Like the progress thermometer states now a days I am preparing Equity. It is a major area of Level II and multiple item sets are expected in the exam. Reading 39,40,41 are related to calculations. Topics which involve formulas and calculations, it is my shortcoming that I focus more on them and oversee the minute details which could be tested. For instance in Reading 39 the benchmarks which have been explained regarding when to use DDM, GGM, Free Cash flow models and Residual income models are very important with exams perspective. While doing practice questions today I experienced questions framed on which valuation model to use was asked. Thanks to my curriculum notes where such important points are highlighted in the form of bullet points so that I can easily remember and apply them.. What I wanted to share was that do consider the points that when an analyst should use Dividend Discount Model, when to use Gordon Growth Model, Free Cash Flow models and when to use Residual Income models etc. While reading the vignette try thinking critically on points which could help in shaping up the story. For instance if the purpose is to have minority interest in any company and valuation is required them DDM is preferred etc. This is an important thing which I learned today and I hope it will help you out.