AFM exam formulae and maths tables

You will be provided with the following in the exam:

1.  Formulae as per attached formulae sheet
2.  Maths tables.

You can download the formulae and maths table from the 'Related documents' section of this page.

Learn more about the AFM M&M proposition formula

From the September 2024 exam session onwards, the AFM formula sheet has been amended to include a rearranged version of the Modigliani and Miller (M&M) proposition 2 formula. Check out our new video to understand when you should and should not use the formula and how to use it in a spreadsheet.

Exam support resources

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