ACCA December exams Day 5 feedback

How did the Friday exams go? Well, there were more outage problems in the am (read our separate story on that), but what were the FM and AFM actual papers like?


A difficult one, worse than last time, was one comment from someone who knows. We even saw one comment for a PQ who had sat the paper five times and swore it was no easier then the first time they sat!

Those who got the NPV and WACC questions were happier. “I got the NPV question, but some questions were so difficult!”

Some found the MCQs tough too. “It was all about p/e business valuation and foreign currency…Gutted.” Students also admit to flagging most of section A so they could come back to them.

All in all it made it the ‘hardest’ exam at the applied skills level.


‘Difficult’, ‘quite tough’, and ‘very time pressured’. A normal AFM then? Well, not for those sitting it.

Q2 seems to stick out as the problem question. That’s the one on p/e ratios and cash flow.

Students also wondered if the examiner themselves could write the full answers in the allotted time. “If we can not write what we know then how can they judge our knowledge?”