SECRETS TO PASSING PAPER F5-PERFORMANCE MANAGEMENT

Nature of the paper
ACCA F5 Paper (Performance Management) builds on topics that you have learnt at F2 (Management Accounting). It goes beyond merely churning out calculations. Rather, you need to be able to make informed decisions based on the information you are given.


Structure of the paper
There are two sections to the exam –
Section A will comprise 20 multiple choice questions of 2 marks each;
Section B of the exam comprises three 10 mark questions and two 15 mark questions.


 The two 15 mark questions will come from decision making techniques, budgeting and control, and/or performance measurement and control areas of the syllabus.The Section A questions and the other questions in section B can cover any areas of the syllabus.


There are 3 hours for the exam, plus 15 minutes of reading time.
Overall, approximately 50% of the exam involves calculations, and approximately 50% is written.

TIPS ON CRUSHING ACCA PAPER F7 (Financial Reporting)

ACCA F7 – Nature of the paper:

ACCA paper F7 is the link between paper F3(Financial Accounting) and paper P2(Corporate Reporting). It goes beyond the ability to prepare financial statements and consolidated financial statements. It requires candidates to have the abilty to interprete the performance of entities based on their financial statements. It extends beyond the normal double entry principles. 

Structure of the ACCA F7 paper:

The exam is a three-hour paper, with all questions being compulsory, and with 15 minutes reading time. There will be two sections to the exam:

Section A will comprise 20 multiple choice questions of 2 marks each.

Section B will comprise one 30 mark questions and two 15 mark questions.(The 30 mark question will examine the preparation of financial statements for either a single entity or a group. The section A question and the other questions in Section B can cover any areas of the syllabus.)

FREQUENTLY ASKED QUESTIONS ABOUT CFA

The CFA is presently the most sought after finance certification in the world. The CFA is one of the most respected designations in finance. It is considered to be the gold standard in the world of finance. Here are some of the most frequently asked questions about the certification.

1. Question: What are the prerequisites to be eligible to write the exam?

Answer: You must have a B.Sc or its equivalent. However, you might be allowed to write Level 1 if you satisfy you are in the final year of your undergraduate program or you have up to four years of professional experience. You do not need to be a chartered accountant to be eligible.

2. Question: How much will I pay to register and what is the cost of the exam fees?

Answer: The initial registration and exam fees vary. You can find the details on the CFA website

http://www.cfainstitute.org/programs/cfaprogram/register/Pages/fee_schedule.aspx

3. Question: When is the exam written?

Answer: Level 1 is written in both June and December, while Levels 2 and 3 are written in June only.

HOW TO PASS ICAN EXAMS WITH FLYING COLOURS

Have you been writing ICAN exams for ages? The following tips might help you succeed this time.

1. Change your mindset/orientation: Many people are of the belief that ICAN has set out to fail students in order to keep collecting exam fees from them. This notion is at best the greatest lie of the 21st century. I have friends that passed all the exams at first attempt. If they could, you can. You need to change your mindset about this. ICAN will not deny you of your success if you merit it.

2. Prepare ahead: One secret to achieving success in life is to prepare ahead. It is never to early to start your preparation. You should start preparing for the next diet even before the results of the one you just wrote are released.

ACCA VS ICAN

The debate has been raging on for years. Which is better? ACCA or ICAN? Let us consider this topic under six sub-headings.

1. Prestige/Recognition: ACCA is recognised all over the world except in a few countries like canada and the US. ICAN is more recognised than ACCA in Nigeria. ICAN is preferred in the Nigerian setting. You could settle for ICAN if you do not pan to work outside Nigeria, most especially if you have plans of setting up your own consultancy firm. Only people that qualified with ICAN are allowed by law to practise in Nigeria.

2. Cost: ACCA is far more expensive than ICAN. The current exchange rate is not helping matters. Each ACCA paper now goes for about 32K!!!. ICAN is relatively cheaper. The annual subscription for ACCA is now about 30K for students and 70K for members. ICAN is definitely preferable in terms of cost.

3.Flexibility/Results: ACCA exams are more flexible. They have increased the number of sittings in a year to 4(March, June, September and December). ICAN exams are written in only May and November. ACCA students already know the date results would be released even before writing the exams, while ICAN students need to speculate. ACCA is far more organised in this regard.

HOW TO PASS ACCA EXAMS

1. Leave no stones unturned in your preparations. Make sure you have an adequate coverage of the syllabus. There is no short cut to success. You can prepare with approved learning providers such as BPP and kaplan. www.opentuition.com can also complement your studies. You can watch free lectures and download free resources there.