Currently I have outlined and read through the material in the first 5 Modules.  Since my previous entry which reviewed the dense material of Chapter 10: Payment Systems, Collections and Disbursements, I have outlined and read though chapters 11, 12, and 14.  (I outlined and review Chapter 13: Financial Decisions and Management for my study group chapter presentation prior).  Chapter 11: Money Markets, Short Term Investing and Borrowing begins by reviewing money markets (participants, types of instruments, etc) on a global scale and then focuses specifically on U.S. money markets.  The text then describes how to set up an investment policy and whether to outsource and manage the investments in house.  The text then describes pricing and yields on the MMF instruments.  Chapter 12:  Capital Markets describes investments in debt and equity for an investment portfolio to layer onto the money market fund investments in Chapter 11.  Chapter 14: Capital Structure and Dividend Policy flowed nicely from Chapter 12 as it described how a company decides how it will split its allocation of debt and equity for a “target” capital structure.  It later details the factors behind the dividend decision and policy.

Throughout my studies I have found that naturally the areas that I can apply to my larger department are easier to absorb and understand.  Most of the concepts except for cash forecasting do not relate directly to what I do on a day to day basis, but certain concepts like issuing commercial paper, long term debt, issuing equity, MMF investments, fixed income portfolio, FX hedging and management are specific of my greater Treasury department.  The text has expanded my knowledge and understanding in these areas.

With only 28 days left until my exam date I feel as though I am a bit behind.  The tasks I still need to complete prior to the exam include reading and outlining the last module consisting of the final 3 chapters (chapter 15-17).  I also need to review and practice exam taking with the online AFP Learning System and review notes and exam practice questions provided by my study group.  I also should utilize the typed notes and formulas that I have spent so much time creating as well as memorize and practice the various calculations and related formulas.  I worry that I spent too much time outlining and reading through the material than practicing exam questions and memorizing. Due to the fast approaching exam I have decided to set myself on a schedule when I cover the areas described above.  I hope the time I have spent really deep diving into the book will better prepare me for the practice questions and calculations.