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Passed AFM with 67%, only one exam left now! Thanks to all at OpenTuition

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This sounds tough. Feel fortunate not to have this version of the exam.

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I had a different exam. Part A was hedging of currency investment in a new country and also interest rate options and collars. Annoyed as I didn’t get the FRA on interest or collars correct but nailed the options part. Then theory on borrowing internationally with political issues and risk management theory.

Part B was demerging a division with FCFE and market cap method. Feel like I done ok here but totally screwed market cap method due to time. Theory on MBO vs MBI was nice.

Part C was also nice. NPV, IRR, MIRR, Payback and value at risk. Then theory on the usefulness of each method and other analysis suggestions. Other than missing payback period completely here, I think I performed ok here. Hoping this gets me through.

Heavily theory based exam, 40% calculations 60% theory. Do not underestimate the theory of AFM.

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Passed SBR with 66%! Thought it would be somewhere between 45%-55%, 3 more to go. Thanks all at OpenTuition.

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The lease question was literally ridiculous. I thought I knew that standard inside out, sale an leaseback, subleases everything. And then then ask about it like that, it seems pointless

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The lease question was literally ridiculous. I thought I knew that standard inside out, sale an leaseback, subleases everything. And then then ask about it like that, it seems pointless

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Got a different exam but listen, this was still really tough today.

Group accounts and spreadsheet (21 marks) – absolutely no clue where the FV of S net assets was coming from on acquisition, this was the worst part for me.
Cash settled share based payment (4 marks)
Financial instrument bonds and derivatives (5 marks)

Impairment review (8 marks)
Ethics with regard to impairment review (12 marks)

Intangibles R&D with deferred tax (9 marks)
Lease (10 marks) – stupid lease question
Deferred tax (6 marks)

That section was brutal ^

Contracts with customer as the buyer (8 marks)
Sustainability effects on PPE (8 marks)
Climate related disclosures (9 marks)

This section may have saved me ^

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I studied only with OpenTuition lectures and a BPP exam kit. Watched the lectures, took key notes then went on to solve all of the questions available in exam kit.

I had an excel spreadsheet with all the tabs along the bottom for Section C questions, practice, practice, practice.

Studied 3/4 days a week for 2/3 hours each time.

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Passed first attempt with 79% – thank you to all at OpenTuition

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Assets don’t form part of the ratios for ROCE or Gearing.
ROCE = PBIT / Capital Employed (Equity, Debt)
Gearing = Debt / Equity

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That was a weird exam. Section A and B for me seemed too straight forward but I wasn’t complaining. Hoping to have scored really well in those sections. Section C on the other hand! Studied for consolidation and typically it didn’t appear. Single entity adjusted profit schedule then prepare the SOFP. Should have been OK but the adjustments were detailed and it just threw me a bit

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First time pass 65% – thanks to all at OpenTuition for the work that goes in to providing these free resources!

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I had a TPAR one in Section B. I calculated it to be 1.75.

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69% pass! Thank you to all at OpenTuition

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The first question in section A was the creditor hierarchy if I remember correctly. Secured, unsecured, preference shares then ordinary shares. This gave another clue to a section C question about the creditor hierarchy being linked to pecking order theory. Debt cheaper etc guaranteed payment whereas dividends not guaranteed. The increase, decrease and unchanged question was hard. I done unchanged for EPS, increase for profit retention and decrease for gearing

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Yeah I got 93.05 too because the redeem at nominal was higher than the conversion. There was another loan note valuation question before that too. The ordering policy you had to calculate the EOQ which was 90,000 then work out the current reorder and inventory holding costs then do it again for the EOQ. The benefit was around 70k.

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josukegiorno10 – this one stumped me too I flagged it then came back and think I cracked it. You use the year 1 inflation rates and use the formula

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Asheimi97 – it was a money market hedge question. They were due to pay the foreign currency so they borrow dollars now, convert it to the foreign currency then place on deposit. In 6 months, the deposit matures which they use to make the payment. You have to work backwards with this one using the interest rates to calculate how much of the foreign currency needs deposited then you can work up to the dollar value. Studied this so much to try and understand it but there were only 2 marks available so wouldn’t worry about it too much

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Also got 13% WACC. Around 14% equity, 7% pref shares and IRR of 7.9% for debt. Market value of company was big!

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Also the exam gave a lot of clues to other questions. I had a multiple choice question on the benefits of leasing assets, which then basically answered a Section C question which asked the benefits of leasing! Overall happy with the exam, WACC and Lease v Buy in Section C and money market hedging and valuations of convertible loans in Section B. Things I really focussed on in the days before exam. Section A was always going to be tricky. BPP Revision Kit is essential to passing these exams.

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I had the same result with Buy V Lease but when I was checking over my answers I figured out that you weren’t meant to include any maintenance costs for the Lease, the way it was worded makes you think they incur the same maintenance cost, but it says the ‘lessor’ incurs them so the lessee wouldn’t. I wouldn’t worry too much about the end decision you will score marks for inflating sales, variables etc

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Hi Mike. I have been studying this one since mid-February and today passed the exam with 63% – really appreciate your work on the lectures! I felt really prepared this morning but I must admit the exam was a lot more challenging than I had anticipated so just really glad to get the pass and move on. Thanks again mate!

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I passed my BT exam this morning, I found it fairly easy and passed with 72%. For anyone sitting this exam soon there were a lot of Ethics & Corporate Governance questions, along with Management & Leadership. I was surprised at how many questions surrounding personal development and appraisals, and stumbled on a few of these. I have now completed all 3 of the Applied Knowledge exams and will begin with Performance Management in June for Applied Skills – thank you once again to all at OT 🙂

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Hi John,

I’ve just passed my MA exam with 76%. Couldn’t have done it without your lectures and notes. I also couldn’t agree more about the need to purchase a revision kit. I must have worked through well over 500 questions in the last two weeks and it is well needed!

On to PM. Thanks again.

Lee

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Moving on to MA from FA now, so nice to hear your experiences.
All the best.
Lee

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