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FAE 2018

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  • Registered Users, Registered Users 2 Posts: 5 NP2018


    Hi All,
    I sat the exam last year and passed it reasonably comfortably so I thought I might be able to pass on a few tips and tricks I picked up along the way. There are still a few months to go so hopefully they’re timely enough to be of use.
    Here are my tips…..(Note: I’m mainly speaking about the CORE below, but most of the tips apply to your ELECTIVE studies too)

    BUILD A GOOD SET OF COMPREHENSIVE SUMMARY NOTES

    Summary notes are vital. They should be give you a high level view of each topic within each super six area. Try and develop notes that you can both use in your final exams and that allow you to quickly review each area in the run up to the exams. In the last 7-10 days before the exam, I spent my days looking only at my summary notes. I only ventured elsewhere if I was having particular trouble with an area.

    PRACTICE EXAM QUESTIONS UNDER EXAM CONDITIONS

    You probably need at least 3-4 CORE and 3-4 ELECTIVE attempts under exam conditions to start getting your technique and timing up to scratch. It’s also a good way for identifying how often you refer to your notes and whether you have too much/too little info in your notes.

    HONE YOUR EXAM TECHNIQUE & TIMING

    Technique and timing are absolutely vital in the FAEs. The exams themselves are not particularly difficult, it’s the timing that will cause issues. You need to be rigid with times, if you’re spending too long on an indictor, move on. Practising exam questions under time conditions will help with this.
    I would argue that the first 60 minutes are the most vital of the exams. In this time, you should be reading the paper once and highlighting each indicator and relevant info. On the 2nd read of the case, you should be jotting down the key points you’ll be making in relation to each indicator. At the end of the first 60 minutes, you should hopefully have read the paper twice, have highlighted the indicators and key relevant points and have a number of discussion/bullet points for each indicator. For the rest of the exam you will mostly be fleshing out on these points (bar some exceptions e.g. where length calculations are required).
    When I was trying to perfect my technique, I would partially attempt every paper I could get my hands on. I would spend the recommended time reading the case (say 30 min) and highlighting the indicators and other key relevant info. I would then spend the next 30 min (30 min for Comp day, 15 min for Sims) re-reading the case and jotting down the bones of my discussion points & conclusions for each indictor. After the time was up, I’d read the solution to understand how reasonable my attempt was likely to be. (I think I attempted at least 20-30 papers using this method, in addition to any past exams I attempted).


    USE YOUR TIME WISELY

    Use weekends and days off to tackle the chunkier items e.g. attempting and marking past papers under exam conditions.
    Use afternoons after work to tackle items that don’t require the same amount of mental effort e.g. sorting notes, summarising lengthy notes, reviewing exam papers and solutions. In the 2 months before the exams, I would practice papers at the weekend under exam conditions and during the week I would just read a Sim a night and spend an hour identifying indicators and outlining the points I was likely to make

    TIME TO RECHARGE

    Leave yourself plenty of time to recharge. If at all possible, make sure the bulk of your work is done before the last 2 weeks of the exam. At that point, you just want to be leisurely reviewing summary notes and case solutions for 4-5 hours a day. You should also be able to take a day or two and study-free, otherwise you will be mentally fatigued going into the exam.

    TEMPLATES & TECHNIQUES & LISTS

    Make sure to develop lists (various KPIs, Advantages of IT, Advantages & Disadvantages of outsourcing, Features of strong CG, etc.) and templates/techniques (Box Approach, Right hand corner approach, Approach’s for ethical issues, Approach for FR issues).

    Anyway, I’ll post more info if it springs to mind. If anyone has any specific questions then feel free to ask.
    I’ve attached my summary notes for the 2017 FAE exam. It was my bible for a long time. I spent about 4-5 months preparing these so they’re quite comprehensive. They should cover pretty much the entire syllabus. If you know everything on the attached I can’t imagine you could possibly fail (assuming there have been no major changes in the syllabus between 2017 & 2018). The attached is only a high level view of all Super Six and APM areas so they don’t get overly technical (but then again, unlike the CAP 2 exams, the FAEs are not very technical in nature at all).
    The attached should also contain all the lists and templates I brought into the exams and an outline of the exam approach I used to tackle each case.
    Hopefully it’s of some use. Good luck with your exams

    NOTE: Apologies, the files are too big to attach so I've posted the dropbox link to all 3 of them below. Hopefully you should be able to access them, if not, let me know





    Hi

    Firstly thank you AtticusFinch86 for the above! its very helpful!

    Has anyone been able to get these documents off dropbox so that you can save them onto the PC? I have been able to open these ok - but would like save them so I can review first and print as I need them! There doesnt seem to be the facility to copy the files so I can paste onto a folder on my PC! I hate to be a pain in the bum, but I'm not very used to dropbox so if anyone knows any tricks I would be very grateful


  • Registered Users, Registered Users 2 Posts: 385 ✭✭shanmo


    ACASlayer wrote:
    Lemme have a look here and see. I find they often make mistakes to be honest with you


    Thanks.
    Ya I thought as much! It's quite annoying!


  • Registered Users, Registered Users 2 Posts: 157 ✭✭thefox1982


    ACASlayer wrote: »
    Why thanks.

    Like, can we not discuss important topics, like what exactly is an Outline Systems Specification and do we have an example of it that we can reproduce?

    I found something on the internet earlier that might help if OSS does come up in the real exam. I have never posted a link before, so hopefully this will work. Please click here


  • Registered Users, Registered Users 2 Posts: 242 ✭✭ACAguy


    Do we have actual solutions for the ICD cases?

    How does everyone find them?


  • Registered Users, Registered Users 2 Posts: 58 ✭✭ACASlayer


    ACAguy wrote: »
    Do we have actual solutions for the ICD cases?

    How does everyone find them?

    Go to timetable and notes, then FAE core. Inside that there’s a zip file called All Core Solutions

    They’re all in there


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  • Registered Users, Registered Users 2 Posts: 5,904 ✭✭✭The J Stands for Jay


    I've gotten a hold of the case in question for the OSS. I've skimmed it and I don't see an example of an OSS. It's not coming up anyway, so let's not worry about it.


  • Registered Users, Registered Users 2 Posts: 242 ✭✭ACAguy


    As mentioned by Paul Monaghan budgeting, JIT, TQM and Activity based management are now specifically mentioned on CS for management accounting and he excepts one to be asked

    Where are everyone getting notes and material on these specifically the last 3.


  • Registered Users, Registered Users 2 Posts: 452 ✭✭fishy_fishy


    ACAguy wrote: »
    As mentioned by Paul Monaghan budgeting, JIT, TQM and Activity based management are now specifically mentioned on CS for management accounting and he excepts one to be asked

    Where are everyone getting notes and material on these specifically the last 3.

    That's all pretty much CAP 1 stuff so was going to use my notes from that.


  • Registered Users, Registered Users 2 Posts: 242 ✭✭ACAguy


    thanks ill look at the cap1 stuff now as i didnt do cap1. Is activity based management essentially activity based costing


  • Registered Users, Registered Users 2 Posts: 58 ✭✭ACASlayer


    ACAguy wrote: »
    thanks ill look at the cap1 stuff now as i didnt do cap1. Is activity based management essentially activity based costing

    No, it’s the application of ABC to actually make management decisions.

    Just google the stuff and make notes or do it from the Textbook, up to you.


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  • Registered Users, Registered Users 2 Posts: 385 ✭✭shanmo


    McGaggs wrote:
    I've gotten a hold of the case in question for the OSS. I've skimmed it and I don't see an example of an OSS. It's not coming up anyway, so let's not worry about it.


    Do you have the actual q for this by any chance please?


  • Registered Users, Registered Users 2 Posts: 385 ✭✭shanmo


    ACAguy wrote:
    As mentioned by Paul Monaghan budgeting, JIT, TQM and Activity based management are now specifically mentioned on CS for management accounting and he excepts one to be asked


    Has anyone came across any qs in relation to these?
    Or came across any good notes?
    Thanks


  • Registered Users, Registered Users 2 Posts: 169 ✭✭mrduffy


    Hi do people have to login to online lectures. I am login to main site and press the link. I am just a guest. I try to login with name and password but it does not work. Anyone understand how this mediasite works?


  • Registered Users, Registered Users 2 Posts: 58 ✭✭ACASlayer


    shanmo wrote: »
    ACAguy wrote:
    As mentioned by Paul Monaghan budgeting, JIT, TQM and Activity based management are now specifically mentioned on CS for management accounting and he excepts one to be asked


    Has anyone came across any qs in relation to these?
    Or came across any good notes?
    Thanks

    JIT is in the brown MA cases book. ABM is in an ICD one.


  • Registered Users, Registered Users 2 Posts: 18 Mckay66


    Thinking of doing the ACArevision courses for FR and Audit.. anyone know if these are worth going to? Or is there any other courses to help prepare the core? Thanks


  • Registered Users, Registered Users 2 Posts: 23 Ponyface


    ACASlayer wrote: »
    My tip would be to accept you won’t be passing and just do a steady plan to get everything covered for the resits.

    Seriously why have you such a chip on you shoulder? We are here to help each other out. This advice would make anyone panic!


  • Registered Users, Registered Users 2 Posts: 58 ✭✭ACASlayer


    Ponyface wrote: »
    ACASlayer wrote: »
    My tip would be to accept you won’t be passing and just do a steady plan to get everything covered for the resits.

    Seriously why have you such a chip on you shoulder? We are here to help each other out. This advice would make anyone panic!

    This again?
    Catch up on a the last few pages and come back to me:


  • Registered Users, Registered Users 2 Posts: 242 ✭✭ACAguy


    Could someone please attached the lagan case day solutions having a problem with the website


  • Registered Users, Registered Users 2 Posts: 157 ✭✭thefox1982


    ACAguy wrote: »
    Could someone please attached the lagan case day solutions having a problem with the website

    There you go


  • Registered Users, Registered Users 2 Posts: 5,904 ✭✭✭The J Stands for Jay


    shanmo wrote: »
    Do you have the actual q for this by any chance please?

    I attached it to a post. Maybe 5 posts back up the page.


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  • Registered Users, Registered Users 2 Posts: 6 nhickey07


    By chance, does anyone have a listing of the cases by the main indicators/subject matter? I want to get my notes to cross-ref the different cases as back up. Thanks!


  • Registered Users, Registered Users 2 Posts: 50 ✭✭Melon head


    Hi
    I am repeating FAE elective. I have a C carried forward from last year. What % does that give me going into the exam. Are the lectures mentioning much about this professional competence.?


  • Registered Users, Registered Users 2 Posts: 452 ✭✭fishy_fishy


    Melon head wrote: »
    Hi
    I am repeating FAE elective. I have a C carried forward from last year. What % does that give me going into the exam. Are the lectures mentioning much about this professional competence.?

    Contact chartered and find out. It depends on your script, not all Cs are getting the same percentage.

    Loads about professional competence. It's 20% of the marks for each indicator.
    Basically be balanced, ethical, recommend, have structure to your answer, do what's asked of you and get the tone right.


  • Registered Users, Registered Users 2 Posts: 242 ✭✭ACAguy


    The online solutions recording for STEPS CASE 3 & 4 are online now.

    The air date says 24th May & 8th June so it took them that long to get it onto the site today.


  • Registered Users, Registered Users 2 Posts: 169 ✭✭mrduffy


    Boys and Girls i am repeating audit elective. I am only starting to study now. What are my chances of passing? Any tips or cases i should do would be helpfull i could not look at a book all year now I am worried


  • Registered Users, Registered Users 2 Posts: 242 ✭✭ACAguy


    Any chance someone could attach the claddagh case solutions yet again IT issues


  • Registered Users, Registered Users 2 Posts: 157 ✭✭thefox1982


    ACAguy wrote: »
    Any chance someone could attach the claddagh case solutions yet again IT issues

    sent you them there


  • Registered Users, Registered Users 2 Posts: 157 ✭✭thefox1982


    mrduffy wrote: »
    Boys and Girls i am repeating audit elective. I am only starting to study now. What are my chances of passing? Any tips or cases i should do would be helpfull i could not look at a book all year now I am worried

    If you put the work in, you should be ok. I would start the AAAE workbook, there are 25 cases in there and then do the past papers


  • Registered Users, Registered Users 2 Posts: 1 Patrickclare


    Hi, does any one have any tips for the Core? anything would be much appreciated. thanks


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  • Registered Users, Registered Users 2 Posts: 3 Sames87


    Would it be a good idea if people just wrote suggestions similar to your post on what they think may come up? And I don’t mean “audit risks” but more specific. I know myself that i was caught out in the mocks as i did not have anything prepared for an “outline system specification” and potentially lost alot of easy marks. Surely we would have the majority of the course covered if everyone posted something that others may have missed.
    ACAguy wrote: »
    As mentioned by Paul Monaghan budgeting, JIT, TQM and Activity based management are now specifically mentioned on CS for management accounting and he excepts one to be asked

    Where are everyone getting notes and material on these specifically the last 3.


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