vision and mission statements of a business unit | Introduction to Strategic Management |
| 2(d) | 5 | BCG growth-share matrix: two dimensions and the four product categories | Managing the Multi-Business Firm and Analyzing Strategic Edge |
| 2A(i) | 5 | Pillars of blockchain technology and its new business applications | Business Policy and Formulation of Functional Strategy |
| 2A(ii) | 5 | Elements of a logistics strategy plan for overseas supply chain expansion | Business Policy and Formulation of Functional Strategy |
| 2A(iii) | 5 | Fintech: broad categories of users and most active areas of innovation | Business Policy and Formulation of Functional Strategy |
| 2A(iv) | 5 | Porter five forces: situations where threat of new entrants is high | Competitive Positioning |
| 3(a) | 5 | Computation of letter of credit limit for domestic and import purchases using lead and transit times | Raising of Funds - Non Fund Based |
| 3(b) | 5 | Classifying a borrower facilities into fund based and non-fund based limits | Raising of Funds - Non Fund Based |
| 3(c)(a) | 3 | Book building allocation pattern for an issuer meeting profitability and net tangible asset criteria | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 3(c)(b) | 2 | Change in book building allocation where the issuer fails the eligibility criteria | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 4(a) | 5 | Mandatory listing of InvIT units and circumstances permitting delisting | Infrastructure Investment Trusts |
| 4(b) | 5 | Effect on share price of bonus issue before versus after a stock split | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 4(c) | 5 | Special Purpose Acquisition Company: meaning and listing eligibility conditions | An Overview on Listing and Issuance of Securities in International Financial Services Centre |
| 5(a) | 5 | Cost comparison of factoring versus bank finance against book debts | Raising of Funds - Non Fund Based |
| 5(b) | 5 | Importance of external commercial borrowings and permitted parking of ECB proceeds | Foreign Funding - Instruments, Laws and Procedures |
| 5(c)(i) | 2 | Whether insurance agents or brokers are exempt from investment adviser registration | Role of Intermediaries in Fund Raising |
| 5(c)(ii) | 2 | Registration exemption for persons acting as distributors or agents in multiple capacities | Role of Intermediaries in Fund Raising |
| 5(c)(iii) | 1 | Grievance redressal by investment advisers for client complaints | Role of Intermediaries in Fund Raising |
| 6(a)(i) | 3 | Allotment to bidders under book building at the floor issue price | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6(a)(ii) | 2 | Amount payable by individual bidders after book building price discovery | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6(b) | 5 | Value of a right and theoretical ex-rights price in a premium rights issue | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6(c)(i) | 1 | Maximum shares issuable under the green shoe option | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6(c)(ii) | 2 | Stabilising agent action when post-listing price falls below issue price | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6(c)(iii) | 2 | Stabilising agent options when post-listing price stays below listing but above issue price | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6A(i) | 5 | Definitions under alternative investment fund framework: hedge fund, SME fund, corpus, startup, venture capital undertaking | Raising of Funds - Private Funding |
| 6A(ii) | 5 | Placement memorandum: meaning and contents | Raising of Funds - Private Funding |
| 6A(iii) | 5 | Liquidity window facility for debt securities investors through stock exchange: features and conditions | Raising of Funds from Debt and Procedural Aspects |
What stood out
- Part I (strategic management) carried 40 marks and Part II (corporate finance) 60 marks; Q2 and Q6 each offered a full alternative (2A, 6A), so 35 of the 135 listed marks are optional.
- The 20-mark case study in Q1 tested CSR and governance from a company secretary angle plus TQM and Six Sigma, both applied to large manufacturers rather than pure definitions.
- Public equity funding was the heaviest finance chapter at 25 marks across book building allotment and allocation, bonus versus split pricing, rights valuation and green shoe stabilisation.
- Non-fund based funding drew 15 compulsory practical marks (letter of credit limit, fund versus non-fund classification, factoring versus bank finance), signalling that numericals extend beyond capital budgeting.
- Recent regulatory change appeared in the alternative Q6A, on the SEBI liquidity window for debt securities investors introduced in late 2024.
Practise the chapters that carried the marks
Business Policy and Formulation of Functional Strategy, Raising of Funds from Equity and Procedural Aspects - Public Funding, Introduction to Strategic Management: study guides and practice questions in the CS Professional format.