FPAC Part I study plan

Map the Financial Analysis domain into a checklist of subtopics weighted by exam percentage

Define and apply core ratio families (liquidity, solvency, profitability, efficiency) to a sample firm's figures

Compute and interpret horizontal and vertical common-size statements from raw line items

Set up a personal formula sheet you will update each week

Build a three-statement model linking income statement, balance sheet, and cash flow

Reconcile net income to operating cash flow using indirect-method adjustments

Distinguish operating, investing, and financing cash flows in worked examples

Explain how working-capital changes propagate through the statements

Compute free cash flow variants and justify which measure fits a given scenario

Apply time-value-of-money formulas to present-value and future-value problems

Evaluate capital budgeting decisions using NPV, IRR, and payback

Identify when conflicting project rankings arise and explain the cause

Quantify cost of capital components and assemble a weighted average cost of capital

Classify costs as fixed, variable, or mixed and derive contribution margin

Perform break-even and target-profit calculations

Begin cataloging spreadsheet functions and data-quality checks relevant to the Technology and Data domain

Describe how relational data is structured and write basic query logic to retrieve records

Clean a messy dataset by handling duplicates, blanks, and inconsistent formats

Build pivot-style summaries that aggregate transactions by category and period

Document data validation rules that prevent common entry errors

Select appropriate chart types for trend, comparison, composition, and distribution questions

Construct a dashboard that surfaces three key performance indicators with clear labeling

Apply forecasting techniques such as moving averages and trend projection to a time series

Explain the limits and assumptions of each forecasting method used

Integrate financial analysis outputs into a data-driven recommendation

Identify internal controls and segregation-of-duties issues in a described process

Detect anomalies in a dataset and trace them to a plausible cause

Rehearse explaining a quantitative result to a non-technical audience in plain language

Recompute every formula on your personal sheet from memory without notes

Complete timed mixed-domain practice sets and log error patterns by subtopic

Re-drill the three weakest subtopics identified from your error log

Build a final one-page summary of formulas, definitions, and data pitfalls