F2，F5，P3，P5& P7学习策略讨论

F5 Performance Management

 

Section A will contain both narrative and calculative questions. There will also be a mix of application and knowledge and perhaps more important to note difficulty (think easy, medium, hard here). The examiner is promising that each area of the syllabus will be covered in section A.

 

For section B, she stressed that there could be a question that was purely narrative (see December 2014 balanced scorecard question). 

 

The performance in the December 2014 MCQs was very good, said the examiner. The pass rate rose 5% on June 2014. As other examiners have noted, some students are failing to use the correct answer sheet. That said, she felt there was no evidence of confusion over any of the questions. Looking specifically at the 10-mark questions, she revealed Q1 on learning curves was answered well. In Q2 there appeared some confusion of the term ‘bottleneck’ and in Q3 candidates could tackle relevant costing numbers but not explain the reasons behind them!

 

When it came to the 15-markers, in Q4 students had a good knowledge of the four perspectives of balanced scorecard. But there was an inability to write goals and measures. In Q5, variance calculations were done well but there was a lack of understanding of what an adverse material mix variance actually shows.

 

The examiner revealed that her questions are often affected by what is happening in her life. We discovered she gets her hair done a lot and goes to the gym. Her neighbours are medics and a former partner works in the games business. One time she was looking for inspiration and just starting staring at the printer in her office – inspiration came.

 

P3 Business Analysis

 

The assessor took this session as the examiner is indisposed (we understand he has a very bad back, let’s hope he’s feeling better soon). The origins of this paper were heavily influenced by the Johnson, Scholes and Whittington model of strategic analysis, strategic choice and strategic implementation.

 

Today, however, there is more focus on the implementation side in terms of resources (IT), processes and project management.

 

There is also a conscious consideration of the role of the accountant and the tools and information they use to analyse strategic and operating decisions.

 

People, then, are a key part of the whole process and the examiner told the assessor that change will continue!

 

The P3 pass rate remains stable around the 47–51% mark. The ‘pattern’ of candidates’ answers has also remained relatively stable. 

 

Time management remains a problem in P3, but it was felt this has to be solved by the candidate and not the examiner. The problems seem to arise when candidates leave the compulsory question to last. That’s when time management really becomes a problem. There are some excellent scripts on this paper, but the poorer ones generally contain too much theory and not enough application. There is also too little accurate analysis of presented data. And the weaker papers betray that certain learning outcomes have not been studied at all. 

 

Crafting a pass script

 

The examiner believes it is relatively simple to put together an exam script that will result in a good pass. Most scripts are about 12 pages long, which equates to about 15 minutes per page. If there are five cogent points per page you have your pass. Students also need to ensure their handwriting is legible. If that means writing more slowly then so be it. It is quality not quantity that will get you a pass – so don’t just spill ink on the page. The more you panic the more you need to slow down.

 

The examiner, via the assessor, wanted you to be aware of recent syllabus changes. Recent additions include IT controls (E1), business change (D1) and integrated reporting (A6). 

 

The upcoming revisions, for September 2015 to August 2016, are big data (C1) and transformational role of the accountant (G1).

 

P5 Advanced Performance Management

 

Candidates are coming to this exam unprepared, thinking it is just ‘F5-plus’, and this isn’t the case, says the examiner. He also needs candidates to take the hint about what and how marks are awarded.

 

The balance of the P5 paper is much more about ‘evaluation’, and this means more than just ‘calculate’.

 

Any application will be in the context of the scenario but be warned: knowledge will usually only score about 30% of the marks.

 

So the examiner wants candidates to understand how to ‘evaluate’. That means if you are asked to evaluate a performance report he is not asking for an evaluation of a company! And if the requirement says use a set of data then you really do need to use it if you want to get the marks.

 

The examiner will ask you in some questions to justify your answer. He wants to know why you think this and supply the evidence. You do, of course, have to have a sensible set of reasons for giving this advice.

 

The examiner’s other key advice is to take a logical approach in the exam. He also wants students to avoid playing ‘buzzword bingo’ – throwing around jargon words you don’t appear to understand. What he is looking for is practical answers to the questions set.

 

Using supporting evidence is where lots of marks are. And, finally, be critical. “Just because it’s new doesn’t mean it’s right,” he stressed. So, ‘no’ will be the right answer in some questions!

 

Why, he wondered, can’t candidates round their numbers? Lots of marks are going begging because of this. If the figure is 14.6 don’t round it down to 14.

 

Areas done well are EVA, quality systems (especially JIT) and models from section E. The areas done poorly include confused terms (value/cash flow/profit aren’t the same thing). Students also struggle to learn the jargon/theory, such as fixed and variable cost. Many papers show they don’t understand this area both in terms of description and the numerical calculations. Not only are these easy marks in the paper, they are basic, assumed knowledge. Another one is product life cycle and life cycle costing.

 

There will be a general tidying-up of the syllabus, and students can expect big data and integrated reporting to be introduced.

 

F2 Management Accounting 

 

The F2 examiner revealed that the historic pass rate for this paper is 57% since 2007, so the 58% last time around was about right.

 

Section A consists of 35 OT items worth two marks each. Section B has three multiple-task questions worth 10 marks each.

 

The common areas of difficulty are calculation questions in general, number entry items, spreadsheet based questions, standard costing operating statements and net present value questions.

 

The examiner felt that students needed to improve their exam technique for this paper. If he was teaching the paper-based exam he would advise them to do section B first. Students also needed to appreciate the levels of difficulty in section A. One approach would be to go through the OT and do all the easy ones, then go back and do the harder ones (keeping an eye on the clock at all times).

 

To be successful in F2 students need to study the full syllabus and practise, practise, practise. The examiner felt it was vital candidates don’t miss the easy questions and, if necessary, they can guess.

 

P7 Advanced Audit & Assurance

 

Historically, the pass rate for this paper is between 31% and 37%. December 2014’s pass rate was 42%!

 

The examiner stressed, as many did at the conference, that question practice is a key to success in her paper. She said teaching should cover ISA requirements in a practical way. And she pointed out by P7 the onus is on skills rather than knowledge.

 

The only recent addition to the INT syllabus is the public sector performance section. There have been other small changes, such as integrated reporting. There are, she emphasised, no other significant changes planned. 

 

Examinable documents will continue to be updated on an annual basis.

 

内容来源：PQ

 

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