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Please share here with community your comments about June 2011 P4 exam.
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what a crap paper q1 was so lenghty and messy i had so mnay cancelations here and there paper was quite hard and unfair, compared to last few sittings.
i had to leave out a 10 mark question do to insufficient time. Great Mr Malde you have failed many ppl this round.faced same problems with q1 that i have started to do 1st. Rally messed up, and had very bad mood with doing other questions….
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SpeEchLesS……
lack of time……- Topics: 0
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Agreed lack of time and tough questions Horrible exam
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3 of 5 questions are cash flow related, no moention of Q1 & Q2, even Q3 ‘s cash flow is somewhat tricky.
Too much weight is given to cash flow estimation.
not a good experience. very tight and hard.
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very hard examination.why should they tie down students to two compulsory questions taking 66marks of a 100. Examiner was really inconsiderate
Q1. very time pressured.very confusing.
Q2.didnt understand interest rate swap otherwise was good
Q4.nice and easy option valuation ques.
Q5.written question.just tried to gather as many point as possible.- Topics: 0
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P7 and now this
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Very bad!!! So ambigious and unclear
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It was a tough paper – compulsory part especially. Does anyone know how the marking works? I mean is it possible to pass a paper even if I failed to gain at least 33 marks in part 1?
q1, seriously ran over in this questions, even after all that still left a few marks unanswered (i think it was iii additional fund bit)
q2, mostly starightforward, although considering i only had a little over half an hour to answer it, just hope that i can get more than half of the marks. i had to estatimate the futures rate using spot and futures rate ‘today’, anyone else did that too, or just me missing some crucial info?
q4 Macauley Duration was a gift! straightforward calculation and some discussion
q5 practically a p3 question. i put down all the factors polical, financial, ethical, coporate social responsibility, stakeholders, director renumeration and their risk preferences (the exminer wrote an article on risk management with share options in it) etc etc.
overall i did ok. when i had two days left for revision, i faced a dilemma whether to practise more questions or just go over the ‘proformas’ again. i did latter and it seems to have paid off as i ungeared and used CAPM, and terminal value etc ok this time!
also got great help with the p4 study gourp buddies on here and the OT lectures on hedging, CAPM and cost of capital were AMAZING!
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2nd time of the attempt, still found lenghty. Q1, WACC geared/ungear beta,…Q2 looks so complicated. Q4 BSOP, just guessing the Pa and Pe.. Q5 Written eveything can think of. MIght have 3rd try in Dec.
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Why have such a high weighting for q1??? I was happy enough with the other q’s, but didnt know where to start with Q1, very frustrating :(!
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I didn’t even attempt the last 16 marks in Q1. What were the valuations? I got like 89m for Fodder and 336 or something like that for combined.
Q2. I was totally confused. Receipts in 4 months against quotes in 2 and 5 months. I constructed a 4 month futures but I get the impression that is wrong. The receipts were coming up to something like 14m for all three. (Was it a put or a call for the currency option? I forgot what to use therefore used a put) Then the NPV was positive although I cant remember the values. I said the shortfall in funding was like 1.2 billion Ms. The swap was valuable as interest rates were deteriorating
Q3. Was confused about duration. I got 3.1 for the 6% coupon and 2 somthing for the 4% coupon (Isn’t lower yield/coupon supposed to have longer duration).
Q4. npv was positive (I think I got 10. I made a mistake in the call formular). Is Pa discounted returns or discounted returns plus initial of -14? I got Pa to be 23 which I found bizzare somehow.
Overall I think my mark will be in the 40s. The unanswered 16 mark questions left me with 34 marks to drop to get to 50. My calculations were lithered with mistakes (as some good folks here are about to point out) which would account for more than 34 marks. I can only pray and hopeI think I will have nightmares about q1! Made a right mess and ruined the paper.
Not sure I can face p4 resit in December!
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My goodness!!! That was HORRIBLE. I did not know where to start with Q1. So I attempted Q2, 4, & 5. That’s me done for. There’s no way I will pass this paper. What with not attempting Q1. Terrible day. And I still have tomorrow to go. I’m so upset, I can’t concentrate on P5 revision.
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*blinking* I think we just got punk’d….:(
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I think it’s fair to say that question 1 was horrible… And it depressed me through out all the other questions…
I am really unsure of whether to attempt P4 again or give up and try another topic…
I revised the methods and pros/cons throughout the P4 syllabus…
But having to try and make sense of really confusing questions… I know its part of the paper to pick out information… But we only have 3 and a quarter hours which surely must be taken into consideration, espeically for question 1…
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disaster ….
q1 was another name for crap… left 16 marks unattempted.- Topics: 0
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I am disappointed, will have to do it on december…. Or should i try tax paper in december sitting.
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