CS Professional · June 2026 · Paper 5
CS Professional Strategic Management and Corporate Finance June 2026: 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) | 2 | Divisional performance control through a uniform return on investment target and a rule against cross-subsidising divisions | Managing the Multi-Business Firm and Analyzing Strategic Edge |
| 1(a)(ii) | 4 | Applying the BCG growth-share portfolio matrix to a divestment decision and judging its suitability | Managing the Multi-Business Firm and Analyzing Strategic Edge |
| 1(a)(iii) | 4 | Using Porter five forces and the product life cycle model to support a divisional divestment decision | Analyzing the External and Internal Environment |
| 1(b)(i) | 2 | Why an artificial intelligence investment must be aligned with overall business strategy before committing capital | Competitive Positioning |
| 1(b)(ii) | 2 | Selecting strategic AI priorities that strengthen competitive positioning for a software firm | Competitive Positioning |
| 1(b)(iii) | 2 | Role of a data strategy in successful AI adoption for compliance and HR analytics | Competitive Positioning |
| 1(b)(iv) | 2 | Ethical and legal issues in deploying AI in India, including privacy, bias and data protection | Competitive Positioning |
| 1(b)(v) | 2 | Assessing industry attractiveness of an AI project using competitive forces such as rivalry, substitutes and buyer power | Competitive Positioning |
| 2(a) | 5 | CSR computation: minimum obligation, eligible spend, unspent amount, capital assets, ongoing projects and penalties | Business Policy and Formulation of Functional Strategy |
| 2(b) | 5 | Key questions a company must address under an e-commerce strategy framework | Business Policy and Formulation of Functional Strategy |
| 2(c) | 5 | Glueck and Jauch grand strategic alternatives: stability, expansion, retrenchment and combination applied to a business | Strategic Analysis and Planning |
| 2(d) | 5 | Competitive benchmarking: identifying efficiency and profitability gaps and the payoff of an improvement programme | Managing the Multi-Business Firm and Analyzing Strategic Edge |
| 2A(i) | 5 | Strategic gap: meaning, causes and significance in strategic management | Strategic Analysis and Planning |
| 2A(ii) | 5 | Using the PESTLE framework for environmental analysis of a business | Analyzing the External and Internal Environment |
| 2A(iii) | 5 | Ansoff growth matrix: growth strategy choices and limitations | Strategic Analysis and Planning |
| 2A(iv) | 5 | Three pillars of blockchain technology and their role in competitive positioning | Competitive Positioning |
| 3(a) | 5 | Computing annual letter of credit limits for domestic and import purchases using credit cycle periods | Raising of Funds - Non Fund Based |
| 3(b) | 5 | Preferential issue pricing for infrequently traded shares and adjustment on a later stock split under ICDR | Raising of Funds - Private Funding |
| 3(c) | 5 | REIT net distributable cash flow, minimum distribution, distribution per unit and investor yield | Real Estate Investment Trusts |
| 4(a) | 5 | Startup angel and venture capital rounds: pre and post-money valuation, dilution and promoter control | Raising of Funds - Private Funding |
| 4(b) | 5 | Social Stock Exchange zero coupon zero principal issue: minimum subscription and fund utilisation compliance | Sources of Corporate Funding |
| 4(c) | 5 | How InvIT units differ from traditional investment instruments | Infrastructure Investment Trusts |
| 5(a) | 5 | Public issue application limits for retail and non-institutional investors and minimum application size | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 5(b) | 5 | Dissenting shareholders under ICDR and conditions for a mandatory exit offer by promoters | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 5(c) | 5 | Fund based versus non-fund based bank credit facilities, with classification of a facility list | Raising of Funds - Non Fund Based |
| 6(a) | 5 | Recent ICDR amendment to anchor investor allocation in public issues | Raising of Funds from Equity and Procedural Aspects - Public Funding |
| 6(b) | 5 | SEBI framework for co-investment schemes offered by Category I and II AIFs | Raising of Funds - Private Funding |
| 6(c) | 5 | Recent changes to qualification and certification requirements for investment advisers | Role of Intermediaries in Fund Raising |
| 6A(i) | 5 | Distinguishing a letter of credit from a bank guarantee | Raising of Funds - Non Fund Based |
| 6A(ii) | 5 | Distinguishing hire purchase from hypothecation as financing arrangements | Sources of Corporate Funding |
| 6A(iii) | 5 | Distinguishing bill discounting from factoring | Sources of Corporate Funding |
What stood out
- Part I (strategic management, 40 marks) opened with two short case studies worth 20 marks, one on portfolio-based divestment and one on AI business strategy.
- Artificial intelligence and blockchain both appeared as strategy topics, signalling that ICSI now treats technology-led competitive positioning as core content.
- Part II was heavily numerical: letter of credit limits, preferential pricing, REIT distributions, startup dilution and IPO application limits were all computational.
- Question 6 tested SEBI amendments and circulars issued in late 2025, so candidates who skipped recent regulatory updates had to fall back on the theory alternative in 6A.
- Non-fund based facilities (letters of credit, guarantees, credit classification) carried 15 marks across 3(a), 5(c) and 6A(i), on a par with the public issue chapter.
Practise the chapters that carried the marks
Competitive Positioning, Strategic Analysis and Planning, Raising of Funds - Non Fund Based: study guides and practice questions in the CS Professional format.