Cap2 Questions

collegemum

I am contemplating going with the CAI and starting CAP2 study in October.

I have just finished and received a 1st in my degree in Finance & Accounting and have CAP1 exemptions.
I have also started in an accounting practice and i want to try make my further study to become qualified as "easy" as possible.

I really enjoy what i do and have no problem reading up on topics during the summer. I have Ciaran Connolly Financial accounting and reporting -

I would be grateful if anyone could offer any suggestions on what i could brush up on to help prepare for October??

Prezatch

If you have a login for the website, start doing all the past papers for FAE and Cap2. In relation to the book you have, consolidation is a major topic at Cap2.

collegemum

Thanks JoeyD, that's exactly the kind of pointer i needed - consolidation is a subject i enjoy so i will have a look in more detail at it.

I don't yet have any login details..i submitted my application last week so not too sure when i'll get online access.

Stabshauptmann

You have about a year before the exam. Want some good advice?
If you are not in a job at the moment, travel, go to concerts or do what ever you do for fun.

You are about to start a 3.5year contract that will be very demanding, take some time for yourself.


If you are in a job, and insist on doing some study already, Id suggest putting together a folder of one page summaries of each IAS for Financial Reporting, Auditing standards, Taxs etc and formula / appoach to doing the more common CAP2 questions in SFMA and Financial Reporting.

Doing the actual questions would be something Id do closer to the day, do the ground work first and you'll have ref material when you needed it!

collegemum

Stabshauptmann wrote: »

You have about a year before the exam. Want some good advice?
If you are not in a job at the moment, travel, go to concerts or do what ever you do for fun.

You are about to start a 3.5year contract that will be very demanding, take some time for yourself.


If you are in a job, and insist on doing some study already, Id suggest putting together a folder of one page summaries of each IAS for Financial Reporting, Auditing standards, Taxs etc and formula / appoach to doing the more common CAP2 questions in SFMA and Financial Reporting.

Doing the actual questions would be something Id do closer to the day, do the ground work first and you'll have ref material when you needed it!

I dont generally have time for myself...am in a training contract at the moment and have mortgage and family etc...

I am really trying to use the bit of time before starting the CAP2 to help ease the burden of trying to juggle it all.

So i'm gathering that the IASs will be of great significance in CAP2...thats great as it gives me something to work on in my own time.

Stabshauptmann

Well you have 4 subjects;
Financial Reporting and Auditing both have standards that will be examinable; both in a practical sense as you will to understand them to do questions, and as stand alone theory questions.

SFMA and Tax imho have only a finite number of possible questions.

The best prep work you can do is to put together the ref material that you will need closer to the day / during the exam.

If you really are worried about jugling the burden - if you have other pressing commitments and such, you could do the exams modularly.

You are exempt from CAP1, but you will still have a 3.5 year training contract. You can do CAP2 in Yr1, FAE in yr 2 and still have a year to spare shuold you need to repeat CAP2 or FAE.

Alternatively, you could spread CAP2 over two years, taking 2 subjects each year. This would ease the burden considerably in years 1 and 2.

The downside to this approach is:
no margin for error if you fail exams
pro-rated study time means that you will spend more time in the office than your peers
traditionally your salary was bumped significantly after completeing FAE; by taking the modular approach you would be delaying that "bump" for another year.

Ilovechoc

I sat CAP 2 last year. I also got a first in my Business Degre but the step up in the standard between degree level and CAP2 is massive. So anytime you have free I would recommend reading up. I regret (and still regret now as im doing the FAEs in Sept) that I didnt practice enough questions. You study away and think great I know this stuff until you sit down to do a question and you havent a clue.

I would also suggest reading business articles as different industries and businesses can appear in different case studies - having a broad business knowledge can help with this - also by keeping up to date you can almost predict what will be topical and will be chosen by the examiner to put in the exam e.g. current economic recession = high chance of going concern issues etc.