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APM FAE 2013

searunner

This thread is for anyone who wishes to discuss APM exams issues for the 2013 sitting of the FAE.

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pepp

Dmac_Aca12 wrote: »

I'm not doing the core ( done it last year) changed elective this year hated audit..

But it's proving to be more of a hindrance than a help. Becoz I'm not really sure what I need to know from the core for the elective and there are only 30 cases going around for elective

Same Here but on the competency statement it says:

Candidates should note that it is assumed that they are fully conversant with material covered up to and including FAE Core.

So I am assuming that any of the PM stuff from core can be included.

Dmac_Aca12

That's seriously a balls like.

Do u plan to revise the core stuff by notes or going through the core cases. Half thinking if I do all the old MABF and SFMA that would cover u for core stuff.

pepp

I am looking through my core stuff on PM to refresh it though not in great detail cause still working till end of next week.

I'm not sure how much time I can spare to go further back I think the cases and the Green book are as far as I'll get.

I am worried though that I am at a bit of a disadvantage not doing the core at the same time.

Dmac_Aca12

I'm the same really more I think about it more stressed I am about it .

Like in the mock there was a mini company valuation thing and I actually just did nt think it was on the courses and answered it differently and the examiner was like this is basic cap 2 stuff worrying that would would nt know it.

But really unless u were doing core u would nt of taught to learn it .

foraca28

why frightens me most about this exam is time, i dont think we have enough time especially if we get to appraise two projects and another perhaps financial analysis question, they really take time and usually the soln of this is linked to overall report/memo. I think i must be so slow in writing, anyone feel time will kill them in this exam?

ted2767

I think the only way you can survive in this question is to plan it correctly.
I intend reading and planning all 3 cases first, then any cases with an NPV or similar will be left till last.
Also when I do the case with the NPV, I am going to take one shot at it by doing out the NPV as an appendix and go from there.
Going by the notes from the corrector in my script, it's not about having it 100% accurate and you will probably get more marks for technique e.g. can you incorporate inflation into a discount rate than merely adding it up properly.
After all in real life you will be using excel or similar but the correct treatment of inflation/interest rates etc. is what is key in that scenario.
Also when you have finished your NPV or equivalent its how you apply and interpret it not the number that is the important thing.

kb6536

ted2767 wrote: »

I think the only way you can survive in this question is to plan it correctly.
I intend reading and planning all 3 cases first, then any cases with an NPV or similar will be left till last.
Also when I do the case with the NPV, I am going to take one shot at it by doing out the NPV as an appendix and go from there.
Going by the notes from the corrector in my script, it's not about having it 100% accurate and you will probably get more marks for technique e.g. can you incorporate inflation into a discount rate than merely adding it up properly.
After all in real life you will be using excel or similar but the correct treatment of inflation/interest rates etc. is what is key in that scenario.
Also when you have finished your NPV or equivalent its how you apply and interpret it not the number that is the important thing.

lol I think FAE missed the mark on real life scenarios...

It's analysing financial information and making it relevant to the case that worries me. I re-did this year's mock this morning and I got the hang of it. Now I'm looking at last year's paper and for sim 1 I think I would be in too much of a panic to be able to take a step back and use common sense.

I like your plan of approaching the paper, I spent too much time on the NPV in the mock and then lost perspective when I was analysing the information

Dmac_Aca12

Ya the time on the NPV is killing me too .. Then I panic and can't think logically ! Might not be a bad idea to do this question last. Although its also prob the one I can pick up most C s in so afraid if I leave until last I won't have time aggghhh ... Ya can't win . Just need to hope everyone is the same

Dmac_Aca12

Ted how did you get on in the mock ?? Can't help but feel u flew through it and that's why your so calm

Any numbers I done wrong in the mock she put a big x next to them. For the source of finance piece I had the stuff wrong but taught maybe if I talk about the figures I ll be fine. But she put in a big comment say where did u get these figures !!!

kb6536

Does anyone else feel that the solutions are quite vague in the standard you need to reach for each level of competency? The core papers are very detailed in what you need to hit for each level

Dmac_Aca12

Ya basically they put all effort into writing papers for core but very little into the elective

ted2767

Dmac_Aca12 wrote: »

Ted how did you get on in the mock ?? Can't help but feel u flew through it and that's why your so calm

Any numbers I done wrong in the mock she put a big x next to them. For the source of finance piece I had the stuff wrong but taught maybe if I talk about the figures I ll be fine. But she put in a big comment say where did u get these figures !!!

No I got caught for time quite badly but I learned from it that;
a) planning is key,
b) don't get bogged down in NPVs, and
c) use the models in the green manual I did twice and it was very positively commented on so I intend have a good knowledge of where stuff is in the manual for the day of the exam.
But standard wise I thought the mock wasn't too bad I'd have passed it if my timing was better

foraca28

ted2767 wrote: »

No I got caught for time quite badly but I learned from it that;
a) planning is key,
b) don't get bogged down in NPVs, and
c) use the models in the green manual I did twice and it was very positively commented on so I intend have a good knowledge of where stuff is in the manual for the day of the exam.
But standard wise I thought the mock wasn't too bad I'd have passed it if my timing was better

fair play on u nearly passing, what are you just doing for this? just de book and past papers? i messed time up badly & felt fair down about it after. I am a bit scared about this exam in some ways. did you have much done for the mock? Thanks

ted2767

foraca28 wrote: »

fair play on u nearly passing, what are you just doing for this? just de book and past papers? i messed time up badly & felt fair down about it after. I am a bit scared about this exam in some ways. did you have much done for the mock? Thanks

I wouldn't say I nearly passed it, but I can see now the mistakes that I made in planning and I won't repeat them.
Also I had little or nothing done for the mock so will be much more prepared this time, that was my first time trying a paper.
Work wise I'm just doing cases and past papers, an evening or so a week I leaf through the manual and tab useful models.
Fingers crossed that'll get me over the line, but in a funny way exams have never freaked me out so I just work away and stay focused.

Dmac_Aca12

Are u doing core and elective??

ted2767

Dmac_Aca12 wrote: »

Are u doing core and elective??

Unfortunately yeah

Dmac_Aca12

I like your way of thinking and its exactly what u need for these exams

But I'm so not confident in anything I write. I don't trust myself so I look to the book. Funny I work in industry and have to do this kinda stuff all the time but when it comes to exams I find I'm trying to find the answer in other solutions rather than being logic .

myshirt

Ted, an important point.... can you let me know... are you referring to the model, naming it, and then explicitly mapping it out, or are you just using it to frame your thoughts?

In other words, is it unequivocally obvious that you are using the models? Or would the examiner have to work to figure out that yes, you are using the models?

Me, my natural inclination would be to operate with the knowledge of the models, but in an unstructured way. Because of my knowledge of the models, I just broadly know what I should be thinking about; essentially, the models have conditioned my brain to think in a way that they wouldn't have had I not read them.

Practically, the way this works on the ground is I see what is in front of me and then I start thinking commercially. I don't on the other hand, pull out a model and fill it in with info from the case study.

What do you do? I would be interested to know as of the feedback that resulted.

ted2767

myshirt wrote: »

Ted, an important point.... can you let me know... are you referring to the model, naming it, and then explicitly mapping it out, or are you just using it to frame your thoughts?

In other words, is it unequivocally obvious that you are using the models? Or would the examiner have to work to figure out that yes, you are using the models?

Me, my natural inclination would be to operate with the knowledge of the models, but in an unstructured way. Because of my knowledge of the models, I just broadly know what I should be thinking about; essentially, the models have conditioned my brain to think in a way that they wouldn't have had I not read them.

Practically, the way this works on the ground is I see what is in front of me and then I start thinking commercially. I don't on the other hand, pull out a model and fill it in with info from the case study.

What do you do? I would be interested to know as of the feedback that resulted.

Do you remember in the mock there was an indicator around the success of a website?
By chance I found a model in page 328 of the manual and literally used all the headings in the model and applied them to the case.
The comment from the examiner was "v good structure & framework based on pg 328 of book".
So yes I'd say it's fairly obvious that I'm using the model and applying it directly to the facts it helps frame the answer and keeps me focused.
Likewise things like 5Cs model PESTEL analysis etc. I think they want you to use them or at least that's the impression I got.

MoMo1987

Quick Question

when completing an NPV the FX rates changes over time along with the interest rate fluctuations. EG. (1 + Foreign interest rate / 1 + Home interest rate) * exchange rate.

Is there some similar formula for movement due to inflation or is it just the same?

kb6536

Yeah it's the same, see page 145 in the green book for the formula (I have it tabbed just as a reminder!)

hooch-85

Dmac_Aca12 wrote: »

There more revision of the foundation behind some of the APM really .. There making me feel better if nothing else lol

I'd consider the MABF papers a waste of time if you ask me, the concept of been given questions and specific answers will not help you with what you need to get down on the day in the exam, it would be better to know the sample cases you have, revision questions from the book and past papers inside out.

Mark1916

hooch-85 wrote: »

I'd consider the MABF papers a waste of time if you ask me, the concept of been given questions and specific answers will not help you with what you need to get down on the day in the exam, it would be better to know the sample cases you have, revision questions from the book and past papers inside out.

Useful for going over calculations IMO a few people have commented that the accuracy of calculations are important and the more practise you get of valuing companies, calculating forward rates etc the better?

kb6536

Yeah, I incorrectly calculated NPV for a case and it meant I was giving completely wrong advice - it might not be necessary to get everything spot on, but it impacts on how you analyse the information and advise the client/boss3

hooch-85

Mark1916 wrote: »

Useful for going over calculations IMO a few people have commented that the accuracy of calculations are important and the more practise you get of valuing companies, calculating forward rates etc the better?

Possibly yes but there should be more than enough examples in the book and sample cases as well as past exams, the old exam papers would be obsolete now imo. Getting too bogged down on the calculations won't help either, its really the concepts behind them that are important and answering the specific case in question on the day.

Dmac_Aca12

There is only 30 cases for APM including exam papers and sample papers . I'm not sure it's enough and most of the ones in books are useful as notes rather than for testing urself for the exam. I plan to know the exam cases inside out but no case with be the same. So need a bit of technical ( just don't want to leave any stone unturned )

I have next 20 days just for APM cases so did nt mind wasting yesterday and today on old MABF.

If for nothing else the MABF are great for the core - technical. So if anything core related comes up I have some notion

foraca28

anyone tell me what section of the book is competency section 5? it seems some sections are overlapping with joe healy lectures and the guy from session 5-6?

Thanks

Conaldo87

Are there sample papers for this on the website? Can only find the mock and past papers

Dmac_Aca12

No one seems to have sample papers - does anyone on here know anyone who did them last year/ year before ! Be very handy to have

Conaldo87

Ya especially as cases are so limited. Reckon it's the only way to prepare for this exam