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Well after reading about your pains guys I though I’d share mine as my bones hurt from the stress of today’s experience having to sit p4. And I am not joking.
Got to the exam hall with the great feeling of I am going to collect the 50 marks and this was my objective, stick to the mark collection.
Quick read in the first 15 min to see if any favourite topics. Luckily MBOs was there. So I started with Q4. Managed to complete it by 11.30.
They are right saying if you don’t start with A question at the beginning it seems a bit overwhelming in the middle of the exam, having not even read the scenario.
So I quickly made up my mind and attempted Q4 next. By 12.15 I finished the 1st part of calculating the benefit of having interest rate instruments. And left it there as I was running out of time for the very famous Q1. I liked calculating NPVs until today. Never had so many variables, 3 currencies. So by the time that I skim read the scenario it was already 12.30 and didn’t know where to start from. Panicked also as didn’t know in which currency to calculate the cash flows. Then I saw the savers of assumptions and other reasons before choosing the plant investment. So I quickly jumped into writing a report assuming positive NPV in the last 20 minutes. And this was it, I have not even contemplated the cash flows…
Why would you make us using valuable time of applying inflation and currency conversion for every single line of the c.f.? I lost the big picture of the forest from the lots of trees. This q needs good 2 hours of workings at least and this is after a careful reading which would have taken me 30 min.
Ah. Have missed the easy marks on q1 part b. Got too excited after completing the consolidated SOFP. Q3 was about IAS36 impairment of assets. Completed q4 residual value, depreciation, volatile market etc. feeling already better that all the pressure from today is over.
Regarding my advice, cross out/ tick off the completed parts of questions in the Question booklet.
Fingers crossed
Thank you