Fae exams 2021

sharky86

Hello, I’m just curious if anyone is sitting the fae core exam this year and finding the sheer volume of information to cover concerning?

I know that’s a subjective question but curious as to what approach people are using to get it covered

y0ssar1an22

i did the FAE's a few years ago. just remember the CAP2's are harder and they are used as a filter.

last year 93% of people passed core:

https://www.charteredaccountants.ie/docs/default-source/dept-exams/fae-2020-statistics-with-comparatives.pdf?sfvrsn=d005ac7c_4

everyone has a different attitude to study, and how to maximise, so i wont really advise there, except for doing past exams.

the volume to cover is large, but it still comes down to the big ticket items. nail those and you should be fine.

all the best

sharky86

y0ssar1an22 wrote: »

i did the FAE's a few years ago. just remember the CAP2's are harder and they are used as a filter.

last year 93% of people passed core:

https://www.charteredaccountants.ie/docs/default-source/dept-exams/fae-2020-statistics-with-comparatives.pdf?sfvrsn=d005ac7c_4

everyone has a different attitude to study, and how to maximise, so i wont really advise there, except for doing past exams.

the volume to cover is large, but it still comes down to the big ticket items. nail those and you should be fine.

all the best

Glad to hear that you felt the CAP2 exam were harder, that’s reassuring definitely

Alan_007_

sharky86 wrote: »

Glad to hear that you felt the CAP2 exam were harder, that’s reassuring definitely

IMO, it's not that the CAP2's are harder, but they are definitely more technical.

That being said, if you've passed the CAP2's you shouldn't have any problems passing the FAE's once you adjust to the different style of the exam.

As for studying, what I found worked for me was just attempting as many questions as I possibly could.

baron von something

sharky86 wrote: »

Hello, I’m just curious if anyone is sitting the fae core exam this year and finding the sheer volume of information to cover concerning?

I know that’s a subjective question but curious as to what approach people are using to get it covered

I hear ya. So much to cover. I plan on spending a week per each Core module covering any outstanding videos and doing the question packs, then spend 2 weeks doing past papers.

Have you done the mocks yet? What did you think of them?

crash_stardog

I'm definitely finding the volume of material overwhelming too, I've been on study leave for 6 weeks and I feel like I've barely made a dent.

Dropped 600 quid on the Chartered Grind School last week so I'm hoping I'll at least get some decent notes out of that once they start.

sharky86

baron von something wrote: »

I hear ya. So much to cover. I plan on spending a week per each Core module covering any outstanding videos and doing the question packs, then spend 2 weeks doing past papers.

Have you done the mocks yet? What did you think of them?

Yeah I’m doing the same now, tax is my elective and actually found that one ok, i thought that I was doing well in the core mock until I took a read of the solution. Parts of the solution and mannerisms that never crossed my mind to put into

sharky86

crash_stardog wrote: »

I'm definitely finding the volume of material overwhelming too, I've been on study leave for 6 weeks and I feel like I've barely made a dent.

Dropped 600 quid on the Chartered Grind School last week so I'm hoping I'll at least get some decent notes out of that once they start.

Also the same here, here’s hoping that the grinds are good. Lockdown isn’t helping me to be fair. I’ve always studied outside of the house away from distractions but can’t do that now

Can't spend €600 on the chartered grind school at the moment. Hopefully I'm not missing out on much.

sharky86

sharky86 wrote: »

Also the same here, here’s hoping that the grinds are good. Lockdown isn’t helping me to be fair. I’ve always studied outside of the house away from distractions but can’t do that now

noise cancelling earphones and white noise song might help.

crash_stardog

whatnow! wrote: »

noise cancelling earphones and white noise song might help.

I'll second that, white noise has been a game changer for me since studying for the CAP2s last summer

sharky86

Thanks for the advise, will try the white noise tomorrow for a couple of weeks to see how it goes

peanutgirl

Hi Everyone

Is anyone doing Tax this year that can advise me where can I get past papers pre 2018 and 2020 please?

I cant see them on the website.

Many thanks

sjb2321

Hey everyone!

Hoping I can get some reassurance here that it’s not just me.

Been studying for a solid 2 months now but feel like I’m out of my league and know nothing.

FR seems impossible on some of the cases.

2 weeks out and not confident at all.

How is everybody feeling?

baron von something

https://www.boards.ie/discussion/comment/117696012#Comment_117696012

Not doing too good. I'm finding most of the FR indicators tough. I'm also have timing issues. Had a practice run on Cirrus today and didn't have the stamina to concentrate for the 4.5 hours so it'll be hard on the day itself.

I haven't tried the STEPS cases yet so thats what I'll be focusing on this week and a couple of the past CORE papers. I'm banking on some models/frameworks appearing in the final exam as I'm comfortable with some of them.

sjb2321

The concentration is tough, along with motivation! Can’t seem to focus at all!

Agree with FR, it is very tough. The past papers seem to be easier than the cases so I’m hoping it’s the same in the exam although the FR on the mock was tough!

What elective are you doing?

baron von something

https://www.boards.ie/discussion/comment/117697866#Comment_117697866

I'm doing Advisory. I made the mistake of doing all of my elective studying in a 2 week block about 5 or 6 weeks ago which in hindsight wasn't the best approach. I'll try and set aside a couple of days next week to refresh my knowledge. The lecturer Joe gave a good run down in the mock videos about how to approach the exam.

There is an FAE 2021 facebook group set up by the student society which might be some help to ye. I cant post links so you will have to remove the * in the address below.

I'm forcing my way through the strategic management and leadership questions as we speak... looking forward to an ice cold beer at 9:30.

If ye don't mind could ye tell me how long it takes in your firm to move from audit junior to audit senior to audit manager and if you can give me a rough idea of the salary I would appreciate it.

facebook.c*om/groups/132924673982830

crash_stardog

I'm personally finding the FR indicators very awkward as well, although the ones on last years exam were very manageable compared to the mocks and steps cases. It's probably a decent sign that so many people are feeling the same way though.

The risk and data ones look like they'll be the handiest to pick up marks in just on the basis that there's less they can ask.

crash_stardog

Also how's everyone feeling about the about the 2.1 and 2.2 stuff from finance and management accounting coming up?

KMCG5

https://www.boards.ie/discussion/comment/117696012#Comment_117696012

Hi,

I am feeling exactly the same. I have been flat out studying crazy hours every day and still feel like I know nothing!! Have literally had a few breakdowns over the last 2 months worrying about them so you are definitely not alone.

I don’t really have any good advice for study but what I have been doing is using the competency statement as a checklist and putting everything in my own words (hoping some of it will stick in my head). The sheer volume of information makes it impossible to learn off. Also, have you read the FAE Exam Guide? It mentions specific areas for DAAIET and RMAL - I don’t know if these areas will pop up on the exam but no harm going over them.

https://www.charteredaccountants.ie/docs/default-source/publishing/fae-exam-guide/fae-exam-guide-2021.pdf?sfvrsn=e472b47c_2&utm_source=Adestra&utm_medium=email&utm_term=&utm_content=FAE%20Exam%20Guide%202021&utm_campaign=FAE%20magazine%20-%20Summer%202021

Best of luck and try not to panic too much.

https://www.boards.ie/discussion/comment/117725359#Comment_117725359

Have you printed off the accountancy standard accelerators that summarise each examinable standard the the PDF of sample journals in the FAE FR section?

One bit of advice is to tab all the important info in the notes and books so that you don't have to learn the information, you just need to know how to get to it very quickly and having read it before and maybe done some highlighting and made some handwritten notes you will be able to answer the question quickly.

https://www.boards.ie/discussion/comment/117725532#Comment_117725532

They can't go into too much detail in the time allocated for each indicator and don't really want us to be doing a huge amount of calcs in the FAE so hopefully they won't throw too much stuff in that we might not have covered in a while.

crash_stardog

So what's everyone working on one week out from the exams? I've had all of the cases done for weeks but I've been going back through the 8 indicator ones.

baron von something

I'm going through my elective past papers one more time and trying to get my notes in order. I'm still at a stage where I'm not able to attempt a couple of indicators per paper and I know that'll more than likely be the difference between passing and failing if it happens in the exam next week. The stress is fairly creeping in at this stage

peanutgirl

Hi can anyone hint what is likely to come up in the tax elective.

Also any tips to remember all the small rules?

Ta

HcksawJimDuggan

Am I correct in thinking that the Proctor U screen is the only tab you can have open during the exam? Originally sat the FAE's a couple of years ago and passed core & elective but back next week to sit a different elective and the e assessment is all new to me. Can't find my IFRS book (which is probably out of date) so was thinking I might need to access accounting standards on separate tab if possible? The elective I'm sitting this time around is Audit.

crash_stardog

https://www.boards.ie/discussion/comment/117746465#Comment_117746465

As far as I know you can't have any other tabs open, most of what you need is probably in the accelerators and disclosures documents we already have from the AAFRP. It'll have to be some emergency for me to be opening the standards book

https://www.boards.ie/discussion/comment/117746465#Comment_117746465

You can print off all the standards after making a free account on ifrs dot org or CAI bookshop might be open at the weekend. Better to ask about the tab through the fae exam email address.

baron von something

Best of luck next week everyone. Don't over do it with studying. As for me, I'm taking the weekend off to relax before the big day. Fingers crossed it goes our way

crash_stardog

https://www.boards.ie/discussion/comment/117748275#Comment_117748275

Best of luck to you as well. Wish I could say the same about taking the weekend off but I know I'd feel way too anxious for the whole weekend if I did that.

https://www.boards.ie/discussion/comment/117748275#Comment_117748275

Now thats confidence:)

What is your timing plan for Core and Elective?

crash_stardog

https://www.boards.ie/discussion/comment/117755310#Comment_117755310

Pretty much the same for both, one hour reading and planning on a sheet of paper, 25 minutes per indicator with 10 minutes wiggle room.

aidyhawse

Are people planning on including your plan at the top of the answer box for the first indicators of each case or leaving it out altogether? Also, are people planning on an executive in the same place, or just at the top of each indicator's answer box?

https://www.boards.ie/discussion/comment/117755310#Comment_117755310

Same as what @crash_stardog said, seems like the most efficient plan.

You won't get marks for your plan but the executive summary might help with the professional competency marks.

This was mentioned in the core or elective final faq recording at the end of July (at least that is what I understood).

crash_stardog

https://www.boards.ie/discussion/comment/117759258#Comment_117759258

Yeah I'm not personally planning on doing an executive summary unless I have the time to spare, seems like a waste of time and effort otherwise

crash_stardog

How's everyone spending the last day before the exam?

KMCG5

https://www.boards.ie/discussion/comment/117761468#Comment_117761468

Crying….. 😭😭😭

Just putting all the book and notes in order and heading to bed for a long sleep. The missus has been banished to the spare room. There is nothing more I can learn really at this stage that will make much of a difference.

Andrew93

Best of luck to anyone sitting the exams today!

sharky86

Hope it all went well for everyone, personally feeling it could go either way for myself. Few connections issues but time was added back for mostly what was lost

baron von something

Fastest 4.5 hours of my life. I think I'm leaning towards the fail side for myself mostly due to timing issues. I didn't get to finish a couple of indicators because I had to jump on to the next one. I definitely would have preferred other topics to come up but overall it wasn't particularly an overly difficult paper. In saying that I messed up on one of the FR indicators and didn't get time to answer the other so it's a tough call. I'll be massively relying on the other indicators to bring up my marks.

I'm just waiting now until hindsight kicks in and I realise all the stupid mistakes I made.

What framework did you use for the change indicator?

Overall wasn't the toughest paper but was very tight on time so hoping they are not looking for a lot of detail. I should be ok but like you are saying it is the sort of paper that could go either way. I attempted all the indicators at least.

baron von something

https://www.boards.ie/discussion/comment/117768555#Comment_117768555

Kotter 8 step. My answer was a bit generic though. I wanted to use the 6 step model but I couldn't find it in my notes in time. Turns out it was in my Advisory folder.

What one did you go with?

Cf1234

Hi Guys, I'm glad Core is out of the way. Didn't think the paper was overly tough just timing was an issue for me. What FR standards did ye come across?

Trying to remember now but recall IAS 16, IFRS 5, IAS 24, IAS 2, IAS 38.

https://www.boards.ie/discussion/comment/117768685#Comment_117768685

I went with the strategic change model of page 438 of the strategy book for core.

Just had a look at SM&L and the competency statement and I think Kotter is only covered in the Advisory elective.

Midkemia

https://www.boards.ie/discussion/comment/117770712#Comment_117770712

Kotters model was covered in the SML question packs

https://www.boards.ie/discussion/comment/117771441#Comment_117771441

It sounds like a better model. Anyway I had a quick look at the Core change management recording and it was the one I used so will go with that and focus back on the auditing for tomorrow. Just wanted to make sure I didn't go completely wrong on that one.