• Investment appraisal - NPV/IRR with tax, inflation and working capital is a favourite topic of the examiner, although areas not examined to date include payback, replacement analysis, capital rationing and lease v buy.

• Working Capital Management - receivables are traditionally the most popular topic but payables and cash are due a turn.

• Cost of Capital – given recent articles CAPM, its advantages and disadvantages, and its use in calculating a cost of equity and a risk-adjusted WACC must be expected.

• Risk Management - hedging foreign exchange risk

• Business Finance - gearing/capital structure calculations and comment

• Valuations - asset and cash flow based values