KASNEB CIFA Advanced study plan

Compute and interpret NPV, IRR, payback period, discounted payback and profitability index for projects with uneven and unconventional cash flows

Build a weighted average cost of capital schedule covering cost of equity (CAPM and dividend growth), cost of debt and cost of preference shares, including the tax shield

Apply capital rationing by ranking divisible and indivisible projects by profitability index and NPV

Calculate and interpret the core liquidity, profitability, efficiency, gearing and investor-ratio measures from published financial statements

Appraise investment proposals under risk using sensitivity analysis, scenario analysis, decision trees and risk-adjusted discount rates

Adjust project cash flows for inflation and taxation, and reconcile nominal with real discount rates

Value ordinary shares using dividend discount models (zero-growth, constant-growth, two-stage) and relative valuation multiples

Price bonds and compute yield to maturity, current yield and Macaulay/modified duration for premium, par and discount bonds

Perform a five-year trend and common-size analysis of a listed company's statements and interpret the results against sector benchmarks

Apply technical analysis tools - moving averages, support and resistance, RSI and volume patterns - and state their limitations

Distinguish the weak, semi-strong and strong forms of the efficient market hypothesis and relate each to trading strategies

Evaluate earnings quality, creative accounting red flags and the limits of ratio analysis

Compute expected return, variance, covariance and correlation for two-asset and multi-asset portfolios

Derive and interpret the efficient frontier, the minimum-variance portfolio and the effect of the risk-free asset on the capital market line

Apply the CAPM to estimate required returns and decompose total risk into systematic and unsystematic components

Construct an investment policy statement from a client's return objective, risk tolerance, liquidity and time horizon

Compute and compare portfolio performance using Sharpe, Treynor, Jensen's alpha, information ratio and M-squared

Analyse diversification benefits across domestic and international assets, including currency and correlation effects

Apply bond portfolio management concepts - duration matching, immunisation and laddering - to a given liability profile

Formulate portfolio revision rules covering rebalancing triggers, active versus passive choice and transaction cost trade-offs

Map the structure and functions of money markets, capital markets and derivative markets, and identify the instruments traded in each

Explain the roles of the capital markets regulator, the exchange, central securities depository and brokers in the Kenyan market framework

Describe investment banking functions including underwriting, advisory, placement, corporate restructuring and market making

Compute and interpret the main money-market yields and prices for treasury bills, commercial paper and negotiable certificates of deposit

Value a rights issue and an initial public offer, and compute the theoretical ex-rights price and the value of a right

Evaluate mergers and acquisitions using synergy valuation, exchange ratios and the accretion/dilution test

Price and interpret basic forwards, futures, options and swaps, and explain their hedging and speculative uses

Integrate market conditions and regulation into portfolio and valuation recommendations in an exam-style case

Sit two full-length mock papers under timed exam conditions and mark them against a strict marking scheme

Re-work every incorrect answer and convert each into a one-line rule or formula on a revision card

Rank the four domains by mock score and re-drill the two weakest with targeted question sets

Rehearse answer presentation - workings shown, assumptions stated, and conclusions written in full sentences