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Passed with 82!! My last exam and it was my best mark of the whole thing by a mile, and I was pretty unsure after leaving the exam room! So happy!!! Good luck to everyone else – a long hard journey but it can be done! Thank you Open Tuition for the amazing lectures and support along the way! The lower level taxation lectures are a real help even for the advanced level.
Re the foreign investment appraisal I think tax was payable in same year. That’s what I did anyway but I could’ve misread.
I’m just hoping I did enough and didn’t make too many mistakes under the pressure!
Hi afmp4 – I got a loss in yr 1 but don’t think I did in yr 4 (but can’t totally remember).
I had q1 APV and foreign investment appraisal, q2 business valuation/acquisition and q3 foreign currency hedging.
I also found that I did not have enough time. There was so much to do in q1 that it left me short on time for q2 and q3. I just didn’t have enough time to think about all the info in q2 so attempted the theory parts, but missed the actual valuation part. I moved onto the hedging question that I just about finished, but then had no time to go back to the valuation question.I feel disappointed that I couldn’t attempt all parts. I find that there is so much info to digest in the scenarios that there’s not enough time to get everything done.
Section B was the worst for me. I got a lot about interest rate futures/forwards in section A and B, which I was not expecting. Another section B was about earnings yield/market capitalisation which confused me.
Also got the SFP working capital section C question and struggled with the written element about working capital investment and funding policy.
Nothing about cost of capital at all.
I feel the spreadsheet functionality needs improving. I also had to keep scrolling along to read the full lines of the questions. With time being such a pressure, could really do without these annoying things!