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ACCA AFM - Advanced Financial Management
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Overview of Ke, Beta and WACC (19:01)
How Interest Rate SWAP Works (22:27)
Worked Example for Interest Rate SWAP (17:58)
Interest Rate Risk - WB Question 22 Shawter Co (48:49)
Kit Q 10 Tampem Co - NPV, APV and MIRR (1:29:59)
Kit Q Strayer Co - APV Calculation (57:56)
Instructions to Follow Before Starting Your Course
About Customized Study Planner
Create your customized study plan
Important Theory Questions With Suggested Response.
AFM Standard Study Plan for December 2026 Attempt
Download Complete Study Notes
1. Introduction to Discounted Cash Flow - DCF (9:14)
2. Shareholder Wealth Maximization and DCF (15:47)
3. Compounding and Discounting (31:31)
4. Discounting the Cash Flows - Example (19:56)
5. Discount Factors (5:36)
6. Annuity (14:58)
7. Annuity Examples Solved (18:47)
8. Perpetuities (13:48)
9. Net Present Value - NPV (25:38)
10. Net Present Value Further Explained (14:05)
11. IRR - Internal Rate of Return (26:03)
12. Assessment of DVF as Method of Investment Appraisal (16:29)
13. Allowing for Inflation and Taxation - Inflation (21:01)
14. Allowing for Inflation and Taxation - Taxation (26:10)
15. Cost of Capital - CAPM (26:13)
16. Capital Structure - Introduction and Theories (34:52)
17. Beta Concept (23:56)
18. Capital Structure MCQ - Part 1 (28:31)
19. Foreign Exchange Risk - Introduction (26:30)
20. Foreign Exchange Risk - Types of Risk (20:11)
21. Foreign Exchange Risk - Money Market Hedging (30:37)
22. Foreign Exchange Risk - Futures, Options and Swaps (19:11)
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
Overview of AFM (32:01)
Professional Marks in AFM (31:59)
1. Introduction to Chapter 1 (11:39)
2. Why Profit is not Enough (6:15)
3. Financial Strategy Formulation (5:08)
4. Use of Debt Finance (15:35)
5. Dividend Capacity (20:45)
6. Ethics (11:37)
7. Integrated Reporting (08:41)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Dividend Capacity - BBP Kit Q8 - Arthuro (Part a)
Dividend Capacity - BBP Kit Q8 - Arthuro (Part b)
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Financial Strategy Evaluation (5:43)
2. Cost of Finance - Equity And Debt (22:43)
3. Cost Of Equity And CAPM (14:20)
4. Betas Explanation with KE and WACC (56:49)
5. WACC in Brief (10:18)
6. Bonds, Yield and Yield Curve (1:15:13)
7. Coupon and Yield Recap (11:38)
8. Importance of Dividend Decisions (12:28)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Dividend Capacity - BBP Kit Q8 - Arthuro (Part a)
Dividend Capacity - BBP Kit Q8 - Arthuro (Part b)
Bond Duration and Issue Prices - BBP Kit Q36 - AWP Co
WACC - BBP Kit Q21 - Coeden Co
Financial Strategy - BBP Kit Q9 - Lamiri Co - Discussion
Dividend Capacity - BBP Kit Q9 - Lamiri (Part a)
Transfer Pricing - BBP Kit Q9 - Lamiri (Part b)
Bond Valuation - BBP Kit Q20 - Toltuk Co (Part a)
Credit Rating - BBP Kit Q20 - Toltuk Co (Part b & c)
Performance Measurement - BBP WB Activity - Splinter
AFM - Assignment 1 - Financing Strategy
AFM - Assignment 1 - Financing Strategy - Answer.
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Basics Of Investment Appraisal (6:26)
2. DCF And NPV Layout (34:09)
3. FCF And FCFE (21:47)
4. NPV and IRR (18:21)
5. Chapter Summary (18:21)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
NPV, IRR, MIRR, & Exchange Rates - BBP Kit Q17 - CD Co
Investment Appraisal (Sensitivity Analysis) - Study Hub - Arbore Co
WACC - BBP Kit Q14 - TISA Co (Part a)
IRR and MIRR - BBP Kit Q14 - TISA Co (Part b) -1
IRR and MIRR - BBP Kit Q14 - TISA Co (Part b) - 2
NPV, Investment Duration and Sensitivity Analysis - BBP Kit Q13 - Fernhurst
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Option Pricing Theory (28:46)
2. Option Pricing and Black Scholes Model (51:17)
3. Standard Deviation and Variance (39:47)
4. Value at Risk and Standard Deviation (45:15)
5. Quick Recap Options (26:45)
6. Quick Recap BSOP (26:34)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
BSOP Model - BBP Kit Q - Alaska Co
BSOP Model - BBP Kit Q17 - MMS Co
WTO and Trade Protectionism - BBP Kit Q52 - Chmura Co (Part 1)
NPV Without Put Option - BBP Kit Q52 - Chmura Co (Part 2)
NPV With Put Option - BBP Kit Q52 - Chmura Co (Part 3)
Black Scholes Option Pricing - BBP Kit Q19 - Flurion Co
VaR and Risk Management Techniques - BBP Kit Q14 - TISA Co (Part c)
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. International Investment Decisions - Introduction (43:10)
2. International Investment Decisions - Evaluating the Projects (23:28)
3. Financing Decisions (26:43)
4. What are NPV, IRR and Assumptions (12:14)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
NPV and Foreign Currency - BBP Kit Q17 - CD Co
APV - Dec 18 Exam Q- Amberle
APV - Mar/June 21 Exam Q - Robson Co
Inv Appraisal, Duration - BBP Kit Q13 - Ferhurst (Part a)
Inv Appraisal, Sensitivity Analysis - BBP Kit Q13 - Ferhurst (Part b)
International Inv Appraisal - Dec 20 Exam Q - Hathaway Co
APV - BBP Kit Q - Fabuki Co
Macaulay Duration - BBP Kit Q22 - GNT Co (Part a)
Duration - BBP Kit Q22 - GNT Co (Part b and c)
Quiz - INVESTMENT APPRAISAL
1. Theory Quiz- Investment Decisions
2. Numerical Quiz- Investment Decisions
3. Theory Quiz - Investment Appraisal
4. Numerical Quiz - Investment Appraisal
5. Numerical Quiz - Investment appraisal with Inflation and taxation
6. International Investment Appraisal Theory Quiz 1
7. International Investment Appraisal Theory Quiz 2
8. Advanced Investment Appraisals - Advance Level Theory Quiz 1
9. Advanced Investment Appraisals - Advance Level Theory Quiz 2
AFM - Assignment 2 – Advanced Investment Appraisal - Question.docx
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Chapter Intro - Background (20:50)
2. Cost of Capital and Changing Risk (19:30)
3. When not to use WACC ? Adjusted Present Value (1:06:02)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
NPV, APV and MIRR - BBP Kit Q10 - Tampem Co
Cap Restructuring Inv and Financing - BBP Kit Q32 - Einnea Co
Capital Restructuring - BBP Kit Q35 - Eview Cinemas
COC and Changing Risks - BBP Kit Q48 - Conejo Co
Book Financing and Credit Risk - BBP Book Q11 - Levante Co
Quiz - Equity, Debt and WACC
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Credit Rating (49:38)
2. Impact of Change in Credit Ratings (33:42)
3. Macaulay Duration (53:58)
4. ICO and Islamic Finance (15:21)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
BV, Yield, Duration and Modified Duration - Quick Revision
Fin Reconstruction – BV, Duration, Gearing and EPS - BBP Kit Q48 - Conejo Co (Part 1)
Fin Reconstruction – BV, Duration, Gearing and EPS - BBP Kit Q48 - Conejo Co (Part 2)
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Valuation for Acquisitions and Mergers (24:50)
2. Asset Based Valuations (40:31)
3. Market Based Valuations (1:06:31)
4. Cash Based Valuations (49:17)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Business Valuation - Kaplan Kit Q48 - Oxwick Co
Business Valuation - BPP WB Q16 - Persuit Co
BV and Acquisition - June 24 Exam Q - Garnod Co
Bussiness Valuation - Dec 22 Exam Q - Propleis and Adictan Co
Acquisitions and Mergers - BBP Kit Q26 - Chithurst
Cash Flow Projection and BV - BBP Kit Q13 - Kodiak Co
Demerger and BV - Practice Question - Newimber Co
Valuation with Share Options and Pensions - BBP Kit Q43 - Burcolene
Acquisition and Valuation - BPP Book Q17 - Olivine
Acquisitions - BPP Kit Q28a - Mackonis
Acquisitions - BBP Kit Q28(b&c) - Mackonis
Valuation for Acq and Mergers - Kit Q 25a - Selorne Co
Synergy and Source of Finance - Kit Q 25b & c - Selorne Co
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. History of Acquisitions and Mergers (1:02:30)
2. Strategic Considerations (44:13)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Management Buyout - BPP Kit Q30 - Doric Co
Equity Valuation – FCFF - BBP Kit Q58 - Nente Co (Part a(i))
Shareholder Value – Gain in Value from Payment Offers - BBP Kit Q58 - Nente Co (Part a(ii))
Valuation - BBP Kit Q58 - Nente Co (Part a(iii))
Takeover Offer – Shareholder Perspective and Synergy - BBP Kit Q58 - Nente Co (Part a(iv))
Quiz - Strategic Consideration in Mergers and Acquisitions Theory
Quiz - Strategic Consideration in Mergers and Acquisitions Calculation
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Financing Acquisitions and Mergers (51:09)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Acquisition – Adv & DisAdv for Acquirer - BBP Kit Q27 - Louieed (Part a)
Takeover Valuation – Implied P/E Ratios - BBP Kit Q27 - Louieed (Part b)
MBO and MBI - BBP Kit Q34 - Bento (Part a)
Restrictive Covenant - BBP Kit Q34 - Bento Co (Part b)
MBO - Fin Evaluation and Benefits - BBP Kit Q34 - Bento Co (Part c)
Quiz - MERGERS AND ACQUISTIONS
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Treasury and Options (51:19)
2. Risk Management and Options (57:02)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Netting of Intra Group Balances - BPP Kit Q37 - Massie Co
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Currency Risk Management (19:29)
2. Spot Rates and Spreads (24:13)
3. Forward Contracts (15:53)
4. Introduction to Currency Futures - 1 (13:47)
5. Introduction to Currency Futures - 2 (21:58)
6. Currency Futures - Example 1 Explained (25:18)
7. Currency Futures - Example 2 Explained (18:08)
8. Forecasting The Future Rates (09:41)
9. Short Cut Approach to Find Futures Net Outcome (20:30)
10. Margins and Marking to Market (13:28)
11. Currency Options (32:09)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Foreign Currency Hedging - BBP Mock Q2 - Nutourne Co
Hedging Strategy and Forward/Option Markets - Studyhub Q - MJY Co
Hedging a Foreign Currency Receipt - StudyHub Q - Flay Co
Hedging a Foreign Currency Receipt - BBP Kit Q39 - Casasophia Co (Part a)
Currency Swap and NPV - BBP Kit Q39 - Casasophia Co (Part b)
Hedging Strategy and Treasury Function - Past Exam Q - Gogarth Co
Quiz - Managing Foreign Currency Risks Calculation
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Interest Rate Risks - Forward Rate Agreements (21:21)
2. Interest Rate Risks - Futures (51:41)
3. Interest Rate Risks - Options (17:27)
4. SWAPS - (37:50)
5. SWAPS - Extra Lesson (20:43)
6. Quick Recap on Futures, Options and SWAPS (1:13:19)
7. Buy a Call or Put Option (21:45)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Hedging Strategies - BBP Kit Q42 - Awan Co
Short-Term Interest Rate Risk Hedging - BBP WB Q22 - Shawter Co
FRA, Futures and Options - BBP Kit Q43 - Wardegul Co
Swaps, Collars and Option Valuation - Dec 2020 Exam Q3 - Fitzharris
BPP Kit Q44 - Keshi Co - Discussion
Interest Rate Hedging - BBP Kit Q44 - Keshi Co
Swaps - BBP Kit Q40 - Buryecs Co
Hedging Strategies and Mark-to-Market Impact - BBP Kit Q45 - Daikon - 1
Hedging Strategies and Mark-to-Market Impact - BBP Kit Q45 - Daikon - 2
Options - Increase Interest Rate - BBP Kit Q37 - Massie Co (Part b)
Collars - BBP Kit Q37 - Massie Co (Part b)
Options - Decrease Interest Rates - Kit Q 37 Massie Co (Part c)
Hedging Strategies and Mark-to-Market Impact - Kit Q 45 Daikon Co (Part b)
Quiz - Risk Management
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Financial Reconstruction (34:27)
2. Cost of Capital - Overview and Dividend Valuation Model (22:05)
3. Cost of Capital - Introduction (13:20)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
BBP Kit Q47 - Pault Co - Discussion
Interest Rate Swap, Forward Rates, and ACFs- BBP Kit Q47 - Pault Co (Part a)
Interest Rate Swap and Floating Rate Exposure - BBP Kit Q47 - Pault Co (Part b&c)
Divestment Decision – Going Concern vs Asset Sale - BBP Kit Q33 - Nubo Co (Part a)
Disposal and Demerging - BBP Kit Q33 - Nubo Co (Part b)
Financing Options - BBP Kit Q33 - Nubo Co (Part c)
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
Business Reorganization (30:28)
Capital Structure - CAPM Limitations and Intro to Beta Values (21:01)
Complete Study Notes
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
Planning and Trading Issues For Multinationals (58:40)
Complete Study Notes
1. Orientation Session Dec 2026
2. Financial Strategy and Cost of Equity (43:48)
3. Betas in More Detail (23:13)
4. Reinvestment Assumption in NPV and IRR (17:12)
5. Bonds Pricing, Interest Rates and Yield (35:59)
6. PV of Bonds, Cash Flow and Valuation (11:38)
Important Theory Questions 1 - 5 - Part 1
Important Theory Questions 6 - 10 - Part 2
Important Theory Questions 11 - 15 - Part 3
Important Theory Questions 16 - 20 - Part 4
Important Theory Questions 21 - 25 - Part 5
Important Theory Questions 26 - 31 - Part 6
AFM Exam Preparation Focus (7:08)
Ch 3 Quick Revision (9:54)
Ch 3 Quick Revision of NPV (19:56)
Ch 3 Terminal Cash Flows (14:29)
Ch 3 Standard Deviation and Value at Risk Discussion (14:34)
Ch 4 Quick Revision FCF, FCFE. NPV, APV and Real Options (38:31)
Ch 4 Option Pricing Theory - Black Scholes Revision (1:37:45)
Ch 6 Quick Revision (42:36)
Ch 6 Quick Recap - KE and Kd (45:15)
Ch 7 - Quick Revision (36:44)
Ch 8 Quick Revision (20:32)
Ch 12 Quick Revision - Part 1 (53:50)
Ch 12 Quick Revision - Part 2 (31:08)
AFM Important Technical Articles
AFM Past Paper March/June 2022
AFM Past Paper Sept/Dec 2022
AFM Past Paper March/June 2023
AFM Past Paper Sept/Dec 2023
AFM Past Paper March/June 2024
AFM Past Paper Sept/Dec 2024
AFM Past Paper Mar/Jun 2025
AFM Past Paper Sep/Dec 2025
AFM Past Paper March/June 2026
Try Before You Buy
Overview of Ke, Beta and WACC (19:01)
Preview
How Interest Rate SWAP Works (22:27)
Preview
Worked Example for Interest Rate SWAP (17:58)
Preview
Interest Rate Risk - WB Question 22 Shawter Co (48:49)
Preview
Kit Q 10 Tampem Co - NPV, APV and MIRR (1:29:59)
Preview
Kit Q Strayer Co - APV Calculation (57:56)
Preview
ACCA AFM Resources
Instructions to Follow Before Starting Your Course
About Customized Study Planner
Preview
Create your customized study plan
Important Theory Questions With Suggested Response.
AFM Standard Study Plan for December 2026 Attempt
Download Complete Study Notes
Revision Topics from ACCA FM (F9) Additional Resource For Knowledge Refresh
1. Introduction to Discounted Cash Flow - DCF (9:14)
2. Shareholder Wealth Maximization and DCF (15:47)
3. Compounding and Discounting (31:31)
4. Discounting the Cash Flows - Example (19:56)
5. Discount Factors (5:36)
6. Annuity (14:58)
7. Annuity Examples Solved (18:47)
8. Perpetuities (13:48)
9. Net Present Value - NPV (25:38)
10. Net Present Value Further Explained (14:05)
11. IRR - Internal Rate of Return (26:03)
12. Assessment of DVF as Method of Investment Appraisal (16:29)
13. Allowing for Inflation and Taxation - Inflation (21:01)
14. Allowing for Inflation and Taxation - Taxation (26:10)
15. Cost of Capital - CAPM (26:13)
16. Capital Structure - Introduction and Theories (34:52)
17. Beta Concept (23:56)
18. Capital Structure MCQ - Part 1 (28:31)
19. Foreign Exchange Risk - Introduction (26:30)
20. Foreign Exchange Risk - Types of Risk (20:11)
21. Foreign Exchange Risk - Money Market Hedging (30:37)
22. Foreign Exchange Risk - Futures, Options and Swaps (19:11)
Chapter 1 - Financial Strategy - Formulation
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
Overview of AFM (32:01)
Professional Marks in AFM (31:59)
1. Introduction to Chapter 1 (11:39)
2. Why Profit is not Enough (6:15)
3. Financial Strategy Formulation (5:08)
4. Use of Debt Finance (15:35)
5. Dividend Capacity (20:45)
6. Ethics (11:37)
7. Integrated Reporting (08:41)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Dividend Capacity - BBP Kit Q8 - Arthuro (Part a)
Dividend Capacity - BBP Kit Q8 - Arthuro (Part b)
Chapter 2 - Financial Strategy - Evaluation
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Financial Strategy Evaluation (5:43)
2. Cost of Finance - Equity And Debt (22:43)
3. Cost Of Equity And CAPM (14:20)
4. Betas Explanation with KE and WACC (56:49)
5. WACC in Brief (10:18)
6. Bonds, Yield and Yield Curve (1:15:13)
7. Coupon and Yield Recap (11:38)
8. Importance of Dividend Decisions (12:28)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Dividend Capacity - BBP Kit Q8 - Arthuro (Part a)
Dividend Capacity - BBP Kit Q8 - Arthuro (Part b)
Bond Duration and Issue Prices - BBP Kit Q36 - AWP Co
WACC - BBP Kit Q21 - Coeden Co
Financial Strategy - BBP Kit Q9 - Lamiri Co - Discussion
Dividend Capacity - BBP Kit Q9 - Lamiri (Part a)
Transfer Pricing - BBP Kit Q9 - Lamiri (Part b)
Bond Valuation - BBP Kit Q20 - Toltuk Co (Part a)
Credit Rating - BBP Kit Q20 - Toltuk Co (Part b & c)
Performance Measurement - BBP WB Activity - Splinter
AFM - Assignment 1 - Financing Strategy
AFM - Assignment 1 - Financing Strategy - Answer.
Chapter 3 - Discounted Cash Flow
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Basics Of Investment Appraisal (6:26)
2. DCF And NPV Layout (34:09)
3. FCF And FCFE (21:47)
4. NPV and IRR (18:21)
5. Chapter Summary (18:21)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
NPV, IRR, MIRR, & Exchange Rates - BBP Kit Q17 - CD Co
Investment Appraisal (Sensitivity Analysis) - Study Hub - Arbore Co
WACC - BBP Kit Q14 - TISA Co (Part a)
IRR and MIRR - BBP Kit Q14 - TISA Co (Part b) -1
IRR and MIRR - BBP Kit Q14 - TISA Co (Part b) - 2
NPV, Investment Duration and Sensitivity Analysis - BBP Kit Q13 - Fernhurst
Chapter 4 - Application of option pricing theory to investment decisions
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Option Pricing Theory (28:46)
2. Option Pricing and Black Scholes Model (51:17)
3. Standard Deviation and Variance (39:47)
4. Value at Risk and Standard Deviation (45:15)
5. Quick Recap Options (26:45)
6. Quick Recap BSOP (26:34)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
BSOP Model - BBP Kit Q - Alaska Co
BSOP Model - BBP Kit Q17 - MMS Co
WTO and Trade Protectionism - BBP Kit Q52 - Chmura Co (Part 1)
NPV Without Put Option - BBP Kit Q52 - Chmura Co (Part 2)
NPV With Put Option - BBP Kit Q52 - Chmura Co (Part 3)
Black Scholes Option Pricing - BBP Kit Q19 - Flurion Co
VaR and Risk Management Techniques - BBP Kit Q14 - TISA Co (Part c)
Chapter 5 - International Investment Appraisal
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. International Investment Decisions - Introduction (43:10)
2. International Investment Decisions - Evaluating the Projects (23:28)
3. Financing Decisions (26:43)
4. What are NPV, IRR and Assumptions (12:14)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
NPV and Foreign Currency - BBP Kit Q17 - CD Co
APV - Dec 18 Exam Q- Amberle
APV - Mar/June 21 Exam Q - Robson Co
Inv Appraisal, Duration - BBP Kit Q13 - Ferhurst (Part a)
Inv Appraisal, Sensitivity Analysis - BBP Kit Q13 - Ferhurst (Part b)
International Inv Appraisal - Dec 20 Exam Q - Hathaway Co
APV - BBP Kit Q - Fabuki Co
Macaulay Duration - BBP Kit Q22 - GNT Co (Part a)
Duration - BBP Kit Q22 - GNT Co (Part b and c)
Quiz - INVESTMENT APPRAISAL
1. Theory Quiz- Investment Decisions
2. Numerical Quiz- Investment Decisions
3. Theory Quiz - Investment Appraisal
4. Numerical Quiz - Investment Appraisal
5. Numerical Quiz - Investment appraisal with Inflation and taxation
6. International Investment Appraisal Theory Quiz 1
7. International Investment Appraisal Theory Quiz 2
8. Advanced Investment Appraisals - Advance Level Theory Quiz 1
9. Advanced Investment Appraisals - Advance Level Theory Quiz 2
AFM - Assignment 2 – Advanced Investment Appraisal - Question.docx
Chapter 6 - Cost of Capital and Changing Risks
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Chapter Intro - Background (20:50)
2. Cost of Capital and Changing Risk (19:30)
3. When not to use WACC ? Adjusted Present Value (1:06:02)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
NPV, APV and MIRR - BBP Kit Q10 - Tampem Co
Cap Restructuring Inv and Financing - BBP Kit Q32 - Einnea Co
Capital Restructuring - BBP Kit Q35 - Eview Cinemas
COC and Changing Risks - BBP Kit Q48 - Conejo Co
Book Financing and Credit Risk - BBP Book Q11 - Levante Co
Quiz - Equity, Debt and WACC
Chapter 7 - Financing and credit risk
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Credit Rating (49:38)
2. Impact of Change in Credit Ratings (33:42)
3. Macaulay Duration (53:58)
4. ICO and Islamic Finance (15:21)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
BV, Yield, Duration and Modified Duration - Quick Revision
Fin Reconstruction – BV, Duration, Gearing and EPS - BBP Kit Q48 - Conejo Co (Part 1)
Fin Reconstruction – BV, Duration, Gearing and EPS - BBP Kit Q48 - Conejo Co (Part 2)
Chapter 8 - Valuation for Acquisitions and Mergers
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Valuation for Acquisitions and Mergers (24:50)
2. Asset Based Valuations (40:31)
3. Market Based Valuations (1:06:31)
4. Cash Based Valuations (49:17)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Business Valuation - Kaplan Kit Q48 - Oxwick Co
Business Valuation - BPP WB Q16 - Persuit Co
BV and Acquisition - June 24 Exam Q - Garnod Co
Bussiness Valuation - Dec 22 Exam Q - Propleis and Adictan Co
Acquisitions and Mergers - BBP Kit Q26 - Chithurst
Cash Flow Projection and BV - BBP Kit Q13 - Kodiak Co
Demerger and BV - Practice Question - Newimber Co
Valuation with Share Options and Pensions - BBP Kit Q43 - Burcolene
Acquisition and Valuation - BPP Book Q17 - Olivine
Acquisitions - BPP Kit Q28a - Mackonis
Acquisitions - BBP Kit Q28(b&c) - Mackonis
Valuation for Acq and Mergers - Kit Q 25a - Selorne Co
Synergy and Source of Finance - Kit Q 25b & c - Selorne Co
Chapter 9 - Strategic Consideration in Mergers and Acquisitions
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. History of Acquisitions and Mergers (1:02:30)
2. Strategic Considerations (44:13)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Management Buyout - BPP Kit Q30 - Doric Co
Equity Valuation – FCFF - BBP Kit Q58 - Nente Co (Part a(i))
Shareholder Value – Gain in Value from Payment Offers - BBP Kit Q58 - Nente Co (Part a(ii))
Valuation - BBP Kit Q58 - Nente Co (Part a(iii))
Takeover Offer – Shareholder Perspective and Synergy - BBP Kit Q58 - Nente Co (Part a(iv))
Quiz - Strategic Consideration in Mergers and Acquisitions Theory
Quiz - Strategic Consideration in Mergers and Acquisitions Calculation
Chapter 10 - Financing Acquisitions and Mergers
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Financing Acquisitions and Mergers (51:09)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Acquisition – Adv & DisAdv for Acquirer - BBP Kit Q27 - Louieed (Part a)
Takeover Valuation – Implied P/E Ratios - BBP Kit Q27 - Louieed (Part b)
MBO and MBI - BBP Kit Q34 - Bento (Part a)
Restrictive Covenant - BBP Kit Q34 - Bento Co (Part b)
MBO - Fin Evaluation and Benefits - BBP Kit Q34 - Bento Co (Part c)
Quiz - MERGERS AND ACQUISTIONS
Chapter 11 - Role of Treasury Management
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Treasury and Options (51:19)
2. Risk Management and Options (57:02)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Netting of Intra Group Balances - BPP Kit Q37 - Massie Co
Chapter 12 - Managing Foreign Currency Risks
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Introduction to Currency Risk Management (19:29)
2. Spot Rates and Spreads (24:13)
3. Forward Contracts (15:53)
4. Introduction to Currency Futures - 1 (13:47)
5. Introduction to Currency Futures - 2 (21:58)
6. Currency Futures - Example 1 Explained (25:18)
7. Currency Futures - Example 2 Explained (18:08)
8. Forecasting The Future Rates (09:41)
9. Short Cut Approach to Find Futures Net Outcome (20:30)
10. Margins and Marking to Market (13:28)
11. Currency Options (32:09)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Foreign Currency Hedging - BBP Mock Q2 - Nutourne Co
Hedging Strategy and Forward/Option Markets - Studyhub Q - MJY Co
Hedging a Foreign Currency Receipt - StudyHub Q - Flay Co
Hedging a Foreign Currency Receipt - BBP Kit Q39 - Casasophia Co (Part a)
Currency Swap and NPV - BBP Kit Q39 - Casasophia Co (Part b)
Hedging Strategy and Treasury Function - Past Exam Q - Gogarth Co
Quiz - Managing Foreign Currency Risks Calculation
Chapter 13 - Managing Interest Rate Risks
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Interest Rate Risks - Forward Rate Agreements (21:21)
2. Interest Rate Risks - Futures (51:41)
3. Interest Rate Risks - Options (17:27)
4. SWAPS - (37:50)
5. SWAPS - Extra Lesson (20:43)
6. Quick Recap on Futures, Options and SWAPS (1:13:19)
7. Buy a Call or Put Option (21:45)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
Hedging Strategies - BBP Kit Q42 - Awan Co
Short-Term Interest Rate Risk Hedging - BBP WB Q22 - Shawter Co
FRA, Futures and Options - BBP Kit Q43 - Wardegul Co
Swaps, Collars and Option Valuation - Dec 2020 Exam Q3 - Fitzharris
BPP Kit Q44 - Keshi Co - Discussion
Interest Rate Hedging - BBP Kit Q44 - Keshi Co
Swaps - BBP Kit Q40 - Buryecs Co
Hedging Strategies and Mark-to-Market Impact - BBP Kit Q45 - Daikon - 1
Hedging Strategies and Mark-to-Market Impact - BBP Kit Q45 - Daikon - 2
Options - Increase Interest Rate - BBP Kit Q37 - Massie Co (Part b)
Collars - BBP Kit Q37 - Massie Co (Part b)
Options - Decrease Interest Rates - Kit Q 37 Massie Co (Part c)
Hedging Strategies and Mark-to-Market Impact - Kit Q 45 Daikon Co (Part b)
Quiz - Risk Management
Chapter 14 - Financial Reconstruction
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
1. Financial Reconstruction (34:27)
2. Cost of Capital - Overview and Dividend Valuation Model (22:05)
3. Cost of Capital - Introduction (13:20)
Complete Study Notes
🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
BBP Kit Q47 - Pault Co - Discussion
Interest Rate Swap, Forward Rates, and ACFs- BBP Kit Q47 - Pault Co (Part a)
Interest Rate Swap and Floating Rate Exposure - BBP Kit Q47 - Pault Co (Part b&c)
Divestment Decision – Going Concern vs Asset Sale - BBP Kit Q33 - Nubo Co (Part a)
Disposal and Demerging - BBP Kit Q33 - Nubo Co (Part b)
Financing Options - BBP Kit Q33 - Nubo Co (Part c)
Chapter 15 - Business Reorganization
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
Business Reorganization (30:28)
Capital Structure - CAPM Limitations and Intro to Beta Values (21:01)
Complete Study Notes
Chapter 16 - Planning and Trading Issues For Multinationals
🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
Planning and Trading Issues For Multinationals (58:40)
Complete Study Notes
Recordings of Live Sessions for Dec 2026 Exam Session
1. Orientation Session Dec 2026
2. Financial Strategy and Cost of Equity (43:48)
3. Betas in More Detail (23:13)
4. Reinvestment Assumption in NPV and IRR (17:12)
5. Bonds Pricing, Interest Rates and Yield (35:59)
6. PV of Bonds, Cash Flow and Valuation (11:38)
Last Week Quick Revision Before Final Exam
Important Theory Questions 1 - 5 - Part 1
Important Theory Questions 6 - 10 - Part 2
Important Theory Questions 11 - 15 - Part 3
Important Theory Questions 16 - 20 - Part 4
Important Theory Questions 21 - 25 - Part 5
Important Theory Questions 26 - 31 - Part 6
Quick Syllabus Revision Sessions
AFM Exam Preparation Focus (7:08)
Ch 3 Quick Revision (9:54)
Ch 3 Quick Revision of NPV (19:56)
Ch 3 Terminal Cash Flows (14:29)
Ch 3 Standard Deviation and Value at Risk Discussion (14:34)
Ch 4 Quick Revision FCF, FCFE. NPV, APV and Real Options (38:31)
Ch 4 Option Pricing Theory - Black Scholes Revision (1:37:45)
Ch 6 Quick Revision (42:36)
Ch 6 Quick Recap - KE and Kd (45:15)
Ch 7 - Quick Revision (36:44)
Ch 8 Quick Revision (20:32)
Ch 12 Quick Revision - Part 1 (53:50)
Ch 12 Quick Revision - Part 2 (31:08)
Technical Articles
AFM Important Technical Articles
Past Paper
AFM Past Paper March/June 2022
AFM Past Paper Sept/Dec 2022
AFM Past Paper March/June 2023
AFM Past Paper Sept/Dec 2023
AFM Past Paper March/June 2024
AFM Past Paper Sept/Dec 2024
AFM Past Paper Mar/Jun 2025
AFM Past Paper Sep/Dec 2025
AFM Past Paper March/June 2026
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