This webinar provides essential guidance and practical tips for students preparing for the AFM (Advanced Financial Management) exams, focusing on how to effectively use examiner reports and understand marking criteria to improve performance.
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Hello everyone. Good morning or
afternoon depending on where you're
joining us from and welcome to this AFM
infocus webinar support for the March
2026 exams. My name is Isabelle. I work
as an education community manager at
ACCA and our session today is focused on
examiners reports unlocked. This will
provide an in-depth exploration of
essential exam support resources like
the examiner's reports and the read the
mind of the mark marker articles. You're
going to get some practical exam
technique tips and there'll be an
opportunity to ask your questions live.
Now we have Andrew Mo who has joined us
today to deliver his session drawing on
his experience to provide lots of
valuable insights and a deeper
understanding of this subject. Andrew is
a qualified accountant at PWC
um and has been with Kaplan in London
for over 10 years and he's now an expert
tutor for AFM and SPL and works with
ACCA to support students in their exams
as well as offering his own courses.
He's known for being very clear and
concise and he'll be uh great for
helping you feel calm and confident
about this exam. But before I hand over
to Andrew, I just want to go over some
very quick housekeeping points to get
help you get the most out of this webinar.
webinar.
So at the bottom of your screen, you'll
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Now, registering for this webinar means
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if you have to drop off halfway through,
you'll be able to catch up again later on.
on.
So, if you do want to ask a question uh
during the session, you'll have the Q&A
button that you can use um and there'll
be a dedicated team working in the
background to answer those. But just a
very quick note that we might not be
able to respond to everyone
individually, whether through the Q&A
inbox or Andrew in his own segment at
the end because we get a high volume of
questions, but we'll be covering lots
and hopefully you'll still get an answer
to your question, just not directly.
That's enough from me. I am now going to
hand over to Andrew. I'll be back at the
end of the session. Take it away,
Andrew. Thank you.
>> Thanks a lot, Isabelle. Hi, everyone.
Welcome along to this session. Thanks so
much for attending live. Great to see so
many of you on here and also such a
great range of countries. I think we've
pretty much got every continent covered
here, which is absolutely excellent. I'm
based in the UK where the weather is and
has been since the start of 2026
miserable. So very rainy, very great and
actually it's quite nice being inside
cozy doing the thing I love most which
is AFM. So yeah, I'm in a really
comfortable place here and looking
forward to this session and helping you
with this. Now I may turn my webcam off
shortly just because as someone has said
there is a little bit of a lag and if I
do that then that will go. So I'm going
to say bye on the webcam and then
hopefully uh the lag will improve
slightly and I'll say hi again at the
end because um yeah that that usually
helps with the bandwidth. Right, let's
look at we're going to look at in this
session examiner insights and a few
common pitfalls. So mistakes that
students make in AFM. Then we're going
to be looking at understanding the
marker and mark allocation. So there is
an article called read the mind of the
marker which is a really good one and
I'm going to give you some key insights
from a marking perspective as to how you
can pick up a few more marks. I'm going
to give you some practical exam
technique tips. technique is absolutely
crucial in AFM. I think a lot of people
actually under prioritize it, if that's
even a word, but they they prioritize
theory and they think, "Ah, but if I
just know absolutely everything about
every bit of the syllabus, surely I'll
pass." And that's not true. You need to
have good technique to be able to pass
this exam as well. And as Isabelle said,
at the end, we'll leave a bit of time
for some Q&A. So, I'll do my best to get
through as many questions as I possibly
can at the end of the session.
Right. So let's move on and we are going
to look at these insights from the
examining team. So we get to meet the
examiners not in person but we get to
see their thoughts and this is taken
from the September December 2025
examiner report. Now this document is
available to you on ACCA's website and I
recommend that you do have a look at it.
So there is lots of great stuff in here
for you to see. You can also see this
exam. So the September December 2025
exam is available on the practice
platform. So again I highly recommend
you go and look at these questions. What
I'm going to do here is talk give you
advice which is applicable to you why
groups of questions rather than specific
topics that came up in this. But again
you can go into this report and get into
a bit more detail if you want to have a
look as well.
Right in this exam question one now the
big 50 marker. So this was the big big
question investment appraisal and ESG.
So that was our there were sort of our
two main topics that came up in this
exam. So September December 25 by the
way is like a hybrid exam. So it's a mix
of questions from both September and
December 2025. So this was one of the
featured questions was a big 50 mark
investment appraisal. Just put in the
chat would you be happy with that if
investment appraisal is your big 50
marker in the March exam? Would that be
you celebrating or would you be
thinking, "Oh dear, I wish I was doing a
different one." What's your what your
thoughts? If you get a big investment
appraisal, if this is you in a few weeks
time and you get a big investment
appraisal question, you happy with that
or are you going to be wishing that you
had chosen a different exam at this
point? Yes. Okay. Yeah. I think that's
the general consensus is that Yeah.
would be lovely, says Harry. Yeah. Um
wouldn't complain. Yeah. Perfect. Yeah.
I think most people would be would be
pretty happy with that. So this was the
big one um in this question and actually
it was quite a nice question but what I
want to do is give you a few bits of
advice that the examiner gave from this
question and again it doesn't matter if
you haven't seen this question I'm going
to give you some general tips here. Now
one of the things in this question it
said about um explain don't just list
advantages. Now one of the question was
about advantages of um a particular
technique or a particular thing that the
company was looking to do and this what
what some people do when there's
advantages is they'll just list them and
they'll say oh this will help them to
save money this will help them to expand
into new markets this will help them do
that but what you need to do is explain
it so just always think like so what why
is that an issue why do I care about
that so this will help them to save
money and then explain it because it's
going to be reducing their fixed cost by
10%. Using that exhibit to do that and
then what you could even do is then go
on to say and by saving this money this
will allow them to invest further in
marketing or you know again it depends
on the scenario of course but what you
can't do is just do like a bullet point
list. I think some people just think ah
I'll just write down you know a list of
three or four words and then that isn't
going to be that's not going to be okay.
So that's the first one. Don't just list
things if they're asking for advantages.
You need to fully explain them. And I
know a lot of people don't write enough
words in AFM.
Okay, the next one. When you do
something like an NPV calculation or an
APV or hedging or evaluation, whatever
it is, if you've got some sort of
detailed working, for example, in an
NPV, something like your tax allowable
depreciation or maybe working capital,
something along those lines, do those
separately. And what you're going to do
is you need to label them. So label it
working one, working two, and make it
really easy to mark. What the examining
team was saying in this exam in
particular was students were trying to
do too many calculations just in the
cells. You know, in the main body of the
NPV, people are thinking, "Ah, I'll just
do all my calculations in here." But it
can get quite messy and it can get quite
hard to mark. So anything complicated,
do it as a separate working. If in
doubt, split it out. There you go.
There's a little saying for you. If in
doubt, split it out. And it does make it
a lot easier to mark. And please keep
the markers happy by making sure that
Wait, with this is true for every
question by the way, considering the big
picture. Now, this is good for your
commercial acumen marks. Yeah, a lot of
people do an MPV and you get into that
almost that routine. A lot of you given
a lot of love for MPVs in the chat panel
there, which is great to see. But what
you got to think is how does this affect
the big picture? What is this actually
going to do for the company? So just
think about that and that will help you
to get those commercial acumen marks. I
think a lot of people say ah positive
MPV therefore accept. But again just
think like what impact is it going to
have on various stakeholders? Will the
staff be happy? What will customers
think of this? So again just think a
little bit wider. You're almost getting
into SPL type territory sometimes with
some of the AFM discussion. So I think
too many people are a bit like almost
clinical with this. They're a bit right
it's positive accept it job done. But
actually just try and think like what
other implications might this project
have. Right? You are going to hear me
say this a lot. In every single AFM
question you do, question one, question
two, and question three, you need to get
some assumptions in there. Does anyone
know which of the professional skills
marks is uh will be covered when you do
your assumptions? So what uh the reason
I'm saying you need to do assumptions in
every question is because one of the
professional skills marks categories
is to do with assumptions and and
challenging those. Does anyone know?
Again, put it into the chat. Yeah,
brilliant. Well done, Sheriff. Um so
yeah, professional skepticism.
Absolutely right. And that will appear
in every question in AFM. So even if
they don't ask for it, you need to do
assumptions. Now in this one, they did
ask for assumptions specifically. And
you'll notice I haven't put their state
assumptions. I've put their challenge
assumptions. So you can't just say this
assumes that inflation is constant at
10%. That's not okay. What you need to
do is say why that isn't going to be a
valid assumption. So this assumes
inflation is constant at 10%. However,
as we can see, there is a recession
going on at the moment and this is
likely to change or whatever there is in
the exhibit. Or you could say this is a
10-year project. Inflation is likely to
vary over that time period. And then you
can also talk about the impact which
could cause our MPV to decrease. So it's
not okay just to list assumptions. You
need to say why it is not valid as well.
And that's going to get you the marks.
Again, the examining team say that a lot
and you'll hear me say that a lot
throughout this session as well.
And then in this one there was a bit on
ESG. So thinking about sort of like your
ethics and sustainability, governance
type things and
a lot of people just almost defining
what it is in this exam rather than
picking up on the specific issues in the
scenario and recommendations. So please
use the exhibits. The exhibits are
there. They're your friend. Like these
exhibits are there to help you and give
you clues. So please make sure you do
use those and that will really help your
answer. Okay. So there was some general
advice from question one. So this is
about sort of NPVs and investment
appraisal type questions. Some advice
again which you can use for other
questions not just this one from
September December. Is everyone all
right with that so far? Could you just
give me like a bit of thumbs up or a
smiley face or whatever it is just to
make sure make sure everyone's all right
Okay, good stuff. Right, I've seen a few
things flying which is great. Thanks
Charlotte and the chat as well. Good. Lovely.
Lovely.
Right, question two. Someone said
earlier on about acquisitions and how
much you love them. I think I think
that's what it said in the chat, wasn't
it? I don't know. But acquisitions, um,
these questions can be quite tricky.
Now, the reason students find these
tricky is because there isn't really
like a set template for them, is there?
Like my students when we're doing MPVS I
give my A FM students a template you
know it's like right here you go you
start with your sales and your costs
etc. When you're doing acquisitions you
can't really use that. It's like well
the questions are quite varied and it
might be they want a share for share
exchange or calculate the percentage
gain in the share price to this one. So
it's almost like a little puzzle with
acquisitions and that tends to make it a
little bit trickier. So there's often
it's almost like problem solving which
again can be a bit tricky but the more
you do the more you practice these the
easier they become and you start seeing
similar things repeated which is always good.
good.
So what I would suggest and this is what
the examiner suggests is a stepby-step
approach. Now that isn't to say that
there is a standardized step-by-step
approach and step one you do this, step
two you do that, but generally structure
your answer in a way that is easy to
follow. So if you're asked to do a
percentage gain to a company for example
a great first step is to work out the
current value and then the second step
is to work out the new value and then
the third step is to work out the
percentage gain. So following that sort
of approach where it's like right I'm
going to label it here are the current
values here are the new values and this
is the gain. That makes it really easy
to mark. This is a very common issue for
students is they just do a mass of
numbers in the spreadsheet and then
expect the markers to piece it all
together. And guess what? you're not
going to get many marks, right? Even if
you have to make up some numbers, right?
So, even if your current value and your
new value of the companies were all over
the place and you weren't quite sure
what you're doing, please, if they ask
for percentage gain in a question, just
do it. Do the difference between those
numbers and do it as a percentage
because guess what? You still get those
marks. Even if the numbers were wrong
earlier on, you still get those marks.
Now, at this point, I'm going to
introduce you to my favorite three
letters in the AFM exam. Does anyone
know what I'm getting at? Where you can
get marks even though your numbers
previously were wrong. There are three
letters that markers are allowed to give
you and it means that you'll still get
marks even though previously the numbers
weren't quite right. Does anyone know
what I'm talking about? So, I'm looking
for a threeletter acronym. Just keep
swimming is my favorite saying. Yeah,
you're right. But in terms of marking,
yeah, just keep swimming. We'll get on
to that.
OFR is what I was referring to here.
Brilliant. Lots of you getting that. And
that's the own figure rule. And what
that means is if you made a mistake
earlier on in your calculations, for
example, getting the values wrong in
step one, you can still get the
percentage gain figures in step three,
but even though you're using the wrong
numbers from before. So, so
[clears throat] that leads to just keep
swimming. Just keep going no matter
what. Because even if your first
numbers, even if you have to guess some
numbers, just keep working through them
because you'll still get those method
marks later. So very important in AFM,
you just keep going. Own figure rule is
a really really good friend. And by the
way, even if your discussion is based on
the wrong numbers, you can still earn
those discussion marks. So just yeah,
just make up a number if you have to and
and keep going.
Right? Synergy figures in particular
often cause issues. In some AFM
questions, they give you the total
synergy as a result of this acquisition.
So, they'll say, "Oh, the synergy is
worth $50 million in total." And you go,
"Okay, great. That's that's the
additional value that we're going to
create." But also, you've got sometimes
annual synergy and it will say they will
save $5 million per year, in which case
you then need to factor it into your
calculation, probably then multiply it
by P ratio or something. So, just be
careful. Is it annual or is it total?
It's sort of like just the wording that
they give you there sometimes causes
confusion. So, please be careful with that.
that.
And this one was overcoming barriers to
synergy. And the question specifically
asked for actions to overcome barriers
to synergy. That's a good example of
where students were answering the wrong
requirement because they were actually
answering uh what are the barriers to
synergy for example. But it's not that.
It's actions to overcome that. So, just
be careful.
And finally for this exam, question
three, foreign exchange risk management,
hedging. Now, everyone's favorite topic
apart from acquisitions. And this one
was a foreign exchange question, not an
interest rate hedging one. Are you all
aware you will get a hedging question in
your exam? There will be a
riskmanagement question, so brace
yourself and prepare for it. Again, I
love giving my students a bit of a
proformer to use for these. And I've
actually got loads of videos on my
YouTube. So it's Andrew Mower AFM on
foreign exchange risk management. So if
you want to go and have a look again,
I've worked through a few bits on there
which are going to be useful.
A few pointers from the examiner. Always
state the number of contracts. So when
you're working out the number of
contracts, make sure you do that working
and round them to the nearest whole
number. So just be careful with that and
always make sure you do do that. That
should be a relatively easy mark.
For foreign exchange questions, you need
to make sure that everything is
translated back into your home currency.
So, if you're doing the premium, for
example, with some options, make sure
then you translate it back into the home
currency. If you've got a gain or a loss
on some futures, make sure you translate
them back into the home currency. So,
just be consistent and make sure
everything's getting translated back
because some people leave a bit of a mix
of currencies, um, which is a bit of an issue.
issue.
Um, you need to make sure you discuss
your findings. Now, this is something
that frustrates me sometimes with
hedging questions, people spend too long
on the numbers. They get so caught up in
the calculations and because you know
what you're aiming for. You know that
there's a number you're aiming for at
the end, they can be a bit of a time
trap. But there are loads of marks going
for your findings and recommendation as
to which hedging product to go with. So,
structure it properly. Discuss each of
the hedging options one by one. It might
be forwards, futures, options. Discuss
each one individually and then do a
recommendation. Not only then are you
going to get some discussion marks, but
also you're going to get some
professional skills marks because you're
showing analysis and evaluation skills.
And maybe you're doing well, you you do
need to do some assumptions in there as
well. Of course, every question we do
assumptions. So, you need to challenge
those as well. And again, you'll be
picking up marks for your discussion.
Too many people when they're doing
hedging questions
do loads of numbers and then just don't
discuss them. So please remember to
discuss it even if it is um even if it
seems like there's loads of numbers to
do there will always be lots of marks
for calculations
and in this one again this was specific
to this question but answer the specific
requirements set not one that you
prepared so in this one there was a bit
around the treasury that they were
asking you to discuss and again students
were giving general answers that weren't
really related to the exhibit so just
read the ex read the requirement a
couple of times and just I always check
back I'm always going right check this
check that right let's just check I'm
actually answering the question set
because if you don't you're going to
throw away loads of marks
okay right that's it from the question
by question advice and that's a really
nice exam because it covers all three
sort of yeah big topics really so you
got investment appraisal valuations and
hedging so it's a good one and I highly
recommend you do do go and look at that
exam and yeah really think about those
tips I've just given you before you
attempt it if you haven't already
what I've now done is take advice from
the examining team in this article. So
from this examiner report and give you a
few traits of lowquality answers and
high quality answers. So
lowquality answers
copy the exhibit. Oh dear, this is a
real hater markers. You just copy chunks
of the exhibit into your answers and
then don't con comment on it or add any
value to it at all. I would not be
copying and pasting anything from the
exhibits. I would just be yeah adding
value to it and yeah copying and pasting
stuff it just wastes their time. So I
really wouldn't do it.
Other things that lowquality answers do
they forget to recommend. Now
recommendations very important in AFM
because again sometimes you will get
marks for it directly but also that
analysis and evaluation those
professional skills marks are for
conclusions and recommendations. So you
need to make sure you do that. And you
know, some people say, "Oh, do I need to
do a conclusion in every question?" And
if in doubt, do a conclusion. Yeah, it's
a good thing to do. You're not going to
lose marks for it. So wrap up and
recommend, give advice, and that's going
to really help with your answer.
A lot of people who write lowquality
answers list points without explaining
them. It's almost like note format,
which isn't okay in AFM. You need to
actually explain them properly. Oh,
messy calculations. No, thank you.
Right, just we're going to get into the
mind of a marker in a few minutes when
we get on to that section, but just
imagine you're having to mark an AFM
script over the next few weeks and
you're presented with one with numbers
all over the spreadsheet and you've no
idea what any of the numbers are and you
are expected to try and piece that
together. If you are giving the markers
a headache and if you're giving them
work to do by going here you go, here's
a load of numbers, you figure it out,
they are not going to give you marks.
are not going to like you. So, you've
got to make it clear. Really work on
that over the next few weeks before the
exam. Make it neat and you are going to
earn more marks.
And again, I mentioned this one. I
probably say this is the biggest risk in
AFM is spending too long on the
calculations. Getting lost in the
numbers and then running out of time.
So, then you don't have time to do any
discussion or you Yeah, you don't have
time to answer the other bits. So, be
careful. Get that balance. And again,
you've got to be pretty ruthless with
the calculations here.
Okay. So, in the event that you have a
low quality answer, these are the sort
of things you'd be showing. But you are
not going to do that. So, look, that's
the this um person falling off their surfboard.
surfboard.
Now, we are going to be riding that wave
like a pro because we are going to be
doing high quality answers. So, this is
these are traits of high quality
answers. And guess what? It's pretty
much the opposite, isn't it? It's going
to be clear, structured calculations
with narrative as well. So, explaining
what you're doing, applying concepts to
the scenario. So, using the exhibits and
drawing conclusions,
laying your answers out well. Headings,
by the way, love headings. Markers love
headings. Breaks up your answer. It's
great. Challenging those assumptions
throughout your whole exam. And again,
you're relating the answers to the
scenario, but also to the industry
they're in. if they're in the um I don't
know if they're in the food industry,
you might make little points around food
hygiene being an important factor. You
know, you can drop in a couple of things
relevant to that industry and that
really helps for those commercial acumen
marks within that um those professional
skills marks.
Okay. Finally, then for this section,
some examiner tips. So if I had to give
you a few tips that the examiners
recommend from this examiner report,
the first one, allocate your time to
each requirement and stick to it. Now I
recommend to my students that they do
two minutes per mark. Now that doesn't
include the professional skills marks.
So if there's an MPV for 10 marks, I say
spend 20 minutes on that. And you've got
to stick to it. It's all very well and
good just saying, "Ah, yeah, let's uh 20
minutes that will do." And then half an
hour in you're still writing. So, you've
got to be very disciplined with your timings,
timings,
plan your answers, and structure them.
So, I always, again, I I suggest to my
students, you do headings and
subheadings before you even start the
question. Get it all planned out first
because it really helps
answer the question you've been asked,
not one that you think that you want or
one that you prepared yesterday and
every bit of it. So, always make sure
you're looking at sub requirements.
Don't give up. As we discussed earlier
in the chat, OFR is key. own figure
rule. Just keep going. Even if you think
I've gone wrong here, just keep going.
Just keep swimming. As I always tell
people because you will stick up, you'll
still get those marks even if you are
not quite getting the numbers right.
And yeah, those professional skills
marks. So again, thinking about those
assumptions, thinking about drawing
conclusions, very very important. How
many professional skills marks are there
in AFM? By the way, we haven't even
mentioned that. So
how many across the whole exam? How many
professional skills marks are there available?
Just give you a sec. Just pop that.
Yeah. Well done, Tendo. Brilliant. 20.
20 marks. That's a lot, isn't it? 20.
This is huge. You only need 50 to pass.
So, if you get those professional skills
marks, you're 40% of the way to a pass.
And do you know what? I think a lot of
students almost forget about these or
just think nah I'll just sort of
naturally get those but you need to work
at them in AFM. This isn't like some
other subjects where they sort of just
form part of your answers. In AFM you
need to do those assumptions. You need
to do those conclusions. So just really
work on those. Again I've got a YouTube
video on those professional skills marks
with some examples um if you want to
have a look at that specifically.
and examiner tip, tutor tip. Anyone
who's ever passed AFM will tell you the
key to success is doing as many pass
questions as you can. So, you need to
practice as many past exam questions as
you possibly can to time. You need to do
questions with that time pressure to get
used to it. And that's the best way to
prepare for AFM. So, that's from the
examiner. That's from me. That's what I
tell all my students. the the single
best thing you can do, especially at
this stage. If you're doing the March
exams, you need to do as many questions
as you can.
Okay. Right. That's it for the September
December 2025 review. Um, can you just
put in the chat panel like one key thing
you've taken away from that? So, I'm
just going to turn my cam back on just
to say hi again. It might create a bit
of a lag, but just while we have a
little breather and just absorb all that
stuff I've told you, what was the one
key takeaway that you've got from what I
just told you about the September
December 25 examiner report? Pop that
into the chat. I'm interested to know
what you what anything that you
specifically picked up that you can
really think about over the next few weeks.
By the way, as Martin has said in the
chat, I will pick up any questions at
the end in the Q&A and think about the
um and yeah, I'll answer those as we go.
Um so at the end, I'll look at those.
Yeah, don't give up. Brilliant. Um OFR,
just keep swimming. Yeah, brilliant.
Yeah, I love that. That's a lot of it.
Own figure rule. Um yeah, explain your
points. Love that. Yeah, time management
absolutely crucial, Eric. Yeah. Okay,
brilliant. There loads coming in here,
which is great. Just keep swimming. Not
Yeah, don't take too long on your
calculations, Paulo. Brilliant. Hi
Paula, by the way, I've got a few of my
students on here, which is always nice
to see. Um, business awareness. Yeah.
Yeah. Okay. Brilliant.
Um, okay. Yeah. So, there are a few
there are a few coming out. Daniel, you
said you can't see the responses, but
I'm just um I'll read a few out as we
go. Okay. Great. Right. I'm going to
turn off my camera again. I'll say um by
just so we don't get too much of a lag.
And we're going to go back to um the
presentation. thinking about the marker
and mark allocation now. So
So it's for your discussion it's one
mark per point. You can get two if it's
a really well discussed point but I
generally suggest you aim for one mark
per point. I'm not saying that you can't
do well discussed points. I'm just
saying that that's a safer bet. So I'd
recommend like a short concise paragraph
that's yeah well explained related to
the scenario but that can just be two or
three lines. You don't need to write
loads for that. So yeah one mark per
point is generally what you'd be aiming at.
at.
And then in terms of calculations it's
one or two marks per figure depending on
the complexity. So again you'll get a
mark for your numbers as you work
through them. There aren't any half
marks available in AFM. I know there are
in some subjects not in AFM. So it'll be
one or nothing.
And then your professional skills marks.
I saw a couple of questions in the chat.
Now remember um put your questions into
the Q&A rather than the chat. But um
professional skills marks they they look
at your overall response. So they will
look at your in your entire answer and
think right has this student
demonstrated skepticism for example have
they challenged some assumptions? So if
you have throughout then they'll give
you that score and if they think you've
shown some commercial acument. So it's
not like a mark per assumption. it's
more their general feel. So by doing
those assumptions and those conclusions
that will really help you to get those marks,
marks,
right? What are markers looking for? So
this is from the article by the way,
read the mind of the market. Again, good
article to look at. So available on
ACCA's website, so you can look at the
full article, but I'm giving you the
highlights here. I'm picking out the
most important things for you. They look
um for you to answer the verbs. Now, a
nice example of that is if it's evaluate
whether they should, you know, you might
then want to think about doing something
like pros and cons of that decision. So,
evaluate whether if you just go yes,
they should, you're not really
evaluating, you're just sort of giving
one side. So, trying to get a bit of a
balance or if it's discuss, you need to
do your discussion, etc.
They're looking for a sensible approach
to things. And I know that's easy to say
and you think, well, what does that
mean? Like, what's a sensible approach?
But again, like a step-by-step approach
to something is a really good way to do
it. Or if it's um discussing a project,
doing some pros and cons of it, things
like that. Yeah, they'll go, "Right,
great. That's that seems a sensible
approach." That may not be the way they
did it in the marks game or in the model
answers, but that will still earn credit
if you if they think, "Right, that makes
sense." So, yeah, structuring it in a
sensible way is important. Adding value.
So, not just copying and pasting, not
just quoting the exhibits, but actually
adding your own thoughts and will help.
And also, as we've seen, methodical
calculations. So, really clearly
labeled. By the way, when you're doing a
spreadsheet, make sure you label it like
part A, part B. You label your
calculations as they are in the
requirements because that makes it a lot
easier to mark as well. And yeah, label
them. A good example of that, by the
way, is in a whack. You know, your cost
of capital, you label, right, I'm now
going to find the cost of equity. Here's
my numbers. Now, I'm going to do the
cost of debt. Here's my numbers. And
then I like using a little table at the
end there. So, right, here's how I work
out the whack. So, again, labeling that
and showing what you're doing will
really help. So, they're going to love
Okay. In terms of these professional
skills marks, I've mentioned these
throughout this session, but just to get
them down. So, communication,
um, that is going to be your only in
question one. So only in the big 50 mark
question will you get communication
marks and they are going to be looking
for a report format. So they want a
report format and you're going to need
to do two from subject date and then an
introduction to your report your report
findings. The spreadsheet you can label
as an appendix and then at the end you
need to do a conclusion in your report
as well. So getting that report format
and generally having an answer that's
easy to follow and easy to read will
earn you those communication marks. So
they're only going to be in question one,
one,
but the remaining three are all going to
be in every question, analysis and
evaluation. So that's going to be about
using the data, but then also drawing
conclusions and discussing your
findings. So the main thing you need to
do with that is to add value and
conclude. So like offer advice as a
result of the numbers that you've calculated.
calculated.
Skepticism we've talked about. So not
just accepting things. There was a
lovely tip from the examiner in a
conference I went to last year which was
with skepticism look for inconsistencies.
inconsistencies.
So if it tells you there's currently a
recession on in this country and people
are really struggling financially and
then later on it says we're launching a
new product. We anticipate that sales
volumes will increase by 30% per year.
You need to look at that and go hang on
a minute. You just said that people are
struggling financially and there's a
recession and yet you're forecasting
growth of 30% per year for this new
product. That seems a bit weird. So
that's the sort of thing to look out for
and that's often the case with NPVS.
Look out for any inconsistencies and
challenge them and say well yeah you've
said that growth's going to be 30%. But
this may not be suitable because there
is a recession on. So you're challenging
that assumption. So that's a great thing
to look out for.
And then commercial acumen, a tricky one
that to to earn marks, but that's all
about relating it to the exhibits and to
the industry. So using the information
in the exhibits and making points
relevant to that company that are
feasible, making good suggestions and
again just dropping little bits in
around the industry and what they do
will really help with that as well. So
20 marks and remember the bottom three
there will be in every single AFM
question and communication. All four of
those will be in question one.
Right. Why do students lose marks? So
again, this is from the read the mind of
the market article.
Number one, by far poor time management.
That is the biggest risk in your exam by
by miles. And when my students finish
their exam, I always say to them,
they'll send me a WhatsApp and go,
"Andrew, I finished the exam." And I go,
"Great, well done. What a lovely
feeling." And I say, "Did you finish it
all? Did you answer everything?" And
when they go, "Yep, I managed to do it
all." I go, "Yes, great. You've probably
passed." Yeah, there is a high chance if
you have attempted the whole exam that
you have passed. If a student said to
me, um, I gave question one a really
good go, but I didn't really have time
to do questions two and three. I go, oh
dear. Because suddenly that's become a
lot harder to pass. So, time management
absolutely crucial.
Not planning your answer and not
planning your timings throughout as
well. Um, again, a common reason that
students don't pass this. So, we've got
to plan and and map out what how long
you going to spend on each bit. Again,
we mentioned a few times not adding
value. So, just copying and pasting and
and ironically given the layout of my
slide here using bullet points. So,
markers don't like bullet points in AFM.
We want you to explain things properly
and bullet points tend to lead to
students just writing almost like a list
like this like I've got you got on the
screen there or notes but bullet yeah
you need to write them fully and and add
some context um and add some value to those
those
other things the markers say that often
lose marks missing the report format in
question one now that's easy so that
should be everyone on this session
should be getting that report format not
relating to the scenario and not being
skeptical. So these are again these are
all things like these are sort of the
professional skills marks that people
are throwing away. So again, we've seen
that a few times. Make sure you're doing
those please.
Right, I'm going to give you an example.
I've said about adding value a few times
now and I think sometimes you go, "Okay,
great. I need to add value." But again,
what does that mean? How does that look?
And so I thought I'll give you an example.
example.
So this would be you've done an MPV, the
numbers come out as negative and you say
reject the project as the MPV is
negative. And yeah, that is that's fine.
That's sort of more of like an FM type
answer, isn't it? You're not really
adding that much to it. But if we want
to turn that into a good one, what you
could do is something like this based on
the calculations and assuming the
assumptions made are correct, XPLC or
whatever they called should reject the
project on financial ground as the MPV
is negative. So, can you see there then
I'm suddenly adding a little bit more.
I'm being a bit skeptical, aren't I?
Like, that's that's good. Again, the
markers that we're looking at going,
"Oh, they're saying assuming I mean,
I've put assuming the assumptions, which
is a bit of a not the best wording, but
it's it will do the job." And I've said
about the fact on financial grounds. So,
I'm thinking that this isn't just yeah,
is easier saying reject the project. So,
can you see I'm adding a little bit more
value to my answer now.
And this is a classic example of a poor
assumption. This assumes revenue will
grow each year. Lots of people will
write that as an assumption. What do we
need to do to that to earn the mark? We
can't just state the assumption. What
was the word that we need to
what was the word that that I'm looking
for here? We we don't just state the
What's the the missing word? So, we
can't just state assumptions. We need to
also something challenge it. Ellen,
brilliant. Well done. Um, glad Ellen's
one of my students. So, great to see you
got that first, Ellen. Very proud of
you. And yeah, that is absolutely right.
We need to challenge it. And what I've
done here is this assumes that revenue
will grow by 5% each year. I said given
this project is in a new market with
unpredictable demand, this may differ,
which would affect the MPV. So, can you
see I'm now like challenging that a bit
more saying right, we're in a new market
and there's unpredictable demand. So
this may not be accurate. And then the
impact of that is that will affect the
MPV. And I'm not writing loads there by
the way, am I? Like that's what two and
a half lines. That's not a huge amount
I'm writing. I can do that in one
minute. But that then is like getting
into Yeah. Okay. That's that's a really
valid point. And we've actually added
Okay. Right. We're going to get into the
Q&A fairly shortly, but before we do
that, I want to um just give you some practical
practical
exam technique tips. So, my top advice
for you, this is like right if you say,
Andrew, I've got a few minutes. Tell me
how to pass AFM. This is it. So, pay
attention, switch on, and practice this
over the next few weeks. Number one,
manage your time.
So, we talked about time management. And
if you answer every requirement, you've
got a really good chance of passing this
exam. If you answer everything, you
stand a great chance.
So, how do we do that? In the 50 mark
questions, that's 98 minutes. If you
just take half of the exam,
this is my approach that I recommend to
students. And yeah, people like really
like this. I know people do it in all
sorts of different ways, but I like
doing it like this. So, I would start
with the the 50 mark question, by the
way, because I like getting the big one
out the way. And I asked the examiner
which questions that or the examining
team which question they would start
with if they were doing the exam and
they agreed with me. They would start
with the big 50 marker first as well.
And I would spend the first 18 minutes
planning and reading and then that
leaves 80 minutes to actually do the
question. So this is just for the big 50
marker. So in those initial 18 minutes I
would be reading the requirements first
before you do anything else. Then you
plan out your answer with the report
format headings and subheadings and then
you can go and read the exhibits. Now
again I've got a YouTube video uh called
the first five minutes of the AFM exam
on my YouTube channel which I show you
exactly what I do like how I structure
it that report format everything. So go
and look at that if you want to see
exactly what you need to do in those
first few minutes um of the exam
question. And then in terms of writing
that's when you're actually going to do
the requirements. That leaves you two
minutes per mark because you've got,
don't forget, you've got 10 professional
marks in this 50 marker. So, you've got
40 technical marks. 80 minutes to do 40
technical marks. So, that's two minutes
per mark. So, if part A is five marks,
give yourself 10 minutes. If part B is
12 marks, give yourself 24 minutes. And
that bottom point is crucial. There's no
point in doing any of this unless you're
strict. You've got to stick to those
timings and look at the clock. Write
down the time that you're going to
finish that part and then move on once
you're done.
And then the 25 mark questions are just
half that. So 25 marks, 49 minutes
planning and reading. You're going to
have 9 minutes for these questions in
which you're going to read the
requirements, plan out your answer with
headings and subheadings. No need for a
report format, by the way, in the 25
markers. And then read the exhibits. And
then you're going to have 40 minutes,
which again gives you two minutes per
mark. So you're just getting into that
habit of allocating two minutes per
mark. It just makes it easy, doesn't it?
It just go right you every all of you
can time things by two and yeah, so you
can just do that and then stick to those
and that'll be great. So that's for the
Okay, my next tip for you. So that was
time management. This is practice.
And yeah, you got three weeks to go
roughly until the exam. And I love this
this graphic. My friend and uh SPL co-t
Ben Wilson loves this graphic. I see him
using this one a lot. And this is about
how much you learn from theory,
practice, and mistakes. You need to make
mistakes. Mistakes are great. You learn
from mistakes. Um I I'm always making
mistakes. You know, I'll if if I trip
over a paving slab in the garden, I'll
think, right, next time I'm going to be
careful. If someone told me um in a
book, um one must always be careful of
paving slabs, I'd probably go, all
right, okay, and forget that. If I trip
over that payment slab and and bash my
knee, I'm going to remember that and I'm
going to learn from that. And that's
exactly the same with exams. Make those
mistakes because you will learn so much
more from those. And you can do full
exams on the practice platform. These
are great opportunity to make mistakes.
You've got the pre-Marchch 2026 mock
exam and that two of those questions I
did the debrief for. So they'll be on
ACCA's um student YouTube channel soon.
So that's a great place to start.
And then you've got loads of recent
exams including that September December
2025 hybrid exam. So loads of past exams
on ACCA's practice platform for you to
go and practice and make mistakes in.
And again, it's a safe space. ACCA don't
look at these. So don't worry about um
if making mistakes. Make sure you do do
them to time under exam conditions. And
then you can look at the examiner
comments and mark plans. And as I said
for the pre-Marchch 26 mark, you also
get those YouTube debriefs which are
Okay, right. That is it. So, my two
major tips were time management and then
practice. It's time for me to answer
your questions. So, we said we'd give
you 15 minutes and we are bang on time.
Um, so I'm now going to look in the Q&A.
Now, I know lots of you have put
questions in the chat. Um, I'm not
reviewing questions in the chat panel.
I'm only going to look in the Q&A. The
team are then passing me questions to
do. I might turn my camera back on at
this point. Hi. Um, so I'm going to be
reading through the questions and
answering them as I go. I'll read the
question out because then if anyone
can't see the questions and when we put
the recording out, you can then um hear
the question as well as we go. So
there's um right lots of questions here.
Um so Muhammad said, is it okay to keep
the equation within the spreadsheet cell
not writing it in full in a separate
cell? Will the formula we use even be
relevant for the marker or only the
figure we get? Right. Good question.
Essentially, what Muhammad's asking is,
can the markers see the formula that
you've put in the cell in the
spreadsheet or will they just see the
final number? And the answer is they'll
see both, which is really good news for
you guys because it means you don't need
to write out the formula as well. So, if
you're doing equals MPV, for example, a
function that I love in AFM, the markers
will be able to see that you've done
equals MPV, they're able to see which
cells you've selected, and you're good
to go. So you don't need to write that
out again. Now I would caveat that as I
said towards the start of this session
which is if you've got quite a
complicated working like something like
tax allowable depreciation or working
capital. Yeah, you you can do them in
the cells but you might end up with a
cell that's about you know like you know
really long and and really complicated.
So anything complicated I probably would
do as a separate working. What you can't
do, and please don't do this, is do the
numbers in your calculator and then type
them into the spreadsheet. No, that is
that's a real annoyance of mine. I've
done a few videos about that. Do not use
these calculators. Get rid of that
calculator. I hope that didn't break.
But get rid of that calculator because
you need to do them in the cells because
then the markers can see your workings.
If you make a mistake, you can still get
those method marks. if you type it in
your calculator and then just type the
number in manually, you're not getting
any marks if you get it wrong. So, get
rid of that calculator and just practice
in the spreadsheet. Okay. Um Muhammad
then also asked um for questions with
estimate and calculate, do you need to
comment on the result even if the
question does not indicate? Um so, yeah,
good question. And I yeah, I would um
there are a couple of times in the
questions you'll see it says
specifically no discussion is required,
but that's very rare. So I would always
comment on my calculations and don't
forget you also need to be doing
assumptions on every set of calculations
anyway. So yeah, what I'd end up doing
is having the calculations in the
spreadsheet and then I'd also have my
discussion points in the word processor.
Now very important you do that
discussion word processor calculations
in the spreadsheet. You can just label
them both part A. So part A will be part
of part A will be in your spreadsheet.
Part of part A will be in your word
processor. And that's fine. Yeah, that's
that's absolutely fine. But yeah, just
if in doubt, discuss what you're doing
is it's important.
Um, at what point do I make use of basis
points given in the hedging question?
That's a very specific one to Dender. Um,
Um,
basis points, a basis point is a percent
of a percent. So 10 basis points is 0.1%
essentially. So divide it by 100 and pop
a percentage sign behind it and that
will give you your um that will give you
it as a percentage. It's usually in the
context of uh companies can borrow above
or below the base rate like so many
basis points above and below that. So
it's usually to do with that it's it's
quite hard to that question is quite
general. It's quite hard to to answer it
without seeing the context but that's
what a basis point is. It's just a
percent of a percent and they they'll
use that as a reference and that'll be
for interest rate hedging usually. So
that's going to be for for dealing with
interest rates.
Um must we explain all the assumptions?
Um DC Clifford said so cost of capital
inflation tax cost appreciation time
horizon. Um you won't have time to go
through all of those. Now some questions
especially question one will give you
marks for assumptions. It will say you
know part C um discuss the assumptions
made in as part of the calculations for
five marks in which case you need to do
five assumptions. Great. But in the 25
mark questions, it probably won't
specifically ask for assumptions, but
you need to do them because of those
professional skills marks. So, it's
yeah, it sort of be led by the question,
but if in doubt for a 25 marker and
you're just doing them, I'd probably do
two or three, but don't try and do all
of them because yeah, you'll you'll run
out of time because in any question
there are probably at least 10 assumptions.
assumptions.
Um, okay. Um, GGO, you said, uh, for
candidates preparing for March, how far
back should we go with past exam papers
when revising? Um, especially since
there have been syllabus changes in
recent sittings. Okay, good question.
Um, the good thing with AFM is unlike
something like tax, um, the syllabus
doesn't change much. So, there have been
a couple of small changes. for example,
they changed the way they do value at
risk calculations
um like last academic year, but apart
from that there aren't many changes. So
you can go back quite a few papers and
you'll be absolutely fine. So all of
those on the practice platform will be
really good to practice. And I know what
you're going to be thinking. How many
past exams do I need to do? And the
answer is always the same. The more you
do, the better your chances of passing.
So there isn't a set number. I can't say
to you you need to do 12 pass exams
because you know someone might do one
and pass, someone might do 20 and not
pass. But the more you can do the
better. That's that's all I'll say. So
the more you can do the better.
Okay. Um right some good questions so
far. Well done guys. Uh
Uh
so Harry said you've attempted the exam
in the past and you get muddled muddled
up on forex and hedging. Uh drilling the
techniques along with learning the key
benefits and drawbacks is the best
approach. um you need the technique
drilled. Um yeah, hedging the good thing
about hedging Harry is that questions
often are quite similar. So if you look
at enough past exam questions, you'll
start seeing the same sort of tricks and
the basics are the same. You know, for
futures again, I have my proformer I
share with my students, which is you
work out like buy or sell, number of
contracts, which expired. I have like a
step-by-step approach and that will pick
up marks. you know, instantly you're
getting a load of marks if you have that
that sort of right structure in place.
But definitely, as you said, like
knowing the benefits and drawbacks of
the different hedging products will help
with that discussion. And then
remembering things like your assumptions
and to do a conclusion. What I'd say is
don't try and be perfect with the
numbers in hedging. You know, not many
people will get the numbers perfect, but
as long as they're good enough and like
you've got some stuff down and then you
discuss it, even if it's, you know, a
horrible question, you can all get 15
out of 25. at a minimum just by having a
go at the numbers, doing some stuff and
then going, "Oh, that'll be all right.
Never mind." And now I'm going to move
on to the discussion parts and really
focusing on getting those. And so, yeah,
perfectionism is overrated with with AFM
and all ACCA exams. Don't try and be
perfect because if you do, you're
probably going to run out of time and uh
you're going to throw away loads of easy marks.
marks.
Okay. Um,
Muhammad, any um tips for performance
evaluation questions? Number of ratios.
Yeah. Okay. Good question. There's a
really good past exam question called
selfmed which is about restaurants which
I uh worked for in my course. I know I
can't remember which exam it is.
I want to say one of the
Oh, I don't know one of the 2022 pass
exams. Maybe maybe the September or
December one from memory, but that's a
good one with restaurant chains for
performance analysis. Now, performance
analysis questions in AFM, they're
they're a bit bit of a curveball, aren't
they? They're a bit different and some
people aren't expecting those. So, it's
a good thing to mention because it can
come up. What I tend to suggest is do
yeah, allocate yourself some time to do
some calculations. Maybe just go right,
I'm going to do calculations for 10
minutes and then I'm going to discuss
those for 20 minutes or or whatever it
is. maybe about probably about a third
of your time that you've got for that
part. Spend on some calculations. Just
do as many as you can in the time and
then you're going to discuss them and
actually start drawing some conclusions
from it because again a lot of people
will spend 90% of the time doing numbers
and then 10% doing some rubbish
discussion. So just just yeah do a few
numbers. Don't overthink them. Get just
do some easy ones and then then get on
to calculations with the performance. Um
they're actually quite nice those
questions but you just need to um be prepared.
prepared.
Um, Cormarmac, um, I think I covered
that a minute ago, but yeah, your
narrative needs to be in your word
processor, please, not in the
spreadsheet. You can put little things
in the spreadsheet, you know, if you're
just labeling cost of capital or um, the
value now is this or whatever, that's
fine. But if you're doing a conclusion
or if you're doing assumptions, get
those into the word processor. It makes
it a lot easier to mark. The formatting
in the spreadsheet sometimes isn't the
best. So, get that into the word
processor. Um, good question. Um, Andrea
said in the report when you do your from
two, do you actually put your name and
the date or leave it blank? Um, usually
Andra the two will be like to the board
of directors or something. So it will
say it'll give you the context. So to
the XCO board of directors and then from
don't put your name. So don't put Andrew
or or for me Andrew. You just put um
finance manager or something. And then
date you can just put today. Yeah. If
you can't if you don't know what the
date is on the day, just put today.
That's fine. you're more like ticking
the box to show that you know it's a
report and you're getting that structure
down. So don't worry too much about what
you put there. It's a good question.
Um so um Mariam said, "Do we have to
discuss the calculations even if the
question does not specify to discuss
them?" Um if in doubt, discuss them
because there are often marks for
discussion. So yeah, I would. Uh
Luke said, "If you had to sit the exam
in March, what specific topics would you
be focusing on at this stage?" Um,
I don't know what's in the exam, Luke.
Is that my first thing to say because I
I I don't know and rightly so. I should
know what's going to be in the exam. And
also, there are several versions of the
exam. So, Luke, you might get a
different question from Mariam, uh, for
example, in the actual exam. The core
topics that get tested every time. Yeah,
there will be hedging, there will be
some sort of investment appraisal,
valuations, um, are going to be really
important. So, yeah, those are sort of
the core things you'd be looking at just
to revise um, as is the case every time.
Um, does IFR cover the whole syllabus?
So, if you make a mistake uh doing the
revenue and then um yeah, you you just
lose that mark, Luke, and then you still
get the rest of the marks. Um, so yeah,
you still get um you still get your MP
if you do your MPV bit at the very end.
Even though your numbers above are
wrong, you'll still get the MPV mark.
Yeah. So, it's fine. You could get 49
out of 50 on question one. Even though
your numbers are completely wrong
because if you make a mistake early
doors with the numbers and then you use
those numbers all the way through the
rest of the question and you comment on
those and everything, you could still
you could get 49 out of 50 even though
your MPV should be negative and actually
it was positive. So yeah, it's it's
fine. It covers the whole thing.
Um, other questions? So I think a couple
of more. Amy, you said yeah. Okay. So
yeah, if you discuss if you do an MPV
and as I just said in that scenario, you
get a negative MPV but it should have
been positive. If you get a negative
MPV, your comment would be reject the
MPV. You will still get that mark
because you will get the marks based on
the numbers that you've got. So your
discussion is own figure rule sort of
thing as well. So yeah, don't worry.
Just keep swimming no matter what. Um
Um
yeah. No. Um Kirsty, I wouldn't do
bullet point. So Kirsty said, "Uh, would
you say no bullet points at all or is it
okay to add bullet points as long as
they're explained?" I just wouldn't
bother. Just do short concise
paragraphs. Like why have a dot at the
start? Um, it just wastes time, so I
wouldn't worry.
Um, right.
Um, Mariam said, "For discount factors,
can we calculate discount factors in
Excel rather than take them from the
table? Will marks be deducted?" Um, no,
it's fine. You can do them in the Excel,
but I'd ask why are you doing that? I'd
use the MPV function. So, I wouldn't use
discount factors anymore. I'd use the
MPV function. It's much quicker. So, I
wouldn't do either really.
Um, right. Other questions coming in.
Um, what tips would I give to a student
who's previously failed AFM? Um, again,
there's I I did an ACCA webinar, the
back on track one, um, towards the end
of last year with with Isabelle as well,
and we covered a load of things on there
about resitting and general advice,
which is really valuable. So, make sure
you're going to have a look at that as
well. But AFM specifically, the main
thing is just to, you know, any failed
attempt in the past, that's in the past.
You think about what are you going to do
differently next time and use the stuff
we've talked about in this webinar. And
I've had loads of students on my courses
who have come to me having previously
got, you know, scores in the 30s, 40s. I
even had a student who'd been in the 20s
and I had a student who was in the 20s,
you know, just we just changed worked on
a few little things and then she got 83
in the next exam, which was incredible.
So, a lot of the time it's just little
adjustments, little things that you
weren't quite doing right that can turn
your score into a pass. So yeah, it's
just about going through all the things
I've said and yeah, not dwelling too
much on what happened in the past, but
just yeah, think positively um and
really use those tips I've given you. Um
yeah, um Rozan said about BOP um the
full formula question in past papers.
No, no, no, no, no. You've now got the
BOP calculator. So any past exams from
years ago, they used to use the the BOP
formula which was quite complicated. The
Black Scholes option pricing model um
which I used to love because students
had to use the manual calculator and
it'd be like about it'd be about you
almost the whole calculator would be
taken up with this formula. You don't
need to do that anymore. You just use
the BOP calculator. On the topic of BOP,
if it's going to be tested in your exam,
they have to give you the BOP
calculator. So, if it appears as one of
your answer response um screens, you're
going to need to use it. So, look out if
it's there in the corner, you need to
use it.
Um and then Danielle, probably the last
question because I need to hand back to
uh Isabelle in just a minute or so, but
any tips for marking your own questions?
The model answers seem unachievable.
It's difficult to compare, right? Yeah,
the numbers in AFM are probably a little
bit easier to self-re
Yeah. if they're if they're right or
wrong and you can sort of see if you're
in the right lines. Discussion-wise, I'd
say the model answers write way more
than they should and not not sorry, not
that they should, but way more than you
can achieve in the time available to
you. So, don't worry about trying to
replicate ACCA's model answers. You
don't need to do that. Um, again, I on
my YouTube channel, I did a walkthrough
of a question called Lerg Shell, which
is a recent hedging question, real exam,
and I did it from start to finish
against the clock. So, I've got the
timer at the top and I'm showing you
this is what I would do in the exam. You
know, literally I didn't I didn't pause
the video at all. I did it in one go and
I showed you how much I'd write in each
bit like the length of my paragraphs and
things. So, maybe go and have a look at
that because that just show you like
what a realistic answer is in the time
and it's not perfect because again I did
it against the clock but it shows you
what you can achieve in the time. Um, so
that's a good one to look at.
Okay. Right. That is going to be it
because um we are pretty much out of
time but Isabelle I'll hand over to you
to wrap up. Thanks so much for all your
questions. Thanks for uh attending live
and yeah, best of luck with the exam in
March. Good luck.
>> Thank you, Andrew. Thank you so much. Um
yeah, unfortunately that does bring us
to the end of today's session. Before we
go, though, we just wanted to highlight
some key resources to be using um in the
run-up to the exam. You can access these
via the resource um icon on this
webinar, including direct links. Um, and
another reminder as well, don't worry if
you've missed anything uh today because
having registered means you're going to
receive an email in the next 24 hours or
so with a link to watch this again on demand.
demand.
Thank you so much for everyone who's
attended today. Thank you as well to
Andrew for all your support and to the
team working in the back end trying to
answer as many questions as possible and
to help the session run smoothly. But
most of all, I think we all just want to
wish you the very best in your exams.
So, good luck and take care. Thanks for
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