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10 September 2018

How was FM and AFM? You told us…

Many sitters admit to finding this one ‘pretty horrible’. The MCQs were deemed hard and section B ‘not much better’. The long questions covered areas such as lease v buy, EAC, CAPM, business analysis, hedging, sensitivity analysis, EOQ model. Voting on Open Tuition shows two in three sitters found this one either ‘hard’ or a ‘disaster’.

AFM sitters liked this test even less than those sitting FM! Many wondered why the examiner had included the formula sheets this time around, as they were hardly needed. It was also felt to be a tougher exam than June, by those who have sat both.
All-round it was just felt to be ‘a bit strange’, with some students saying they left the exam room feeling cheated. They asked where the option pricing, APV, CAPM, WACC, or gearing questions were? They were no-where to be found. Instead September sitters got currency forwards futures and options (in Yen’s), ratios and trends, and equity value of combined companies. The ratio question was a particular surprise, with some PQs saying it was more a P3 question.
Q1 was again a struggle for many and definitely the hardest question on the paper – but we expected that!

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