MAFF study guide
MAFF · Work through your exam, one topic at a time.
MAFF is a professional certification in financial analysis. Candidates typically pursue it to demonstrate applied competence across financial analysis fundamentals, financial statement analysis, corporate finance and valuation, equity and fixed income investments, portfolio management and risk, and ethics and professional standards. The MAFF study guide has 6 sections and about 1,681 words.
01Financial Analysis Fundamentals
The MAFF financial analysis fundamentals domain checks whether you can move fluently between cash-flow timelines, return measures, and basic statistics. Expect calculation-led items on TVM, NPV/IRR, holding-period returns, and dispersion, plus interpretation questions about which measure is appropriate.
290 words, about 1 min02Financial Statement Analysis
The financial statement analysis domain tests whether you can read the three statements as one integrated system, compute and interpret ratios, and spot accounting choices that distort comparability. Balance sheet identity: Assets = Liabilities + Equity.
292 words, about 1 min03Corporate Finance and Valuation
Corporate finance and valuation tests capital budgeting, cost of capital, capital structure, and the two main valuation routes: discounted cash flow and market multiples. WACC = (E/V) × Re + (D/V) × Rd × (1 − t).
288 words, about 1 min04Equity and Fixed Income Investments
This domain tests equity valuation models, market efficiency, bond pricing, yield measures, and interest-rate risk. DDM: P0 = D1/(r − g); g = retention ratio × ROE.
278 words, about 1 min05Portfolio Management and Risk
Portfolio management and risk tests diversification, CAPM, portfolio risk decomposition, and risk-adjusted performance measures. Portfolio expected return is the weighted average of asset returns.
270 words, about 1 min06Ethics and Professional Standards
Ethics and professional standards tests whether you can identify conflicts, protect material nonpublic information, and apply a code of ethics under pressure. Client interests come before employer and personal interests; employer interests come before personal interests.
263 words, about 1 min