Firms are reminded that the CAP2 structure differs significantly from the old Professional Three exams:
The exams are entirely credit based, without compensation between papers. Students must achieve 50% in each paper to pass.
With the exception of taxation, all exams are open book. With the limitations of the exam hall, students may bring any paper based materials to their exam. Please note that no electronic equipment other than a standard calculator are allowed in the hall. Examiners have highlighted that their expectations under an open book environment will differ significantly from closed book. Students will be expected to interpret and analyse, rather than simply quote relevant standards etc.
Examiners in each subject have also highlighted the importance of answering questions in the context they are asked - for example when asked to write a memo, students should do just that; likewise a list requires bullet points, not paragraphs. Although not always explicitly stated, there are marks in each paper for presentation.