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Examiner tips for AFM

08 February 2019

The examiner gives the 8 reasons why candidates perform ‘less well’ at this paper. They are:

*Lack of detailed knowledge of parts of the syllabus areas.

*Poor time management, which was less evident in December. Sometimes candidates spent too much time in carrying out relatively simple calculation tasks, and sometimes discuss one area repeatedly.

*Failing to respond fully to question requirements.

*Poor structure to the numerical and written answers.

*Presenting the discursive answers in brief bullet-point format, often in incomplete sentences, as statements and not as discussion-based, analytical, or evaluative, narrative.

*Focussing more on either the numerical parts of the discursive parts of a question, instead of a balanced approach.

*Not reading the requirement properly and answering a different question.

*Failing to take account of the marks available.

Q1 in December focused on restructuring through a management buy-in, and an acquisition. You had to be able to discuss the differences between an IPO and reverse takeovers when undertaking a listing.

Q2 asked candidates to evaluate whether futures contracts or option contracts would result in higher receipts and the options exercised. Students struggled with the mark-to-market process and maintenance margins in this question.

Q3 asked candidates to undertake an adjusted present value (APV) computation and discuss long-term finance.

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