December 9, 2010 at 9:17 am
Please share your comments about P4 exam!
December 9, 2010 at 11:03 am
First vote I tookDecember 9, 2010 at 11:34 am
Why nobody give comments? I am very nervousDecember 9, 2010 at 11:56 am
oh be patient, comments will come,
so how was this exam for you?December 9, 2010 at 11:59 am
Yea, exams are not over yet in some countries
I’m waiting as well. I failed this paper last sitting and dropped it for P5(due tomorrow!) but I do want to know what came out this time with the new examiner.December 9, 2010 at 12:03 pm
Did not really do well on first question, was a disaster even though all the questions are the kind I have studied and done before. I had insomia for the whole night without exaggerating and that made my mind became so blurred for the first question.
I know there are some free cash flows calculations for the first question but I did not have the time to do it, same for question two, I know how to exactly calculate PV of the tax relief, tax loss, interest etc on the cheap loan and discount at the same risk of the loan.
By this I have given up about 10 marks approximately, which I think is very very important and will make a difference in my life. (graduation, salary increment, etc.)December 9, 2010 at 12:32 pm
who voted easy? seriously?December 9, 2010 at 1:15 pm
it was pure disaster for me. I didn’t expect this, if I could I would rather have written June’s exam, it was way easier compared to this one. Seriously all the questions took me a long time just to read through.December 9, 2010 at 2:11 pm
I would not call it a Disaster. But it was easy than the last june 2010 Exam.because it was offering at least 50 marks if you done 100. or you may hope for 50 this time
Question 1 part c MBO was difficult.
Another positive point include arround 60 marks for calculation.December 9, 2010 at 2:13 pm
Most of my colleges also feel stuck in Q1 like myself. Honestly, I think that the paper rather bit easy, esp. when comparred to the last ones by Bob. But like every exam, time is always the critical problem. Spend too much on calculations and less time to cover those narrative questions. I miss about ~10 pts, but also not confident about the narrative answers.
Seems that Kaplan tips sent by some guy last night has guessed right in both compulsory questions.
Anyways, finger cross! Until now, just relax and celebrateDecember 9, 2010 at 2:14 pm
bob ryan was better i guess,
long detailed calculationsssssssssssssssssssssssss…so much time taking…
more analytical and time consuming
n I couldnt absorb the time pressure..December 9, 2010 at 2:16 pm
A lot was expected from this new examiner, paper should have been reasonable for the first time, buhhhhhh…………………….!December 9, 2010 at 2:17 pm
it was tricky and I felt you could see the new examiner stamp his own mark on it.
The questions were longwinded, needlessly so. I really do not see what value having huge questions brings to the suject. The technicalities of this subject are hard and time pressured enough.
I think he wanted us to use out initiative on what was required. Instead of saying “use market value” he just said value.
I had more chance of treading in rocking horse 5hit on the walk home then I did passing that exam. Roll on June 2011.December 9, 2010 at 2:33 pm
OH my !!! who made this paper, first question on 35 marks? it looks like atleast 50 marks quesition……. cocks n bull story. first section both questions were tough… other question were ok and what was last question, it was a general question…looks like of p3 paper or p1….
anyways unexpected paper …… It should be given loose marking.. other wise … disaster.. ………for me atleast 50/50 for me…..December 9, 2010 at 2:37 pm
Didn’t do so good….can anyone tell me if i’ll get penalised much for using NPV instead of APV for Q2?December 9, 2010 at 2:38 pm
It was better than last June sitting. I performed well in Q 2-4 and didn’t write anything in Q1. I couldn’t calculate value of the firm, very doubt of income position and cash required. So part 4 was missed.
the rest 3 Q were very time consuming but easy. I didn’t think, just write what I knew and ran out of time.
Don’t want to fail again. How to pass with 3 questions out of 4?December 9, 2010 at 2:41 pm
i think you wont get penalised but will not get marks for not calculating present value of financing side effects and stuffDecember 9, 2010 at 2:46 pm
The questions were reasonably fine, except some bits, but it was simply impossibe due to the time!!!! I lost plenty of time reading the questions and had really no time left to answer them although I knew how to do most of it!!!
I really would like to know what a person has to do to pass this exam!
It´s the worst exam I´ve ever taken!!! I won´t get more than 40 marks, so June 2011 for sure!December 9, 2010 at 3:07 pm
Better than last sitting. We’ll keep our fingers crossed. Q1 though was crazy and verbose!December 9, 2010 at 3:14 pm
This was probably a 4 hour paper atleast! Huge amount of reading time with small bits of info everywhere.
I assume Q2 was APV?December 9, 2010 at 3:19 pm
Left 12 marks in Q1 c and did Q5 in last 5 mins …..the rest was complicated but required proper planning….whish I had done Q5 before Q1.
Is there any chance of passing after leaving 20 marks? …the rest was done fineDecember 9, 2010 at 3:30 pm
It seems that it’s disaster not just to me…Q1, management buy-out, didn’t get it. Q2, couldn’t find Asset Beta for the industry to calculate the right WACC to discount the cash. Q4, negative for Free cash flow to equity–i might get the wrong answer..Q5, looks ok..All questions cost me long time to figure out. Disaster!!December 9, 2010 at 3:38 pm
In Q2 you should have used M/M proposition with tax. It’s on formulae sheet. They test it very seldom. I don’t understand the model but use when we don’t have Beta.
In Q 4 cf is positive. I don’t think I made many mistakes in calculation. But it was before dreadful Q 1, so may be I was wrongDecember 9, 2010 at 3:41 pm
Yes in Q2 use M&M formula to calculate ungeared Ke to discount cash flows. Then add the PV of tax relief less issue cost plus PV of the subsidy to get to APV.December 9, 2010 at 3:47 pm
what was the kd of the proxies debt?
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