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It explains how the computer-based exam works and provides structured debriefs across Section A, Section B, and Section C. The report highlights common candidate strengths and weaknesses, including how to handle forward rate agreements, interpret the macroeconomic effects of low inflation on demand and WACC, and address exam technique for constructed-response 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Boss","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-31","2026-10-22",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"How should candidates use this examiner’s report in exam preparation?","Question",{"text":112,"@type":113},"Use it alongside the published September/December 2025 sample exam, practice questions on the ACCA Practice Platform, and review the published answers together with the report’s marking observations.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What is the structure of the FM exam debrief in this report?",{"text":117,"@type":113},"It provides debriefs for selected questions from each section: Section A focuses on four objective test questions, Section B reviews one detailed case question, and Section C gives commentary on 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rate.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},638646,1793114272,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":34,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},962090760730,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Financial Management ( FM) September/ December 2025 Examiner’s report  \nThe examining team share their observations from the marking process to highlight strengthsand weaknesses in candidates’ performance, and to offer constructive advice for those sitting the exam in the future.  \nContents  \nGeneral comments ......................................................... 2  \nSection A......................................................................... 3  \nExample one ................................................................ 3  \nExample two ................................................................ 3  \nExample three.............................................................. 4  \nExample four................................................................ 5  \nSection B......................................................................... 7  \nQuestion one ............................................................... 7  \nQuestion two ............................................................... 8  \nQuestion three ............................................................. 9  \nQuestion four............................................................... 9  \nQuestion five.............................................................. 10  \nSection C....................................................................... 11  \nConstant Co............................................................... 11  \nRequirement (a)(i)– 4 marks ................................... 11  \nRequirement (a)(ii)– 5 marks .................................. 14  \nRequirement (a)(iii)– 1 mark................................... 16  \nRequirement (b)– 6 marks...................................... 17  \nRequirement (c)– 4 marks ...................................... 18  \nMean Co..................................................................... 19  \nRequirement (a)– 10 marks .................................... 19  \nRequirement (b)– 10 marks.................................... 22  \nGeneral comments  \nThis examiner’s report should be used in conjunction with the published September/December 2025 sample exam which can be found on the ACCA Practice Platform  .  \nIn this report, the examining team provide constructive guidance on how to answer the questions whilst sharing their observations from the marking process, highlighting the strengths and weaknesses of candidates who attempted these questions. Future candidates can use this examiner’s report as part of their exam preparation , attempting question practice on the ACCA Practice Platform  , reviewing the published answers alongside this report .  \nThe Financial Management (FM) exam is offered asa computer-based exam (CBE). The model of delivery for the CBE exam means that candidates do not all receive the same set of questions. In this report, the examining team offer detailed debriefs of selected questions from each section of the exam.  \n• Section A objective test questions – we focus on four specific questions that caused difficulty in the September/December 2025 sittings of the exam.  \n• Section B objective test case questions – here we look at one case from syllabus area B in detail.  \n• Section C constructed response questions– here we provide commentary on two questions, providing guidance on answering these questions and where exam technique could be improved.  \nSection A  \nIn this section we will look at FOUR Section A questions which proved to be particularly difficult for candidates.  \nExample one  \nApollo Co needs a $10m nine-month loan in three months' time and buysa '3-12' FRA 4.6%-4 . 1%. In three months' time Apollo Co borrows the $10m at a rate of 4.5%.  \nWhat will be the payment or receipt under the FRA for Apollo Co?  \nA. $7,500 payment  \nB. $7,500 receipt  \nC. $10,000 payment  \nD. $10,000 receipt  \nWhat does this test?  \n✓ The application of forward rate agreements  \nWhat is the correct answer?  \n✓ The correct answer is A  \nThe rate agreed on the loan (4 .5%) is lower th","cbCaiqGLeKprKBAv","https://ap.wps.com/l/cbCaiqGLeKprKBAv","pdf",404944,23,"English","# General comments\n# Section A\n## Example one\n## Example two\n## Example three\n## Example four\n# Section B\n## Question one\n## Question two\n## Question three\n## Question four\n## Question five\n# Section C\n## Constant Co\n## Mean Co","[{\"question\":\"How should candidates use this examiner’s report in exam preparation?\",\"answer\":\"Use it alongside the published September/December 2025 sample exam, practice questions on the ACCA Practice Platform, and review the published answers together with the report’s marking observations.\"},{\"question\":\"What is the structure of the FM exam debrief in this report?\",\"answer\":\"It provides debriefs for selected questions from each section: Section A focuses on four objective test questions, Section B reviews one detailed case question, and Section C gives commentary on constructed-response questions to improve exam technique.\"},{\"question\":\"What common errors are highlighted for the FRA-based question in Section A?\",\"answer\":\"Common errors include using the annual interest rate instead of the loan-period rate and incorrectly presenting the FRA outcome as a receipt rather than a payment when the FRA rate exceeds the loan rate.\"}]","Financial Management (FM) September/December 2025 Examiner’s report | PDF",1792691599,58]