FAE September 2014

acastudent

vnervous wrote: »

Feeling so defeated

Same feel so unprepared that it scares me .

The Little Fella

This is how i currently feel. It's going to be a long two days.

zathan

ashmcg9 wrote: »

Does anyone else feel like they are totally unprepared for this exam? I have done most of the case studies and maybe 3-4 cases under exam pressure but I still don't feel prepared. I work in a smaller firm and just had six weeks study leave so went straight into doing cases and haven't spent much time looking over technical material. I'm still also missing some indicators when I do case studies. Do you think that they will make this year's exam much harder given that it's their fourth year running it? Or do you think they will have to make it a bit easier given the bad AAFRP results? I'm really worried about my timing aswell because I am a slow writer. Just really can't wait until these exams are over

At the start of the Mock 2014 review, Ronan O,Loughlin (Director of Education in Chartered Accountants Ireland) spoke for a few minutes and one of the key things that he said was "think project" - i.e. think of the case study as a project - the construction of a building is a project and it doesn't just happen suddenly where by a client wants a building built and just appoints a builder and the builder starts without any plan other than knowing the end result needs to be a building - that invariably ends in tears, and the builder gets a rep as a cowboy!

There is a lot of unseen work that goes before the construction even starts - that unseen work is "Planning" - and there is a reason for this as without a plan or map, there is no direction!

A client will arrive in with a brief of what they want and then the architects, engineers, planners, etc etc will take the clients brief and translate it into a plan, the plan will include how the project will be executed from start to finish, including a time frame (obviously it will be detailed), once the plan is in place and everyone is satisfied, the execution will happen - if the planning is lax or rushed, the likelihood of the building not being built correctly or the clients brief not being met will result in delays as changes are made or total failure or time over runs on the project.

The plan develops from the clients brief and the same goes for the cases - the cases are essentially a brief and you need to take that brief and determine what is required and the only way to do this is to plan it out really well and to document your plan to show a logical approach.

Even closer to home - an audit doesn't just happen - the planning stage is of vital importance in determining how the audit will be undertaken or if at all! And then deciding the time frame for the audit, the resources etc.

I guarantee if you approach the cases with an aim of developing a really good plan (that you document in the answer booklet) where you identify what's required you will answer the case much better - I wouldn't stress if you think your spending too much time planning as the more you plan the faster you will execute your final answer and also as you develop the plan, each link between indicators will fall into place. The downside of not planning out your answer is that you will rush into answering the case aimlessly and end up answering badly.

If you read the examiners reports for the last 4 years, especially 2012, page 5, it states "the planning of an answer is possibly the most important investment a candidate can make in an examination. Spending time planning answers will invariably improve its structure and content, allowing for a high level of credit to be awarded" in other words you can hit on the key points in your answer after detailed planning, and this will result in you waffling much less and delivering the key points!

I have sat a lot of exams 😢 (these are possibly the worst I've had to prepare 😭 for and I don't know how they will even go) but I can seriously say that when I've approached an exam from a point of "quality" of what I write - I.e. Succinct and to the point bullet points over "quantity" - I.e a load of waffle with a key point buried in some paragraph of rubbish, I've done better!

I would also try not to get perturbed by others around you who start writing vigorously in the answer book after 30 mins or look for another answer book after 2 hours (as I saw in the mocks!!) or if their pen starts smoking - once you deliver the key points you don't need to provide a load of unprofessional waffle too!

I'd recommend reading the board reports over the next few days!

myshirt

What do you put into a plan?

For one person it can be key points; for the next it can merely structure and framework.

For me, my aim with the plan is just to allocate timing, decide on order to answer in, and just go.

I aim two pages per indicator.

House of Wolves

My current plan is about 45 mins making sure I get all the indicators.

Then 5 mins planning per indicator and 20 mins writing. Can go 7 mins planning, 18 mins writing etc, but its limited to 25 mins in total. (on the basis of 8 indicators). A little bit of extra time (5mins) for FR and BL and a buffer time.

I will be writing pretty soon after I'm allowed as I prefer to plan indicator one, and write it, then plan indicator two and write it. I know linkages are important but I think from identifying the indicators you'll know the linkages in advance.

Thats my approach, not sure if its the best but suppose its too late to change!

suref

My approach is to have a first read and jotting down possible indicators and definite indicators as I'm reading and split them into key areas as I'm going. Have a second read and give every word attention.

Definitely make sure you're not wasting time on indicators I.e going over time on tax,finance indicators -you need an rc so move on when you're struggling for time.

Fr first, followed by mgt and then bl. Gonna need 2/3 c's approx depending on aafrp in fr and approx 3 c's in bl. Always be on the lookout for Kpi and swot analysis and make sure to get adv,disadvantage and conclusion across.

We're going to need clear heads to pick these things up so make sure to take the next 2 days easy and well rested...if anything overly technical comes up 95% of us are snookered. Good luck guys and remember good plan, clear heads and wise time allocation. We'll get there!

m1ck007

Can some one please tell me if i start a plan on loose sheets can i insert this plan into my answer booklet??

suref

You can't put the sheets in, when your ready to write do a quick plan at the back of your answer book (Paul said to put it there as the first thing the examiner should see is a good clean exec summary on the first page for a good 1st impression)

m1ck007

May god help us all.

Mark1916

Problem solving and the FAE actually has a pretty decent chapter on planning!

littlemiss123

Does anyone has a list of important recent news stories that we could use as 'real world' examples? e.g. recent mergers, recent fraud cases etc

TheDoctor

Haven't been on here much recently, trying to keep the head down and study away, but good luck to everyone next week.

House of Wolves

littlemiss123 wrote: »

Does anyone has a list of important recent news stories that we could use as 'real world' examples? e.g. recent mergers, recent fraud cases etc

I just had a quick flick through the ft this morning (for the first time) and noted down some relevant stuff.

Some topics I noted were
1. Burger King and Tim hortons takeover
2. Brand - Malaysia Airlines
3. Product launch - I watch and demand by investors for it
4. Finance - bankers bonuses double the rate of uk workforce
5. Market penetration - Ryanair launches business lite
6. Tax - Beps

maninblack

Mark1916 wrote: »

Problem solving and the FAE actually has a pretty decent chapter on planning!

Just had a flick through this. Derry recommends 50 mins TOTAL for reading and planning on page 34 :eek:

That's impossible IMO, I'd barely have the thing read and maybe 1/2 indicators planned at that time. I'm sticking with 90 mins for reading/planning myself!

littlemiss123

maninblack wrote: »

Just had a flick through this. Derry recommends 50 mins TOTAL for reading and planning on page 34 :eek:

That's impossible IMO, I'd barely have the thing read and maybe 1/2 indicators planned at that time. I'm sticking with 90 mins for reading/planning myself!

Funny, I just had a flick of the book myself earlier and was shocked too when I saw the 50 minutes!! B*****ks to that!! I will definitely be giving planning between an hour and a half and 2 hours!

littlemiss123

House of Wolves wrote: »

I just had a quick flick through the ft this morning (for the first time) and noted down some relevant stuff.

Some topics I noted were
1. Burger King and Tim hortons takeover
2. Brand - Malaysia Airlines
3. Product launch - I watch and demand by investors for it
4. Finance - bankers bonuses double the rate of uk workforce
5. Market penetration - Ryanair launches business lite
6. Tax - Beps

Thanks House of Wolves!

Aidodub87

House of Wolves wrote: »

I just had a quick flick through the ft this morning (for the first time) and noted down some relevant stuff.

Some topics I noted were
1. Burger King and Tim hortons takeover
2. Brand - Malaysia Airlines
3. Product launch - I watch and demand by investors for it
4. Finance - bankers bonuses double the rate of uk workforce
5. Market penetration - Ryanair launches business lite
6. Tax - Beps

In my opinion how is any of that relevant to a specific case study that will come up? Remember that's one of the comments that the FAE board report gives is that people don't link it to the case study... Just my thought

Dellboy2007

suref wrote: »

Fr first, followed by mgt and then bl. Gonna need 2/3 c's approx depending on aafrp in fr and approx 3 c's in bl.

No way on planet earth that 75% of people get 3 C's in either PM or BL, whether you're only on about just to be safe or not.

littlemiss123

Aidodub87 wrote: »

In my opinion how is any of that relevant to a specific case study that will come up? Remember that's one of the comments that the FAE board report gives is that people don't link it to the case study... Just my thought

It would just be a quick one line mention if something similar came up in the case study e.g. "...as seen in the Burger King takeover of Tim Hortons". Just to show you are aware of real life business situations and how all this 'theory' relates. Even though I clearly don't have an awareness seen as I had to rely on House of Wolves :p

Each to their own what you think is important for the exam or not.

House of Wolves

Aidodub87 wrote: »

In my opinion how is any of that relevant to a specific case study that will come up? Remember that's one of the comments that the FAE board report gives is that people don't link it to the case study... Just my thought

True, obviously wouldn't be talking about human resources and say something about dogs in google. Can be useful to tie in some real world to add value though.

1. Burger King and Tim hortons takeover - reason for takeover linked to tax and scrutiny of US government. If planning international takeover, factors to consider and tax planning crucial.
2. Brand - Malaysia Airlines - can be linked to the importance of customer perception, maybe be difficult to tie in, but could state that poor brand image can lead to poor sales as seen in x
3. Product launch - I watch and demand by investors for it, product development cycle, the need for new products, cant just have cash cows (BCG matrix)
4. Finance - bankers bonuses double the rate of uk workforce, question on ethics and pay of bankers
5. Market penetration - Ryanair launches business lite, keep in mind profit margins of different customer segments.
6. Tax - Beps, very topical, and should be mentioned if discussing any kind of tax regime.

Aidodub87

House of Wolves wrote: »

True, obviously wouldn't be talking about human resources and say something about dogs in google. Can be useful to tie in some real world to add value though.

1. Burger King and Tim hortons takeover - reason for takeover linked to tax and scrutiny of US government. If planning international takeover, factors to consider and tax planning crucial.
2. Brand - Malaysia Airlines - can be linked to the importance of customer perception, maybe be difficult to tie in, but could state that poor brand image can lead to poor sales as seen in x
3. Product launch - I watch and demand by investors for it, product development cycle, the need for new products, cant just have cash cows (BCG matrix)
4. Finance - bankers bonuses double the rate of uk workforce, question on ethics and pay of bankers
5. Market penetration - Ryanair launches business lite, keep in mind profit margins of different customer segments.
6. Tax - Beps, very topical, and should be mentioned if discussing any kind of tax regime.

What's the Beps one?

House of Wolves

Its the OECD initiative called Base Erosion Profit Shifting.

"Action Plan on BEPS seeks to ensure there is alignment between taxation and the relevant substance that creates economic value. It recognises that globalisation, combined with increasingly-complex operating models in particular the growth of the digital economy, has opened up opportunities for companies to greatly minimise their tax burden".

Basically its calling for more transparency around tax affairs, prevent treaty abuse, limit harmful tax practices, align tp with value creation etc. Ireland is complying with it.

Just stating something like "The company should consider the implications of the OECD report on Base Erosion profit Shifting before proceeding with this tax structure/transfer pricing arrangement" would add value I think.

20 Times 20 Times

Good luck to everyone!

maninblack

littlemiss123

I think I have hit the wall! I literally cannot focus or do any more!

vnervous

I'm exactly the same....feel like my Brain is caving in...

The more I read over stuff the more foreign my own notes are becoming.

maninblack

Yeah, I'm in the same boat. Alarm went off at 8am this morning and I was just so not interested. Slept in til 11

Only doing some light work like tabbing and looking over 1/2 IAS's now. Probably just pack my bag tomorrow and chill out for the day tbh. Doing anything strenuous or stressful now is counterproductive

R0N BURGUNDY

Bit of exercise and not too much jerking off mates if you need to give yourself a wee boost! Stuck at a desk for too long can fcuk u up

Dellboy2007

R0N BURGUNDY wrote: »

Bit of exercise and not too much jerking off mates if you need to give yourself a wee boost!

Why would I be jerking off my mates?

ashmcg9

Have been quite distracted with the football this weekend, delighted Donegal have won (even though I'm from Mayo). I thought of the FAEs at the end when Jim McGuiness said "You just have to believe you can win". We just need to do our best and that's all we can do! Best of luck to everyone!

IR1SH RANG3R

ashmcg9 wrote: »

Have been quite distracted with the football this weekend, delighted Donegal have won (even though I'm from Mayo). I thought of the FAEs at the end when Jim McGuiness said "You just have to believe you can win". We just need to do our best and that's all we can do! Best of luck to everyone!

Great to see the result today, and I'm from mayo too been distracted by ye football all weekend :P

myshirt

Dellboy2007 wrote: »

Why would I be jerking off my mates?

I always wondered...

Dellboy2007

It's ironic that when you type fae into google one of the suggested searches is "faecal matter".

On that note, I'll say goodbye. I won't leave with any cheesy quotes but I will say that I hope things go right for you on the day, that seems to be what these exams demand.

And remember, YOLO.

myshirt

Best of luck to everyone.

Keep your composure.

littlemiss123

I still feel so unprepared....

Anyone else feel they haven't done enough 'calculation' questions? I have been spending most of my time on theory.

IR1SH RANG3R

littlemiss123 wrote: »

I still feel so unprepared....

Anyone else feel they haven't done enough 'calculation' questions? I have been spending most of my time on theory.

The exam is going I be mostly theory, we don't have the time to do very complex calculations, instead we'll be given the outcome of these calcs and are expected to understand what they mean and apply them to theory or perhaps simple calcs to give more meaningful information

Dreaming of sunshine

IR1SH RANG3R wrote: »

The exam is going I be mostly theory, we don't have the time to do very complex calculations, instead we'll be given the outcome of these calcs and are expected to understand what they mean and apply them to theory or perhaps simple calcs to give more meaningful information

Totally agree - but if there's numbers make sure you use them, that was my biggest downfall in the mocks because I tend to avoid them, I'm more of a theory person.

I honestly don't think you can ever feel prepared, it's all about going in with the right attitude, firstly expect it to be bad and then you won't panic when something outrageous comes up you'll just say to yourself well this is a pain in the ass indicator but I'm going to give it my best shot and not freak out - sometimes just forming some form of logical response might be enough as everyone around you will be freaking out too!!

Secondly, just throw everything you have at it, you've put the work in and you know you deserve to get over the line so keep calm and you will, we all will!

Finally, just keep flicking through your folders to remember where everything is because that's what will be key on the day.

I really do think, your attitude will come across in your writing so if you go in with a defeatist attitude, it will show. Go in confident, you know what you're doing!

Philip1988

Anybody any mapping documents for the all the cases?

littlemiss123

Dreaming of sunshine wrote: »

Totally agree - but if there's numbers make sure you use them, that was my biggest downfall in the mocks because I tend to avoid them, I'm more of a theory person.

I honestly don't think you can ever feel prepared, it's all about going in with the right attitude, firstly expect it to be bad and then you won't panic when something outrageous comes up you'll just say to yourself well this is a pain in the ass indicator but I'm going to give it my best shot and not freak out - sometimes just forming some form of logical response might be enough as everyone around you will be freaking out too!!

Secondly, just throw everything you have at it, you've put the work in and you know you deserve to get over the line so keep calm and you will, we all will!

Finally, just keep flicking through your folders to remember where everything is because that's what will be key on the day.

I really do think, your attitude will come across in your writing so if you go in with a defeatist attitude, it will show. Go in confident, you know what you're doing!

Thanks for the encouragement! I don't know about the rest of you but I know I would be lost if I didn't have boards to bounce ideas of/share my emotional breakdowns/vent my frustration!

No matter how s**t it is now or how fed up I am, come Friday 21 November hopefully it'll will all have been worth it and we can consider ourselves free!

donnem33

are people bringing in many folders with them? i have 4 but i dont know if that is too many?

littlemiss123

donnem33 wrote: »

are people bringing in many folders with them? i have 4 but i dont know if that is too many?

I have 5 of the small ring binder folders, they are my key exam folders with my important reference folders that will be on my desk for the whole exam. Then I am bringing in 5 lever arch folders which are my back up folders, then I am bring in most of my text book!

Mark1916

donnem33 wrote: »

are people bringing in many folders with them? i have 4 but i dont know if that is too many?

One main folder with summary notes then an audit folder and tax folder and then have an FR folder with Derry cotter notes and disclosures and Kerry group accounts

donnem33

Mark1916 wrote: »

One main folder with summary notes then an audit folder and tax folder and then have an FR folder with Derry cotter notes and disclosures and Kerry group accounts

you bringing in previous exam and mock solutions aswell?

Mark1916

donnem33 wrote: »

you bringing in previous exam and mock solutions aswell?

I'll take in the mock solutions just have an A4 page with a summary of what's in them! With regards previous exam papers I don't think I'll bother

littlemiss123

Mark1916 wrote: »

I'll take in the mock solutions just have an A4 page with a summary of what's in them! With regards previous exam papers I don't think I'll bother

I'll be bringing in the FAE self study pack too cos I have them tabbed with some of the key points, they could be handy if I'm really stuck!

m1ck007

In about 92 hours this will all be over.

Abbey14

Philip1988 wrote: »

Has anybody any mapping file put together for Exam and Mock papers? Thanks

Philip1988 wrote: »

Anybody any mapping documents for the all the cases?

I do but I can't upload it here. PM me your e-mail and I can send it onto you.

TheDoctor

Happy last day of study guilt!

Mark1916

TheDoctor wrote: »

Happy last day of study guilt!

Finally, don't plan on doing anything major today just a bit of sorting out folders and look over one or two things and that will be me!

TheDoctor

Going to read a few IASs and do one or two questions

Handy day today