FAE September 2014

kenner24

FAE14 wrote: »

Core: Decile Ranking 1, Sufficiency 6 FAIL
AAA: Decile Ranking 2, Sufficiency 0 PASS

Yellow in IMP, red in everything else.

Can someone explain the suffiency 0 Concept ?

wow congrats on passing the elective! I really dont understand this either! Must be the aim to get a lower result as in the decile placing its better to be lower? I dont know though

bikeman1

FAE14 wrote: »

Core: Decile Ranking 1, Sufficiency 6 FAIL
AAA: Decile Ranking 2, Sufficiency 0 PASS

Yellow in IMP, red in everything else.

Can someone explain the suffiency 0 Concept ?

You need Sufficiency 0 to pass. It is basically how far off you were from passing. I think it is mainly did you pass the depth and breadth test.

myshirt

Heathcliff, that's good.

Keep that going.

To others, Decile is where you rank out of the group. You'd want to be in Decile 7 (top 70%) or better ideally (Decile 1 would be top 10%).

Without getting into specifics, the most balanced explanation of sufficiency is that it is an indication of how many 'rotations' you were away. So if you got 2, then you needed about 2 RC's to change to C's to nail it.

FAE14

Core: Decile Ranking 1, Sufficiency 6

Yellow in IMP, red in everything else. And still top 10% ? ? Strange ?

Should I be thinking this is good or bad ? im confused - Hopefully Myshirt explains it better than CAI

mark_m360

Core Decile 2 Sufficiency 8 fail
Yellow in everything except FR & BL.

Elective Decile 5 Sufficiency 1 fail

Will be interesting when I'm looking at the paper later. From what I gather, I almost passed the elective. And I knew FR was a disaster. And know where I went wrong in BL with that implementation plan. Still trying to figure out this grading though.

cian twomey

FAE14 wrote: »

Core: Decile Ranking 1, Sufficiency 6

Yellow in IMP, red in everything else. And still top 10% ? ? Strange ?

Should I be thinking this is good or bad ? im confused - Hopefully Myshirt explains it better than CAI

passed the audit elective yet failed audit in the core, got decile 4 and sufficiency 9, I guess the sufficiency is pretty bad?, not sure what it means

womandriver

Passed the audit elective, decile 1, sufficiency 0.

Sitting elective only, passed CORE in 2013.

autumnbelle

I failed both sufficiency of 9 in the core and decile9 in elective. Very bad

myshirt

womandriver wrote: »

Passed the audit elective, decile 1, sufficiency 0.

Sitting elective only, passed CORE in 2013.

I think you could potentially be at risk of failing in September, I'd be careful.

mark_m360

cian twomey wrote: »

passed the audit elective yet failed audit in the core, got decile 4 and sufficiency 9, I guess the sufficiency is pretty bad?, not sure what it means

Sufficiency, you need to get 0 to pass. 1 means you were one rotation away from passing, 9 means you were 9 rotations away from passing.

Depth & Breadth, you need a certain level of RC/C's. This is where the colours come in.

Decile is your grading against the entire population of those who took the mocks. Decile 1 means top 10%, but it doesn't mean you have passed the sufficiency and depth & breadth test.

cian twomey

mark_m360 wrote: »

Sufficiency, you need to get 0 to pass. 1 means you were one rotation away from passing, 9 means you were 9 rotations away from passing.

Depth & Breadth, you need a certain level of RC/C's. This is where the colours come in.

Decile is your grading against the entire population of those who took the mocks. Decile 1 means top 10%, but it doesn't mean you have passed the sufficiency and depth & breadth test.

thanks, sorry to ask this but what is meant by a rotation

Dreaming of sunshine

Core decile 4 sufficiency 9 with a yellow in tax
Tax elective decile 5 sufficiency 2

Seems I was close to passing tax elective and I'd never opened the book...know a lot more now so this is encouraging!!

Core I'm very worried about, keep doing cases but I don't seem to get close...I know I made some fundamental errors in the mock e.g. not writing a letter within the report but praying that a decile of 4 means I have a chance of passing in September because they couldn't really fail someone on decile 4 in September ( I hope!) Praying if I keep doing cases even though Im not passing from them I'll have learnt enough from them to pass on the day!

womandriver

myshirt wrote: »

I think you could potentially be at risk of failing in September, I'd be careful.

That result actually doesn't give me the confidence you'd think it would. More than a few people were of the opinion that the audit paper was easier this year than in previous years, myself included. Sean Murray also said in the mock review that it was the first year that he didn't set the mock paper and there was stuff on it he wouldn't ask as answer could be lifted from the book.

So I'm not getting too excited bout it tbh.

Mark1916

Core

Decile 5
Sufficiency 9

For someone who was still working at the time that isnt too bad I suppose, only began study leave on monday. Yellow in Finance and Tax, red in the rest. A lot of work to be done, be interesting to see what is written on the papers.

hopeipass

Hi everybody first post but long time follower and thanks for all your help which I have been taking on board.

Can I get some feedback on my result and I have note the above comments for people who got the same and well done to everyone.

Core result - Fail - Decile 1 - Sufficiency 5 - 3 y 3 r.

so basically I am five rcs away from passing even though I got red in PM and B.L


Audit elective result - Pass - Decile 2 - Sufficiency 0 -

so this looks like I am on the right track but Sean Murray did say that exam was easier than the real one will be.

FlyingSolo13

Where can you see the breakdown and colour scheme?

FlyingSolo13

Where can you see the breakdown and colour scheme?

littlemiss123

Decile 7, Sufficiency 9 and Red in everything!!! Will I just quit now?!?

littlemiss123

FlyingSolo13 wrote: »

Where can you see the breakdown and colour scheme?

Click on the download excel and then scroll to the right

maninblack

Decile 8, Sufficiency 9 in the Core. Wow, I knew I'd ****ed a few indicators but that's kinda scared me now

Ekels

Core:
Decile 2
Core Sufficiency Grouping 7

Got red in PM, BL and finance. Good motivation there.

I'm not sure how, but they're telling me I passed the audit elective. I mean, I gave a stab at the paper and made decent use of ISA's but I didn't use any of the technical standards (in the handbook, ISQC 1 etc.). Not going to read much into that result.

Dellboy2007

So if people got decile 1 and failed the core, does that mean the pass rate was approx 5% or less! Lolacaust

TheDoctor

Core
Decile 5
Sufficiency 9
Passed IMP and Audit

Elective
Decile 1
Passed

The Little Fella

Core - yellow in tax & imp, reds in the rest. Decile of 2 and sufficiency 7

Didn't sit elective

Accountant81

Core Decile 4 sufficiency 6 passed IMP and tax
Elective decile 6 sufficiency 3

Jaysus this is scary stuff! So no one passed core?

tash82.

Core
Decile 2
Sufficiency 8
Yellow in IMP, Tax and Finance

Elective
Decile 1
Passed

LOccitane

Mock Results:

CORE: Fail - Decile 2 - Sufficiency 7. Y in TAX and IMP with R across the rest (disappointed with the Finance result there).

AUDIT ELECTIVE: Pass - Decile 1 - Sufficiency 0. Convinced the Final will be much harder..

Shorty11857

Failed the Core, decile 5, sufficiency 9 got Y,Y,R,R,R,R

Managed to pass APM though without actually studying for it at least so that's not bad!

bonni

I wonder how many people passed core?

m1ck007

Im proud of my wee yellow in imp

PhilipLuke

Mechelec Limited in the self study pack

Is the DCF valuation incorrect in this solution? They have deducted depreciation to get the free cash flow? To me this is wrong

Edelly

Jez seeing these mock results im feeling very very deflated! I think my bank holiday weekend may be starting earlier than planned!! :-(

bonni

Edelly wrote: »

Jez seeing these mock results im feeling very very deflated! I think my bank holiday weekend may be starting earlier than planned!! :-(

I think their strategy is to fail as many people as possible in mock exams just to scare people in advance of the real exams

Debs23

PhilipLuke wrote: »

Mechelec Limited in the self study pack

Is the DCF valuation incorrect in this solution? They have deducted depreciation to get the free cash flow? To me this is wrong

They say in the summary that capital expenditure is assumed to equal depreciation

TheDoctor

Do they give out a mock pass rate or correctors report?

PhilipLuke

Debs23 wrote: »

They say in the summary that capital expenditure is assumed to equal depreciation

Yeah I saw that after when I read the solution, thanks!

The still started with EBITDA and added back interest though? EBITDA doesn't have interest deducted so why add it back?

Should the solution not have been EBITDA - Tax - Work Cap invested = Free CashFlow

biscuits11

Jaysus failed both and had been studying coming up to them. Feeling deflated alright. Not sure what to do now feel like its too late. Might enjoy the rest of the summer ha.

Debs23

PhilipLuke wrote: »

Yeah I saw that after when I read the solution, thanks!

The still started with EBITDA and added back interest though? EBITDA doesn't have interest deducted so why add it back?

Should the solution not have been EBITDA - Tax - Work Cap invested = Free CashFlow

Im not entirely sure. I think they added it back because they are discounting it using an estimated wacc so there it tax relief on the interest cost, therefore reduce the tax amount. I dont fully understand it either!

cian twomey

anyone hear of someone getting near to passing the core?

Daisy03

Can anyone explain decile ranking and sufficiency? I have been asking people in work who did them last year and even they don't seem to fully understand.

In core I got decile ranking 5 and sufficiency 9 with all reds. (Thought the R meant reaching competent at first and was delighted until I realised)

Passed the elective so happy enough with that as I had done very little for it.

PhilipLuke

Debs23 wrote: »

Im not entirely sure. I think they added it back because they are discounting it using an estimated wacc so there it tax relief on the interest cost, therefore reduce the tax amount. I dont fully understand it either!

I think that solution is 100% wrong, I even went back and looked at Cap 2 questions to make sure!! I know there probably isn't a whole lot going for calculations and its insignificant but it slows down the studying process!!

When Chartered Accountants are getting over four grand out of us the least they can do is provide adequate solutions!!

Dreaming of sunshine

Daisy03 wrote: »

Can anyone explain decile ranking and sufficiency? I have been asking people in work who did them last year and even they don't seem to fully understand.

In core I got decile ranking 5 and sufficiency 9 with all reds. (Thought the R meant reaching competent at first and was delighted until I realised)

Passed the elective so happy enough with that as I had very little for it.

Hi,

If you go back a page or two it's been explained a few times this morning, hope that helps!

Nermal

Core Decile Ranking 1
Core Sufficiency Grouping 6

Elective Decile Ranking 1
Elective Sufficiency Grouping 1

Still failed both.

R for BL, Finance, Tax, PM, Audit

G for IMP.

Is decile ranking is my ranking among all who sat?

If so offering IMP grinds to anyone who can explain how I can be in the top 10% of candidates and fail.

BigMawn12

Ranking just means how you did compared to the rest of the year. Decile 5 means you were in the top 50%.

Sufficiency is to do with what they set the pass mark as. If the pass mark was 60% (on top of getting at least yellow in all topics) and you got 59%, you'd fail on sufficiency which would be sufficiency 1. If you got 60%, you'd pass sufficiency and would get sufficiency 0. (Sufficiency can only get a 0 or 1, pass or fail)

Some people (like me) last year got all yellows and failed. (sufficiency 1) Some people got all yellows and passed. (sufficiency 0)

So basically, it's not enough to just pass all 6 areas to be sure of a pass. You need to do well in at least one of them and get green. But it totally depends on the rest of the year.

For example, if a quarter of the year get a red in tax, the sufficiency test will be easily passed because they'll reduce the pass mark to something low so as around 50% of the year pass the exam. (they can't just reduce the pass rate to 20% or something ridiculous)

The way it looks to me now is that the questions aren't going to be structured so that loads of people get a red in one area so you need to push the boat out a bit on one area at least and make sure you ace it. Who knows though - so many variables and you won't know until the time comes.

BigMawn12

PS - bear in mind that 90% of the year fail the mocks as they don't adjust the sufficiency pass mark for it so that 50% odd of the year pass

Dreaming of sunshine

Nermal wrote: »

Core Decile Ranking 1
Core Sufficiency Grouping 6

Elective Decile Ranking 1
Elective Sufficiency Grouping 1

Still failed both.

R for BL, Finance, Tax, PM, Audit

G for IMP.

Is decile ranking is my ranking among all who sat?

If so offering IMP grinds to anyone who can explain how I can be in the top 10% of candidates and fail.

Because I highly doubt there is anyone (or at least a very very low percentage) that passed Core overall, they wouldn't want people passing the Core mock completely.

Debs23

PhilipLuke wrote: »

I think that solution is 100% wrong, I even went back and looked at Cap 2 questions to make sure!! I know there probably isn't a whole lot going for calculations and its insignificant but it slows down the studying process!!

When Chartered Accountants are getting over four grand out of us the least they can do is provide adequate solutions!!

I have the fma cgs notes and by them the solution is correct. If you pm me youre email address i can sent u a pic of the page

TheDoctor

What I would like to know is how core goes from a less than 5% pass rate in the mocks to around 75% pass rate in the actual exam every year.

I understand it's another 2 months study to prepare but even still that jump is ridiculous

Dellboy2007

Decile is basically a waste of a statistic, especially for the mocks. You already get your sufficiency rating (which is solely what decile is based on) so why bother showing it? A waste!

It would be more beneficial if the correctors actually graded each indicator, RC, C, etc, which is what I was expecting. Their comments, while appreciated, would have had way more value if they were actually benchmarked to a grade.

Also, to pass the audit elective and fail the audit core only serves to highlight how stupid the exam structure is. If you have been deemed to hold sufficient competence in an *advanced* elective module, you should automatically be deemed reaching competent at a minimum in that core area. Rant Friday is over, have a good weekend fcukers.

Accountant81

Totally agree. A couple of my papers were fairly light on the feedback too. I don't feel like I got much benefit out of the process. They definitely should have graded the indicators for us.