CSA T4 Guide 5of5 vAugNov12

7/28/2019 CSA T4 Guide 5of5 vAugNov12

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T4 Study GuidesVersion T4 Aug/Nov2012


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T4 Study Guide Number 5 of 5

Lessons for the T4 part (b) - 10 easymarks

5.0 Introduction

The purpose of this brief CSA guide is to offer you key learning and points of observation inorder to assist your understanding of part (b) in the T4 exam.

It draws together extracts from the examiners post exam reports as well as our own exclusivepost exam feedback.

Part (b) is an additional requirement that was first introduced in the March/May2010 T4 exam- it offered candidates an easy opportunity to gain 10-marks. However, the feedback and postexam reports suggest these 10-marks are just as easy to lose.

In the post exam reports for recent exams, the examiner noted: the general level ofcommunication [for part (b)] was not strong and therefore disappointing.

Dont make the same mistakes that were evident in the previous T4 exams! Take time tolearn from those that sat the T4 exam before you:

Step 1 - Understand what the examiner is looking for and how marks are allocated

Step 2 - Understand the requirement and aim to address a single [balanced] issue

Step 3 - Dedicate enough time to this 10-mark requirement

Step 4 - Think about the communication and identify a clear recommendation

Step 5 - Understand the top reasons for failure

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5.1 Understand what the examiner is looking for and how marks are

allocated

The purpose of part (b) is to test your professional communication skills. The examiner islooking to test the candidates ability to communicate in a competent professional way theiranalysis, findings and financial implications relating to a particular issue contained in theunseen material (May10).

That is all the examiner is aiming to test - your ability to effectively communicate.

Marks are awarded on the strengthof your communication. For example, there are marksavailable for:

commentary on the strategic importance of an issue; and

the inclusion of relevant financial or numerical information where appropriate; and the benefits and disadvantages of a particular course of action; and


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recommendation(s).

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5.2 Understand the requirement and aim to address a single [balanced]issue

Check the instructions within part (b) of the requirement. The May10 post exam report notedthat candidates should also follow the instructions or requirement for part (b), which in thiscase also asked for the financial implications. This was easily missed!

Depending upon the requirement, aim to address a single issue. The March10 post examreport noted that: It is important that candidates grasp that this part relates to one issue only,not all the issues in the case.Some candidatesprepared the answer to (b) as if it relatedto all the issues in the case.

Unless specifically asked, it is best to identify a single major strategic issue and useappropriate numerical information within the communication. Also consider non-financialissues, risks etc. for balance.

The requirement sometimes limits your work, such as asking for no more than 10 shortsentences. Stick to this!

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5.3 Dedicate enough time to this 10-mark requirement

Recent post exam reports stated: Effective communication is an essential skill of a CharteredManagement Accountant and therefore candidates should ensure that they address this partof the examination fully. However, many candidates failed in their attempt to submit a fullanswer to part (b).

Our feedback suggested that 2/10 candidates ran-out-of-time and failed to even start this 10-mark requirement. We asked: How long did you dedicate to part (b)? A few stated amaximum of 20 minutes, but the average time spent was only 10 minutes! In hindsight,candidates stated that they would have liked to have spent in the region of 15-20 minutes onthe part (b) requirement.

The March10 post exam report stated that: It was noticeable that some candidates did notaddress part (b) at all, possibly because of time pressures. This was a dangerous

omission.

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5.4 Think about the communication and identify a clear recommendation

Within the March 2010 post exam report, the examiner suggested that: Candidates shouldconsider carefully the purpose of the communication, for whom it is intendedthink carefullyabout what are the major points which need to be includedshould have clarityto the pointand not ambiguous.

In both post exam reports, the examiner also stated: Most candidates did not include a clearrecommendation and many failed to progress beyond the superficial provision of numerical


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analysis. Many candidates thought that repeating information contained in the case wasadequate.

Do not simply repeat information contained in the case. The May10 requirement was alsospecific in that it asked for financial implications.

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5.5 Understand the top reasons for failure

Below is a summary of common reasons for failure/errors from the recent exams as observedin the examiners post exam reports, with stats from our own feedback:

2/10 candidates failed to even start this requirement

6/10 candidates ran out-of-time with this requirement

The average candidate spent 50% less time on this requirement than desired

Candidates failed to provide a clear recommendation

Bullet points were often too excessive (of the maximum of 10)

Bullet points were too long

Insufficient attention to the strategic aspects of the decision

Omission of any financial analysis (May10)

Dont waste youropportunity to gain these easy 10-marks!

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I hope that you have found this CSA guide useful towards your own T4 exam prep.

Have you read the other fourCSA T4 Study Guides? These are available for freedownloadvia our forum where you can also read further T4 debate (see case.accountancystudy.co.uk).

Best [email protected]

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CSA T4 Guide 5of5 vAugNov12