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Key Facts: SFA Exam Russia Exam

240

Exam Questions

qualifin.ru

360 min

Total Time Limit

qualifin.ru

Council decision

Passing Result

qualifin.ru FAQ

Russian

Official Exam Language

qualifin.ru

The SFA examination is a single assessment organized by NFA: two 180-minute remote-proctored sessions of 120 questions, with a one-hour break. The joint NFA/AFA council determines the passing result after each sitting. Published subject weights range from 5% for financial mathematics and alternative investments to 17% for corporate finance; professional ethics is 8%.

Sample SFA Exam Russia Practice Questions

Try these sample questions to review concepts for the SFA Exam Russia exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under IAS 1 Presentation of Financial Statements, which of the following criteria requires an asset to be classified as a current asset on the statement of financial position?

A.The entity expects to realise the asset, or intends to sell or consume it, in its normal operating cycle

B.The asset is held primarily for long-term capital appreciation and strategic control

C.The asset is restricted from being exchanged or used to settle a liability for at least 18 months after the reporting period

D.The asset is expected to be realised within 24 months after the reporting period, even though the operating cycle is 6 months

Explanation: IAS 1.66 specifies that an asset is classified as current if it is expected to be realised or consumed in the entity's normal operating cycle, held primarily for trading, expected to be realised within twelve months after the reporting period, or is cash or a cash equivalent unless restricted. Assets realised within the normal operating cycle qualify as current even if the cycle exceeds 12 months.

2A telecommunications company enters into a contract to sell a corporate network server bundle for a single transaction price of 9,000,000 RUB. The contract includes hardware equipment and a two-year technical maintenance service. In standalone sales, the equipment sells for 8,000,000 RUB and the two-year maintenance service sells for 2,000,000 RUB. Under IFRS 15 Revenue from Contracts with Customers, what amount of revenue should be allocated to the equipment?

A.8,000,000 RUB

B.7,200,000 RUB

C.7,000,000 RUB

D.9,000,000 RUB

Explanation: Under IFRS 15, the transaction price is allocated to performance obligations in proportion to their relative standalone selling prices. The total standalone selling price is 8,000,000 RUB + 2,000,000 RUB = 10,000,000 RUB. The equipment represents 8,000,000 / 10,000,000 = 80% of total standalone value, so 80% of the 9,000,000 RUB transaction price is 7,200,000 RUB.

3A logistics enterprise signs a 4-year warehouse lease with payments of 1,000,000 RUB at the beginning of each year. The implicit rate cannot be determined; the incremental borrowing rate is 10%. The supplied present value factor for the three unpaid annual payments is 2.4869. A 150,000 RUB commission is payable only if the lease is executed, and there are no incentives or restoration obligations. Under IFRS 16, what is the initial right-of-use asset?

A.3,169,865 RUB

B.3,486,900 RUB

C.3,636,900 RUB

D.4,150,000 RUB

Explanation: Under IFRS 16, the ROU asset equals the initial lease liability plus lease payments made at or before commencement, plus initial direct costs. The initial payment of 1,000,000 RUB is paid immediately. The remaining 3 annual payments have a present value of 1,000,000 * 2.4869 = 2,486,900 RUB. Total lease liability at commencement = 2,486,900 RUB, and ROU asset = 2,486,900 (liability) + 1,000,000 (advance payment) + 150,000 (initial direct costs) = 3,636,900 RUB.

4A manufacturing entity acquired equipment on 1 January 2024 for 12,000,000 RUB. Accounting depreciation is straight-line over six years with zero residual value, or 2,000,000 RUB a year. Tax depreciation is 4,000,000 RUB in 2024 and 3,000,000 RUB in 2025. At 31 December 2025, the enacted rate expected to apply when the temporary difference reverses is 25%. Under IAS 12, what is the deferred tax liability?

A.400,000 RUB

B.600,000 RUB

C.500,000 RUB

D.750,000 RUB

Explanation: Carrying amount is 12,000,000 - 2*2,000,000 = 8,000,000 RUB, while tax base is 12,000,000 - 4,000,000 - 3,000,000 = 5,000,000 RUB. The taxable temporary difference is therefore 3,000,000 RUB. IAS 12 uses the enacted or substantively enacted rate expected on reversal, supplied here as 25%, giving a deferred tax liability of 750,000 RUB.

5At year-end, a metallurgical firm tests a specialized processing unit with a carrying value of 50,000,000 RUB for impairment under IAS 36. An independent valuation indicates that the unit's fair value less costs of disposal is 42,000,000 RUB. The discounted present value of projected future operational cash flows (value in use) is estimated at 46,000,000 RUB. What impairment loss should be recognized in profit or loss?

A.4,000,000 RUB

B.8,000,000 RUB

C.0 RUB

D.6,000,000 RUB

Explanation: Under IAS 36, the recoverable amount of an asset is defined as the higher of its fair value less costs of disposal (42,000,000 RUB) and its value in use (46,000,000 RUB). Therefore, the recoverable amount is 46,000,000 RUB. Since the carrying value of 50,000,000 RUB exceeds the recoverable amount of 46,000,000 RUB, an impairment loss of 50,000,000 - 46,000,000 = 4,000,000 RUB must be recognized.

6An analyst reviews a company's financial records prepared under IFRS to calculate Cash Flow from Operating Activities (CFO) using the indirect method: - Net Income: 15,000,000 RUB - Depreciation and amortisation expense: 3,000,000 RUB - Increase in accounts receivable: 1,200,000 RUB - Increase in inventory: 800,000 RUB - Increase in trade accounts payable: 500,000 RUB - Gain on sale of heavy equipment: 400,000 RUB What is the operating cash flow (CFO)?

A.16,900,000 RUB

B.16,100,000 RUB

C.15,100,000 RUB

D.17,300,000 RUB

Explanation: Using the indirect method under IAS 7: CFO = Net Income + Non-cash charges - Non-operating gains - Increase in working capital assets + Increase in working capital liabilities. Here: CFO = 15,000,000 (Net Income) + 3,000,000 (Depreciation) - 400,000 (Gain on sale) - 1,200,000 (Delta AR) - 800,000 (Delta Inventory) + 500,000 (Delta AP) = 16,100,000 RUB.

7A financial analyst conducts a 5-step DuPont decomposition of an industrial conglomerate's return on equity (ROE) for 2025: - Tax Burden (Net Income / EBT): 0.75 - Interest Burden (EBT / EBIT): 0.80 - Operating Margin (EBIT / Revenue): 0.15 - Total Asset Turnover (Revenue / Average Assets): 1.40 - Financial Leverage (Average Assets / Average Equity): 2.50 What is the firm's ROE, and what is its Operating Return on Assets (Operating ROA = EBIT / Average Assets)?

A.ROE = 21.00%; Operating ROA = 31.50%

B.ROE = 39.38%; Operating ROA = 21.00%

C.ROE = 31.50%; Operating ROA = 21.00%

D.ROE = 31.50%; Operating ROA = 52.50%

Explanation: Under the 5-way DuPont model: ROE = Tax Burden * Interest Burden * Operating Margin * Asset Turnover * Leverage = 0.75 * 0.80 * 0.15 * 1.40 * 2.50 = 0.3150 or 31.50%. Operating ROA = EBIT / Average Assets = (EBIT / Revenue) * (Revenue / Average Assets) = Operating Margin * Asset Turnover = 0.15 * 1.40 = 0.2100 or 21.00%.

8Which of the following patterns in a company's financial statements is considered the strongest red flag indicating potential aggressive revenue recognition or channel stuffing?

A.A steady decrease in Days Sales Outstanding (DSO) accompanied by rising cash collections

B.An increase in inventory turnover accompanied by stable gross margins

C.A linear expansion in operating cash flows matching net income trajectory

D.Days Sales Outstanding (DSO) increasing substantially while revenue growth outpaces industry peers near year-end

Explanation: Channel stuffing involves sending excess products to distributors or booking unearned sales near period end. This causes accounts receivable to balloon without corresponding cash inflow, leading to a sharp surge in Days Sales Outstanding (DSO) and a growing divergence between reported net income and operating cash flow.

9A food manufacturer holds finished grain products with a cost of 2,500,000 RUB. The estimated ordinary selling price is 2,700,000 RUB, and the costs necessary to sell them are 400,000 RUB. The inventories are subject to IAS 2's ordinary cost and net realizable value rules. At what balance should they be reported, and what write-down is recognized?

A.Reported at 2,300,000 RUB; write-down of 200,000 RUB

B.Reported at 2,500,000 RUB; write-down of 0 RUB

C.Reported at 2,700,000 RUB; gain of 200,000 RUB

D.Reported at 2,100,000 RUB; write-down of 400,000 RUB

Explanation: Under IAS 2, inventories must be measured at the lower of cost and net realizable value (NRV). NRV = Estimated selling price less estimated costs of completion and sale = 2,700,000 - 400,000 = 2,300,000 RUB. Because NRV (2,300,000 RUB) is lower than cost (2,500,000 RUB), the inventory is written down to 2,300,000 RUB, recognizing an expense of 200,000 RUB in profit or loss.

10A financial analyst calculates Free Cash Flow to the Firm (FCFF) for an energy company from the following cash flow statement data under IFRS: - Cash Flow from Operating Activities (CFO): 24,000,000 RUB (which includes interest paid of 4,000,000 RUB classified in operating activities) - Corporate income tax rate: 20% - Gross Capital Expenditures (CapEx): 10,000,000 RUB What is the company's FCFF?

A.14,000,000 RUB

B.17,200,000 RUB

C.18,000,000 RUB

D.20,400,000 RUB

Explanation: When interest paid is included in operating cash flow under IFRS, FCFF is calculated as: FCFF = CFO + Interest Paid * (1 - Tax Rate) - Capital Expenditures. Here, FCFF = 24,000,000 + 4,000,000 * (1 - 0.20) - 10,000,000 = 24,000,000 + 3,200,000 - 10,000,000 = 17,200,000 RUB.

About the SFA Exam Russia Exam

Independent practice for the Financial Analyst Certificate examination (Сертификат финансового аналитика, СФА). The official examination is in Russian and uses 240 questions with two to four answer options. This English-language bank uses four-option MCQs as a study adaptation, not an official translation or format simulation.

Exam sponsor: National Finance Association (НФА) / ANO DPO NFA. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Comprehensive computer-based testing via remote proctoring: Session 1 (120 questions, 180 min) and Session 2 (120 questions, 180 min) with a 60-minute break

Time Limit

360 minutes (6 hours total testing time)

Passing Score

Determined after each sitting; no fixed published percentage

Exam / Certification Fees

December 2026: 75,000 RUB paid by 20 October; 95,000 RUB later

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

15%

Financial Accounting & Statement Analysis

IFRS financial statement presentation, revenue recognition (IFRS 15), lease accounting (IFRS 16), balance sheet quality, cash flow ratios

17%

Corporate Finance

Capital budgeting criteria (NPV, IRR), weighted average cost of capital (WACC), capital structure theories, dividend policy, working capital

10%

Debt Instruments & Fixed Income

Bond pricing, yield-to-maturity, spot curves, Macaulay and modified duration, convexity, credit spreads, Russian sovereign bonds (OFZ)

10%

Equity Instruments

Dividend models, FCFF/FCFE valuation and valuation multiples

10%

Portfolio Management

Diversification, CAPM, asset allocation and performance measures

Financial Mathematics

Discounting, probability, confidence intervals and regression

10%

Economics

Supply and demand, inflation, monetary policy and exchange rates

10%

Derivatives

Futures, forwards, swaps and option pricing

Alternative Investments

Real estate, commodities, private equity and fund fees

Professional Ethics

Client communication, suitability, confidentiality, conflicts and fair reporting

Preparing for the SFA Exam Russia Exam

What You Need to Know

Passing score: Determined after each sitting; no fixed published percentage
Assessment: Comprehensive computer-based testing via remote proctoring: Session 1 (120 questions, 180 min) and Session 2 (120 questions, 180 min) with a 60-minute break
Time limit: 360 minutes (6 hours total testing time)
Exam / certification fees: December 2026: 75,000 RUB paid by 20 October; 95,000 RUB later Official sources

Using Our Practice Resources

Work through all 100 available questions
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SFA Exam Russia: Suggested Study Strategy

1Master bond valuation formulas including clean/dirty price, accrued interest, and modified duration and convexity approximations

2Practice multi-stage dividend discount and free cash flow to firm/equity (FCFF/FCFE) valuation models

3Understand the mechanics of WACC calculations incorporating corporate tax shields and debt-to-equity adjustments

4Review statistical hypothesis testing, standard error calculations, and regression coefficient interpretation

Frequently Asked Questions

What is the SFA credential?

СФА stands for Сертификат финансового аналитика (Financial Analyst Certificate). NFA organizes its single comprehensive examination, with a joint NFA/AFA council deciding the passing result. It is a distinct credential; this resource makes no claim of equivalence to another qualification.

Is the passing score fixed at 70%?

The official FAQ says the joint NFA/AFA council sets the passing result after each examination. No fixed 70% threshold is published.

What is the format and duration of the SFA exam?

There are 240 Russian-language multiple-choice questions with two to four options, split into two remote-proctored 180-minute sessions with a one-hour break. The published assessment has no separate written assignment, oral defense or practical stage.

How does this question bank help me prepare for the SFA exam?

This is independent English-language MCQ practice for financial analysis and professional judgment. It is not an official translation or format simulation. All practice questions have four options; official questions may have two, three or four.