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Don’t give up! I just passed AFM on my 4th attempt. Aim to have done all the questions in the BPP practice book 3-4 times with particular attention to the nasties like interest rate futures, swaps and interest rate collars, get your timing down and then focus on the showing scepticism for the professional marks. Use AI tools like Gemini to give you the check list of things you have to question to show scepticisim e.g. assumptions there’ll be no change in interest rates, tax rates, discount rates, a perpetuity amount or growth rate, volatility, etc. If you get the 20 marks for laying out your report properly and questioning any stated assumptions or forecasts, you improve your chances greatly. Answer that they should do sensitivity analysis to determine how changing each variable affects the NPV outcome. Google Gemini correctly predicted interest rate swaps and collars on interest rate options for the hedging question in the March 2026 exam but then she was way off for the investment appraisal so assume you have to study everything. It seems to be less a theory test though and more a techique/big picture understanding test in the exam. Don’t spend too much time on theory and don’t believe everything put up on the examiners articles is going to come up.
