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F9 Financial Management
Past Paper Analysis
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Overall Analysis
Discussion 52%
Computation 48%
F9 Financial management
Marks by syllabus areas
%
6 Financial management function
1 Financial management environment
22 Working capital management
22 Investment appraisal
19 Business finance
12 Cost of capital
12 Business valuation
7 Risk management
100
Financial management function 6%
D07 J08 D08 J09 D09 J10 ??
Introduction 8
Financialobjectives
8 12 9
Stakeholders
not-for-profitorganisations
Financial management environment 1%
D07 J08 D08 J09 D09 J10 ??
Economicenvironment
Financial marketsand institutions
4
Working capital management 22%
D07 J08 D08 J09 D09 J10 ??Working capital 3 10 21 4Inventories 7 2Accountsreceivable
7 6 8 11 8
Accountspayable
7
Cash 6 5 13WC funding
Investment appraisal 22%
D07 J08 D08 J09 D09 J10 ??Appraisalprocess
7 5
Payback 4ROCE 3DCFApplications
8 18 4 7 3 6
Tax 4 2 4Inflation 5 5 4 4 3 4Risk anduncertainty
8
Lease orbuy
11
Assetreplacement
3 3
Capitalrationing
5
Business finance 19%
D07 J08 D08 J09 D09 J10 ??
Short-term sources 6Long-term sources 7 5 16 16 4 17Dividend policy 5 7 2Gearing and capitalstructure
7 8 5 2 4
Financing for SMEs
Cost of capital 12%
D07 J08 D08 J09 D09 J10 ??
Ke computations 9 2 2 2 3Kd and Kp computations 6 1 4WACC 4 3 4 2 5Capital structure theory 6Project specific discountrates
11 3
Impact of cost of capital oninvestments
6
Business valuation 12%
D07 J08 D08 J09 D09 J10 ??Valuation issues 5
DGM 4 4 4 3 7
PE Ratio 2 3 3 2
PV of FCF
Valuation of debt 6 4 9EMH 8 5
Risk management 7%
D07 J08 D08 J09 D09 J10 ??
Currency risk 4
Reasons for exchange ratefluctuationHedging currency 8 14 8
Interest rate 3
Reasons for interest ratefluctuationHedging techniques Interestrates
4