Volume 1, Summary
Chapter 1: Fundamentals of Financial Management
Chapter 2 Economic Feasibility Study (Capital Budgeting)
Chapter 3: Economic Evaluation of Investment Proposals
Chapter 4 Portfolio Theory
Chapter 5: Capital Asset Pricing Theory
Chapter 6: Development and Application of Capital Asset Pricing
Chapter 7 Stock Valuation
Chapter 8 Bond Valuation and Bond Yields
Chapter 9: Duration and Bond Investment Strategies
Chapter 10: Leverage and MM Capital Structure Theory
Chapter 11: Development and Application of Capital Structure Theory
Chapter 12 Capital Transactions
Chapter 13 Merger
Chapter 14 Option Pricing
Chapter 15: Using Options
Chapter 16: Gifts and International Financial Management
Chapter 17 Other Topics

Volume 2, Problems
Chapter 1: Fundamentals of Financial Management
Chapter 2 Economic Feasibility Study (Capital Budgeting)
Chapter 3: Economic Evaluation of Investment Proposals
Chapter 4 Portfolio Theory
Chapter 5: Capital Asset Pricing Theory
Chapter 6: Development and Application of Capital Asset Pricing
Chapter 7 Stock Valuation
Chapter 8 Bond Valuation and Bond Yields
Chapter 9: Duration and Bond Investment Strategies
Chapter 10: Leverage and MM Capital Structure Theory
Chapter 11: Development and Application of Capital Structure Theory
Chapter 12 Capital Transactions
Chapter 13 Merger
Chapter 14 Option Pricing
Chapter 15: Using Options
Chapter 16: Gifts and International Financial Management
Chapter 17 Other Topics

Volume 3, Commentary

This book was created for test takers taking multiple-choice exams that include financial management subjects, such as the Certified Public Accountant exam and the public enterprise exam.


First, the difficulty level is divided into “high”, “medium”, and “low”.
As with other subjects, a step-by-step learning method is especially important in financial management.
I believe that approaching problems according to your ability level and gradually improving your skills is the way to study without getting stressed during the long exam preparation period.
Unlike the 3rd edition, the 4th edition includes additional questions from the 2024 and 2025 CPA exams.

Candidates preparing for the Certified Public Accountant exam should be able to solve at least the “medium” difficulty level questions to prepare for the first round, and if they are thinking about getting a high score on the first round and going on to the second round, they should also be able to solve the “high” difficulty level questions.
Applicants preparing for public corporations can study according to the level of public corporation they are preparing for.
However, for those preparing for the A-match financial public corporation, I think it would be better to conservatively study up to the “high” difficulty level.

Second, I tried to write the commentary as friendly as possible.
I've also included explanations of simple formulas and concepts in the commentary.
If you have studied the basic concepts related to the problem and still have trouble understanding the explanation, please post a question on the bulletin board of the academy I belong to and I will be happy to answer.

Third, we provide a separate summary so that you can summarize the main content in a single volume.
Because you need to familiarize yourself with a lot of material before the exam, it is very important to study in one volume.
In particular, many of the multiple-choice questions in financial management involve written questions, so the single-volume version will be very useful for preparing for written questions.

Recently, the weight of financial management has been increasing in the first CPA exam and public enterprise exams.
I know that it is a subject with a high level of difficulty and requires efficient time investment, so I know that students find it very difficult.
I'm constantly thinking about this and trying to create lectures and textbooks that are suitable for the exam, so if you have faith and study hard, you'll definitely see good results.