IFoA SP10 study plan

Map the SP10 syllabus against your existing knowledge and rank all six domains by personal weakness, writing the ranking down so later weeks can be adjusted

Build a one-page reference sheet of asset class characteristics (equities, government and corporate bonds, property, cash, alternatives) covering return drivers, liquidity, inflation sensitivity and typical volatility

Explain from memory how bond prices respond to changes in yield, credit spread and inflation expectations, including the convexity effect

Work through at least ten numerical bond pricing and duration calculations without notes, recording error types

Derive equity valuation outputs using dividend discount, free cash flow and relative multiple approaches, and state the assumptions each method depends on

Calculate property valuations using capitalisation rates and discounted cash flow, and explain how gearing and lease structure change the result

Describe valuation issues specific to alternative assets such as infrastructure, private equity and hedge funds, including illiquidity discounts and stale pricing

Produce a summary table showing which valuation method suits which asset class and why

Construct an asset-liability model outline for a defined benefit pension scheme, identifying the liability cash flow drivers and the discount rate choice

Explain how liability duration and interest rate sensitivity drive the matching asset portfolio for an insurer versus a pension scheme

Evaluate the trade-off between surplus volatility and expected return when shifting from matching to return-seeking assets

Interpret a simple surplus efficient frontier concept and describe what determines the optimal point

Set out strategic asset allocation steps for an insurer, linking risk appetite, capital requirements and regulatory constraints to allocation choices

Explain diversification limits and correlation behaviour in stressed markets, and why naive diversification can fail

Compare mean-variance optimisation with practical constraints such as liquidity, concentration limits and liability hedging needs

Justify a proposed allocation in writing, addressing why optimisation output alone is insufficient

Explain how interest rate swaps, futures and options are used to hedge interest rate and equity risk, including basis risk and counterparty risk

Compute the hedge ratio and notional required to adjust portfolio duration to a target level

Describe the mechanics and payoff profiles of swaptions and equity put options used for downside protection, and their cost implications

Identify the risks derivatives introduce, including leverage, collateral calls and model risk

Compute time-weighted and money-weighted returns for a given cash flow series and explain when each measure is appropriate

Carry out an attribution analysis splitting return into allocation and selection effects using given portfolio and benchmark weights

Calculate common risk-adjusted performance measures and interpret what each reveals

Draft governance points covering investment mandates, rebalancing policy and monitoring of external managers

Revisit weak areas flagged in week 1 and close the two largest remaining gaps with targeted practice

Complete a timed mixed-topic question set spanning markets, allocation and hedging, and mark it against the marking scheme

Rewrite any incorrect answers in full, explaining the reasoning step by step

Summarise the financial market environment factors (interest rates, inflation, regulation) that affect investment strategy

Complete a second full timed mock under exam conditions and compare the score with week 7 to identify improvement and persistent weaknesses

Condense all six domains into a single revision sheet of formulas, definitions and key arguments

Practise writing structured exam answers with clear assumptions, workings and conclusions under time pressure

Review examiner-style feedback themes and confirm you can justify recommendations rather than only calculate