HKICPA QP Module 7 Financial Management exam-day guide
HKICPA QP Module 7 Financial Management · Prepare for the day ahead.
Your checklist
Admission document / confirmation of enrolment
Print or save the exam confirmation issued through the HKICPA candidate portal. Confirm the exact document and format the provider requires (printed vs. electronic) with the provider, as accepted formats can change between sessions.
Hong Kong Identity Card or valid passport
Bring the original photo ID used at registration. Expired or photocopied ID is normally refused; confirm with the provider which ID types are accepted for your candidate category (local vs. overseas centre).
Approved calculator
Use a non-programmable calculator that meets the provider's published model/feature rules. Check the current permitted list and whether the calculator must be silent and non-printing before the session; if unsure, confirm with the provider.
Writing instruments and spares
Bring at least two dark blue or black pens plus a pencil, eraser and a small ruler. Confirm whether answers must be written in a specific ink colour and whether pencil is allowed only for workings.
Watch (non-smart)
A simple analogue or digital watch helps you pace sections if the hall clock is not visible from your seat. Smart watches and any device with communication capability are almost always prohibited; leave them at home.
Transparent pencil case or bag
Many centres require stationery to be carried in a clear pouch so invigilators can inspect it quickly. Confirm the centre's rules on bags and whether bags must be left at the back of the hall.
Printed study summary / formula sheet for pre-exam review only
Use a one- or two-page condensed sheet of financial management formulas (WACC, CAPM, NPV/IRR, duration, working-capital ratios, gearing) for the final revision. Do not carry it into the hall unless the provider confirms open-book materials are permitted.
Route and timing plan
Check the venue address, transport options and expected journey time. Aim to arrive well before the reporting time stated on your confirmation; late arrivals may not be admitted once the exam has started, so verify the cut-off with the provider.
Water and a light snack for before/after
Hydration and a small snack help concentration across a long paper. Confirm whether drinks are allowed at your desk; if not, finish them before entering the hall.
Review your weak-topic list
Bring a short list of the three to five syllabus areas where you lose the most marks (for example, cost of capital adjustments, lease vs. buy, or risk management hedging) and skim worked examples rather than learning new material.
Plan the day
Stop expanding coverage. Re-read your own summary notes and the syllabus weighting, then do one full timed past-paper-style run under exam conditions. Mark it strictly and list the topics where you lost marks for method rather than knowledge. Spend the remaining days only on those topics, using short worked examples. Confirm your venue, reporting time and permitted materials with the provider now so any query can be resolved before the weekend.
Consolidate the quantitative toolkit: weighted average cost of capital with and without tax shields, CAPM and dividend growth models, NPV versus IRR conflicts, payback and discounted payback, break-even and operating leverage, cash conversion cycle, and the main hedging instruments. For each, write the formula, one line on when to use it, and the most common trap (for example, using pre-tax cost of debt, or forgetting to adjust the discount rate for a project's risk).
Do a light pass only: skim your formula sheet and the qualitative areas that carry easy marks, such as the roles of the treasurer, agency problems, dividend policy arguments, and sources of short- and long-term finance. Prepare your bag with ID, confirmation, calculator and pens. Check the calculator's batteries or solar cell. Sleep at your normal time; cramming new material at this stage usually costs more in fatigue than it gains in marks.
Eat a normal breakfast, arrive at the venue early, and use the waiting time for a five-minute skim of your formula sheet rather than deep reading. Switch your phone off and stow it before entering the hall. Once seated, check that your question paper and answer booklet are complete, fill in your candidate details carefully, and read the instructions on marks and choice of questions.
Read the whole paper briefly and allocate time per question in proportion to marks, leaving roughly ten minutes at the end for checking. Start with a question you can answer confidently to build momentum, but do not overrun your allocation; a high-mark question left half-finished loses more than a short one polished.
For calculation questions, show the formula, the inputs and the result, because method marks survive an arithmetic slip. State assumptions explicitly when the question is ambiguous (for example, the tax rate or the timing of cash flows). For discussion questions, use short headed paragraphs that take a position, give the reason, and apply it to the scenario, rather than listing textbook definitions. If you get stuck, leave space and move on; return later with fresh eyes.
Check that every required question has an answer, that workings are labelled, and that the answer booklet shows your candidate number on each page as instructed. Correct obvious unit errors (thousands versus millions, percentages versus decimals) and make sure any erased or crossed-out work is clearly marked as such.
Rules to check
Bring the original photo ID used at registration and place it on your desk if instructed. Candidates without acceptable ID may be refused entry or reported, so confirm accepted ID types with the provider in advance.
Follow the provider's rules on permitted calculators and electronic devices. Phones, smart watches and any device with communication or storage capability should be switched off and stored as directed; possession at the desk can lead to disqualification.
Do not begin writing until told to start and stop immediately when time is called. Writing after the stop instruction is commonly treated as misconduct; confirm the provider's specific penalty with the provider.
Raise your hand and wait for an invigilator if you need to leave the room. Toilet breaks are usually escorted and may not extend your time; check the centre's policy on breaks and on bringing personal items.
Keep your answers and workings in the answer booklet provided. Rough work on question papers or loose sheets may not be marked, and unauthorised materials at the desk can be treated as cheating.
Scoring is based on the published marks for each question; show workings because partial credit for method is common in quantitative questions. Confirm the pass mark and any sectional requirements with the provider rather than relying on hearsay.
Do not communicate with other candidates during the exam, including before the papers are collected. Any communication, however minor, may be reported to the provider's disciplinary body.
If you believe there is an error in the paper or a disturbance in the hall, notify an invigilator immediately and follow their instruction; note the issue afterwards in any post-exam feedback channel the provider offers.