FAE September 2014

PhilipLuke

FAE14 wrote: »

Yeah - I think there going to bring it back to the 2011/12 pass rate for the assessment.

What was that pass rate?

PhilipLuke

The Varsity question 3 in the Management accounting book is riddled with mistakes!!

laser08

PhilipLuke wrote: »

The Varsity question 3 in the Management accounting book is riddled with mistakes!!

Cheers Philip. Wasted about half an hour on that today. ****ing nightmare some of these solutions!

lexluthor

I dont want to influence anybody's plan of study but lads, really, from experience, you need to carefully consider whether you're making good use of the time you've got doing the Finance/Management Accounting cases book. Just have a look at the past years' threads and comments about the guff in that garbage book

PhilipLuke

lexluthor wrote: »

I dont want to influence anybody's plan of study but lads, really, from experience, you need to carefully consider whether you're making good use of the time you've got doing the Finance/Management Accounting cases book. Just have a look at the past years' threads and comments about the guff in that garbage book

I am only going through it quickly to see what areas of mgmt accounting and finance I need to brush up on

PhilipLuke

laser08 wrote: »

Cheers Philip. Wasted about half an hour on that today. ****ing nightmare some of these solutions!

What a joke! I see what you meant about the Waac. I reckon they just picked that as the 4.8% is quite low.

Did you notice in the NPV they discounted the initial capital investment in year 1 which is completely wrong. The initial investment is always Y0 and never discounted.

A lot of calculation errors in the budgeted profit/loss statement aswell

cian twomey

donnem33 wrote: »

what did the email say? i didnt get anything yet!

basically that getting an na or an nc cant fail you at the moment, it seems like its going to be a dark Friday alright

Dellboy2007

cian twomey wrote: »

basically that getting an na or an nc cant fail you at the moment, it seems like its going to be a dark Friday alright

I presume this is a standard email that is sent out every year.

I very much doubt if the pass rates will change that much, overall it has not changed that much over the years:

Core:

2013: 74%
2012: 74%
2011: 74%
2010: 75%

aca2801

forget about friday, whatever happens, happens. I know people last yr who got rc & nc and still managed to passed overall, so its not all over yet, rem dis assessment is only one indicator so try not over analyse it.

acastudent

cian twomey wrote: »

basically that getting an na or an nc cant fail you at the moment, it seems like its going to be a dark Friday alright

Sorry but I don't really see where it says that it can fail you at the moment . In my understanding it said the opposite . I could be wrong and see what I want to see but still I choose to believe that we still have a chance

TheDoctor

You cant fail if you NC 1 of the 18 or so indicators

Get a grip people

Fae2014

What is the FMA class in the CGS? Would anyone recommend it?

Tyrone2014

Does anyone have the solutions to the Blackwater Case Studies or the most recent Cross Marking Solutions? We had these workshops in Belfast over two weeks ago and they are yet to put the solution on the website.

Blarney92

PhilipLuke wrote: »

What a joke! I see what you meant about the Waac. I reckon they just picked that as the 4.8% is quite low.

Did you notice in the NPV they discounted the initial capital investment in year 1 which is completely wrong. The initial investment is always Y0 and never discounted.

A lot of calculation errors in the budgeted profit/loss statement aswell

Just on the initial capital investment of $2m - it says in the case that this is incurred "towards end of first year" so is right to be discounted as part of Yr1 cashflows.

In the exam I would clearly state this assumption also

Your point on initial investment being in Yr0 is usually true but not always

PhilipLuke

Blarney92 wrote: »

Just on the initial capital investment of $2m - it says in the case that this is incurred "towards end of first year" so is right to be discounted as part of Yr1 cashflows.

In the exam I would clearly state this assumption also

Your point on initial investment being in Yr0 is usually true but not always

Oh yeah i missed that, cheers!

Ruginator

As someone who did the FAEs last year let me add my two cents on the the whole do cases for the summer versus technical debate. I came in the top decile in both core and elective, so I was pretty happy with my approach (having come from failing FR at CAP2)

I did technical stufy for all of June, and for at least half of July, and then started into the class cases, firstly the one's that were done in class in the case study days and also the additional book of cases. Once these were completed I did all the past papers 2010, 2011 & 2012 in that order, I did them out in full over the full allocated time. (When I did any of the past papers I always reset my clock to 10am for Core and SIMS papers, and to 1:30pm for the Elective papers so that I completed the cases in the correct time similar to the actual exam, I found it handy on the day then cos I had always practiced to the exact timeframe. I spent a full day on each, 4.5 hours for the paper, had lunch, then corrected them and studied the board report.)

For those doing solely cases: The examiner has seen all the practice cases provided to you in class and in the past exam papers, do not expect to see a repeat indicator, the same topic can be examined multiple times, but will be very specific to the case, so theres a balance, you need to know the technical stuff and how to apply that, but must also learn the skill of technique for the cases. The benefit from doing cases eventually tops out, remember the earlier caveat – the examiner will have seen all the practice cases you try, and the past exam papers, so your won’t see a repeat indicator, unlike Maters/CAP2 exams where the scope for repeat questions was very high in some subjects.

This was the one thing that dawned on all of my group who did them last year after sitting the exams, looking back, the basis for cases does top out eventually, there's a huge amount to be gained from technique and spotting indicators as learned from the cases, but having a strong technical base of knowledge if hugely important.

I spent the final week revising technical material, and if I had my time again i'd have spent the final two weeks revising technical material, having had loads of cases done at that stage.

If anyone was loooking for my advice, I'd highly reccomend working on studying and technical stuff for a while, then hit the cases, it'll be a good revision and learning curve to see the technical stuff you've studied applied, this will help you to further understand the technical stuff. If you just do cases and no technical study, you are limiting yourself to theory that has been previously examined only.

I found sitting the mocks were massively beneficial to me, it is very early and you'll have only a small bit of study and cases done. Your paper will be corrected by an actual FAE exam corrector with comments returned on your specific paper, layout, approach, answer, so every piece of commentary received is massively beneficial. The more effort you put in the more reward you will get. Learn from the good comments and the bad comments. Yes around 80% of my exam centre had left before the finish to enjoy the rest of the day, for me I found staying and trying everything I tought to be an indicator, really worthwhile and I didn't come anywhere even near to passing the mock,s but it wa the lessons learned that helped me come September.

There's a huge huge benefit from sitting through and attempting the mocks in full, try every indicator, take a chance with them, for me the mocks were one of the biggest lessons of the summer, I also went to the Paul Monohan and Sean Murray mock review classes, and found them to be massively beneficial in helping me understand the mocks, the information I didn't pick out in the mock, and the importance of items I had not thought to be too important at the time.

If anyone wants any further advice let me, if they think I can help.

FAE14

I think everyone studies differently for this exam and there is no one way to study.

I reckon if you came in the top 10% in the country - you could of approached this exam either way and passed to be honest.

Tyrone2014

Is it just me or does anyone else feel that the Finance/Management accounts case study book goes into too much detail?

Some of the case study answers are all theory and are 5/6 pages long.

lexluthor

Tyrone2014 wrote: »

Is it just me or does anyone else feel that the Finance/Management accounts case study book goes into too much detail?

Some of the case study answers are all theory and are 5/6 pages long.

See my post about it a couple of posts back. I passed my FAE's last year after a couple of attempts. If you're spending time on it, you're wasting your time in my honest opinion. You're much better off attempting selected CAP 2 sfma papers instead of that rubbish. Have a look at the past fae papers in case you havent already done so, I recall 2011 paper I used my calculator literally just 10 mins of the 4.5 hrs!

PhilipLuke

lexluthor wrote: »

See my post about it a couple of posts back. I passed my FAE's last year after a couple of attempts. If you're spending time on it, you're wasting your time in my honest opinion. You're much better off attempting selected CAP 2 sfma papers instead of that rubbish. Have a look at the past fae papers in case you havent already done so, I recall 2011 paper I used my calculator literally just 10 mins of the 4.5 hrs!

I have binned mine! I am using Cap 1 and Cap 2 notes and questions to revise management accounting and finance! You could spend half of study leave going through that book and to no benefit!!

Tyrone2014

lexluthor wrote: »

See my post about it a couple of posts back. I passed my FAE's last year after a couple of attempts. If you're spending time on it, you're wasting your time in my honest opinion. You're much better off attempting selected CAP 2 sfma papers instead of that rubbish. Have a look at the past fae papers in case you havent already done so, I recall 2011 paper I used my calculator literally just 10 mins of the 4.5 hrs!

Thanks, thought I was going to go insane look at it!lol

Tyrone2014

**looking

Tyrone2014

PhilipLuke wrote: »

I have binned mine! I am using Cap 1 and Cap 2 notes and questions to revise management accounting and finance! You could spend half of study leave going through that book and to no benefit!!

Thanks for your previous reply. Do you know if it is possible to get access to CAP 1 finance notes/material?

PhilipLuke

Tyrone2014 wrote: »

Thanks for your previous reply. Do you know if it is possible to get access to CAP 1 finance notes/material?

Cap 1 was very basic, investment appraisal, WAAC, sources of finance, and inventory management EOQ.

Tyrone2014

lexluthor wrote: »

See my post about it a couple of posts back. I passed my FAE's last year after a couple of attempts. If you're spending time on it, you're wasting your time in my honest opinion. You're much better off attempting selected CAP 2 sfma papers instead of that rubbish. Have a look at the past fae papers in case you havent already done so, I recall 2011 paper I used my calculator literally just 10 mins of the 4.5 hrs!

When revising for audit did you relate much to your CAP 2 material? i.e. past papers etc..

Haylcyp

Hey does anyone know what areas need to be covered in the elective that are not in the. Sorry this was probably asked already. Am I right in saying:

the PASE (ES6)
ISA 220 and ISQC1
ISA 230
ISA 570
ISA 600-group audits

Does anyone know if I am missing anything?

Cheers

Haylcyp

** not in the core

m1ck007

Goodluck tomorrow everyone

autumnbelle

What time will results be out? Good luck everyone

Aidodub87

autumnbelle wrote: »

What time will results be out? Good luck everyone

Email said 9.30 but results always seem to be available earlier than that

mark_m360

autumnbelle wrote: »

What time will results be out? Good luck everyone

Released at 9:30 in the morning.

lexluthor

Best of luck to all those expecting AAFRP results. May all go fantastically well!

For your own sake, and I cannot emphasize this enough, please, please, please DONT dwell on it if it doesn't go as you expect or would like. As long as you get an RC you're totally fine. If it's NC, TRUST ME!!! even then you're fine, but just you'd need to spend more time on PM in prep for the exam. I personally know someone, a colleague and a close friend, who had NC in 2012 which was the first year of AAFRP and a green in the PM in the fae results.

TheDoctor

Good luck all my FAE thread friends! LETS DO IT!

acastudent

Aidodub87 wrote: »

Email said 9.30 but results always seem to be available earlier than that

Come on results .... Can't sleep anyway

heathcliff101

Am I right in saying when they are posted this is where they'll be? students.charteredaccountants.ie/en/Results/Assessment-Results/

autumnbelle

Either there or under the fae tab I think

20 Times 20 Times

Very very nervous now ! Best of luck everyone with the results. Depending on results, it will pan out the remaining study time over the summer.

TheDoctor

Anyone got anything yet ?

autumnbelle

Two weeks still before I'm on study leave

mark_m360

Same with me. finishing up the 11th of July for study leave. It still should be enough time though, hard to keep the focus for much longer than 7 weeks!

Reddzer2002

Yep, 11th of July here as well! The sooner that comes around the better at this stage.

autumnbelle

Anyone got anything yet

Debs23

autumnbelle wrote: »

Anyone got anything yet

No. They are taking their time! I cant concentrate on anything till i get the results.

littlemiss123

Going on study leave today

autumnbelle

Mocks feel a bit pointless when I don't even have folders! I thought they would release them early, I'm here in work glued to the site

littlemiss123

autumnbelle wrote: »

Mocks feel a bit pointless when I don't even have folders! I thought they would release them early, I'm here in work glued to the site

I don't think I want to know

Dellboy2007

First one to post their result is gay

blizzard13

im waiting to get the go ahead from you guys that they are up!!!

feel sick :eek:

myshirt

Guys, no matter what, just keep your composure.

TheDoctor

1 minute!