FPAC Part II study plan
FPAC Part II · Give each week a clear focus.
8 weeks · About 7 hours per week
Financial Analysis
Build a one-page formula sheet covering ratio categories (liquidity, solvency, profitability, efficiency) from memory, then correct gaps
Compute and interpret 15 ratios from at least 3 different financial statements
Explain how each ratio category connects to a stated business question
Set up a personal error log template for tracking missed concepts
Your checkpoint
Completed formula sheet plus 15 worked ratio calculations with written interpretations
Financial Analysis
Construct common-size income statements and balance sheets for two periods and identify trend drivers
Perform horizontal (year-over-year) analysis and flag material variances
Distinguish between changes driven by volume, price, and mix
Draft three questions a decision-maker would ask from the trend analysis
Your checkpoint
Two-period common-size and horizontal analysis workbook with a 1-page variance narrative
Financial Analysis
Build a simple forecast model driven by explicit assumptions and document each assumption
Perform sensitivity analysis on two key drivers and summarize the range of outcomes
Reconcile forecasted cash flow to forecasted net income
Identify and explain at least three limitations of the model
Your checkpoint
Assumption-driven forecast model plus a sensitivity summary table with 2 drivers
Financial Analysis & Technology and Data
Apply time-value-of-money techniques (NPV, IRR, payback) to a capital decision
Evaluate a make-vs-buy or lease-vs-buy scenario and justify a recommendation
Describe how data quality issues could distort the analysis in each case
Write a decision memo that separates quantitative results from judgment
Your checkpoint
Capital decision memo with NPV/IRR/payback calculations and a stated recommendation
Technology and Data
Map the end-to-end data lifecycle from source system to reported output
Identify control points where errors or manipulation could enter the reporting process
Explain the roles of internal controls, segregation of duties, and reconciliation in data integrity
Classify 10 sample data issues as accuracy, completeness, timeliness, or validity problems
Your checkpoint
Data lifecycle map with labeled control points and a 10-item data quality classification log
Technology and Data
Distinguish descriptive, diagnostic, predictive, and prescriptive analytics with a business example for each
Explain how ERP, CRM, and BI tools support financial reporting and analysis
Describe risks of relying on automated reporting without validation
Outline how emerging technologies (automation, AI-assisted analysis) change analyst workflows and controls
Your checkpoint
Analytics-type comparison table with one worked business example per type
Financial Analysis & Technology and Data
Integrate financial analysis with technology considerations in a single case scenario
Recommend a data-driven process improvement and quantify its expected financial impact
Identify implementation risks and propose mitigating controls
Present findings in a format suitable for a management audience
Your checkpoint
Integrated case presentation deck outline plus a quantified impact estimate for one process improvement
Financial Analysis & Technology and Data
Re-derive all formulas and key technology concepts from a blank page and correct from the error log
Complete timed mixed-domain practice sets and review every miss to root cause
Summarize the two weakest areas into a one-page final review sheet
Confirm exam-day logistics and build a pacing plan based on domain weights
Your checkpoint
One-page final review sheet plus a scored timed practice log with root-cause notes for every miss
Milestones
Week 2: Can compute and interpret core ratios and complete a two-period common-size analysis without notes
Week 4: Can build an assumption-driven forecast and defend a capital decision with NPV/IRR in a written memo
Week 6: Can explain the data lifecycle, control points, and the four analytics types with original business examples
Week 8: Scores at or above target on timed mixed-domain practice and has root-cause notes for every missed item