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Kaplan

Investment Appraisal:

NPV with Inflation and Taxation

IRR

Working Capital Management:

Cash operating cycle

Receivables management

Payables management or Inventory management

Valuations:

PE ratio

Dividend valuation methods

Cash flow based values

Efficient market hypothesis

Business Finance:

Financial Ratios (Interpretation)

Cost of Capital

Risk Management:

Foreign Exchange Risk

Financial Management Function and Environment

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Section A

20 multiple choice questions worth 2 marks each. The MCQs will largely be knowledge
based and will balance out the questions in Section B to make sure that all aspects of the
syllabus are examined. It is likely that some of the MCQs will test the financial
management and objectives (ratio analysis, the concept of shareholder wealth) as well as
economic environment and financial institutions topics (financial intermediation, fiscal and
monetary policies). The efficient market hypothesis is likely to be tested here too. But bear
in mind that the whole point of setting MCQs is to test good coverage of the syllabus in the
exam.

Section B

Q1 Q3: Three 10 mark questions. The questions will be broken down into sub
requirements and may also be based on a short scenario.

Areas expected to be tested in questions 1 to 3 working capital management (the impact


of a change in credit period or accepting a factors offer), business or security valuations
(assets method and earnings valuation), financial risk management (most likely in the
form of currency risk but it is possible that interest rate risk is examined here).

Q4 & Q5: Two 15 mark questions which will be broken down into sub requirements and be
scenario based. These two questions will focus on these topics investment appraisal
(likely to be an NPV with inflation and tax), working capital management and business
finance (either an evaluation of financing options interest coverage and gearing ratios
are likely to be important here or a cost of capital calculation are most likely). Whichever
of these three topics does not feature in question 4 or 5 will appear in question 1, 2 or 3.

F9 has the following syllabus areas:

A Financial management function

B Financial management environment

C Working capital management

D Investment appraisal

E Business finance

F Business valuations

G Risk management

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Calculating cost of equity using CAPM or dividend valuation model, cost of redeemable
debt and bank loan/preference shares. Circumstances under which WACC can be used.
Calculation of NPV. Discussion question on risk and uncertainty example sensitivity
analysis and probability distribution.

Quantity discount (EOQ) and factoring calculations. Discussion of working capital


financing and/or investment policies.

Factors to consider in formulating dividend policy or the effect of a change in dividend


policy on share price.

Valuation of equity using; DVM, P/E ratio and asset basis. Valuation of convertible debt
and calculation of conversion premium. Explanation of weak and strong form of efficient
market.

Hedging currency risk using forward contract and money market hedge. Discussion of
transaction, economic and translation risk.

First Institution

Discussion of the economic environment and the impact on interest and exchange rates.

Working capital management.

Investment appraisal and cost of capital.

Business valuations.

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Section A: 20 MCQs from throughout the syllabus

Section B: 5 questions:

Management of receivables

Valuation of business (using PE ratio, and using dividend valuation model)

Investment appraisal NPV calculation (plus capital rationing)

WACC calculation (including CAPM)

Gearing (financial and operational)

Beckers Professional

NPV
IRR.
Debt factoring.

Dividend policy.

Project-specific cost of equity.

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First Institution
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Investment Appraisal
Investment Appraisal
Working Capital Management
Working Capital Management
Working Capital Management
Valuations
Valuations
Valuations
Valuations
Business Finance
Business Finance
Risk Management
Financial Management Function and Environment
Working Capital Management
Working Capital Management
business or security valuations
business or security valuations
financial risk managemen
financial risk managemen
Investment Appraisal
working capital management and business finance
working capital management and business finance
Financial Management Function and Environment
Working Capital Management
Valuations
Investment Appraisal
Cost of capital

NPV with Inflation and Ta


IRR
Cash operating cycle
Receivables managemen
Payables management or
PE ratio
Dividend valuation metho
Cash flow based values
Efficient market hypothes
Financial Ratios (Interpre
Cost of Capital
Foreign Exchange Risk

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Surely tested
Surely tested
Surely tested
Surely tested
Surely tested
New Area
New Area
New Area

Strategy Lenses and app


Mission, Cu
Critical success factors an
Role of the corporate par
People, leadership, job de
Integrated Reporting
Change management fra
Organisational Configura
Strategic analysis (extern
Calculation and interpret
Using the SFA model to e
Improving business proce

The impact of a change in


Accepting a factors offe
(assets method
earnings valuation
currency risk
interest rate risk
NPV with Inflation and Ta
an evaluation of financin
cost of capital calculation
the economic environme
Management of receivab
PE ratio, and using divide
Investment appraisal N
WACC calculation (includ
Gearing (financial and op
cost of equity using CAPM or dividend valuation model, cost of redeemable debt an

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First Institution
First Institution
First Institution
First Institution
First Institution
First Institution
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First Institution
First Institution
First Institution
First Institution

Section A
Section B
Section B
Section B

Making staff more efficien


The Busines
PESTEL, 5 Forces, resourc
Job design
IT security
Activity based costing
Integrated
Culture
External analysis, using P
Strategic resources or cri
Cultural web.
E-business, probably invo
Project man
Finance decisions eg rais
Environmental analysis, p
Project ma
Strategic action.
Information technology -

PV with Inflation and Taxation

ash operating cycle


eceivables management
ayables management or Inventory management

ividend valuation methods


ash flow based values
fficient market hypothesis
nancial Ratios (Interpretation)
ost of Capital
oreign Exchange Risk

he impact of a change in credit period


ccepting a factors offe
assets method
arnings valuation
urrency risk
nterest rate risk
PV with Inflation and Taxation
an evaluation of financing options
ost of capital calculation are most likely
he economic environment and the impact on interest and exchange rates
Management of receivables
E ratio, and using dividend valuation model
nvestment appraisal NPV calculation (plus capital rationing)
WACC calculation (including CAPM)
earing (financial and operational)
t of redeemable debt and bank loan/preference shares. Circumstances under which WACC can be used

trategy Lenses and approaches to strategy


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ritical success factors and KPIs
ole of the corporate parent including BCG matrix/Ashridge
eople, leadership, job design and staff development
ntegrated Reporting
hange management frameworks (POPIT and the business change lifecycle) and
Organisational Configuration new definitions: Boundary-less organisations, Outsourcing vs. Offshoring, Hollow an
trategic analysis (external in particular).
alculation and interpretation of basic financial ratios.
sing the SFA model to evaluate strategic options.
mproving business processes using IT (and the IT controls required).

Making staff more efficient and effective.


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ESTEL, 5 Forces, resources
Hoc

ctivity based costing


Hoc
Hoc
xternal analysis, using PESTEL or Porters 5 Forces.
trategic resources or critical success factors.
ultural web.
-business, probably involving upstream supply chain management.
Hoc
nance decisions eg raising finance.
nvironmental analysis, people with financial analysis
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trategic action.
nformation technology - pricing strategy

ACC can be used

vs. Offshoring, Hollow and Modular structures