*** December 2022 ACCA AFM exam – Instant Poll and comments ***

Best way to do it is via the post exam survey. ACCA does review this. In the past I complained about an exam center and they responded to the query, so it’s not a waste of time to do.

Hi all,

I would encourage you to fill the official post exam survey. ACCA needs to be aware of the difficulties and inadequacy of the exam.

I am aware that this are professional level and the exams meant to be difficult but they also have to be fair and reflect the preparation for the accountancy career.

So…valuation method using predicted future dividends? What in the nonsense is this?

My NPV and APVs were negative but was asked to assume that the board would approve the project. Really threw me.

Some relevant information was spread over the exhibits.

Lots of “I hope that they are asking me to do x”. Just had to write something and hope for the best.

Wish I had a bit more time for Q3 narrative marks. Was writing up until the last second.

I’m a bit reassured that everyone is feeling negative towards this paper!

ACCA sends out a survey after every exam. It in you can give your feedback. It is taken into account because I have raised issues in it before about exam center problems to which ACCA did respond.

I completed the survey this morning giving highlighting many of the issues above. We all had the same experience so I doubt “we are the problem”

Of course professional exams are tough we accept that but to get an exam which is not in line with previous sittings and also diametrically opposed to the information provided by ACCA itself in the Dec pre-mock exam webinar doesn’t stack up

I have written and failed AFM in previous diets. This is the only paper left for me, read so hard because I really wanted this to be the last attempt was confident on the exam morning just to be faced with horrendous set of questions, cried for hours after the exam and had a mental breakdown cos there is no hope of passing.

I only feel disgust towards ACCA now and don’t even care about the certification any longer ‘cos this makes no sense.

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I was really prepared and studied really hard but unfortunately unable to complete 100 of calculations
As you said John future increase in base rate wasn’t given or I couldn’t find although read twice the para
My hope was on this exam now I feel affiliation dream not reached after all this hard work

Does anybody knows how to answer one of the Q1 sub question “whether Sancherz can avoid the remittance ban introduced by local government?”

Thanks, I almost answered the same contents as you did. It is glad to see I am not mile away from the question asked as it is a 11 marks question!

I agree. I would add that reconstruction question was more suitable for paper based exam than for CBE exam, very long question for section B. Questions were very different from questions in past papers and from questions in Exam Kit. What was the aim of the examiner? The Pre-Mock exam was just waisting of time. Everything was opposite from that.

johnwick12 wrote:The extreme focus on risk management as a 50 mark question threw me off. But the 6 mark on what a delta hedge was AND asking us to hedge options using futures? I have worked my way through all the ACCA articles on this subject, and still failed this question by a country mile.

This was an issue for me as all the information before the exam, even from tutors whom ACCA had on their own webinars stated that risk management questions form part of ONE of the questions of Section B. It’s frustrating that the exam didn’t mirrored ACCA’s own guidance on it. Obviously they get to set whatever questions they please but we prepare based on what their guidance is. Also felt the weighting of marks was far more heavily weighted towards calculations, when the official guidance was that the discursive elements would be roughly 60% of the paper as per September 2022. Anyway it is what it is, roll on March 2023

dabirparth wrote:Hi, Can anyone tell me if the questions that everyone got were same? Or did everyone get different questions in Question 1, 2 and 3?

From the looks of it, there were a minimum of 3 variants for this exam. I had the following:
Q1 – Hedging forex and interest and then questions about internal hedging methods and margin requirements
Q2 – Restructuring – Preparation of forcast cashflows and financial position post significant reduction in debt to obtain further debt financing, calculation of interest cover and then a discussion on how would the finance providers react to the restructuring.
Q3 – Investment appraisal with calculation of risk-adjusted WACC and then a question on how BSOP could have been incorporated in the calculation and its limitations.