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ACCA P4 - exam preparation for Dec 2014

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ACCA P4 exam preparation for Dec 2014, with a review of Jun 2014 exam paper.

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ACCA P4 - exam preparation for Dec 2014

  1. 1. ACCA (Paper P4) Exam Preparation for Dec 2014 By Ricky MA All rights reserved @cert-easy 2014- 08
  2. 2. Summary OWhat are the objectives of “Paper P4”? OWhat is the exam paper format? OWhat are the hot topics? OA quick review of Jun 2014 exam OWhat should you do before Dec 2014? All rights reserved @cert-easy 2
  3. 3. Objectives of P4 OAn advancement of Paper F9 OAssumed to be a senior financial executive or financial advisor OTo demonstrate an integrated knowledge of the subject and relate them to specific issue OEmphasize on knowledge application but not simply reproduction OTo present the answers in a formal way All rights reserved @cert-easy 3
  4. 4. P4 Exam Format Oa 3-hour paper (with 15 minutes reading time) divided into two sections OSection A – 1 compulsory question (50 marks including 4 professional marks) OSection B – 3 questions (select 2 out of 3 with 25 marks each) All rights reserved @cert-easy 4
  5. 5. Hot Exam Topics OAnalysis of past 5 exam papers (on marks allocation) All rights reserved @cert-easy 5
  6. 6. P4 Exam Review (Jun 2014) OQuestion 1 (50 marks) O Risk management / agency issues O Risk hedging using derivatives O Modified Duration (Macaulay Duration) OWrite a memo to discuss: OHedging or not? OHow to manage agency issues? All rights reserved @cert-easy 6
  7. 7. P4 Exam Review (Jun 2014) (Cont’d) OQuestion 2 (25 marks) O Adjusted Present Value (APV) O Base NPV + Tax benefits from debt financing O To correct the NPV estimate with a number of errors inside O Calculate the APV and comment on the errors All rights reserved @cert-easy 7
  8. 8. P4 Exam Review (Jun 2014) (Cont’d) OQuestion 3 (25 marks) O Acquisitions (M&A) O Corporate reconstruction (sell-off/spin-off) O Organic growth vs. Acquisitions O Process of acquisition (risk reduction) O Valuation (the maximum premium to be paid) All rights reserved @cert-easy 8
  9. 9. P4 Exam Review (Jun 2014) (Cont’d) OQuestion 4 (25 marks) O Option pricing O Real options / Equity value by options O Option to change your decision O Relationship between shareholders and debt-holders on equity value O BSOP Model – one of the Greeks (Vega) All rights reserved @cert-easy 9
  10. 10. Preparing for the Exam OStudy the syllabus with good understanding OStrengthen your exam skills by doing more exercises OBalance your efforts on both computational and discursive questions OAlways keep good time management OWork hard, familiar with the exam, be confident, and don’t think of re-try All rights reserved @cert-easy 10
  11. 11. The End All rights reserved @cert-easy 11