Strategic Management & Corporate Finance (SMCF) | CRACKER

Strategic Management & Corporate Finance – CRACKER is an examination-focused question bank and answer-writing companion for Paper 5 of the CS-Professional programme. It does not re-teach the syllabus; instead, it assembles the questions that have actually been set by the ICSI—drawn from well over a decade of past papers—and pairs each with a fully developed model answer written the way the examiner expects it to be presented. The paper is unusual in that it spans two very different demands: the discursive, application-led reasoning of Strategic Management and the provision-heavy, computation-led discipline of Corporate Finance. The book is designed to train a candidate in both—turning conceptual reading into structured, examination-ready writing and giving aspirants a single resource for revision, self-testing, and answer-writing practice in the final stretch before the examination.

The Present Publication is the 5th Edition | June 2026, authored by CS NS Zad and CS Divya Bajpai, with the following noteworthy features:

• [Fully Solved Previous Exams, Arranged Topic-wise] Fully solved questions of previous examinations, presented as per the latest examination pattern, arranged topic-wise under subject sub-headings, and covering past questions up to and including the June 2026 examination
• [Examination-Oriented Model Answers] Each answer is written to the depth and form expected in the examination, organised under clear headings and sub-points so that it can be reproduced under time pressure
• [Answers Anchored to the Governing Law] Every answer is tied to the precise provision in force (for example, the Companies Act 2013, the Companies (Share Capital & Debentures) Rules 2014, and the SEBI ICDR and LODR Regulations) and is fully updated to the current provisions and case laws
• [Complete Worked Solutions for Problem-based Questions] Numerical and project-appraisal questions are solved step-by-step, with working notes, present-value tables, and a reasoned concluding decision.
• [Scenario Questions Resolved through Tabular Analysis] Application and scenario questions are set out so that eligibility tests and comparative assessments reproduce cleanly in the answer book
• [Chapter-wise Marks Distribution & Trend Analysis] A built-in analytical apparatus that enables targeted, high-yield revision
• [Chapter-wise Comparison with the Study Material] Mapping each chapter to the corresponding chapter of the ICSI Study Material for friction-free use alongside the official material
• [Diagrams, Flowcharts & Comparative Tables] Used throughout to aid understanding and recall

The book covers the complete syllabus of the paper, organised into two parts across 18 chapters. Part I – Strategic Management builds the conceptual and analytical apparatus—environment scanning, strategy formulation, competitive positioning and managing the multi-business firm. Part II – Corporate Finance covers the full fund-raising landscape, from the legal and procedural mechanics of equity and debt issuances to specialised investment vehicles, foreign funding and project evaluation.

• Part I – Strategic Management
• Introduction to Strategic Management
• Analysing External & Internal Environment
• Business Policy & Formulation of Functional Strategy
• Strategic Analysis & Planning
• Competitive Positioning
• Managing a Multi-Business Firm & Analysing Strategic Edge
• Part II – Corporate Finance
• Sources of Corporate Funding
• Raising of Funds from Equity & Procedural Aspects – Public Funding
• Real Estate Investment Trusts
• Infrastructure Investment Trusts
• Raising of Funds – Private Funding
• Raising of Funds – Non-Fund Based
• An Overview on Listing & Issuance of Securities in International Financial Services Centre
• Raising of Funds from Debt & Procedural Aspects
• Foreign Funding – Institutions
• Foreign Funding – Instruments, Laws & Procedures
• Role of Intermediaries in Fund Raising
• Project Evaluation

The structure of the book is as follows:

• Two-Part Organisation — The content is organised into two parts—Strategic Management (Part I) and Corporate Finance (Part II)—mirroring the architecture of the paper
• Analytical Front Section — An analytical front section precedes the chapters, allowing a candidate to plan revision before turning to the questions
• Session & Marks Tagging — Each question drawn from a past examination is tagged with its session and marks, and recurring numericals are set out as separately labelled 'Problems'
• Descriptive vs Practical Classification — Past exam questions are classified as descriptive or practical (application/problem-based), making the weightage and question style clear at a glance