P4 Advanced Financial Management

Students said: Seemed like a fair paper to many. One student complained that the examiner was treating them like robots! Another student was convinced they had seen Q4 as a ‘past question’. That said many PQs admit that they couldn’t do the last part of Q4. Time management is still key in passing this test!

The examiner said: In this exam too many written answers were poorly structured and therefore markers found it difficult to determine what is being discussed or argued. Candidates also generalise too much and write all they know about a topic, rather than focus on the question posed. The examiner admits Q1’s scenario was complex and required a number of detailed calculations and then for candidates to discuss the arising issues. Candidates need to manage the volume of information provided effectively in order to provide coherent and detailed answers. Students were asked to evaluate an international investment proposal funded by a regional authority looking at private funding for phase two. Q2 looked at different dividend policies and the dividend valuation model. For Q3 candidates needed to evaluate a business reorganisation and provide unbundling strategies. Q4 (the least satisfactorily answered) asked PQs to show how a swap can be used as a tool to manage interest rate risk. Students also needed to do some forecast forwarding and look at spot yield curve rates.

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