Exam Preparation Operational Case Study. Aneeb Farrukh ACMA CGMA Learning Support Manager 20/04/2016

Transcription

1 Exam Preparation Operational Case Study Aneeb Farrukh ACMA CGMA Learning Support Manager 20/04/2016 1

2 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 20/04/2016 2

3 The 2015 CIMA Qualification 20/04/2016 3

4 Assessment Strategy Hugely Important 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 20/04/2016 4

5 Feedback Results given 4-5 weeks. An over all grade. (pass/fail) A scaled score between (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. 20/04/2016 5

6 Challenges Know yourself Exemptions from subjects Passed some subjects few years ago Tools in the exam room Pre seen material Writing / typing skills Time management Passing your exam 20/04/2016 7

7 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 It is not about what you know. It is about what you can do! 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 8

8 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! 8

9 On screen calculator On screen scratch Pad White boards Your tools in the exam room TO make simple calculations to support your arguments For answer planning and taking notes For answer planning and taking notes 20/04/2016 9

10 Facts you need to know about your tools Online Calculator Online Scratch Pad White boards There are two versions of calculators. Scientific and standard You will be most likely using a simpler version as no complex calculations are required in a case study exam. You cannot copy text from scratch pad to your answer screen. Scratch pad does not have the options to draw spider diagrams or mind maps for answer planning. You can draw the mind maps and spider diagrams for answer planning. 20/04/

11 Dos Familiarity Understanding the basics Identification of issues Understand your role Understand your audience Pre-seen Material Don ts Pre-occupy Look out for the company Keep analysing Download the full article available at CIMA Connect 20/04/

12 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. 20/04/

13 Typing speed 20 words per minute (on average) If can type faster, it will help not only in exams! 20/04/

14 WALK THROUGH DEMONSTRATION 20/04/

15 Walk through demonstration (Feb 2015 OCS) An indication of marks available for each section. 20/04/

16 Will always be on top of the page 20/04/ Move on to next screen

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18 Task 2 Requires the demonstration of understanding of market segmentation and its application. Understanding the definition of asset Application of IAS 38

19 Will always be on top of the page Answer box

20 Marking Guide 20/04/

21 OCS Variant -1: Task 2 Requirements Apply IAS 38 Intangible Assets with respect to brand value and marketing. 20/04/

22 Common sense based answers 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. 20/04/

23 Expert knowledge (Technical knowledge) 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 Disagree Reasons 1,2,3 Brand value Disagree Reasons 1,2, /04/

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25 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.

26 Answer Plan 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 Positive and Negative 1. Cash flow 2. Risk of loosing 3. Risk mitigation 4. XxXx Identification of the risk as done on 1 & 2. (scenario based) Mitigation of the identified risks. 20/04/

27 A good answer and earning marks Insights 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. 20/04/

28 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! 20/04/

29 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 20/04/

30 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 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 cimacustomerservice@pearson.com Not happy about exam content let CIMA know Drop an to exam.review@cimaglobal.com 20/04/

31 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. 20/04/

32 All the very best for your CIMA Case Study exams. Thank You. The one who asks questions doesn t lose his way. African Proverb - 20/04/