Exams

If you're thinking about study leave or your next steps in becoming a member – hold on! Hugh Carroll, Manager of the Training Support Unit at Chartered Accountants Ireland, wants to put you on the right path As we move into the second quarter of 2023, the Training Support Unit are conscious that you are likely to be: getting yourself organised for the forthcoming exam season or; approaching the end of your training contract/period. In both scenarios, it is important to be aware of some important information about your CA Diary.  Get the CA Diary on your pre-study leave to-do list  For those of you who will be taking Institute exams this year, it is important that you put time in your personal diary to bring your CA Diary up-to-date and submit the experience for approval. By updating your diary now, you can focus completely on your studies without interruption over the coming weeks.    While it is good practice to keep an offline record, you do need to upload and submit entries to the online system.  Springing into membership? For those who are approaching the end of the training period, there really is no better time than now to check your diary status, bring it up-to-date and put your mentor on notice that your remaining experience will be forwarded soon for approval.  You should note that you won’t be able to get access to a final mentor review until you have reached the end date of your training contract (even if you have all experience days and competencies).  If you have reached or are soon to approach the end of your training contract, but still have elements of your exams outstanding, you can still complete your CA Diary up to and including the final mentor review.  The requirements for the final mentor review are noted under section 1.7 of the CA Diary Guide - Trainees, along with the process for applying for membership.  Common mistakes to avoid Please bear in mind that the Training Support Unit will conduct a quality review of your CA Diary record at the point of admission to membership (and possibly beforehand as part of our monitoring review procedures), so it’s best to check that your record is accurate now.  The team is often impressed by the standard and quality of CA Diary records, however, some of the errors we see mean delays for trainees who wish to get their ACA membership.  Of the errors, the most common are: First entry predates contract start date; Last entry extends beyond the contract end date; Zero-day entries or entries solely for periods of leave; Understating competencies (technical and non-technical); Overstating competency elements (e.g. did you really conduct an IT audit?); Entries which contain limited information in competency descriptors; Overlapping entries. Entries need to be consecutive, not concurrent; and Duplication. Don’t copy and paste your competency descriptors across multiple elements or across groups. To ensure that you avoid the common pitfalls, review the Sample CA Diary Entries for Trainees (check out the Do’s and Don’ts section, in particular). We also introduced a Trainee Checklist, which should help you when creating/submitting entries.  These, and all of the other resources, are available on the CA Diary Resources webpage.   If you find you are struggling with any aspects of your Diary, or are seeking some reassurance, contact the team at Trainingsupport@charteredaccountants.ie or call 01 637 7202.  Lastly, keep an eye on your inbox for notification of any of our forthcoming CA Diary online webinars. Important e-assessment news: new browser download required  All students should note an important change in the technology supporting Chartered Accountants Ireland exams, starting with CAP1 exams in May 2023.     Our online invigilation partner, ProctorU, relies on a browser extension to monitor students, and that extension has to be manually applied to students’ laptops.  As a result of significant recent updates to other browser extension frameworks, ProctorU has launched its own secure browser, Guardian, which provides an enhanced service.  Guardian is now ready and a link to download has been sent to students by email.  For CAP1 exam candidates, your final download deadline is 15 April 2023. By this date, all CAP1 students should have completed the Guardian browser installation on the laptop they plan to use in the main exams. CAP1 ‘practice onboarding’ session is scheduled for 03 May 2023.   The requirement to download the new Guardian browser will also apply to CAP2 and FAE students.  

Exam time is drawing near. Edel Walsh outlines some practical steps you can take to set yourself up for exam success With examinations right around the corner, it’s time to start looking at what steps you can take to ensure you are prepared for the big day.  Get your folders in order The sheer volume of notes you might have can feel overwhelming. Your colleagues and friends might be eager to share their notes with you. You might hear of a student with an “excellent” set of notes that are a “must-have” for your folders. Be careful of this.  Less is more when it comes to your notes. It is best to have one folder per subject, which is your go-to folder and then any additional notes can be kept in back-up folders.  Remember, the details of what is examinable for each subject can be found in the competency statement. Organising your notes in line with this is a great place to start. Plan your study To keep yourself on track, planning your study schedule for the week ahead is worthwhile.  Ensure your study plan is realistic. Otherwise, it can feel too demanding and result in procrastination and demotivation. In addition to planning your study schedule, reflect on the following questions for the week ahead: What are my top priorities? What learning goals am I going to set for each subject/topic? What obstacles might I face? How can I overcome these obstacles? What am I going to do to look after my well-being? Before you start your study each day, consult your weekly plan. Take the next five minutes to prepare a schedule for the day ahead and set a learning goal for the study session to keep on track.  For example: “My learning goal is to understand how to account for depreciation in the financial statements”.  When you’re done studying for the day, take a few moments to reflect on how it went. Ask yourself the following questions: What went well with my study today? What could have gone better? What do I need to learn for more mastery? What one thing can I do tomorrow to make it better than today?  Practice, practice, practice Practising exam questions under exam conditions is, in my opinion, the most effective form of study.  This is also known as ‘retrieval practice’, which involves deliberately recalling information from memory and then checking that you provided the correct information once you are done.   Retrieval practice gives you feedback on what you know and do not know. When you make mistakes practising a question and take the time to learn from these mistakes, this will result in deep learning. As well as using practice questions, it’s essential to familiarise yourself with the Cirrus Platform well in advance of the exam. The Institute provides Professional Examination Committee (PEC) and FAE reports in the student section of the website. They are detailed documents that include examiner comments for each exam question.  These reports contain valuable information about where students are doing well in the exam and where they are losing marks. If your exam has an exam paper and you have been practicing, read the report to see if you are making the same mistakes the examiners have commented on.  Manage your mental state  There is no doubt that the lead-up to exams can be stressful. Here are some tips for managing your mental state for your exams. Break it down Take each topic or subject in small manageable chunks. It will feel less overwhelming. Play to your natural rhythm There will be times of the day when you are most productive. Plan to study your most difficult subject or topics during this time. Schedule deep, productive breaks Take 10 minutes to clear your head after a study block. Go for a walk, call a friend, or do some meditation. Don’t use this time to scroll on your phone as this can increase stress levels. Remind yourself of the big picture Remember your goals as you are studying. Knowing I would receive my qualification at the end of the exams always kept me on track.  Edel Walsh is a student coach and education consultant www.edelwalsh.ie

With four examinable tax heads on the Tax Syllabus, getting them correct on exam day can be challenging. Philip Nicolls lets you in on the secret to getting them right The CAP1 Tax syllabus spans income tax (IT), corporation tax (CT), capital gains tax (CGT) and value-added tax (VAT). Getting to grips with all four tax heads is quite a challenge.   A quick read through recent examiner reports highlights that while many candidates differentiate the separate taxes, some confuse the rules for each tax under exam pressure.  Often this includes some of the more fundamental aspects, and candidates lose relatively easy marks. These basic aspects include: The rate of tax applicable; The due dates for filing and payment; and The rules relating to add-back deductions for IT vs CT – candidates often apply the IT rules in their CT computation. It was tempting to simply include three reference tables in this article showing the information for these three aspects across the relevant tax heads. However, the CAP1 exams are closed book, and getting the information from a table is the least effective way to understand and memorise it. Instead, I challenge you to take an hour to prepare the three tables yourself using your lecture slides and textbook. You should: Detail each of the three aspects, including a list of all the common add-backs and deductions; Add a column for each relevant tax head; and Populate your table with the correct rate/date/treatment. Repeat this technique before your mock exam and spend a few seconds reviewing it every time you study tax. When you sit your mock exam, answer these questions from memory.  I guarantee that researching and preparing the information yourself will make it much more memorable. Good luck with your CAP1 Tax paper in May. Please don’t miss out on any of those easy marks! Philip Nicolls is Paper Development & Syllabus Manager at Chartered Accountants Ireland

Some CAP1 candidates will soon sit their first professional exam. There are steps students can take to ensure their first exam is a successful one, says Garret Mulvin  You have undoubtedly received plenty of guidance and materials to help you navigate your CAP1 journey. At this point, however, a reminder of the critical components of exam success is worth reviewing for all CAP1 candidates. All students preparing for the upcoming CAP1 exams from 22 to 26 May are here on merit and, regardless of the educational route to Chartered Accountants Ireland, are well placed to take on the challenge.  While there is a noticeable step-up to professional exams, how to achieve the magical passing score of 50 percent on any CAP1 exam paper is not a mystery. Exam-focused preparation Engaging with the learning hub, attending webinars and reviewing question banks have been a central and vital part of your CAP1 experience.  Ultimately, however, each CAP1 subject will present candidates with a three-hour challenge during exam week. Four sample papers are available for each subject that reflect that challenge, and students should practice with these as soon as possible.   It is one thing to be able to calculate a cost of capital, complete a variance analysis, prepare a tax computation or finalise a statement of cash flow—it is an entirely different challenge to do this under exam conditions.  Put the phone away, close the study-room door behind you and remove the solution from view until you have completed your attempt.  You may get a shock the first time you attempt a sample question (not to mention a paper!) under exam conditions. You will likely be uncertain and hesitant, make many mistakes and run well over the allotted time. Don’t be discouraged by this – it is essential to your exam preparation journey! Learn from it, understand where you went wrong, and prepare to attempt another similar question.  Practice on Cirrus All Chartered Accountants Ireland exams are taken on Cirrus, the e-assessment platform. Practice papers are available to students on Cirrus.  It is essential to become familiar with the functionality and feel of the e-assessment platform. Navigating between questions, creating tables, and flagging incomplete questions you wish to return to are just a flavour of some of the functions that must become second nature for all students.  This is especially relevant at CAP1, where most candidates do not have the benefit of having taken a main exam on Cirrus in the past. Ensure you engage with these practice papers well in advance of your exams. Mock exams As you know, practice and preparation are essential for passing your exams.  Any exam can be a nerve-wracking experience, regardless of how prepared candidates may be. Mock exams can serve as a confidence-building exercise, help you control the nerves, improve your exam technique and, ultimately, maximise your performance on exam day.  Remember – there is no such thing as doing a bad mock.  Time management Exam technique is essential to your CAP1 preparations, and time management is a huge part of that. In the Exams Department at Chartered Accountants Ireland, we work closely with the examiners to ensure that the entire allocated time (three hours per CAP1 paper) is necessary to complete all requirements. Because of this, time management must be central to your studies.  A CAP1 student has approximately 1.8 minutes for each available mark on the paper. With discipline and practice, your time taken per question will fall, and your chances of exam success will increase.  In the exam itself, once you’ve used the suggested completion time on a particular question, finish up and move on to the next one. Years of feedback from our marking teams tell us that you will undoubtedly get a better return by moving on to the next question rather than spending too long on the current one.  Time management is a skill that needs to be practised. Appropriately managing your time ensures you will attempt all required parts of an exam paper, thus significantly increasing your chances of securing a passing score. Be e-prepared Ensure that both you and your equipment are ready for e-assessment. The links below provide important information for all students. How to get started:  https://www.charteredaccountants.ie/Current-Student/Exams/E-assessment-info/How-to-start  FAQs: https://www.charteredaccountants.ie/Current-Student/Exams/E-assessment-info/Exams-FAQ   Garret Mulvin is in the Examination Executive-Paper Development Unit at Chartered Accountants Ireland

Sometimes it feels better to put off our work rather than diving into something difficult, overwhelming, or simply unenjoyable. Edel Walsh outlines how you can overcome your procrastination Do you find you leave your studies until the eleventh hour? When you sit down to study, do you spend more time organising your notes and desk than doing productive work?  One of the most common time management traps students fall into is the habit of procrastination.  In this article, I will look at what procrastination is, its causes, and how to overcome procrastination when it comes to your studies.  What is procrastination? Procrastination is the art of delaying or postponing an action, so there is a significant lapse between when you intend to do something and when you eventually do it. This can result in missed opportunities, missed deadlines, feelings of stress, frustration, and dissatisfaction.  Causes of procrastination There can be simple causes of procrastination, such as: the task appears overwhelming; the inability to prioritise; and a lack of skills and knowledge to complete the task. More complex reasons for procrastination include: a fear of failure; and  perfectionist tendencies. How to combat procrastination There are many ways to combat procrastination, and here are just a few. Reflect on your behaviour Start by writing down the reason why you are delaying the task. By reflecting on your behaviour and its causes, you can start to work on overcoming the challenge before you.  Break it down If the task appears overwhelming, break it down into small manageable chunks. As students, we often think of the end goal – the exams. This is called a performance goal.  However, a better approach is to think in terms of learning goals. A learning goal is where we focus on understanding and mastering one small element of the syllabus.  Reframe your self-talk It is also important to watch your self-talk. Sometimes, our internal dialogue can be negative, especially when we are under pressure or feeling stressed.  For example, you might tell yourself that you can’t pass the exam or that there is too much information for you to take in. Instead, reframe your self-talk by finding the one small step you can take to move forward in your studies.  Remind yourself of your strengths and your capabilities. Consider the times in the past when you were procrastinating on a task and what you did to overcome this. Pomodoro technique Limit yourself to short periods of work. For example, work on a task for 25 minutes and then take a five-minute break. This is known as the ‘Pomodoro’ technique.  During your break, take a few moments to reflect on what worked well for you in the 25 minutes of study. What have you learned? What else do you need to know for a better understanding of the topic?   “Eat the frog” Schedule time for the task, even to get a little bit done.  Sometimes, if we find a task overwhelming or complicated, we tend to avoid it and instead focus on the subjects and tasks we enjoy, or the topics we find easy.  A helpful technique to use is to “eat the frog”. When planning a study block, schedule the subjects you find difficult first and keep the easier subjects until the end.    Find a study partner Consider finding an accountability partner like a friend, colleague, or family member. This is someone who keeps you on track and helps you maintain progress on a task. Discuss the tasks you procrastinate on with your accountability partner and ask them to check your progress regularly. This increases motivation to complete the job. Procrastination is a habit The good news is that procrastination is a habit. Bad habits can be broken, and good habits can be made.  A helpful tool to use is the ‘Cue, Behaviour, Reward’ technique when building new habits.  The cue is a trigger that sets off our habitual routine. The behaviour is the action that comprises the habit. Finally, the reward is a tangible or intangible positive reinforcement for the behaviour.  Let’s take an example: Cue: If I start browsing social media instead of tackling my studies…  Behaviour: …then I will put my phone on aeroplane mode… Reward: …and take a deep, productive break once I have completed the task. Changing your habits We have seen that procrastination is a habit that can result in feelings of stress, overwhelm and disappointment. However, patterns can be changed. To change your practices, break the tasks into small manageable chunks, “eat the frog”, watch out for the negative self-talk, limit yourself to short work periods and find an accountability partner.  Edel Walsh is an academic performance coach. Her website is www.edelwash.ie, and her email is edel@edelwalsh.ie

It’s normal to want to ease into the new year. However, doing so at the sacrifice of your studies will not set you up for success in your exams. Shane Burke, LMS Project Manager at Chartered Accountants Ireland, argues that focusing on your exams early will lead you to the best result We understand that returning to studies after the festive break can seem a less than appealing prospect, particularly when you’re also in full-time employment.  By this point in January, the novelty of starting a new programme or a new academic year has well and truly worn off and finding new reserves of energy and commitment for the months ahead can feel like a big task.  However, the Institute is here to help you move forward with confidence. We’ll also explore the opportunities for exam practice and look at ways to help you return your focus to your studies when you feel pulled in different directions. Staying engaged Traditionally, January can be a time of lower engagement in learning activities. However, getting back into the hard work of study matters, and the stakes get higher from this point on – we have the statistics to prove it.  Each year, we capture the engagement and attendance levels of students. More recently, the shift to an exclusively online education model has provided far more detailed data on student engagement. By mapping results against student activity levels, we can now identify those behaviours that make a big difference in whether you pass or fail a subject in the summer.  When our data team compares exam success to student behaviours and investigates the data available from the Learning Hub, we see a strong correlation between students who perform well in the exams and keep up with their studies.   The opposite also applies.  Data shows that students who did not focus on their studies after the holidays and remained at a lower level of engagement in the months that follow were at greater risk of either only just passing their exams with a low mark or failing them completely. Busy season for firms The data points to a considerable increase in engagement (not unexpectedly) on the Learning Hub in the weeks leading up to the main exams. However, the problem is, by that stage, it’s often too late to catch up.  While you’ve stood still, the work keeps mounting; sessions build up, and later lessons only make sense if earlier fundamentals are thoroughly understood. As with any new job or contract, there are waves of work and busy periods you need to prepare for. Being new to the company, you might not be aware that you are about to be hit with long hours and a heavy workload over the next few weeks. This is driven by the volume of statutory audits which need to be managed by firms, with knock-on increased work in other areas of the business, such as tax and financial services.  Don’t worry. Your firms are well used to managing resources, and you will get through it with your team. You might even enjoy the energy and buzz involved in external assignments. However, finding study time can be extremely difficult during these periods.  We advise finding some time each week in early spring to maintain your studies. This might involve live webinars or putting aside some hours each weekend for study.  Remember, you’re wearing many hats as a trainee, employee, and student working towards a professional qualification. Over the coming weeks, your task is to keep all those balls in the air. Exam technique  Our data shows it’s not enough to ‘cram’ in the weeks before the exam. If that was ever possible in the past, it’s definitely not now, given the move to online education. The course material is too long, and there is too much of it to really understand what you are being taught if you try to stuff it into your brain last minute. Students should be spending that pre-exam time practising questions in exam papers and prepping their exam technique.   This is also backed up by the data. Students who fail exams tend to have lower uptake on mock exams and practice papers. On the flip side, students who passed – and passed well – in the main exam either engaged in mock exams or utilised practice papers in each subject at least once. Successful students study, learn and then practice what they learn in question banks and sample papers. You’ll also have ample opportunity to practice your technique on the online exam platform.  From late January, all students will have access to four sample papers in each subject. These sample papers are exam-quality and fully representative of the type of paper and distribution of marks you can expect in the main summer exams.  Then, closer to the mock exams, we will take one of these sample papers and upload this to the exam platform, Cirrus. This paper, known as the ‘Practice Paper’, allows you to practice what you’ve learned in exam technique from videos on the exams section of the Institute’s website (see ‘e-assessment’). You will have four attempts at each paper per subject. But what if you want to practice now and not after March? Easy. Just practice the questions from the question banks for each session in Microsoft Word. It offers functionality similar to the Cirrus exam platform and is a great way to practice before the mocks. All students have access to the mock papers released in March (CAP1) and May (CAP2). We strongly encourage you to use the mocks as another chance to practice on exam-quality papers, on the exam platform and in exam conditions.  What’s examinable? A common question we get from students near the end of the academic year is what content is examinable. Luckily, the Competency Statements outline what is examinable for each subject. These can be found in the exam information section of the Institute’s website.  In reading the Competency Statement, you will learn what’s examinable and how well you need to understand a certain topic to pass the exam. Bringing it all together As we’ve seen, January marks a crossroads for many in their studies. The pressure of the ‘busy season’ in work means that it can go two ways: you keep the pace or slack off.  In discussing what the data shows and matching student behaviours to exam success, we’ve demonstrated the importance of sticking to the programme. Even doing a little bit each couple of days will make a huge difference.  Now that it’s over to you. Start small and start now to set yourself up for success.