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Surprisingly I passed P4 (50!) but failed P7 … odd… I thought it will be they other way round. Well … June and re-sit of P7 is my last exam (I hope!)
After P7 I said it was easy (as it really was for somebody with an experience in external (big4), internal audit and finance control …) but today I got a result … 29! I opened and read an past paper Answer’s pdf and I’m more convinced now that my result cannot be right. Unfortunately what I’ve learnt today (doing a research about so called “Request an administrative review”) making complaint will not help, therefore the only solution is … to take it easy and try again in June. Maybe with more luck.
By the way – by the results received I passed P4 …. what I thought I failed. So it’s balanced 😉Q3 premium calcs … now I’m sure I was wrong. It should rather be: (5.80 / 2 + x -2.40)/2.40 = 30% => x (premium) = 0.22 per share and if premium = 50% than x = 0.7 per share. Well… completely wrong on exam, but something new learnt now 😉
Has anybody done and may comment Q4 a? I’m afraid I did it too easily … means I was wrong, again …
So…. I believe it was easier than on June 2013 session. But – still I’m not sure if I will pass. Probably not as it is “killer” exam 😉
In Q1 I got negative NPV of the project … I thought I did something wrong but I left it as not having time to check where the error might be. So I was answering th question assuming my calculations are ok. I did Black-Scholes put option valuation. Well, maybe not commented it properly, but I was pretty sure my Cash flow calcs were wrong.
Q3 – I think I got WACC of 8% (but maybe it was a rounding issue?). I wasn;t sure about premium in b) but I assumed it is the difference between: 1 share of $5.8 less 2 shares per $2.4, so $1.0 by 200 million shares. 50%-30% premium = 20% * 200 milion shares * $1 = $40m. I’m pretty sure it’s wrong but it’s the only thing I git in my mind at the exam with the time pressure and feeling that I failed Q calcs ;)))
Q4 – I decided t do it only because few marks on Islamic finance that I was reading about last night (it was on tips to Dec 2013 exam!). Otherwise I’m not sure if I did a and b properly, it seemed that sale of supermarkets division was better. And that demerger doesn’t make sense. Probably I was wrong.
So overall – 3rd attempt to pass this monster exam will be in June 2014. So far I’m enjoying the idea that I DON’T HAVE TO REVISE TO EXAMS any longer and I can read some normal novels (well… until May 2014 😉
Good luck – with the results of P4 and with any other papers if you are going to take them this session!emmalin77: but Q4 it wasn’t only a question for ethical and professional issue but also recommendation of actions to be taken. so … all in all it can be 6-8 points per each case.
And indeed … time management was a key issue here. In 15 minutes time I checked the length and overall content of each case study and what was asked to do in Q3, Q4 and Q5 and I quickly decided which two I will follow, Remaining time I spent on reading very carefully the Q1 (the longest case study). Q2 I’ve read and I spent one hour for Q1 (after 45 minutes writing I realised that I need to speed up as it takes too long time to answer question 1!). Q2 I made in 45 minutes (including reading). So for the remaining two questions I had 1 hour and 15 minutes – plenty of time for reading and answering. I finished 7 minutes before the end so I had time to check if everything was ok. That’s it.
Tomorrow P4 …. greater challenge for sure, also for time management! 😉It was easy. And I hope I passed. With few years experience in audit and practical knowledge about due diligences I believe I could write this exam even without studying. But it doesn’t mean that my answers meet the criteria…. Well, I will see in 3 months ???? but even if I fail in not going to revise too much before next session.
good luck!!!