FAE 2018

fishy_fishy

So, here we go... Book collection for the AAFRP next weekend.

Anyone else struggling to decide on an elective? I work in audit but I can't see myself staying there beyond training contract, and think the material in APM is just more interesting than the Audit elective. Such a difficult decision though, and I don't want to pick one and be regretting it this time next year.

Jsmac67

fishy_fishy wrote: »

So, here we go... Book collection for the AAFRP next weekend.

Anyone else struggling to decide on an elective? I work in audit but I can't see myself staying there beyond training contract, and think the material in APM is just more interesting than the Audit elective. Such a difficult decision though, and I don't want to pick one and be regretting it this time next year.

Doing FAEs this year, starting Tuesday, and sitting the audit elective. Personally I think k the audit elective is much more approachable than the others if you work in audit year round. Alot of the more complex scenarios that arise in the elective you will be vaguely familiar with from work, so I found anyhow.

It might not be the most interesting but at the end of the day it's all about getting through the exams and out the other side. I'd recommend audit unless you're specifically interested in another and have good knowledge of the area.

ACASlayer

Work in audit and have to do the Audit one myself. Looking forward to the AAFRP, managed to place no problem in CAP2 so hopefully these go as well as them.

fishy_fishy

The thing about the audit elective is I work in funds audit so I'm not convinced the stuff on the elective actually is stuff I see day to day. The pass rate is hit and miss with it as well. Some years financial services do well in the audit elective, but some years they do very badly. A big thing for me is that I have no intention of staying in audit - once my contract is done I'm out. Hence I'm thinking of APM..

ACASlayer

fishy_fishy wrote: »

The thing about the audit elective is I work in funds audit so I'm not convinced the stuff on the elective actually is stuff I see day to day. The pass rate is hit and miss with it as well. Some years financial services do well in the audit elective, but some years they do very badly. A big thing for me is that I have no intention of staying in audit - once my contract is done I'm out. Hence I'm thinking of APM..

Then do APM? No point asking if you know what you want to do.

fishy_fishy

ACASlayer wrote: »

Then do APM? No point asking if you know what you want to do.

Eh what's with your attitude? I didn't actually ask you what I should do, I was just asking a general question of whether anyone else was trying to decide!

And if it was as simple as "do what appeals more" then it wouldn't be such a tough decision. There's a "choice" in work but a lot of pressure to do audit.

ACASlayer

fishy_fishy wrote: »

ACASlayer wrote: »

Then do APM? No point asking if you know what you want to do.

Eh what's with your attitude? I didn't actually ask you what I should do, I was just asking a general question of whether anyone else was trying to decide!

And if it was as simple as "do what appeals more" then it wouldn't be such a tough decision. There's a "choice" in work but a lot of pressure to do audit.

No attitude, just that you seem to have a dilemma over a very fictional problem. If there's a choice, choose what you want to do most, because at the end of the day once you're Chartered it doesn't matter what your elective is. However, if there's not really a choice but just the idea that there is one, I'd discuss it with your manager and see if you're able to do APM and if so, do that. If there's a strong push to do Audit, then I'd do it. 
You've obviously done really well in Audit in the past at CAP2 level, so you'll be able to do the same here. I don't have an attitude, just trying to help you see that the "tough decision" will end up in the same result regardless - you doing well.
Just because someone doesn't agree doesn't mean they're being rude.

OttoPilot

Did a masters last year and got two Cs in each audit module. In comparison I got As in finance and management accounting modules and my primary degree is in finance, so I'm guessing APM is best for me in terms of passing?

jus_tin4

OttoPilot wrote: »

Did a masters last year and got two Cs in each audit module. In comparison I got As in finance and management accounting modules and my primary degree is in finance, so I'm guessing APM is best for me in terms of passing?

Sitting fae currently. APM is a mix of finance,management and business leadership/business sense. Audit would give you more scope I think once you finish and want to move/change but at the end if it's about passing the exams. Do what you think you can do well in. Only down side is if you don't do audit no audit cert.

OttoPilot

jus_tin4 wrote: »

Sitting fae currently. APM is a mix of finance,management and business leadership/business sense. Audit would give you more scope I think once you finish and want to move/change but at the end if it's about passing the exams. Do what you think you can do well in. Only down side is if you don't do audit no audit cert.

Yeah I've only just heard about this audit cert thing and I've already picked APM. Does anyone know how long/much the CPD course is post qualification to get the cert? Kinda wish this was made more clear before I made my choice. I'm unlikely to stay in audit but I don't want to close off the option unnecessarily.

jus_tin4

OttoPilot wrote: »

Yeah I've only just heard about this audit cert thing and I've already picked APM. Does anyone know how long/much the CPD course is post qualification to get the cert? Kinda wish this was made more clear before I made my choice. I'm unlikely to stay in audit but I don't want to close off the option unnecessarily.

Think you can still change if you want to. If your getting audit experience and are okay with audit exams then I would say do audit

Jcarver

Hi all so I've picked up my books for the AAFRP and want to get ahead start on the study as I will be missing some weeks in November.

Anybody have suggestions on how to approach the study?
For starters I have:
Read through the Competency Statement for 2017/18
Read through Examiner Report for CAP2 Summer 17
Glanced through past exam papers for AAFRP
Attempted sample questions in the toolkit

jus_tin4

Jcarver wrote: »

Hi all so I've picked up my books for the AAFRP and want to get ahead start on the study as I will be missing some weeks in November.

Anybody have suggestions on how to approach the study?
For starters I have:
Read through the Competency Statement for 2017/18
Read through Examiner Report for CAP2 Summer 17
Glanced through past exam papers for AAFRP
Attempted sample questions in the toolkit

Focus on interim! use the AAFRP book! Get a c and will leave the main easier!

OttoPilot

Does anyone know where the past and sample aafrp papers are on the website? Can't find them at all...

fishy_fishy

Has anyone collected books yet? Seems very slow.

OttoPilot

fishy_fishy wrote: »

Has anyone collected books yet? Seems very slow.

I collected mine last weekend

AtticusFinch86

I sat the FAE recently so thought I'd give some general tips.

The FAEs are actually, technically, not too hard. The problem with them is the sheer volume of information you feel you need to know, that's what makes them difficult, In truth though, you don;t need to know as much as you think you do, but that doesn't become obvious until you start practising some exam questions (i.e. towards the tail end of the year).

I think the important thing with the FAEs is to get a study structure in place. Go through the CAP 2 stuff and the CAP 1 (Tax and Mgmt Acc stuff only) before xmas and then focus on the FAE case studies. It's important to bear in mind that the FAE exams are nowhere near as difficult, in technical terms, as the CAP 2 exams. You are not required to be able to answer the questions in anywhere near as technical a level (although the elective can be quite technical) . For all 6 of the main subject areas, you should broadly try to understand each area and practice the case studies. Get some notes written up that you can scan through regularly (these should broadly discuss/describe the main areas of each subject. Lists are also very helpful e.g. SWOT, KPI, PESTEL lists, etc. ).

The key to the FAE Core is to broadly understand each of the main areas and then apply that understanding to the case study. This will come mainly from getting familiar with the cases you're given throughout the year (Steps Cases, ICD cases, Past exams, mocks, etc.).

I found that the ICD cases were the hardest cases to do, followed by the mocks, then the Steps cases and then the past exam papers. Don't get disheartend by the ICD's, they are deliberately 20-30% harder than the final exams.

I'd also advise that, as you're practising cases, you quicky write up a summary of the case, the key "asks" and a summary solution. I found these invaluable in the weeks running up to the exam as they allowed me to quickly scan the "key ask" and how that "ask" could be tackled. In the last week of the exam, I had 20-30 summarised cases and solutions I could just scan through and familiarise myself with.

Start studying early, but do it in small bit size chunks, it'll make your life a lot easier. Use your time wisely and study in a way that suits you. If that means attending minimal lectures, then so be it. Personally, I only attended the lectures I was obligated to attend (5 of the 7 ICD days - In fairness, the first 1-2 were useful for exam technique, after that, I was only going because I was told I had to).Again, same for the mocks, I wouldn't worry too much about attending them if you think you can be more productive with the time at home.

In summary, the key is to get some good summary notes together and to practice case studies from about April onwards. If you put in the time, the exams themselves are not overly difficult. In terms of your actual exam approach on the day, the planning phase is absolutely crucial (IMO). You should spend the first 15-20 minutes reading the question and highlighting the 8 indicators, the next 20-25 minutes should be spent re-reading the question and linking the information to each of the 8 indicators. The more questions you do, the more you will hone your technique. I had some notes floating about in another thread that some of you might find useful (although some of the tax notes may be slightly outdated)..

The J Stands for Jay

I just got the addendum to the audit textbook. Am I crazy to consider cutting the pages out of the text and replacing them with the updated sections from the addendum?

What's everyone else thinking of doing?

Humour Me

Just put the addendum on your file, by the time the exams come around you will have all of your notes on files and will only be using the text book as a backup.

BIGKID2

i would really advise anyone to do APM, you are already studying most of the relevant things in finance and management and it just requires general business knowledge after that. i just passed my core and apm and i am happy to post all my APM notes and core notes if anyone would like, getting your folders organised early is the best way too bee prepared

Melon head

Anyone have Dublin tax elective timetable?

fishy_fishy

Timetables are all online. I think tax is listed on them as ATE.

ACAguy

how is anyone getting on with AAFRP? I only go my results last Friday and thought i had failed sfma so hadn't start anything yet so cracking into it this weekend. 
Does everyone realise it is worth a lot more this year than in previous year?

VelvetVicks

Is anyone here doing the Distance program? I received the email this morning re the new timetables being updated. Am I to believe that the dates are correct and the first two ICD days are 19th Dec & New Years Day!!?

shanmo

So day 1 at trying to study for Aarfp and it's not going well, or going any where at all for that matter.

Has anybody got any good tips, notes, summaries, etc that might help please?

The J Stands for Jay

shanmo wrote: »

So day 1 at trying to study for Aarfp and it's not going well, or going any where at all for that matter.

Has anybody got any good tips, notes, summaries, etc that might help please?

I'm using my standards notes from the CAP2 exam, updated with stuff from the FR lectures along with BDO's IFRS at a glance (can't believe I've never looked at these before).

Struggling to study too. I think this exam is just too early in the academic year. After the Summer I'm struggling to remember if debits are the right or the left...

shanmo

McGaggs wrote: »

I'm using my standards notes from the CAP2 exam, updated with stuff from the FR lectures along with BDO's IFRS at a glance (can't believe I've never looked at these before).

Struggling to study too. I think this exam is just too early in the academic year. After the Summer I'm struggling to remember if debits are the right or the left...

Thanks for your reply.

Ya I have some of my Cap 2 notes but I just can't get anything to click. I just struggle with the whole journal entry concept and application of the standards.

I feel I should know the stuff but I just can't put anything in to practice!

I probably should have started trying sooner. No motivation right now.

The J Stands for Jay

shanmo wrote: »

Thanks for your reply.

Ya I have some of my Cap 2 notes but I just can't get anything to click. I just struggle with the whole journal entry concept and application of the standards.

I feel I should know the stuff but I just can't put anything in to practice!

I probably should have started trying sooner. No motivation right now.

I am exactly the same, but managed to make a bit of a start a little earlier.

shanmo

McGaggs wrote: »

I am exactly the same, but managed to make a bit of a start a little earlier.

Hopefully, tomorrow I'll make a break through but not holding out hope. Need more journal specific guidance.

Good luck with it anyway

pixie11123

shanmo wrote: »

So day 1 at trying to study for Aarfp and it's not going well, or going any where at all for that matter.

Has anybody got any good tips, notes, summaries, etc that might help please?

I found the questions at the start of the toolkit are much harder than the past papers. I thought I was going nowhere and had no chance until I got a few of the past papers done

The J Stands for Jay

pixie11123 wrote: »

I found the questions at the start of the toolkit are much harder than the past papers. I thought I was going nowhere and had no chance until I got a few of the past papers done

That's reassuring.

AtticusFinch86

The toolkit is definitely harder than the past papers. Although the questions are quite technical in the exam itself, the toolkit questions are about 30-40% more difficult than the exams. There's no reason that, with the right prep, you can't bring a competent into the main exam. The key is to prepare well, practice papers and to keep calm on the day. Getting stressed will just cloud your mind and cause you to panic and make mistakes.

thefox1982

AtticusFinch86 wrote: »

The toolkit is definitely harder than the past papers. Although the questions are quite technical in the exam itself, the toolkit questions are about 30-40% more difficult than the exams. There's no reason that, with the right prep, you can't bring a competent into the main exam. The key is to prepare well, practice papers and to keep calm on the day. Getting stressed will just cloud your mind and cause you to panic and make mistakes.

I don't mean to scare anyone, but I reckon that they made the questions in the toolkit hard as they reflect the level that will be in the exam, in particular section 1. I say this as the markings have changed for question one as they are giving you credit for your workings and not just the end result. This makes me think that this section will be harder than previous exams.

Best of luck to everyone tomorrow.

Brownbread88

Yeah I was thinking that myself thefox1982 with the new marking scheme. But speaking to students who sat the exam last year apparently the Toolkit questions were much more difficult then too. So here’s hoping they won’t be overly difficult compared to prior year exams.

It would be a great boost if tomorrow goes well but at the end of the day if it does not we can make it back up next Summer

Best of luck to everyone.

shanmo

Good Luck!

The J Stands for Jay

Will they start serving behind the bar once they've collected all the exam papers?

fishy_fishy

Thoughts?

Seemed fair to me. Very PPE type standards heavy. Was glad to see the DB pension question on it, it's nice and straight forward. Would guess that most people will come away with a decent mark.

Any idea when results are out?

Galwaygal01

Didn't think the questions were the worst but timing was a huge problem for me. Always panic in these exams and made some very silly mistakes which is frustrating as I feel I put in a lot of work before this assessment but I think I'll be lucky to get 4/15% at this stage. Any idea how this will affect my overall mark? Is it still possible to pass FAE core with a really low mark in the AAFRP?

The J Stands for Jay

fishy_fishy wrote: »

Thoughts?

Seemed fair to me. Very PPE type standards heavy. Was glad to see the DB pension question on it, it's nice and straight forward. Would guess that most people will come away with a decent mark.

Any idea when results are out?

Very fair, and always great to see a DB question.

For the question with the incentive payment for taking a lease, does anyone know how that should have been dealt with? I just netted it off the finance charge.

fishy_fishy

Galwaygal01 wrote: »

Didn't think the questions were the worst but timing was a huge problem for me. Always panic in these exams and made some very silly mistakes which is frustrating as I feel I put in a lot of work before this assessment but I think I'll be lucky to get 4/15% at this stage. Any idea how this will affect my overall mark? Is it still possible to pass FAE core with a really low mark in the AAFRP?

Yeah it definitely is. If you got zero in the AAFRP you would need 59% in summer to pass, which is still very doable. Plus, now that it's gone to just sufficiency rather than needing 3 Cs in FR, I think it's easier to come back from a bad result in the interim.

As for the incentive thing... I have no idea how that should have been treated! I'm not even going to say what I did because it was just guesswork

GoldFour4

McGaggs wrote: »

Very fair, and always great to see a DB question.

For the question with the incentive payment for taking a lease, does anyone know how that should have been dealt with? I just netted it off the finance charge.

I put the incentive payment to deferred income. I then subtracted the incentive from overall lease commitment for the 4 years and then divided by 4. That's what the charge to P&L should be in each year. So thats the full rent payment (€5k I think?) being debited and then offset by the release of 1 years worth of the deferred income to the P&L to give an amount of €4,250 for the year for rental expense in p&l.

That could be completely wrong but thats what I did anyway!

fishy_fishy

malistheman wrote: »

I put the incentive payment to deferred income. I then subtracted the incentive from overall lease commitment for the 4 years and then divided by 4. That's what the charge to P&L should be in each year. So thats the full rent payment (€5k I think?) being debited and then offset by the release of 1 years worth of the deferred income to the P&L to give an amount of €4,250 for the year for rental expense in p&l.

That could be completely wrong but thats what I did anyway!

I did that too, but i was only guessing at it. Really wasn't sure what the right way to deal with it is.

The J Stands for Jay

malistheman wrote: »

I put the incentive payment to deferred income. I then subtracted the incentive from overall lease commitment for the 4 years and then divided by 4. That's what the charge to P&L should be in each year. So thats the full rent payment (€5k I think?) being debited and then offset by the release of 1 years worth of the deferred income to the P&L to give an amount of €4,250 for the year for rental expense in p&l.

That could be completely wrong but thats what I did anyway!

I had that initially, but then I was thinking as it was unrefundable, it wouldn't be deferred income. I'm probably wrong, but I'm just interested in finding out the correct answer.

dublinjen

malistheman wrote: »

I put the incentive payment to deferred income. I then subtracted the incentive from overall lease commitment for the 4 years and then divided by 4. That's what the charge to P&L should be in each year. So thats the full rent payment (€5k I think?) being debited and then offset by the release of 1 years worth of the deferred income to the P&L to give an amount of €4,250 for the year for rental expense in p&l.

That could be completely wrong but thats what I did anyway!

This is the correct treatment

The J Stands for Jay

dublinjen wrote: »

This is the correct treatment

And it being nonrefundable means of the lease is cancelled, then the deferred income balance is released to p&l. D'oh!

The J Stands for Jay

If anyone feels bad about needing up a question, just remember it doesn't actually matter. Assuming madness are assigned in the same proportion as the recommend time, section 2 carried the most marks. Getting no marks for one of those questions means you miss out on 1.725% overall

pixie11123

Does anyone know when the results will be released?

Paper was straightforward, no big issues.

cgal17

pixie11123 wrote: »

Does anyone know when the results will be released?

Paper was straightforward, no big issues.

Results are released the 16th of February. Its a long wait

dublinjen

McGaggs wrote: »

And it being nonrefundable means of the lease is cancelled, then the deferred income balance is released to p&l. D'oh!

McGaggs wrote: »

If anyone feels bad about needing up a question, just remember it doesn't actually matter. Assuming madness are assigned in the same proportion as the recommend time, section 2 carried the most marks. Getting no marks for one of those questions means you miss out on 1.725% overall

^ this. You'd have half the marks for getting the accounts and the DR/CR right

Mckay66

Happy new year everyone! Now that the AAFRP is out of the way it's time to knuckle down again i guess!

I've been having a look at the Core Tax Assignment that's due on the 11th January trying to get back in to the swing of things.
Due to having to repeat some of the Cap 2's a number of times, it's actually been quite some time since I have looked at tax. I was hoping someone on here would be able to provide me with some useful guidance on how to approach this assignment.
Any help at all to ensure I am on the right path would be greatly appreciated as i'm finding it a bit difficult to know where to start with it. I'm assuming there is more than one tax involved? Thanks.

fishy_fishy

Mckay66 wrote: »

Happy new year everyone! Now that the AAFRP is out of the way it's time to knuckle down again i guess!

I've been having a look at the Core Tax Assignment that's due on the 11th January trying to get back in to the swing of things.
Due to having to repeat some of the Cap 2's a number of times, it's actually been quite some time since I have looked at tax. I was hoping someone on here would be able to provide me with some useful guidance on how to approach this assignment.
Any help at all to ensure I am on the right path would be greatly appreciated as i'm finding it a bit difficult to know where to start with it. I'm assuming there is more than one tax involved? Thanks.

What assignment is this?

I'm seeing a cross marking workshop on the 11th (moved from the 10th)