FAE September 2014

Whiplash85 · 05-09-2014 10:58am

I convinced myself I failed last year. I can never remember being so deflated and despondent. I would have given myself a 1 in 5 chance of passing. As usual the post mortem was carried out, I went on boards to compare answers, rang my friends. The consensus with the indicators and answers did not bold well for me. Anyway I got a yellow in BL and PM and just scraped over the line. The pass rate is 70 - 75% for the core. If you leave yourself a fighting chance and cover 90% of the indicators you have a right chance.

BigMawn12 · 05-09-2014 11:01am

Feel like I've done better in core than before. Think my finance was good. Audit and IMP dodgy enough but hopefully yellows. Tax prob a bit dodgy too so hopefully a yellow there as well. Left out some FR re IAS 37 but did good enough in the adjustments re IAS 18 & stock plus have a C in AAFRP. Thought my strategy & BL were good. Please everyone have done ****e and they just have to pass if you made a half decent effort lol

So green finance & BL
Yellow rest

2 greens and 4 yellows = pass. Please god.

How you're judged on pass or fail is so subjective.

Think I've messed up APM again. Ah well..

PhilipLuke · 05-09-2014 11:16am

What date are the results out?

iwishihadaname · 05-09-2014 11:30am

Whiplash85 wrote: »

I convinced myself I failed last year. I can never remember being so deflated and despondent. I would have given myself a 1 in 5 chance of passing. As usual the post mortem was carried out, I went on boards to compare answers, rang my friends. The consensus with the indicators and answers did not bold well for me. Anyway I got a yellow in BL and PM and just scraped over the line. The pass rate is 70 - 75% for the core. If you leave yourself a fighting chance and cover 90% of the indicators you have a right chance.

Deflated and despondent is exactly how I feel right now. After all the work put in feel like I didnt do myself justice in the exam. But maybe there's some hope yet.

iwishihadaname · 05-09-2014 11:32am

PhilipLuke wrote: »

What date are the results out?

21st November I think.

Saint Sonner · 05-09-2014 11:45am

Just occurred to me this is the first year in a few I haven't been involved in FAE thread - Passed last year and just to let you know the only time I though I did well in the exams I failed it all and the time when I thought I did the worst I actually passed!!

So don't be too down if it didn't go your way - you might pass yet. I honestly believe a lot of it is to do with pot luck!

go léir na folks is fear

autumnbelle · 05-09-2014 11:48am

Please respond to the cassi survey with all issues you had that's our only way to get feedback listened to

zathan · 05-09-2014 12:00pm

BigMawn12 wrote: »

Think I've messed up APM again. Ah well..

What did you think of APM yesterday? Boards very quiet on it!

iwishihadaname · 05-09-2014 12:03pm

zathan wrote: »

What did you think of APM yesterday? Boards very quiet on it!

I thought it was a fair paper, you?

BigMawn12 · 05-09-2014 12:10pm

Thought the Sim about the bank was an absolute mare. Every time I was in the middle of writing something, I'd see something to contradict what I was writing. Needed a lot of planning to do it properly and I was trying to cut corners. Fail.

iwishihadaname · 05-09-2014 12:13pm

BigMawn12 wrote: »

Thought the Sim about the bank was an absolute mare. Every time I was in the middle of writing something, I'd see something to contradict what I was writing. Needed a lot of planning to do it properly and I was trying to cut corners. Fail.

Don't you only need to do well in most indicators? You still have the other Sims to pick you up.

m1ck007 · 05-09-2014 12:16pm

Thought the apm paper was open to interpretation

Nermal · 05-09-2014 12:20pm

On APM I found the Bangladesh factory one the hardest. I left it till last, and wasn't really clear about what the options were until halfway through the damn thing. I had calculated an NPV for opening the factory, and was all set to conclude it was a great idea, then saw that not opening it was a viable option too, and actually turned out to have a better NPV. A surprise in the middle of answering something is the worst feeling in one of these exams, it can really throw you.

Another little thing was the switch from 'we' to 'you', two of the sims you were internal and in one you were a consultant. Led to a bit of panic crossing out...

BigMawn12 · 05-09-2014 4:16pm

I thought Bangladesh was a better NPV by about £7m? Probably talking complete momo.. Oh yeah - decided to go against their 10% usual method and use average bank borrowings of 6.5% or something. Don't know what I was at but it was too late to change course.

GraGra90 · 05-09-2014 5:34pm

Hey everyone, if ye haven't already done the survey please do it ASAP, we need it to be as representative as possible. It's open til Monday at 5 but we have to turn the report around by Tuesday to get it to the FAE Board before marking starts so would like to get it started this weekend - can't post the URL here but the link is on the CASS Ireland FB page.

CASSI will be publishing the report and the feedback received from CAI on our website hopefully by next weekend. Then we can all forget about it and live in hope til November!

ted2767 · 05-09-2014 7:17pm

Well done on completing the gruelling marathon that is the FAEs.

I'd advise you all to try avoiding post mortems, it'll only wreck your heads and leave you deflated.

You're really better off just enjoying a well earned holiday and putting the exams to bed until November if you can.

TheDoctor · 05-09-2014 8:58pm

So any predictions for FAE 2015 paper?

Aidodub87 · 05-09-2014 9:18pm

TheDoctor wrote: »

So any predictions for FAE 2015 paper?

Consolidation

bikeman1 · 06-09-2014 1:10pm

Hi,

Here is the link for the survey. I filled it out. If you have a problem, fill this out. No point moaning here or elsewhere if you have not filled it out.

https://www.surveymonkey.com/s/2NFDTTP

fae2014. · 09-09-2014 8:19pm

hi all.

I was hoping some one might be able to help me, last week during one of the exams, about 20 mins to go I received some devasting news about a friend and while I tried to block it out for the duration of the exam, i felt I messed up. Should I mention it this to de institute or wait until the results.

Any info/adivce is much appreciated!

Dreaming of sunshine · 09-09-2014 8:35pm

fae2014. wrote: »

hi all.

I was hoping some one might be able to help me, last week during one of the exams, about 20 mins to go I received some devasting news about a friend and while I tried to block it out for the duration of the exam, i felt I messed up. Should I mention it this to de institute or wait until the results.

Any info/adivce is much appreciated!

Sorry to hear that

Yes definitely contact the institute...you only have a window of about 7 days after the exam so contact them first thing tomorrow to let them know. waiting until results is far too late dont do that. Hope you're ok!

TooLate · 09-09-2014 10:15pm

fae2014. wrote: »

hi all.

I was hoping some one might be able to help me, last week during one of the exams, about 20 mins to go I received some devasting news about a friend and while I tried to block it out for the duration of the exam, i felt I messed up. Should I mention it this to de institute or wait until the results.

Any info/adivce is much appreciated!

Sorry to hear that, but if you are maybe say that you heard just before the exam, cos if say you got it by txt during the exam may not look too good!!

20 Times 20 Times · 09-09-2014 11:01pm

fae2014. wrote: »

hi all.

I was hoping some one might be able to help me, last week during one of the exams, about 20 mins to go I received some devasting news about a friend and while I tried to block it out for the duration of the exam, i felt I messed up. Should I mention it this to de institute or wait until the results.

Any info/adivce is much appreciated!

You checked your phone with 20mins to go in your exam ? Sorry for your loss, I hope everything works out ok for you. I would if i was you be careful how you phrase this to ACA.

fae2014. · 09-09-2014 11:14pm

Thanks for all your replies. Yes I received the text late but we were not allowed into the exam hall at the time. Tbh if we were allowed in sooner, I would not have received. Thanks for all your replies.

autumnbelle · 10-09-2014 9:44am

I would definitely let them know, it was before you went into the exam? If so tell them. But as far as I know you only had a week to let them know about circumstances

Dreaming of sunshine · 10-09-2014 8:25pm

20 Times 20 Times wrote: »

You checked your phone with 20mins to go in your exam ? Sorry for your loss, I hope everything works out ok for you. I would if i was you be careful how you phrase this to ACA.

I think it was 20 minutes to go until the exam started not until it ended!!

20 Times 20 Times · 11-09-2014 9:10am

Any word on the CASSI report ?

iwishihadaname · 11-09-2014 9:03pm

Anyone else missing their daytime naps now they're back at work?

m1ck007 · 11-09-2014 11:19pm

You couldnt really fail on imp, cud u ??

GraGra90 · 12-09-2014 7:54am

20 Times 20 Times wrote: »

Any word on the CASSI report ?

The final version went to the FAE Board yesterday. We got an incredible 614 responses so it meant we had a lot to go on but it also meant it took a little extra time to make sure it was the best possible advocacy for students and that we were highlighting the major issues. Most people had very similar issues.

We have to do up our feedback report from our meeting with CAI and they'll both be posted on the website soon - I'll post here to let ye know when they're up!

GR3YFOXXX · 12-09-2014 11:20am

GraGra90 wrote: »

The final version went to the FAE Board yesterday. We got an incredible 614 responses so it meant we had a lot to go on but it also meant it took a little extra time to make sure it was the best possible advocacy for students and that we were highlighting the major issues. Most people had very similar issues.

We have to do up our feedback report from our meeting with CAI and they'll both be posted on the website soon - I'll post here to let ye know when they're up!

I look forward to reading it. Was it pretty heavily focused on IMP?

GraGra90 · 12-09-2014 11:33am

IMP was definitely one of our main focus points and it was strongly communicated in the report and in our meeting with CAI.

The message is: Don't panic about what way you answered the issues, once you responded to the issues, all responses will be considered on merit i.e. doesn't matter if you tackled e-marketing as marketing or IMP once you gave a valid response - in reality with a client you would just deal with the situation and not question which area it covers so that thought process will apply to the marking.

20 Times 20 Times · 12-09-2014 2:37pm

Did many people or ANYONE else bring up the issue with the ethics of the post dating the invoices ?

Will we get the report before the weekend ?

GraGra90 · 12-09-2014 2:41pm

Plenty - don't worry you weren't alone there. A lot of students thought the same and felt the question was a bit ambiguous in the wording - that has been passed on as one of the major issues.

I'm not sure to be honest, I think it may well be next before we can release it but the one thing I will say is - don't panic - most of the issues people brought up were fairly widespread so you're likely not alone in them! Our report is very comprehensive and will hopefully help put your mind at rest until November! Will let you know once it's up. G

myshirt · 12-09-2014 3:05pm

GraGra90 - the report should be put up immediately, and unedited; without feedback or input from the institute.

It is absolute bullsh!t that the institute must effectively 'sign-off' on the report and wording before it can be released. You and I both know this is happening. CASSI need to be entirely independent and representative of students, the report needs to be posted unedited. And it needs to be posted without delay.

GraGra90 · 12-09-2014 3:30pm

Apologies you seem to have misunderstood somewhere along the line. The report is not being approved. The report is fully representative of students views and has in no way been signed off by the Institute - it is CASSI's report and will remain so.

We put a hell of a lot of work into the report this week to ensure it hits on the right points in the right way to best represent students to the FAE Board but there can be things we need to clarify and these points are raised at the meeting we had during the week e.g. where students say something hasn't been covered, CAI may show us where it is included in lecture notes. We need to ensure our report is accurate to ensure its integrity - we do not want incorrect things in there were the FAE Board will essentially fob them off. We aim to have an accurate, balanced, representative report.

We produce an additional report which shows the feedback we get from CAI in relation to the issues raised which we have yet to complete and we want to put them both up together to give the full picture.

GraGra90 · 12-09-2014 3:37pm

Update: I've just spoken to the Chair of CASSI and we have agreed to publish our own report without waiting to get the feedback report done up as people seem very anxious to get it. CAI feedback report will be out on Monday - I'll contact our PRO to publish the CASSI report on the website ASAP.

myshirt · 12-09-2014 3:40pm

Cheers Grainne

GraGra90 · 12-09-2014 3:46pm

It's now up online guys on the CASSI website under Education - I don't post here enough for Boards to allow me to post the link!

myshirt · 12-09-2014 3:47pm

Report now up courtesy of GraGra90's efforts

myshirt · 12-09-2014 4:05pm

Grainne - I am reading through it now as we speak.

Very good, and from my sense of things, quite representative.

I think in terms of the ring fencing of issues to each of the Super Six (was it IMP, was it not IMP, was it ethics, was it not ethics, etc) that they may re-iterate the point they have always made, which is that students should deal with the issues as they see them, and not try label them or go checking off the super 6.

This year, in my view, was very low on technical ability, and very high on your ability to cross-link indicators and give holistic advice. As much as they could, each indicator nearly demanded broad thinking across the super 6.

I think the point they make is fine, but if CASSI are broadly in agreement then maybe we can communicate to them that the point is taken, well understood, etc, etc, and we don't want to hear it again. The focus needs to be retained and directed towards them understanding student motivation in doing this, and also taking account of the fact that students will make judgements within a time pressurised environment.

I don't know did they test run these papers as well as they maybe could have... maybe yes, maybe no... the paper definitely made sense in the head of the person drafting it, but it is no good in his head; we needed it on the paper; picking it up cold in an exam environment was a challenge.

suref · 12-09-2014 4:20pm

Looking at the CASSI report, can't believe that venture capitalists letting a young director know of his responsibilities to shareholders is an audit indicator.

Was looking to build up my bl on the 2nd day and the competency statement notes for cg 'roles and responsibilities of those charged with governance'. Pretty annoyed at myself for going in depth to pick up bl when this is somehow audit - but hey, what's done is done

lydia123 · 12-09-2014 4:44pm

I'm the same suref, still can't believe that was an audit indicator. I was actually staying pretty calm since the exams, saying what will be will be and what is done is done and all that jazz. But I think I feel worse now than I did this time last week! Roll on 5.30...

myshirt · 12-09-2014 4:44pm

Just got back to finishing that report off...

Well done to the education team, there was clearly a significant effort put in. I think the tone is good; it's genuine; it's honest; and that is critical.

Students clearly have a self interest in this contributing to a successful outcome - the board are no doubt aware of that. Past cohorts of students who went on to do dodgy audits of high profile banks may have chanced their arm in similar type CASSI reports 10-15 years ago. But I think what shines through here in our turn is sincerity and proper constructive feedback, and that is great. That is top level ethical practice as it is.

I was thinking though, in true FAE spirit, maybe the report could have been improved by having clear concise conclusions and recommendations at the front :pac:

I joke of course.

Well done to the education team.

20 Times 20 Times · 12-09-2014 4:46pm

edit

myshirt · 12-09-2014 4:55pm

20 Times 20 Times - I just want to caveat that I personally did not take the Audit paper, but I have heard similar concerns.

My view on the CASSI report is positive - significant effort put in there compared to prior years. Somethings I wish I could reword; somethings I wish I could put it; but that's just me; one candidate. As a student body, it's representative, it's fair, so I believe. That's my personal sense of it.

myshirt · 12-09-2014 5:12pm

lydia123 wrote: »

I'm the same suref, still can't believe that was an audit indicator. I was actually staying pretty calm since the exams, saying what will be will be and what is done is done and all that jazz. But I think I feel worse now than I did this time last week! Roll on 5.30...

Try not to feel worse.... whatever happens, you just pick yourself up, you dust yourself off, and you move on. There are very few people who couldn't pick something out of that exam on which to beat themselves up on.

Come 21 November, you are going to be amazed. Some people come out of those exams absolutely destitute and still pass. It is a very strange experience.

20 Times 20 Times · 15-09-2014 10:14am

Just for anyone else looking for the feedback from CAI in relation to the CASSI report its here - http://www.cassi.ie/wp/wp-content/uploads/2011/06/FAE-Feedback-Report-2014.pdf

If you don't wish to read it - it can be summed up as : This has been communicated to the FAE Board directly via the CASSI Report.

Soap_Soup · 15-09-2014 10:19pm

Just a general question on the CASSI report process.

Do CASSI have a bare bones mark scheme before they submit it, or have the Institute given them an outline of the indicators?

They've mentioned 'the indicator on ....' in a few areas where I would have thought we aren't yet sure that these definitely were the indicators.

An example being the audit elective 'other matters indicator'. I had been wondering if they were going to treat this as an indicator or a more general direction regarding the other indicators. Can we now take it that these were definite indicators, or is CASSI's guess as good as ours?

Sounds pedantic but I'm just interested.

GR3YFOXXX · 16-09-2014 9:30am

Soap_Soup wrote: »

Just a general question on the CASSI report process.

Do CASSI have a bare bones mark scheme before they submit it, or have the Institute given them an outline of the indicators?

They've mentioned 'the indicator on ....' in a few areas where I would have thought we aren't yet sure that these definitely were the indicators.

An example being the audit elective 'other matters indicator'. I had been wondering if they were going to treat this as an indicator or a more general direction regarding the other indicators. Can we now take it that these were definite indicators, or is CASSI's guess as good as ours?

Sounds pedantic but I'm just interested.

I'd imagine they are just speculating as to the indicators. Most of them were fairly readily identifiable, they are probably making a judgement call as to the rest.

FAE September 2014

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