Professional Documents
Culture Documents
2023 2025 Syllabus
2023 2025 Syllabus
Version 1
Why choose Cambridge International?
Cambridge International prepares school students for life, helping them develop an informed curiosity and a lasting
passion for learning. We are part of the University of Cambridge.
Our Cambridge Pathway gives students a clear path for educational success from age 5 to 19. Schools can shape
the curriculum around how they want students to learn – with a wide range of subjects and flexible ways to offer
them. It helps students discover new abilities and a wider world, and gives them the skills they need for life, so they
can achieve at school, university and work.
Our programmes and qualifications set the global standard for international education. They are created by subject
experts, rooted in academic rigour and reflect the latest educational research. They provide a strong platform for
students to progress from one stage to the next, and are well supported by teaching and learning resources.
We review all our syllabuses regularly, so they reflect the latest research evidence and professional teaching
practice – and take account of the different national contexts in which they are taught.
We consult with teachers to help us design each syllabus around the needs of their learners. Consulting with
leading universities has helped us make sure our syllabuses encourage students to master the key concepts in the
subject and develop the skills necessary for success in higher education.
Our mission is to provide educational benefit through provision of international programmes and qualifications for
school education and to be the world leader in this field. Together with schools, we develop Cambridge learners
who are confident, responsible, reflective, innovative and engaged – equipped for success in the modern world.
Every year, nearly a million Cambridge students from 10 000 schools in 160 countries prepare for their future with
the Cambridge Pathway.
Quality management
Cambridge International is committed to providing exceptional quality. In line with this commitment, our
quality management system for the provision of international qualifications and education programmes for
students aged 5 to 19 is independently certified as meeting the internationally recognised standard,
ISO 9001:2015. Learn more at www.cambridgeinternational.org/ISO9001
Key benefits
The best motivation for a student is a real passion for the subject
they’re learning. By offering students a variety of Cambridge
International AS & A Levels, you can give them the greatest chance
of finding the path of education they most want to follow. With
over 50 subjects to choose from, students can select the ones
they love and that they’re best at, which helps motivate them
throughout their studies.
Cambridge International AS & A Level Business allows students to experience the diverse and dynamic world
within which businesses exist. With a focus on how decisions are made, students will gain the knowledge to
understand how businesses operate within real contexts, analyse alternative courses of action and develop the
ability to make justified recommendations.
These transferable skills are essential for anybody working in a business environment and can facilitate further
study within business related areas.
Our approach in Cambridge International AS & A Level Business encourages learners to be:
confident, using business concepts to solve problems and understand the needs of businesses and their
stakeholders within given contexts
responsible, understanding that businesses and their stakeholders have responsibilities to society and the
environment
reflective, evaluating business decisions that have been made to better inform decisions that still need to be made
innovative, adapting the business skills of analysis and evaluation to dynamic scenarios in both familiar and
unfamiliar contexts
engaged, developing an interest in enterprise and facing challenges as future business leaders.
‘Cambridge students develop a deep understanding of subjects and independent thinking skills.’
Principal, Rockledge High School, USA
Key concepts
Key concepts are essential ideas that help students develop a deep understanding of their subject and make links
between different aspects. Key concepts may open up new ways of thinking about, understanding or interpreting
the important things to be learned.
Good teaching and learning will incorporate and reinforce a subject’s key concepts to help students gain:
• a greater depth as well as breadth of subject knowledge
• confidence, especially in applying knowledge and skills in new situations
• the vocabulary to discuss their subject conceptually and show how different aspects link together
• a level of mastery of their subject to help them enter higher education.
The key concepts identified below, carefully introduced and developed, will help to underpin the course you will
teach. You may identify additional key concepts which will also enrich teaching and learning.
The key concepts for Cambridge International AS & A Level Business are:
• Change
Change is the only constant. New enterprises and opportunities are created in response to change in the
external environment. Change can also happen within a business, leading to success when change is handled
correctly.
• Context
Context is the basis for every business decision. What might be a suitable solution in one situation may
be unsuitable in another. Businesses must understand and research their context to be able to make good
decisions.
• Decision-making
Decision-making affects all levels in a business. Stakeholders in businesses use their knowledge, apply it to a
scenario, analyse the data, evaluate the arguments and then come to a decision.
• Enterprise
Enterprise is the ability to seek out and successfully develop business opportunities.
• Innovation
Innovation enables a business to re-invent itself and stay ahead of the competition. The business world is
dynamic and companies must seek to innovate through product development, more efficient processes and
finding better ways to do business.
• Strategy
Strategy is about knowing where you are, where you want to get to and how you are going to get there. Being
able to analyse a business situation, make choices given relevant data and then implement this effectively is
key to running a successful business.
UK NARIC, the national agency in the UK for the recognition and comparison of international qualifications and
skills, has carried out an independent benchmarking study of Cambridge International AS & A Level and found it to
be comparable to the standard of AS & A Level in the UK. This means students can be confident that their Cambridge
International AS & A Level qualifications are accepted as equivalent, grade for grade, to UK AS & A Levels by leading
universities worldwide.
Cambridge International AS Level Business makes up the first half of the Cambridge International A Level course
in business and provides a foundation for the study of business at Cambridge International A Level. Depending on
local university entrance requirements, students may be able to use it to progress directly to university courses in
business or some other subjects. It is also suitable as part of a course of general education.
Cambridge International A Level Business provides a foundation for the study of business or related courses in
higher education. Equally it is suitable as part of a course of general education.
For more information about the relationship between the Cambridge International AS Level and Cambridge
International A Level see the ‘Assessment overview’ section of the Syllabus overview.
We recommend learners check the Cambridge recognition database and university websites to find the most
up-to-date entry requirements for courses they wish to study.
‘The depth of knowledge displayed by the best A Level students makes them prime targets for
America’s Ivy League universities.’
Yale University, USA
Supporting teachers
We provide a wide range of resources, detailed guidance and innovative training and professional development so
that you can give your students the best possible preparation for Cambridge International AS & A Level. To find out
which resources are available for each syllabus go to our School Support Hub.
The School Support Hub is our secure online site for Cambridge teachers where you can find the resources you need
to deliver our programmes. You can also keep up to date with your subject and the global Cambridge community
through our online discussion forums.
Sign up for email notifications about changes to syllabuses, including new and revised products and services at
www.cambridgeinternational.org/syllabusupdates
Professional development
We support teachers through:
• Introductory Training – face-to-face or online
• Extension Training – face-to-face or online
• Enrichment Professional Development – face-to-face or online
Find out more at www.cambridgeinternational.org/events
2 Syllabus overview
Aims
The aims describe the purposes of a course based on this syllabus.
Content overview
Candidates for Cambridge International AS Level study the AS Level topics for Paper 1 and Paper 2.
Operations management 4.1 The nature of operations 9.1 Location and scale
4.2 Inventory management 9.2 Quality management
4.3 Capacity utilisation and 9.3 Operations strategy
outsourcing
‘Cambridge International AS & A Levels prepare students well for university because they’ve
learnt to go into a subject in considerable depth. There’s that ability to really understand the
depth and richness and the detail of a subject. It’s a wonderful preparation for what they are
going to face at university.’
US Higher Education Advisory Council
Assessment overview
Paper 1 Paper 3
Paper 2 Paper 4
There are three routes for Cambridge International AS & A Level Business:
Route Paper 1 Paper 2 Paper 3 Paper 4
1 AS Level only
(Candidates take all AS components
in the same exam series)
3 A Level
(Candidates take all components in
the same exam series)
* Candidates carry forward their AS Level result subject to the rules and time limits described in the Cambridge Handbook.
Candidates following an AS Level route are eligible for grades a–e. Candidates following an A Level route are eligible
for grades A*–E.
Assessment objectives
The assessment objectives (AOs) are:
AO2 Application
Apply knowledge and understanding of business concepts, terms and theories to problems and issues in a variety of
familiar and unfamiliar business situations and contexts.
AO3 Analysis
Analyse business problems, issues and situations by:
• using appropriate methods and techniques to make sense of qualitative and quantitative business information
• searching for causes, impact and consequences
• distinguishing between factual evidence and opinion or value judgement
• drawing valid inferences and making valid generalisations.
AO4 Evaluation
Evaluate evidence in order to make reasoned judgements, present substantiated conclusions and, where
appropriate, make recommendations for action and implementation.
AO2 Application 30 25
AO3 Analysis 20 25
AO4 Evaluation 20 25
AO2 Application 30 30 27 10
AO3 Analysis 20 20 23 40
AO4 Evaluation 15 20 30 35
3 Subject content
This syllabus gives you the flexibility to design a course that will interest, challenge and engage your learners.
Where appropriate you are responsible for selecting resources and examples to support your learners’ study. These
should be appropriate for the learners’ age, cultural background and learning context as well as complying with
your school policies and local legal requirements.
The AS Level content is assumed knowledge for A Level Paper 3 and Paper 4.
AS Level content
1 Business and its environment (AS Level)
The foundation of Business is to understand what happens within a business. At AS Level candidates develop
an understanding of what a business is, what it wants to achieve and who is involved. Candidates develop the
vocabulary to understand how a business operates and learn how to analyse what the business does. Every
business is different, understanding its context is important to be able to understand the decisions that it makes
and the motivations of those involved.
1.1 Enterprise
2.2 Motivation
2.3 Management
3.1.1 The role of marketing and its relationship with other business activities
• marketing objectives
• the link between marketing objectives and corporate objectives
3.1.3 Markets
• how markets may differ: consumer and industrial markets; local, national and international markets
• the difference between product orientation and customer (market) orientation
• measurement of market share and market growth
• the implications of changes in market share and market growth
3.2.3 Sampling
• the need for and limitations of sampling
3.3.2 Product
• the difference between goods and services
• tangible and intangible attributes of products
• the importance of product development
• product differentiation and unique selling point (USP)
4.3.2 Outsourcing
• the impact of outsourcing on a business
5.4 Costs
5.5 Budgets
5.5.2 Variances
• the meaning of adverse variances and favourable variances
• the calculation and interpretation of variances
A Level content
The content of the AS Level is assumed knowledge for the assessment of Paper 3 and Paper 4. The A Level topics
build on the learning acquired in the AS Level topics.
The study of business strategy will enable candidates to develop their skills to produce a basic business strategy.
Candidates will develop an understanding of the tools a business uses to analyse the internal and external
environment to ensure the success of the business.
6.1.2 Economic
• how government might intervene to help businesses and encourage enterprise
• how government might intervene to constrain business activity
• how government might deal with market failure
• the key macroeconomic objectives of governments: low unemployment, low inflation, economic growth
• how macroeconomic objectives and performance of an economy can have an impact on business activity
• government policies used to achieve macroeconomic objectives: monetary, fiscal, supply-side and exchange
rate policies
• the impact of changes in these government policies on business and business decisions
6.1.4 Technological
• the impact of technological change on business and business decisions
6.1.6 International
• the importance of international trading links and their impact on business and business decisions
• how international trade agreements might have an impact on businesses
• the role of technology in international trade
• the advantages and disadvantages that a multinational might bring to a country
• relationships between multinationals and governments
6.1.7 Environmental
• how physical environmental issues might influence business behaviour
• how a business and its stakeholders may use an environmental audit
• the impact of the growing importance of sustainability on business and business decisions
The study of strategic elements of human resource management will require candidates to bring together the
content learnt in topic 2 and in this topic 7 to think about how a business can manage its people from a business-
wide perspective.
7.3 Leadership
7.3.1 Leadership
• the purpose of leadership
• leadership roles in business (directors, managers, supervisors, worker representatives)
• the qualities of a good leader
8 Marketing (A Level)
The focus of this A Level topic is on how a business can plan and strategise for the future. Candidates will build
from their learning in topic 3 to plan for the future marketing needs of the business.
The study of the strategic elements of marketing, include learning about the marketing plan which includes the
whole process of marketing, not just the marketing mix. Candidates will look at how a business can adapt and
change their marketing to focus on international markets.
8.1.1 Elasticity
• the concept of elasticity of demand: price, income and promotional
• calculation of price, income and promotional elasticity of demand
• interpretation of elasticity results
• the impact of elasticity measures on business decisions
• the limitations of the concept of elasticity in its various forms
Candidates will learn about various aspects of operations strategy, including the longer-term planning needed
to improve the operations of a business, innovations such as enterprise resource planning (ERP) and lean
production, and tools such as critical path analysis.
9.1.1 Location
• the factors that determine location and relocation
• the differences between local, national and international location decisions
• the reasons for and impact of offshoring and reshoring
• the impact of globalisation on location and relocation decisions
9.2.2 Benchmarking
• the importance of benchmarking in quality management
Candidates will develop an understanding of what can be learnt from the accounts of a business.
Candidates are not expected to be able to draw up a set of accounts. However, candidates do need to be able to
calculate relevant ratios and use this data to inform business decisions.
10.1.4 Depreciation
• the role of depreciation in the accounts
• the impact of depreciation (straight-line method only) on the statement of financial position and the
statement of profit or loss
10.4.2 The use of accounting data and ratio analysis in strategic decision-making
• assessment of business performance over time and against competitors
• the impact of accounting data including ratio results on business strategy
• the impact of debt or equity decisions on ratio results
• the impact of changes in dividend strategy on ratio results
• the impact of business growth on ratio results
• the impact of other business strategies on ratio results
• the limitations of using published accounts and ratio analyses
Profitability ratios
Gross profit
Gross profit margin (%) × 100
Revenue
Trade payables
Trade payables turnover (days) × 365 days
Credit purchases
Cost of sales
Rate of inventory turnover (times)
Average inventory
Gearing ratio
Non-current liabilities
Gearing (%) × 100
Capital employed
Investment ratios
Market price per share
Price/earnings ratio
Earnings per share
Section A has four questions. The first three questions have two parts.
Section B questions are essay questions and have two parts. Answers to the second part of the questions should
show evidence of evaluation (AO4).
The questions are based on the AS Level syllabus content (topics 1.1–5.5).
Paper 1 assesses AO1 Knowledge and understanding, AO2 Application, AO3 Analysis and AO4 Evaluation.
Each question includes a text containing data, which includes information in written, numerical and/or
diagrammatic form. Candidates need to answer the question using relevant and appropriate information from the
stimulus text to support their answers. Each question has six parts. Answers to the last part of the questions should
show evidence of evaluation (AO4).
The questions are based on the AS Level syllabus content (topics 1.1–5.5).
Paper 2 assesses AO1 Knowledge and understanding, AO2 Application, AO3 Analysis and AO4 Evaluation.
This paper contains five compulsory questions. The first two questions are worth 8 marks each. Question 3 and
Question 4 are worth 16 marks each. Question 5 is worth 12 marks.
The paper includes a case study, which includes information in written, numerical and/or diagrammatic form.
Candidates need to answer the questions using relevant and appropriate information from the stimulus text to
support their answers.
Question 1, Question 2 and Question 5 are not divided into parts. There are three parts to Question 3 and two
parts to Question 4. Answers to the last part of the questions of Question 3 and Question 4 should show evidence
of evaluation (AO4). Answers to Question 5 should also show evidence of evaluation (AO4).
For Paper 3, candidates will answer on the question paper. The case study will be presented separately in an insert.
The questions are based on the A Level syllabus content (topics 6.1–10.4). The content of the AS Level (topics 1.1–5.5)
is assumed knowledge for the assessment of Paper 3. The AS Level content will not be the direct focus of questions
on Paper 3.
Paper 3 assesses AO1 Knowledge and understanding, AO2 Application, AO3 Analysis and AO4 Evaluation.
The paper includes a case study, which includes information in written, numerical and/or diagrammatic form.
Candidates need to answer the questions using relevant and appropriate information from the stimulus text to
support their answers.
Both questions are essay questions. Answers to both questions should show evidence of evaluation (AO4).
The questions are based on the A Level syllabus content (topics 6.1–10.4). The content of the AS Level (topics
1.1–5.5) is assumed knowledge for the assessment of Paper 4. The AS Level content will not be the direct focus of
questions on Paper 4.
Paper 4 assesses AO1 Knowledge and understanding, AO2 Application, AO3 Analysis and AO4 Evaluation.
Command words
Command words and their meanings help candidates know what is expected from them in the exam. The table
below includes command words used in the assessment for this syllabus. The use of the command word will relate
to the subject context.
Analyse examine in detail to show meaning, identify elements and the relationship between them
Explain set out purposes or reasons / make the relationships between things evident / provide
why and/or how and support with relevant evidence
Identify name/select/recognise
Additional guidance, e.g. phrases such as ‘To what extent…?’ may also be seen in the assessment for this syllabus.
This section is an overview of other information you need to know about this syllabus. It will help to share the
administrative information with your exams officer so they know when you will need their support. Find more
information about our administrative processes at www.cambridgeinternational.org/eoguide
You can view the timetable for your administrative zone at www.cambridgeinternational.org/timetables
You can enter candidates in the June and November exam series. If your school is in India, you can also enter your
candidates in the March exam series.
Check you are using the syllabus for the year the candidate is taking the exam.
Private candidates can enter for this syllabus. For more information, please refer to the Cambridge Guide to Making
Entries.
Making entries
Exams officers are responsible for submitting entries to Cambridge International. We encourage them to work
closely with you to make sure they enter the right number of candidates for the right combination of syllabus
components. Entry option codes and instructions for submitting entries are in the Cambridge Guide to Making
Entries. Your exams officer has a copy of this guide.
Exam administration
To keep our exams secure, we produce question papers for different areas of the world, known as administrative
zones. We allocate all Cambridge schools to one administrative zone determined by their location. Each zone has
a specific timetable. Some of our syllabuses offer candidates different assessment options. An entry option code
is used to identify the components the candidate will take relevant to the administrative zone and the available
assessment options.
Candidates can carry forward the result of their Cambridge International AS Level assessment from one series to
complete the Cambridge International A Level in a following series, subject to the rules and time limits described in
the Cambridge Handbook.
Regulations for carrying forward entries for staged assessment (Cambridge International AS & A Level) can be found
in the Cambridge Handbook for the relevant year of assessment at www.cambridgeinternational.org/eoguide
The standard assessment arrangements may present barriers for candidates with impairments. Where a candidate
is eligible, we may be able to make arrangements to enable that candidate to access assessments and receive
recognition of their attainment. We do not agree access arrangements if they give candidates an unfair advantage
over others or if they compromise the standards being assessed.
Language
This syllabus and the related assessment materials are available in English only.
Grades a, b, c, d or e indicate the standard a candidate achieved at Cambridge International AS Level. ‘a’ is the
highest and ‘e’ is the lowest grade.
‘Ungraded’ means that the candidate’s performance did not meet the standard required for the lowest grade
(E or e). ‘Ungraded’ is reported on the statement of results but not on the certificate. In specific circumstances
your candidates may see one of the following letters on their statement of results:
• Q (PENDING)
• X (NO RESULT).
If a candidate takes a Cambridge International A Level and fails to achieve grade E or higher, a Cambridge
International AS Level grade will be awarded if both of the following apply:
• the components taken for the Cambridge International A Level by the candidate in that series included all the
components making up a Cambridge International AS Level
• the candidate’s performance on the AS Level components was sufficient to merit the award of a Cambridge
International AS Level grade.
On the statement of results and certificates, Cambridge International AS & A Levels are shown as General
Certificates of Education, GCE Advanced Subsidiary Level (GCE AS Level) and GCE Advanced Level (GCE A Level).
‘Cambridge International A Levels are the ‘gold standard’ qualification. They are based on
rigorous, academic syllabuses that are accessible to students from a wide range of abilities yet
have the capacity to stretch our most able.’
Director of Studies, Auckland Grammar School, New Zealand
How students, teachers and higher education can use the grades
Cambridge International A Level
Assessment at Cambridge International A Level has two purposes:
• to measure learning and achievement
The assessment:
– confirms achievement and performance in relation to the knowledge, understanding and skills specified in
the syllabus, to the levels described in the grade descriptions.
Grade descriptions
Grade descriptions are provided to give an indication of the standards of achievement candidates awarded
particular grades are likely to show. Weakness in one aspect of the examination may be balanced by a better
performance in some other aspect.
Grade descriptions for Cambridge International A Level Business will be published after the first assessment of the
A Level in 2023. Find more information at www.cambridgeinternational.org/alevel
You must read the whole syllabus before planning your teaching programme.
Changes to syllabus • The learner attributes and key concepts have been revised.
content • The syllabus aims have been refreshed.
• At AS and A Level the subject content has been updated and refreshed so
that it reflects current developments in each of the topic areas.
• At A Level the content has been reorganised so that content relating to
business strategy is integrated within each of the five topic areas. Strategy is
no longer a separate topic.
• The terminology has been updated to reflect changes in international
standards for accounting. And the syllabus now includes formulae for ratios
to support the analysis of published accounts.
• A list of command words has been included.
Changes to assessment • The assessment objectives (AOs) have been clarified and small changes to
(including changes to their weightings have been made.
specimen papers) • The number of papers has been changed. There are now two papers at A Level:
Paper 3 and Paper 4.
• The new titles of the four papers are:
– Paper 1 Business Concepts 1
– Paper 2 Business Concepts 2
– Paper 3 Business Decision-Making
– Paper 4 Business Strategy.
• The duration for Paper 3 is 1 hour 45 minutes and has a weighting of 30%.
The paper has 60 marks.
• The duration for Paper 4 is 1 hour 15 minutes and has a weighting of 20%.
The paper has 40 marks.
• In Paper 3 candidates use a case study to answer all five questions. Questions 3
and 4 are split into parts. Candidates answer on the question paper and the
case study is in an insert.
• In Paper 4 candidates use a case study to answer both essay questions.
• The mark schemes for Papers 1–3 have been revised, and there is a mark
scheme for the new Paper 4.
• The specimen assessment materials have been updated and include materials
for the new Paper 4.
In addition to reading the syllabus, you should refer to the updated specimen papers. The specimen papers will help
your students become familiar with exam requirements and command words in questions. The specimen mark
schemes explain how students should answer questions to meet the assessment objectives.
Any textbooks endorsed to support the syllabus for examination from 2023 are suitable for use with
this syllabus.