exam preparation - chartered institute of management
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Exam Preparation Operational Case Study
Aneeb Farrukh ACMA CGMA
Learning Support Manager
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Agenda
• Case study exam – facts to know
• Challenges
• What a good answer should cover
• Use of pre-seen material
• Walkthrough demonstration – Feb 2015 OCS
• Useful links
Case study – facts to know
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The 2015 CIMA Qualification
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Assessment Strategy
Pre seen available to download 7 weeks before exam
Duration: 180 minutes (+ a 15 minute compulsory tutorial)
Five variants for each exam (selected at random)
3 – 5 tasks in each exam
Each tasks will have a specific time assigned to
Students will be forced to ‘move on’ when time is up
Not possible to return to previous task once moved on
Rigorous and comprehensive assessment of the competencies
Human marked
Hugely
Important
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Feedback
Results given 4- 5 weeks.
• An over all grade. (pass/fail)
• A scaled score between 0 – 150 (80 or above representing a pass.
• An indication of performance against each competency.
Threshold requirements
• You will be expected to reach a minimum threshold score for each competency with the exception of “Leadership” (approximately one third of the total marks available for that competency).
• Leadership competency exemption.
• Integration marks.
Support Material
• Examiner’s Answer.
• Post exam comments.
• Marking scheme.
Passing your exam
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• Know yourself
• Exemptions from subjects
• Passed some subjects few years ago
• Tools in the exam room
• Pre seen material
• Writing / typing skills
• Time management
Challenges
Know your self
The three different case study exams mimic three different personas in work
environment.
Operational Management Strategic
Job Role Finance Officer Manager Senior Manager
Audience/who
you are seeking
to influence
Your
manager/peers,
product owners
CFO, FD, senior
business
managers – may
be non financial
CFO/Board,
Senior
Management
team – may be
non financial
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It is not about
what you know.
It is about what
you can do!
How to cover the knowledge gaps
• Self assessment via Component Learning Outcomes
• 2010 past paper questions (via CIMA Connect)
• CIMA-Kaplan Exam Practice Kit
• ‘Aptitude’ (within CIMAstudy.com)
• Application of knowledge is very important !
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Your tools in the exam room
On s
cre
en c
alc
ula
tor TO make
simple calculations to support your arguments
On s
cre
en s
cra
tch P
ad
For answer planning and taking notes W
hite b
oard
s
For answer planning and taking notes
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Facts you need to know about your tools
Online Calculator Online Scratch Pad White boards
There are two versions
of calculators.
You cannot copy text
from scratch pad to your
answer screen.
You can draw the mind
maps and spider
diagrams for answer
planning.
Scientific and standard Scratch pad does not
have the options to draw
spider diagrams or mind
maps for answer
planning.
You will be most likely
using a simpler version
as no complex
calculations are required
in a case study exam.
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Pre-seen Material
Dos Don’ts
Familiarity Pre-occupy
Understanding the basics Look out for the company
Identification of issues Keep analysing
Understand your role
Understand your audience
Download the
full article
available at
CIMA Connect
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Time Management
During the time available for a task, you will have to:
• Read the unseen ‘Trigger’.
• Identify the task or tasks being sure to distinguish separate components within
each task.
• Plan an answer which covers all the required issues
• Produce the answer
• Check your answer
The cases are written and time allocated to accommodate all of the above
activities.
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Typing speed …
•20 words per minute (on average)
• If can type faster, it will help not only in exams!
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WALK THROUGH DEMONSTRATION
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Walk through demonstration – (Feb 2015 OCS)
An indication of marks available for each
section.
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Move on
to next
screen
Will always
be on top of
the page
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Task 2
• Requires the demonstration of understanding of market segmentation and its
application.
• Understanding the definition of asset
• Application of IAS 38
Answer box
Will always be on
top of the page
Marking Guide
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OCS Variant -1: Task 2
Requirements
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Apply IAS 38 Intangible Assets with respect to brand value and marketing.
Common sense based answers
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Marketing cost and Brand Value
Group 1 (Disagree)
• A lot of companies spend money on marketing never heard them capitalising.
• That way a lot of companies could have extremely high intangible asset values.
• I prepare Financial statements for my company I have never seen them put a value
for brand.
• I have not seen such an example in past paper questions
Group 2 (Agree)
• There are measureable benefits.
• Additional costs can be reliably measured.
• Our company is doing great there should definitely be a brand value.
Expert knowledge (Technical knowledge)
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• Identifiability
• Control ( Power to obtain benefits from the assets)
• Future economic benefits ( costs and revenues)
Identifiability
• Is separable or arises from contractual or other legal rights, regardless of whether those
rights are transferable or separable from the entity or from other rights and obligations.
Correct answer
Intangible Assets Brand value
Disagree Disagree
Reasons Reasons
1,2,3…… 1,2,3…...
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Task 4
• Demonstrate understanding of the finance function.
• Changes in finance function as a result of change in operations.
• Understanding the risks and mitigation of risks.
• Integration of business functions.
Answer Plan
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Practical Impact on
Finance Function
Impacts on the risk faced
supplying directly
Managing and Mitigation
of risk
Identification of roles of finance function
(technical knowledge)
1. Order processing
2. Invoicing
3. IT systems
4. XxXx
Identification of the risk as done on 1 & 2.
(scenario based)
Mitigation of the identified risks.
Positive and Negative
1. Cash flow
2. Risk of loosing
3. Risk mitigation
4. XxXx
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Insights
A ‘good answer’ and earning ‘marks’
– ‘If students answer what is asked for, they will pass.’ - examiner.
• There is no overt difference in what would earn marks in
Case Study Exams, because it is always about answering the
question !
• It is extremely unlikely that a well-prepared student who
answers what is asked would fail to meet the threshold for all
the competencies.
• Need not worry about competencies as a ‘good answer’ will
hit the competencies.
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Lessons from the past
There is no element of time pressure in the exams
Writing long form notes
Not linking to the pre-seen
Weak in technical areas
Focus on formats
Writing pre-prepared answers!
What will a good answer look like
• Requirement(s) correctly interpreted
• Answered the question set / all requirements
• Logical and coherent answer
• Demonstration of understanding of theory / principles
(appropriately)
• Theory / principles applied well to specific problem / issue
• Conforms to the format required
• Short concise sentences with less punctuation
• Headings and sub-headings
• Short paragraphs, and make a separate paragraph for each
point
• Selective underlining
• Answered within time
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Useful links• CIMAconnect – The study support platform
• 2015 Professional Qualification syllabus
• Practice exams
• Guide to writing a report in the case study exams (login needed)
• Guide to writing an email in the case study exams (login needed)
• CIMAstudy.com – include 1 mock exam
• BBC Business News – develop your business sense
• Not happy about the exam environment – report to PV
– Log the complaint with Pearson Vue first on
• Not happy about exam content – let CIMA know
– Drop an email to [email protected]
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1. Go to connect.cimaglobal.com
2. Use your login.
3. Select OCS from the subject drop down
option.
4. Click on view all.
5. Select May 2016 Operational level case
study exam –pre-exam kit.
All the very best for your
CIMA Case Study exams.
Thank You.
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“The one who asks questions doesn’t lose his way.”
– African Proverb -