What Is Free Cash Flow to the Firm?

By Andrew Stotz

Free cash flow to the firm (FCFF) is the cash flow that a company is ‘free’ to distribute to all providers of money (both, debt and equity) without damaging its growth opportunities. Below I explain the process an analyst would go through to estimate free cash flow. Like all forecasts, your FCFF starts with your…

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What to Expect on the CFA Level 3 Exam

By Andrew Stotz

Two exams behind you and one of the final CFA hurdles lies ahead in June 2019. As you’re no doubt…

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Questions to Expect in a Case Competition

By Andrew Stotz

Part 1 of 6: Revenue Questions Over the years, I’ve been a judge in various case competitions from the CFA…

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Your CFA Result Is Void: How Not to Fail

By Andrew Stotz

Now, the CFA exams are nothing if not popular. Last year, nearly 220,000 candidates sat the CFA exams from hundreds…

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What to Expect on the CFA Level 2 Exam

By Andrew Stotz

If you’re reading this then you’ve already probably passed your CFA Level 1 exam and are getting ready to register…

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A Complete Guide to the CFA Equity Investments Topic

By Andrew Stotz

Of the many degrees and credentials a financial professional can hold, the designation of CFA charterholder could be considered the…

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The Difference Between Stock Value and Stock Price

By Andrew Stotz

It’s easy to assume that a company’s stock value correlates with its price, but this isn’t always the case. There’s…

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My #1 Study Tip for the CFA Exams

By Andrew Stotz

Many successful CFA charterholders merit their success in the CFA exams with their study habits. As mentioned in my other…

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Equity Analysis: Art or Science?

By Andrew Stotz

I’ve seen a lot of equity analysts come and go throughout my 25 years in the business. I have seen…

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If I Pass the CFA Exam Will I Get Higher Pay?

If I Pass the CFA Exam Will I Get Higher Pay?

By Andrew Stotz

The CFA exams are favored as one of the top financial services qualifications to achieve—across the world. A common misconception…

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