August 8, 2012 at 4:25 am
i have sat this paper 3 times and i still failing it, is it me or is the examiner. Guys wat do we have to do? i have passed all the other 13 papers but only this one. Lets do something as a group guys???August 8, 2012 at 8:01 am
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I also in the same situation, i can not pass after sitting 3 times for exam but i passed all other exams without any problem. This time i was confident i will pass.August 8, 2012 at 8:48 am
I get u sam9in and i also thot this time it was easier than before and i had prepared well for the exam.August 8, 2012 at 9:23 am
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plse is there any one there who just discover he/she affiliated. I have been try to see my result but no way.August 8, 2012 at 9:31 am
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still haven’t received my results yet…………damnAugust 8, 2012 at 9:54 am
Hi OpenTuition forumers,
First off never give up. The most important thing is not to shift our blame on circumstances on the exam paper or the examiner.
Paper P5 is necessarily difficult so as to challenge our minds to appreciate the bigger picture. My strategy towards passing the paper has been as follows, and hopefully my methods could help enlighten you and give better luck on your next exam sitting.
1. Study thoroughly the BPP Text Book, every page, every chapter, and most importantly the new changes in the syllabus. I knew how to do the MIRR calculations thankfully for taking this effort. (and also the exam tips given by BPP, they’re so spot-on)
2. I revised past year exam questions since the 2003 sitting, and I repeated each question 3 times. I sweated through the pain of writing and rewriting, because I must tell myself ‘I must understand how to understand’. It also helps me practice writing under immense time pressure.
3. I read case studies from Johnson, Scholes and Whittington’s book ‘Exploring Corporate Strategy’. That’s how I got to know the performance measures for the airline industry through RyanAir’s case study and general knowledge on universities’ performance.
4. I explicitly referred to the Examiner’s comments to know what had students done wrong in the previous sittings, and I abide not to repeat their mistakes in my sitting.
5. Beethoven music helped! In the exam hall, I thought less of my fear, and imagined Beethoven just sitting next to me playing the piano. Polished my imaginations at times when I had writer’s block.
I would like to end off by saying ‘We have the power to control our destinies and create our circumstances, rather than have them control us.’ If we think positively, act positively, we create positivity.
Don’t aim for the baseline, aim for the sky. Then it’s so much more easier to pass. We must change our perceptions in our study methods, and we must think… like a professional!August 8, 2012 at 12:59 pm
angryhamtaro, thanks for the wise words but i tell you i did as u ar saying except the JSW book u referred to, where can i get it. This exam as no correct answer but it looks like there are hard on us. i will tackle it in dec and failure is no option!!!!!August 8, 2012 at 2:56 pm
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I have also did this exam 3 times and again failed with a score of 48.. I know the syllabus quite well.. but still cannot pass.. This is my last paper.. I am so disappointed.August 9, 2012 at 2:22 pm
angryhamtaro, thanks for the wise words but i tell you i did as u ar saying except the JSW book u referred to, where can i get it. This exam as no correct answer but it looks like there are hard on us. i will tackle it in dec and failure is no option!!!!!
You can order it off Amazon, or try your luck finding it at a local major bookstore chain. Checking out your college library would also be a good start. I admire you for your strong resiliency by the way!
It’s ok to be disappointed a little, but if you fall down, you should always get back up, don’t remain sprawled out on the floor. Mistakes can be learn, assess the examiner’s answers and comments to know where you did the mistakes, and never fail to do better in the next sitting. Consider it as another blessing in disguise… you have another shot at World Prize award!
I believe the markers have been mighty kind with the latest June 2012 sitting (as compared to the Dec 2011 sitting), if you offered flexibility of knowledge on paper. It is incorrect to scrutinize figures alone, because the exam is also testing us on “How are the figures reported”.
Remember, Alex Watt always emphasized to look at the bigger picture. We must add value to our clients’ business – so never ignore best practices we can find from a wide range of industries. The syllabus is just the backbone – we must learn much more than the syllabus to enhance our application of our knowledge.
I had a formula whenever I encounter any question which asks for ‘Recommendations on Improving Performance Reports’. I go through these points to develop my ideas:
1. “UNDERSTANDABILITY” – to both financial managers and NON-financial managers as well? (Balanced scorecard, BCG, Performance Pyramid, Fitzgerald and Moon)
2. “BENCHMARK” – Did it compare best practices from companies in the same industry, or companies with the same function in another industry? Would the benchmark exercise be fruitful to add competitive advantage to the firm?
3. “PAST AND FUTURE” – Does it have historical and forecast year-on-year comparison?
4. “BUDGET” – Did it go over or under budget? Have the management met targets? Does the firm have a proper reward scheme to motivate managers to achieve the targets or beyond?
5. “FAIRNESS” – Was the performance report assessment fair between different departments in the same firm? (Fitzgerald and Moon)August 9, 2012 at 3:40 pm
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I failed P5(42 marks) in Dec 2011 and pass p5(70 marks) in June 2012 exam. I know this isn’t very high score, but i want to share some tips on passing.
You need to understand how marks are allocated. It appears to me that the current examiner allocates marks differently. In Dec 2011 P5 paper, qns 5(b): ”Discuss and evaluate the impact of kaizen costing approach on costing system and employee management at Tech.” There are up to 4 marks(shown in the last part of answers provided in ACCA website) given for describing kaizen costing. I remembered giving only a one sentence definition of kaizen costing which is inadequate for scoring marks. I did the same for other qns. My answers were brief and straight to the point.
We also need to have deeper understanding of different management accounting models. Take benchmarking as an example. Many know the definition of benchmarking, but we need deeper understanding of things: What are the steps to benchmarking? How benchmarking affect behavior? Why support of senior management is important? what is the link between benchmarking and beyond budgeting?
Understand the terms used. Common terms: evaluate, discuss, identify, explain, assess, analyse. Evaluate, assess, discuss requires u consider things from both sides, i.e. the adv and disadv. If your answer is limited to only giving adv, u lose alot of precious points. In the last paragraph of your answer, form a conclusion.
Gain those professional marks. Use proper heading and format. Try to use professional language(i know it’s hard under time pressure).
Good luck for your next examination.August 9, 2012 at 4:33 pm
@derri17, I reflect on your sentiments and absolutely agree that professional marks determine passing or failure. I am surprised to see a few forummers here who questioned how a Report format looks like (Did they not go through P1?)
Although professional marks are only given in Question 1, it does not hurt to write ‘professionally’ for other questions as well. A brief opening, body and conclusion will give a positive impression to the marker especially on questions which asked to “evaluate” that requires a whole-rounded approach of answering.
Persuade the dummy management why a certain model is important. If a report is small, expand it. (If it’s broken, fix it. All reports in exams need fixing, so you can get the marks)
Training our minds to be more curious and inquisitive definitely helps a lot.August 9, 2012 at 5:54 pm
@angryhamtaro did you read JSW cover to cover or just the case studies?August 10, 2012 at 3:48 am
@kuchi, I previously used the book for P3, but it’s still relevant for P5 because it gives a very detailed explanation on the models. I don’t have time really to finish the entire book, so I spent time digesting the case studies. If you’re interested only for the case studies, best you borrow it from your college library.August 13, 2012 at 9:13 am
thanks @angryhamtaro. It’s been sitting in my office all these while. I’ll read it for the case studiesAugust 13, 2012 at 10:35 am
@angryhamtaro do you have P5 questions dating back to 2003. ACCA only lists from 2007.August 13, 2012 at 4:31 pm
Hi @kuchi, yes I do have Questions, Answers and Examiner’s Reports all the way back to Dec 2002. Feel free to pass me your email address and a ZIP folder will pop up in your inbox.August 13, 2012 at 4:40 pm
@ angryhamtaro, can also send me the questions, my email is firstname.lastname@example.org and thanks for all the advice guess we just have to take it by the balls.August 13, 2012 at 5:08 pm
Hi @trust1976, I just sent it over to your email. You will notice the June 2012 set is missing, to which you can obtain easily from ACCA website.August 14, 2012 at 2:22 am
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Failed 35, contemplating to switch to P4 whats your advise?
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