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*** September 2023 ACCA AFM exam – Instant Poll and comments ***

Forums › ACCA Forums › ACCA AFM Advanced Financial Management Forums › *** September 2023 ACCA AFM exam – Instant Poll and comments ***

  • This topic has 26 replies, 19 voices, and was last updated 2 weeks ago by rishabhgupta.
Viewing 27 posts - 1 through 27 (of 27 total)
  • Author
    Posts
  • September 8, 2023 at 8:18 am #691696
    opentuition_team
    Keymaster
    • Topics: 1218
    • Replies: 1387
    • ☆☆☆☆☆

    How was your September 2023 ACCA AFM exam?

    Vote in the Instant Poll


    (Comments will be opened after 5PM UK)

    September 8, 2023 at 4:47 pm #691743
    kazisizan
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    My first question was hedging, then merger and acq and finally ratio analysis

    September 8, 2023 at 4:57 pm #691744
    i.dislike.tax
    Participant
    • Topics: 3
    • Replies: 5
    • ☆

    I had the same. what did you do about the hedging? Some of the premiums were missing

    September 8, 2023 at 5:24 pm #691753
    fatima67
    Participant
    • Topics: 0
    • Replies: 11
    • ☆

    I had Q1 APV and adjusted WACC, interest swap, Q2 business valuation Q3 ratio analysis evaluation . AFM morning session

    September 8, 2023 at 5:30 pm #691754
    Gabari07
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    I had the same morning questions but APV and NPV both got positive
    Ke 12%

    For swap I got 4.45% rate

    Valuations narrative on hostile takeover was tricky only white nights strategy I identified

    What anyone else wrote ?

    September 8, 2023 at 5:32 pm #691755
    Gabari07
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    Same here , how did you find it ?

    September 8, 2023 at 5:42 pm #691756
    RTSA
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    AFM is no joke. If I get a 50% pass on this paper, I am going to give a testimony at church.

    September 8, 2023 at 5:48 pm #691757
    axshap
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    Worst paper I’ve ever done, resit in December for sure ?

    September 8, 2023 at 5:48 pm #691758
    TayeT
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    I had the same but NPV got a negative(yes Ke 12%), then calculated APV and even adding tax benefits still gave a negative APV, so not sure if I had messed somewhere. Spent so much time on question A that I then messed up the other 2 questions, did not do ratio analysis on the last one just narrative , I don’t think I passed

    September 8, 2023 at 5:56 pm #691759
    CindyCouvaras
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    What came in the AFM exam:
    Q1. APV (21 marks!),discussion on methods of finance (there was info on an interest swap in the exhibit but I just realized now I don’t remember a question on it)
    Q2. Ratios, discussion on performance and trends
    Q3. Business Valuation with DVM, discussion on takeover defense strategies

    What I broke my head trying to learn:
    Hedging FX and Interest rate risk
    Free cash flows to the firm
    Reconstruction
    Bond Valuations
    Real Options
    Risk adjusted WACC
    International Investment Appraisal
    Freaking green finance haha *cries*

    September 8, 2023 at 5:59 pm #691760
    conorB
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    Was ok interest rate collar with net premium was the hedging, did Q3 ran out of time to get Q2 exam was a bit of a joke to be honest

    September 8, 2023 at 6:00 pm #691761
    fatima67
    Participant
    • Topics: 0
    • Replies: 11
    • ☆

    same ke 12% but negative npv and apv, business valuation, i did the writing part but not the calculation then did ratio analysis question for 30mins, i want to write more but run out of time. i hope i pass but i’l continue my AFM studying after 2 weeks break, just in case i need to retake in dec ??

    September 8, 2023 at 6:09 pm #691762
    fatima67
    Participant
    • Topics: 0
    • Replies: 11
    • ☆

    wished i studied business valutation abit more, there were easy marks i’ve missed (crycry) could be the few marks i need for a pass

    September 8, 2023 at 6:47 pm #691764
    zonke1000
    Participant
    • Topics: 0
    • Replies: 5
    • ☆

    I feel like ACCA robbed me of a pass

    September 8, 2023 at 7:25 pm #691766
    shinnatsuki
    Participant
    • Topics: 0
    • Replies: 19
    • ☆

    I had APV 50 mark question as well. I am kicking myself, I seem to have messed up the ungeared Ke section. I don’t know how, I had done it so many times. My result was 16% for some reason.

    Forgot to add back the tax depreciation as well. Don’t think I got the swap right.

    I attempted the other 2 questions but probably didn’t do enough for a pass given all the mistakes.

    September 8, 2023 at 7:45 pm #691768
    foxes
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    Q1 APV 50 mark question. Calculated negative NPV and APV. There was also a question on marketing director’s comment on business risk, difference between NPV and AVP, SWAP. Q2 ratios, I linked most of these to CEO’s statement. Q3 business valuation, gave me most trouble as I was running out of time.

    September 8, 2023 at 8:18 pm #691771
    ButterfV
    Participant
    • Topics: 0
    • Replies: 8
    • ☆

    Delighted Q1 was on interest risk, options collars and swap.
    Q2 on acquisition done probably incorrectly but calculated the percentage in gain for shareholders but unfortunately 7 marks left on reverse takeover theory, very disappointing.
    Q3 full question on Ratios 10 marks calculations and 10 marks for theory. Strange question.
    Just praying for 50%!
    All the studies done to then write this paper is ridiculous.

    September 8, 2023 at 9:53 pm #691775
    sctima
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    Q1 – APV for 21 marks!!! Got NPV and APV negative. KE 12%.
    Discussion of difference between APV and NPV and why APV is better. Investment decision.

    Q2 – BS PL analysis of firm with ratios and trends for 20 marks out of which 10 marks is given for ratios and trends. Also, it was required to identify/state missing information in order to expand the analysis.

    Q3 – Acquisition with free cash flow to equity. 2 scenarios from CEO and finance director (CEO seemed to be showing behavioral finance). Maximum amount to be paid to target’s directors. Discussion of 3 strategies against the takeover provided by the directors of the target company (legitimacy and effectiveness) – finding competitor, some kind of questionnaire and legal obstacles by creating a negative assumptions on employees and clients.

    September 8, 2023 at 10:50 pm #691776
    TayeT
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    Just because no one mentioned about the swap, I got CBBR +1.7% after the swap which ended up being 5.70% .. it was asked to be calculated in the notes paper but not in an actual question. Also the Q2 on cash flow to equity valuation I didn’t not understand so left it blank. Did anyone attempt that?

    September 9, 2023 at 2:43 am #691782
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    I couldn’t attend my AFM exam today due to some technical issues I have exam next week,the paper will be entirely different or similar? does anybody have experience with contingency exam? please reply

    September 9, 2023 at 9:16 am #691790
    redforeman523@gmail.com
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    Can you elaborate more? This seems like a different paper set, most people got APV

    September 9, 2023 at 9:17 am #691791
    redforeman523@gmail.com
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    Do you remember details?

    September 10, 2023 at 7:10 am #691848
    Bobzhang990609
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    Yes, I got the same answer in swap, 0.3% benefit for each party. The overall APV is still negative after including subsidised loan, bank loan benefit and subsidised loan interest rate benfit.

    September 10, 2023 at 11:29 pm #691868
    farazabid1122
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    Has anyone encounter this problem? ‘Sorry, it’s not possible to plan and book exam at this time. Please try again later.’

    September 11, 2023 at 8:18 am #691875
    Alex
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    I believe the exam was really hard

    Question number one was an APV calculation for 21 points with a possible interest SWAP and comments on managers view. I got a 12% cost of equity, negative NPV and positive APV after incorporation of subsidised loan finance and tax saving on normal loan interest. At the same time I feel i was not consistent enough – i calculated saving on subs loan versus rate on notmal loan, which was given as 6%, but at the same time SWAP resulted in a decrease of rate to 5.7% and I have caluclated tax saving on interest 5.7%, not 6%.. pehaps subs loan saving should have been calculated as well versus the updated rate (but in this case it would make no sense to discount it at 6%). At the same tine in requirement there was not separate question regarding the rates SWAP which is strange.

    Question 2 appeared to be very easy if you knew the Gordons growth model. I have totally forgotten about it and calculated the growth rate based on the given share price and given required investor return (which is not correct I believe). At the same time I dont understand how the marking scheme is working – If i Have failed to calculate correctly the market value of acquired company – all other calculations were based on an incorrect synergy effect of two companies, thus also incorrect. Is it still possible to get there some marks? I hope.

    When I arrived to the last question which was the ration question – I have only 25 minutes left which was not enough at all.. I tried to write some of comments on performance, gearing and liquidity and ran out of time. However looks like it was a question with easy marks.

    Hope for 50% at least, but at the same time not sure I will get those

    I also want to leave a feedback regarding the technical side of the exam. I am sorry, but CBE are awful. Excel in the exam is a total disaster. It is written somewhere that you can’t add rows and columns, thus use Ctrl+x ctrl V to manage the composition of the sheet – but when you do it – all formulas are breaking. You can not freeze cells (F4), you can not review your formulas (F2), you can not select a range of cells and copy the formula inside. I feel like I have lost plenty of time on such not exam related activities, eventhough I have practised such sitting before.

    Wish everyone luck!

    September 12, 2023 at 11:18 am #691921
    Gabari07
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    I experienced similar to Alex during exam , even the SUM function did not work , but on ACCA practice platform it did.

    Halfway through exam my laptop massively overheated but invigilator refused to allow a cooling pad although an adviser on the phone said it is allowed .Reported this to exam survey ACCA has sent.

    ACCA state they’ d like us to get closer to real life workplace but provide limited excel so instead of focusing on contents abd analysis a finalist is wasting time on small exhibits and non existent formulas

    On the face of it , APV and ratios seems like very easy areas , but ratios are extremely time consuming ad the temptation is there to do it 100%.

    Valuations question theory part was not in line with syllabus except from the statement about approaching more sympathetic competitor, other two very generic rather than defence strategy specific so I linked to ethics and would be grateful if anyone new what exact strategies these 2 related too

    September 13, 2023 at 9:06 pm #692007
    rishabhgupta
    Participant
    • Topics: 1
    • Replies: 4
    • ☆

    For apv which rate u took discounting ? As question was this time specific to use commercial borrowing rate and not risk free rate

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