FCFA study plan

Build a one-page map of the three primary financial statements showing how net income, cash flow, and balance sheet accounts articulate

Compute and interpret horizontal, vertical, and common-size analysis on a single annual report you choose

Calculate the core ratios (liquidity, solvency, activity, profitability) and classify each into the correct category without notes

Set up a spreadsheet template for time value of money covering PV, FV, annuities, and uneven cash flows

Apply revenue recognition and expense recognition principles to five short scenarios and justify the treatment

Distinguish inventory cost methods (FIFO, LIFO, weighted average) and compute the effect of a method change on gross margin and ending inventory

Explain the treatment of long-lived assets: capitalization, depreciation methods, impairment, and revaluation

Compute descriptive statistics (mean, median, variance, standard deviation) and interpret skewness and kurtosis for a return series

Analyze deferred tax assets and liabilities and explain when a valuation allowance is required

Differentiate operating and finance leases and compute the balance sheet and income statement impact of each

Compute net present value, internal rate of return, and payback period for a capital project and rank mutually exclusive projects

Calculate the weighted average cost of capital using CAPM for the cost of equity and after-tax cost of debt

Compute the cost of each capital component and explain how target versus current capital structure changes WACC

Explain dividend policy theories and compute the effect of a stock split, stock dividend, and share repurchase on per-share metrics

Apply the dividend discount model, Gordon growth model, and multistage DDM to value a common stock

Calculate and interpret price multiples (P/E, P/B, P/S, EV/EBITDA) and explain when each is appropriate

Describe market efficiency forms and classify market anomalies against each form

Explain bond pricing conventions, accrued interest, clean versus dirty price, and the price-yield relationship

Compute duration and convexity and estimate a bond's price change for a given yield shift

Distinguish spot, forward, and par rates and explain the shape of the yield curve under each major theory

Classify credit ratings, compute credit spreads, and explain the drivers of yield spread changes

Explain the mechanics of forward and futures contracts, including margin, marking to market, and basis

Compute the payoff and profit at expiration for calls, puts, and covered positions, and draw the payoff profile in words

Apply put-call parity and explain the main inputs to option pricing including volatility and time to expiration

Compute and interpret GDP using the expenditure and income approaches, and distinguish nominal from real measures

Explain inflation measures, unemployment types, and the business cycle phases with a policy response for each phase

Describe monetary and fiscal policy transmission mechanisms and their effect on interest rates and exchange rates

Compute portfolio return and risk for a two-asset portfolio and explain the efficient frontier and diversification effect

Apply the Code of Ethics and Standards of Professional Conduct to six short vignettes and identify the specific standard violated

Complete two timed mock exams under exam conditions and record the score by domain

Rebuild a personal error log grouping missed questions by domain and root cause (knowledge gap, misread, calculation)

Re-drill only the three weakest domains using the error log, targeting a measurable score improvement