how to study effectively and please the examiner locations docs/russia... · 2012-04-16 · how to...

CIMA Education 2010 Syllabus - FOCUSED ON THE FUTURE

How to study effectively and please the examiner

March 2012


About me

Rebecca McCaffry ACMA, CGMAStudy Support & Learning SpecialistCIMA

http://community.cimaglobal.com/blogs/rebecca-mccaffry


http://community.cimaglobal.com/blogs/rebecca-mccaffry


How to study effectively

• Syllabus• Verb hierarchy• Study planning• Revision planning• Free study resources from CIMA

How to please the examiner


Syllabus overview and structure

How the examiner will test you

You should be able to...

You need to know about...


Verb hierarchyLearning objective Verbs used

Level 1:Knowledge

ListStateDefine

Level 2:Comprehension

DescribeDistinguishExplain

IdentifyIllustrate

Level 3:Application

ApplyCalculateDemonstrate

PrepareReconcileSolveTabulate

Level 4:Analysis

Analyse CategoriseCompare and contrast Construct

Discuss InterpretPrioritiseProduce

Level 5:Evaluation

AdviseEvaluate

Recommend


Verb hierarchy

• 1: Knowledge – you have to know(facts - theories - techniques)

• 2: Comprehension – you have to understand(history - background - strengths - weaknesses -links between topics)

• 3: Application – you have to be able to do it (apply knowledge in different contexts)


Verb hierarchy

• 4: Analysis – you have to identify problems and look at

complex practical solutions

– you have to apply a proposed solution, then discuss issues arising from the application


Verb hierarchy

• 5: Evaluation– you have to identify possible solutions and discuss their strengths and weaknesses...

...then recommend and justify the most appropriate solution


Verb hierarchy

Performance Pillar Financial Pillar

Paper P1 - Performance Operations

Paper P2 - Performance Management

Enterprise Pillar

Paper F2 - Financial

Management


Operations

Paper F3 -Financial Strategy

Paper P3 - Performance

Strategy

Paper E3 -Enterprise Strategy

Test of Professional Competence in Management Accounting

Pre-requisite Entry Requirements (e.g. CIMA Certificate in Business Accounting)

Str

ateg

icLe

vel

Man

agem

ent

Leve

l

Paper E1 -Enterprise Operations

Paper E2 - Enterprise

Management

Award - CIMA Advanced Diploma in Management Accounting

Award - CIMA Diploma in Management Accounting

Ope

ratio

nal

Leve

l

Award – Member of the Chartered Institute of Management Accountants

Part A – Initial Professional Development – Assessment of

Work Based Practical Experience

Part B – Case Study Examinationbased on Preseen and Unseen

MaterialP

rofe

ssio

nal

Com

pete

nce

Performance Pillar Financial Pillar

Paper P1 - Performance Operations

Paper P2 - Performance Management

Enterprise Pillar


Management


Operations

Paper F3 -Financial Strategy

Paper P3 - Performance

Strategy

Paper E3 -Enterprise Strategy

Test of Professional Competence in Management Accounting

Pre-requisite Entry Requirements (e.g. CIMA Certificate in Business Accounting)

Str

ateg

icLe

vel

Man

agem

ent

Leve

l

Paper E1 -Enterprise Operations

Paper E2 - Enterprise

Management

Award - CIMA Advanced Diploma in Management Accounting

Award - CIMA Diploma in Management Accounting

Ope

ratio

nal

Leve

l

Award – Member of the Chartered Institute of Management Accountants

Part A – Initial Professional Development – Assessment of

Work Based Practical Experience

Part B – Case Study Examinationbased on Preseen and Unseen

MaterialP

rofe

ssio

nal

Com

pete

nce

Generally assessed at Levels 1 to 3Knowledge – Comprehension - Application

Generally assessed at Levels 2 to 4Comprehension – Application - Analysis

Generally assessed at Levels 3 to 5Application – Analysis - Evaluation

Generally assessed at Levels 3 to 5Application – Analysis - Evaluation


1a: Interpret a full range of accounting ratios

• Interpret (L4) – make more understandable

• Calculate (L3) – do the maths!

• Distinguish (L2) between – highlight differences

• List (L1) – make a list of

F2 learning outcome C1a

Syllabus area C – analysis and interpretation of financial accounts


• List (L1) the parts of...• Describe (L2)...• Explain (L2) the purpose of...• Calculate (L3) the cost of...• Discuss (L4) the benefits of...• Evaluate (L5) the value of...

Verb hierarchy

Understand what the verbs mean: examples


• Article by former CIMA examiner David Harris:www.cimaglobal.com/verbs

• Video on verbs and exam techniques:www.cimaglobal.com/examtechniques

Verb hierarchy

Further detail on the CIMA verbs:


Study planning

• Time available – 200 hours self study per paper

• Where to study?

• Don’t neglect your social life!


Your personal study planMorning Afternoon Evening

Monday Work – read FM magazine

Work Chapters 1-3 of textbook

Tuesday Work Work – skim readchapter 4

College class

Wednesday Work – read CIMAsphere updates

Work Rebecca’s birthdaydrinks

Thursday Work Work Chapter 4 of textbook

Friday Work Work Collapse in front of TV and eat pizza

Saturday Review study notes Dave’s wedding Dave’s wedding

Sunday Stay in bed! Exam questions (timed)

Review exam questions


Revision planning

• Try to start your revision programme 4 weeks before your exams

• Ask your employer for study/exam leave

• Avoid going on holiday if at all possible!

• Follow our 4 step revision plan:


4 step revision plan

1. Revise the main syllabus topics one area at a time then attempt as many past paper questions as you can on that topic.

2. Check your answers against the exam solutions, and re-revise areas you have scored poorly in.

3. Read through the post exam guides and FM articles for hints and tips as to how to tackle problem questions.

4. Re-attempt the past paper questions (without notes!) to strict time -1.8 minutes per mark.


Plan your revision timeMorning Afternoon Evening

Monday Work Work Write up revision cards

Tuesday Work – read FM articles

Work – review revision cards

Timed exam questions

Wednesday Work – read FM articles

Work – reviewrevision cards

Early night – college tomorrow!

Thursday Study leave - revision class

Study leave -revision class

Read through class notes

Friday Study leave – sit mock exam

Study leave -Review mock exam

Pub

Saturday Sit mock exam Review mock exam Cinema

Sunday Football Watch exam techniques video

Timed exam questions


• Syllabus

• Past exam papers and model answers

• Post exam guides (PEGs)

• Technical articles – FM magazine

• Study articles – Velocity magazine

• ‘Ask a Tutor’ – every April and October

• CIMAsphere boards, groups, blogs

• CIMA local and student events

• Video on verbs and exam techniques

Free CIMA study resources


P2 May 2011 PEGThe overall performance was a little disappointing, especially as the paper contained topics that had been tested in several recent papers such as transfer pricing, the product life cycle, performance measures in the service sector, costing techniques and variance analysis. The inclusion of variance analysis and NPV calculations reinforced the progressive nature of this syllabus. It is also an important reminder to candidates who are sitting this paper for the first time, having gained exemptions from the Certificate Level Fundamentals of Management Accounting, and P1, that they must ensure they identify any ‘knowledge gaps.’

The papers submitted by many candidates were good but some well documented weaknesses once again appeared.

Firstly, the answers to discursive questions were weak, for two main reasons. It is apparent that very few candidates take the time to plan their answers. The result is a disorganised answer and the duplication of points. The second reason, once again, is the poor interpretation of verbs used in questions. For example candidates must understand the difference between “list” and “discuss”.

It is also important to highlight once again the extremely poor presentation of answers both for discursive and for quantitative answers. The quality of handwriting was so poor in some cases that marks simply could not be awarded. Many candidates exhibited bad habits including: writing in the margins, failing to use any form of punctuation and not indicating the part of the question being attempted.


P2 May 2011 PEG


Hints from November 2011 PEGs

• E1 (Global pass rate 56%)Problem area: section CReasons: candidates didn’t write enough and failed to address the scenarios given.

• F1 (Global pass rate 56%)Problem area: section A and q4 (groups)Reasons: missing out questions, general lack of preparation on consolidated group statements.



• P1 (Global pass rate 53%)Problem area: section CReasons: – not reading the question properly. Q3 requirement

was for a reconciliation statement of materialcosts (NOT labour or overhead variances!)

– Poor knowledge of how to calculate mix and yield, planning and operational variances

– Inability to explain variances



• E2 (Global pass rate 47%)Problem area: section BReasons: – candidates not reading the question properly.

Q6b requirement was for a discussion of strategic management models and frameworks, so you need more than one!

– Lack of preparation – many students could not answer a question on the CIMA code of ethics



• F2 (Global pass rate 48%)Problem area: section BReasons: – lack of competence in the areas of consolidation

and financial analysis.– evidence of rote learning, with many

unnecessary workings. Candidates do not seem to understand the basic principles.

Examiner article: February 2012 Velocity



• P2 (Global pass rate 49%)Problem areas: written questions and divisional performance calculationsReasons: – poor presentation– lack of planning and workings– failing to answer the question asked– mixing up different parts of a question– not relating the answer to the scenario given



• E3 (Global pass rate 43%)Problem areas: q2 (Porter’s 5 Forces/Diamond)Popular question, but answered badlyReasons: – lack of depth and analysis– lack of application to scenario– descriptive rather than analytical answers– no evaluation of the effect on profitability



• F3 (Global pass rate 46%)Problem areas: none specific to questions

Reasons: – poor presentation leading to ‘disordered thinking’– loss of presentation/structure marks– general answers, unrelated to scenario



• F3 narrative questions marking guide:‘1b(ii) Discuss the appropriateness of each of the valuation approaches used in your answer to 1b(i)’

• 0.5 marks per bullet point• 1 mark for an attempt at correct, valid discussion• 2 marks for a good discussion• 3 marks if appropriate examples are included



• P3 (Global pass rate 50%)Problem areas: ethics, financial riskReasons: – inability to answer written questions on

financial risk– failure to apply knowledge to scenario– failure to answer the question asked– missing out parts of questions– vague, non-specific answers



• T4 (Global pass rate 60%)Problem areas: time management, integrationReasons: – Failing to use strategic models in analysis– Failure to recognise key issues– Calculations (revenue, depreciation)– Repeating case study material without analysis– Poor recommendations on ethical issues


www.cimaglobal.com/resourcemaps


• Understand the structure of the paper

• Learn from past exam papers

• Use the reading time effectively

• Read the question

• Plan your answer

• Answer the question asked

• Rules of the game



• Look at past exam papers (available free from ‘Student Information’ link in MyCIMA)

• How many marks is each question worth?

• How many questions must I attempt?


Understand the structure of the paper:



Understand the structure of the paper:

Section A Section B Section C

Operational(E1, P1, F1)

5 to10 questions20% of marks

6 questions30% of marks

1 or 2 questions50% of marks

Management(E2, P2, F2)

5 questions50% of marks

1 or 2 questions50% of marks

Strategic(E3, P3, F3)

up to 4 questions(case study) 50% of marks

2 out of 3 questions50% of marks


• Read what the examiner has said about the performance of candidates in previous exams – ‘post exam guides’ (PEGs)

• Practice exam standard questions and sit mock exams, under exam conditions

• Develop your exam tactics


Learn from past exam papers:


The examiners say……

“ There is little evidence that students are optimising the reading time in order to score more marks”


Use the reading time effectively:


Read the question requirements first!

Underline the verbs in the requirement

Annotate or highlight the question paper

Open or write in the answer book

Use a calculator


Use the reading time effectively:


• Operational papers: work through section A

• Management papers: plan section B answers

• Strategic papers: decide which two of the three section B questions you will attempt, and plan your answers

• T4 part B – read and make notes on unseen


Use the reading time effectively: suggestions


The examiners say……

“ Two of the main reasons why candidates lose marks are by answering only part of the question, and by answering the question they hoped for rather than the question asked.”


Read the question:


The examiners say you must …….Slow down Break down

Analyse…. the precise requirements of the question asked

- and remember what the verbs mean in the context of your answer


Read the question:


Wherever possible, use the question as a guide for planning the structure and content of your answer


Plan your answer:


Plan your answer - an example requirement:“Explain the advantages and disadvantages of the two alternatives proposed, clearly indicating which one you recommend the company to accept.”



Plan your answer - suggested structure:Alternative 1

Advantages:xxxxxxxxxxxxxxxxxxxxxDisadvantages:xxxxxxxxxxxxxxxxxxxxx

Alternative 2Advantages:xxxxxxxxxxxxxxxxxxxxxDisadvantages:xxxxxxxxxxxxxxxxxxxxx

RecommendationThe company should accept alternative 2.



• Use headings (set these out in your answer plan)

• Use short concise sentences – 20 words max

• Use 3-4 sentence paragraphs, leaving gaps between them

• Use bullet points only if they contain at least one full sentence


Answer the question asked:


• Apply knowledge and techniques in context –always relate back to the scenario

• Add value by mentioning relevant theory and examples

• Resist the temptation to tell the examiner everything you know about the topic - only provide the answer to the question asked




• Show all workings for your calculations -remember for the majority of questions involving calculations, marks are awarded for method...

...even if you get the final answer wrong!




• For the T4 part B exam you will be asked to produce professional looking business documents, based on pre-seen and unseen material

• The main question requirement is generally a business report, so make sure you have each of the core elements of a report format:


T4 part B case study


• Contents• Introduction• Prioritisation of issues• Discussion of issues• Ethical issues• Recommendations• Conclusions• Appendices


T4 part B: suggested report format:


• Pre-seen case study material (Jot toy case)• Articles by the case study writer and T4 experts Getting started with T4 Required skills and knowledge

• Calculations• Report formats

Exam techniqueAvailable from www.cimaglobal.com/t4resources


T4 part B: support articles


• Read the question• Understand the question• Plan your answer• Answer the question


Rules of the game: the magic formula to pass


• Mis-read the question• Brain dump on a key word or phrase• Ignore the verb• Answer only part of the question


Rules of the game: what NOT to do


• Answer only part of the question


Rules of the game: what NOT to do

50 marks out of 100 50% of available marks





You never lose marks, only collect them.

Keep the marker happy!


Rules of the game: keep the marker happy


• Write neatly and legibly• Make a clear choice – A, B, C or D• Concentrate on the answers, not re-writing the questions • Don’t mix up different parts of an answer• Space your work out• Use blue or black ink• Label your workings and plans• Cross out errors• Don’t write notes to the marker!




• Make full use of the 20 minutes reading time to start planning your answers

• Allow 1.8 minutes per mark:• 5 mark question – 9 minutes• 10 mark question – 18 minutes• 25 mark question – 45 minutes


Rules of the game: watch your time


• Read the post exam guide for the previous sitting• Sit at least two full mock exams under exam conditions• Practice answering questions to strict time• Learn your pro-formas• Make your own study aids:

• revision cards• mind maps• post-it notes


Rules of the game: be prepared


Identify ways in which information technology and information systems might improve XX’s operations. (10 marks)

Answer plan using a mind map

IDENTIFYIS IT

Internet access

Design of website

WAN

Finance software Comms

Strengthen

Development

StandardiseSimplify

Efficiency


• Understand the structure of the paper

• Learn from past exam papers

• Use the reading time effectively

• Read the question

• Plan your answer

• Answer the question asked

• Remember the rules of the game



Good luck with your next exams!

Any questions?

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