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I studied only with OpenTuition lectures and a BPP exam kit. Watched the lectures, took key notes then went on to solve all of the questions available in exam kit.
I had an excel spreadsheet with all the tabs along the bottom for Section C questions, practice, practice, practice.
Studied 3/4 days a week for 2/3 hours each time.
Assets don’t form part of the ratios for ROCE or Gearing.
ROCE = PBIT / Capital Employed (Equity, Debt)
Gearing = Debt / EquityThat was a weird exam. Section A and B for me seemed too straight forward but I wasn’t complaining. Hoping to have scored really well in those sections. Section C on the other hand! Studied for consolidation and typically it didn’t appear. Single entity adjusted profit schedule then prepare the SOFP. Should have been OK but the adjustments were detailed and it just threw me a bit
First time pass 65% – thanks to all at OpenTuition for the work that goes in to providing these free resources!
The first question in section A was the creditor hierarchy if I remember correctly. Secured, unsecured, preference shares then ordinary shares. This gave another clue to a section C question about the creditor hierarchy being linked to pecking order theory. Debt cheaper etc guaranteed payment whereas dividends not guaranteed. The increase, decrease and unchanged question was hard. I done unchanged for EPS, increase for profit retention and decrease for gearing
Yeah I got 93.05 too because the redeem at nominal was higher than the conversion. There was another loan note valuation question before that too. The ordering policy you had to calculate the EOQ which was 90,000 then work out the current reorder and inventory holding costs then do it again for the EOQ. The benefit was around 70k.
josukegiorno10 – this one stumped me too I flagged it then came back and think I cracked it. You use the year 1 inflation rates and use the formula
Asheimi97 – it was a money market hedge question. They were due to pay the foreign currency so they borrow dollars now, convert it to the foreign currency then place on deposit. In 6 months, the deposit matures which they use to make the payment. You have to work backwards with this one using the interest rates to calculate how much of the foreign currency needs deposited then you can work up to the dollar value. Studied this so much to try and understand it but there were only 2 marks available so wouldn’t worry about it too much
Also got 13% WACC. Around 14% equity, 7% pref shares and IRR of 7.9% for debt. Market value of company was big!
Also the exam gave a lot of clues to other questions. I had a multiple choice question on the benefits of leasing assets, which then basically answered a Section C question which asked the benefits of leasing! Overall happy with the exam, WACC and Lease v Buy in Section C and money market hedging and valuations of convertible loans in Section B. Things I really focussed on in the days before exam. Section A was always going to be tricky. BPP Revision Kit is essential to passing these exams.
I had the same result with Buy V Lease but when I was checking over my answers I figured out that you weren’t meant to include any maintenance costs for the Lease, the way it was worded makes you think they incur the same maintenance cost, but it says the ‘lessor’ incurs them so the lessee wouldn’t. I wouldn’t worry too much about the end decision you will score marks for inflating sales, variables etc
Hi Mike. I have been studying this one since mid-February and today passed the exam with 63% – really appreciate your work on the lectures! I felt really prepared this morning but I must admit the exam was a lot more challenging than I had anticipated so just really glad to get the pass and move on. Thanks again mate!
I passed my BT exam this morning, I found it fairly easy and passed with 72%. For anyone sitting this exam soon there were a lot of Ethics & Corporate Governance questions, along with Management & Leadership. I was surprised at how many questions surrounding personal development and appraisals, and stumbled on a few of these. I have now completed all 3 of the Applied Knowledge exams and will begin with Performance Management in June for Applied Skills – thank you once again to all at OT 🙂
Hi John,
I’ve just passed my MA exam with 76%. Couldn’t have done it without your lectures and notes. I also couldn’t agree more about the need to purchase a revision kit. I must have worked through well over 500 questions in the last two weeks and it is well needed!
On to PM. Thanks again.
Lee
Moving on to MA from FA now, so nice to hear your experiences.
All the best.
LeeExcellent work Open Tuition. Passed today with 60%, felt I could or should have picked up a few more marks but overall delighted to have passed first time.
I just got this question in a past paper exam through MyACCA – you missed out the debit inventory figure of 14,022 in that question I’m afraid
Very misleading to advise people they have to get 100 out of 150. This is incorrect. I emailed a CIMA tutor through Kaplan and was told the pass mark is what is called a scaled score of 100/150. This does not mean 100 out of 150 (there are only 60 questions in BA1, 2 and 3 anyway). What it basically means is that as everyone who sits the exam will sit a completely different exam due to the questions being selected randomly, this means I could get a much easier set of questions than you. Therefore the use the scaled score to determine the difficulty of your exam and scale it against how well you done. It means there is no pass rate. You do your best, and regardless of how difficult the exam is you may still have a chance of passing. I like the idea of it and it should give everyone a boost.
