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@zakkie13901 said:
does anyone know what the hell is securitized certificates and how to estimate its return?it’s in Q3…I didn’t do that Q. I had a glance at it in the beginning and thoguht this is not my cup of tea. I did the other 2.
I had spent so much time on my P4, but the result is devastating, I feel so miserable right now. How can we get it right?
dongbula, I know how you feel. I think thats everyone’s sentiments except the ones who said it was an easy paper 🙂 Its unfair, since Bob Ryan has been the examiner, people have been complaining about this paper. Well, hopefully, wee’ll see better days
Well ace87, it seems that you will probably receive a prize for this paper, cuz it was a disaster for everyone else. Well thanks for at least being a light in the darkness.
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would anyone remember the B for equity in Q2?
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thanks a lot
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Well I was hoping for a big foreign exchange or interest rate risk question but I feel like I wasted my time studying this whole section. Q1 was a bit weird but I think I managed most of it. BSOP in queston 2 was a surprise so I didn’t do well on that part. Not feeling too confident but second time around for me so I’m really hoping for 50%.
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ACCA is taking us for granted. They told us that they have changed the examiner and it was good news because Bob Ryan sets exams that are beyond P4. However, it seems ACCA fooled us. Bob Ryan is still setting P4 exams and the new examiner is just reviewing the paper. Isn’t this fooling us? Go to ACCA website and see the examiners list. You will see that the current examiner has been put there just to review. ACCA is happy with Bo Ryan.
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They were 2 article questions: Option pricing for q2 and Toxic Assets for q3.
I felt q3 was really nasty, with interest rate swap.
It wasnt a fair paper, as no core topics being tested.- Topics: 0
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What is more concerning is that the new examiner reviewed the paper for ‘reasonableness’ and obviously thought is was reasonable.
I don’t think we should get too excited about the December resit, yet, as they may think alike!
If I get more than 20 marks in the first 2 questions I’ll be amazed and suspicious about the marking scheme.- Topics: 0
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Totally didn’t expect that none of the questions was my expertise. even Q2 business valuation plus option pricing was messy. Didn’t even expect Q5 will be tested as well, didnt prepared for that!
Wasting my whole lots of effort working through kit’s questions T.T@chipbanda said:
ACCA is taking us for granted. They told us that they have changed the examiner and it was good news because Bob Ryan sets exams that are beyond P4. However, it seems ACCA fooled us. Bob Ryan is still setting P4 exams and the new examiner is just reviewing the paper. Isn’t this fooling us? Go to ACCA website and see the examiners list. You will see that the current examiner has been put there just to review. ACCA is happy with Bo Ryan.ACCA papers are set 18 months beforehand i think. Hence, this sitting’s paper was set by Bob Ryan because 18 months ago he was still the examiner. The new examiner is, well, new and he only reviewed the paper that was set by Bob Ryan way before he was appointed.
worked so hard for all topics. did read examner’s articles but not very detailed. Never know half of questions came from them. Disaster !
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complete disaster
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Up to now, i am wondering what is the rational behind the questions st by that man.People claim Bob is not good, this man is worst. We should all appreciate the fact that the devil you know is better than the angel you don’t know. Does ACCA want to tell me that they do not have examination board that scrutinise all exams papers before we sit for the exams. Total waste of 6 months for nothing. ACCA must do something. Among the papers i am sitting for this is the paper i beleive i will destroy, based how i prepare for it looking the structure of all the past question. It was a hell.
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Thought Q2 was a direct copy from the article… it was difficult…….. but yeah only if i had studied things might have been different.
@ace
Sorry i dont have any reference. My lecturer mentioned this in class. I would say he’s quite reliable because he reads up on these weird stuff.
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It would be interesting to know how many in the ”easy” camp used BPP texts or FTC. I used BPP but it was full of mistakes and inconsistencies. Regarding the exams, I was able to calculate growth using the NOPAT and retention rate of 180/580. For the rest of the paper I kept wondering where in the study texts such securitised debt and stuff had being mentioned. I think we need a clear syllabus that details what we need to know and a study text written with ample examples on even the most obscure topics. On a whole I don’t believe this paper was as bad as that of June 09 but it would be a miracle if I manage to scrape 30%. What I am thinking of doing is choosing a ”relatively” easier paper like auditing for example and only sit P4 after I become an affiliate. Is this possible?
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well da examinerhad taken ful revenge 4m us 4 da last attempt easuest ppr….i did my best n did all da kit but all of no use…BOSM model question’s in kit is v v easy as compared to wahat is appeared in da exams….also zakkie ur rite abt da SECURITIZED CERTIFICATEs….never heard of it b4 ;( ….may GOD pass me …not so hopful bt not so pessimist.
got dizzy when read the whole paper in the reading time, this was the 1st time i wasnt able to write anything down on the question paper!!!!
drank a glass of water and started with Q2, confidently made the report format and jumped towards the appendix and then just kept on doing workings in the appendix and giving its result on the report, forget the infinity formula so took out ke the right and did the BSOP model the correct way but i guess with wrong figures.
Q1 cant remember wat was it about so cant remember hw i handled it can someone give me a clue plz for the peace of my min?
Q5 the question that made me dizzy!!! it wasnt much of a difficult one after all 🙂 actually found it to be the easiest one made 2 grids explaining the setting off arrangements without conversion in one and with conversion in the other. and well part b was easy couldnt find much of disadvantages in why confused head at that time though
Q3 WHAT THE HELL WAS THAT COULDNT EVEN UNDERSTAND WHAT THE HELL WAS HE TRYING TO SAY SKIPPPED that one
Q4 started with introduction and was i was trying to say, then went towards asking questions to identify the issues and then went on with short paras of discussions on the main point made.oh just read about it in someones post oh ya Q1 was easy actually better then Q5 🙂
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I was confused with Q2; was not sure what do in exam in 50 mins; just rushed off; not hoping for the best; this paper is really making me ill.
I just read again the article about valuing the company using the BSM model but stil unable to figure out the exercise price which was indicated by the examiner is the value of a zero coupond bond. We were only told that it was a floating loan at a yield of 5% plus 3% premium. It is also the cost of debt? On Bob Ryan’s article we know the coupon rate together with cost of debt so we can work out the PV of the debt.
I only read the article twice like with all the remaining articles before entering the exam and forgot most of it by the time going over the question. I wish there was at least one question in the revision kit asking the similar type of things so I could practice few times over and remember what to do in the exam.
This is my last paper so I did put a lot of time into study hoping I will be qualied after 8 long years but it might not happen now. I failed last time and I accepted it because I did not understand the subject. I thought I was well prepared this time but it looks like not.
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I had studied old paper 2.4 years and years ago and I don’t think portfolio theory was included in that syllabus nor was PT given in my P4 BPP and FTC books. I did look at some notes my friends gave me from paper f8 but I never really did practice for the PT question. When I got to Q3, time was short and I was thinking on picking Q3 and Q4 (Q4 looked easy) but decided against it and thankfully picked Q5, I had a good Q1, i think, but a bit messy. Q2 was a bit confusing. Here’s what I did:
1) Free cashflows discounted to perpetuity with ke to derive Equity value of the predator.
2) Used current asset book values as excercise price. Used the free cashflows equity value + loan book value + 1.3333 time equity of the prey as the current price.
3) Gave option value as the premium and the 1.333 times equity + option value as the bid price.
Hope this was OK?!!!- Topics: 0
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Anyone remember? Does Q2 ask to calculate the value of combined company or the target only? I very confused.
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