ACCA AFM study plan

Build a one-page formula sheet for NPV, IRR, MIRR, payback and discounted payback, then apply each to two multi-year project scenarios

Calculate WACC from given debt/equity weights, including the tax shield on debt, and explain when book versus market weights change the answer

Compute the cost of equity using both CAPM and the dividend growth model, then reconcile the two estimates in writing

Draft a structured answer plan for a typical investment appraisal narrative question, listing the calculation, discussion and recommendation sections

Adjust a project appraisal for inflation, distinguishing real and nominal cash flows and the matching discount rate

Apply asset beta and equity beta techniques to regear and ungear betas for a divisional or comparable-company WACC

Evaluate a lease-versus-buy decision using after-tax cash flows and the appropriate discount rate

Explain and compute the adjusted present value of a project with a side effect from financing

Value a target company using free cash flow, dividend valuation and earnings-multiple approaches, then compare the resulting ranges

Identify and quantify synergy in an acquisition and allocate it between buyer and seller

Compute the impact of a share-for-share offer on the acquirer's EPS and share price using given P/E ratios

Explain the limitations of each valuation method and when each is most defensible

Compute interest rate exposure and evaluate forward rate agreements, futures, options and swaps for a given borrowing or deposit scenario

Calculate the net outcome of a currency hedge using forwards, money market hedge, futures and options, including basis risk

Explain the role of the senior financial adviser in setting treasury policy, governance and risk appetite

Assess stakeholder and ethical considerations in a treasury or risk decision and articulate them in a short memo

Draft a treasury risk management policy section covering limits, authorised instruments and reporting lines

Evaluate the trade-off between hedging and not hedging, including cost, counterparty risk and speculative versus hedging motive

Apply interest rate parity and purchasing power parity to forecast exchange rates and critique the assumptions

Analyse how macroeconomic and regulatory change affects the financial adviser's advice to a multinational

Compare and contrast schemes of arrangement, tender offers, management buy-outs and leveraged buy-outs, listing criteria for each

Assess the financing and gearing consequences of a debt-funded buy-out and compute post-transaction ratios

Evaluate a rights issue versus a debt issue for raising new finance, including dilution and signalling effects

Explain the motives for and risks of demergers, divestments and share buybacks

Integrate valuation, financing and risk considerations into a single acquisition or restructuring recommendation

Practise presenting a recommendation to a board, including non-financial factors and implementation risks

Review the full formula sheet and close remaining gaps flagged in earlier correction logs

Rehearse time allocation across a multi-part question, targeting roughly 1.8 minutes per mark

Complete a full-length mock under exam conditions and mark it against the published marking guide

Diagnose the two weakest domains from the mock and rebuild the underlying technique for each

Drill calculation speed on the highest-frequency computations to reduce arithmetic errors

Finalise a one-page exam-day checklist covering question order, timing and presentation