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Hi,
I have no previous accounting background and was exempted from F2. I am using Kaplan materials and they have a revision of F2 in chapter 1 for Performance Management.
Is it necessary to study F2? I have no idea or clue how costing works, not even the basics.
Can somebody please help and share any similar experiences?
Thank you
I would recommend any student with exemptions to foundation exams to check they have the necessary assumed knowledge before trying to grapple with a later exam. A major topic in F5, for example, is variance analysis – which builds on “basic” variance analysis in F2, which is related to topics of budgeting, costing methods and cost classification.
Take a look at the F2-FMA syllabus https://www.accaglobal.com/content/dam/acca/global/PDF-students/fia/studyguides/ma-fma-sg-2018-19.pdf – almost everything in this is assumed knowledge for a later exam, though not necessarily F5-PM (e.g. C5 Capital budgeting and discounted cash flows underpins a major syllabus area in F9-FM).
Anyone embarking on F5 should be able to achieve at least 50% in the F2 Specimen Exam https://www.accaglobal.com/uk/en/student/exam-support-resources/fundamentals-exams-study-resources/f2/past-pilot-papers.html (I actually recommend 67% to show a sound grasp of the fundamentals).
If as you say you do not have any grounding in management accounting there are FREE online courses (Introduction to Management Accounting and Intermediate Management Accounting) that you can sign up for in ACCA-X https://www.acca-x.com/global/en/about-acca-x.html as well as the MA1, MA2 and FMA OpenTuition resources (course notes and lectures) which you will find in the “FIA/CAT” section of this website.
Thank you so much for you kind answer.
Is there anyone else with any beneficial input.
Dear Kim, would you be able to advise exactly which chapters from F2 I need to understand well for F5? My exam is in September so I need to plan and prepare wisely.
Thanks again
The problem is that with 70% of the F5-PM examined through objective testing almost anything can be examined which is assumed from F2-MA. The majority of marks for Section C will be drawn from syllabus areas B (decision-making), C (budgeting and control) and D (performance management and control).
With this in mind, the absolute minimum of F2 that you need to be “all over” includes:
A2 Cost classification
B Cost accounting techniques
C4 Flexible budgets
D Standard costing
E2 Performance measurement – applicationNot all of the F2 topics are examined again in Paper F5, and all of the relevant topics are revised within our free Paper F5 lectures.
Best is to watch my F5 lectures and if you do come to something that you are not clear about then ask in the Ask the Tutor Forum and I will explain.
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