Exams

In the quest for academic excellence, the age-old inquiry about the perfect study plan endures. Edel Walsh delves into the art of crafting study plans that align performance objectives with the cadence of life One of the most common questions students ask is if I can give them a study plan or schedule that will help them get the grades they are looking for in the exam.  When it comes to study plans, there is no magic bullet. There is not one study plan out there that works for all students. We are all different and have different learning styles, so your plan needs to work for you.  Not only do you need to consider the amount of study required to complete your exams successfully, but how your study will fit into your busy life.  When creating your study plan, you must consider your extracurricular activities, relationships and other commitments. Creating your study plan The first step when creating your plan is setting a performance goal. That goal might be to pass your exams or get a particular grade.  When you set this performance goal, you must understand what is required to achieve it. What is expected of you?  Next, do a time budget, looking at what you must cover with available time. Is it realistic? If not, how can you go about re-prioritising?  Try not to be too rigid with your study plan. You are looking for a bird’s eye view of the road ahead, not a minute-by-minute schedule for every day. Once you have created your high-level plan, break the study schedule down weekly. Weekly study plan At the beginning of each week, set yourself weekly priorities. Ensure your study plan is realistic. Otherwise, it can feel overwhelming, which might result in procrastination and feeling de-motivated. Ask yourself the following questions as you plan for your week: What are my top priorities? What are my learning goals? What subjects do I need to spend the most time on? What obstacles might I face this week? How can I overcome these obstacles? What extracurricular activities have I planned? How am I going to look after my well-being? Daily study plan At the start of each daily study session, set a learning goal outlining what you would like to have learned or achieved by the end of the day.  When planning your day, schedule time for examining yourself on what you have learned and time for breaks.  If you are doing focused, deep study, it is vital to schedule productive deep breaks.  A deep break is not like your lunch break, which may be 45 to 60 minutes long.  A deep break is a mind-cleanser that doesn’t fracture your focus like social media or doomscrolling can. Instead, go for a walk, make a quick snack or daydream.  While every student is different, I recommend taking a deep break of about 10 minutes after 60 to 90 minutes of study.  After your study session, reflect on what you did that day. Here are some questions you can ask yourself: What went well with my study today? What could have gone better? What do I need to learn or study more of for more learning mastery? What one thing can I do tomorrow to make it better than today?  Staying on track While studying, it can be so easy to lose focus. Having a good study plan will help you stay on track and help you stay focused.  A good plan and setting realistic learning goals is the key to success. Ensure your plan is flexible, and be open to changing it if it is not working for you.   Edel Walsh is a student and exam coach. She supports her clients with their studies and exams using the holistic approach of focusing on academic success, personal development and looking after their well-being. For more information, email edel@edelwalsh.ie

Edel Walsh explains how to transform negative self-talk into empowering, positive prompts to help you on your path to qualification Do you find your internal self-talk is overly negative?  Now, ask yourself a question: would you speak to a friend or a family member so negatively?  The answer is nearly always no. If you wouldn’t speak to others so negatively, then why is it OK to talk to yourself like this?  It’s time we turn negative self-talk into positive prompts. Mindset Mindset is a powerful belief you have about yourself.  There are two types of mindsets: the fixed mindset and the growth mindset.  In a fixed mindset you believe you are good at something or you are bad at something. There is no in-between. You believe there is no room to grow or to get better at things.  In a growth mindset, on the other hand, you believe your skills and intelligence can be improved with intentional practice and effort.  Fixed mindset When we are studying, we sometimes feel the pull of the fixed mindset. We fall into thinking traps, and negative self-talk takes over.  For example, if you feel out of control about passing your exams, you might hear yourself say, “I never get anything right. I am never going to be able to pass these exams.”  When you believe you don’t have the confidence to ask for help with your studies, you might hear yourself say, “I am worried about what other people will think if I ask for help."  If you think you don’t have the competence or the intelligence to pass your exams, you might hear yourself say, “My colleagues are better than me”, “I am not good enough”, or “I fail more than I succeed." The human brain is a sophisticated organ. However, if you keep telling your brain you can’t do something, it has no option but to believe you. Our brains cannot distinguish between perception and reality.  Unfortunately, when you tell yourself you can’t do something, this often becomes a self-fulfilling prophecy.  Growth mindset and positive prompts The opposite is also true. The growth mindset starts in the brain. The key is to catch the negative thinking traps and re-frame these thoughts into positive thinking prompts.  Positive thinking prompts are positive messages or self-talk that help you stay motivated and inspired.  Positive prompts help you to take progressive action by seeing things from a different perspective. They also serve as positive reminders to motivate yourself. By changing how you think and re-framing your self-talk, you can move from a fixed mindset to a growth mindset.  Here are some positive prompts: “This topic is difficult for me, but I know when I study effectively, I will improve.” “Sometimes, the way I study does not give me the results I want. I can change my study strategy to get better results.” “Failure is not the end of the world. I can learn a lesson to improve in the future.” These positive prompts are about appreciating that challenges occur and are stepping-stones towards something better.  Mistakes are OK When we make mistakes in our studies, the volume of negative self-talk can get louder.  For example: “If I was any good, I wouldn’t keep making mistakes.” What we need to remember is that learning is messy and filled with mistakes and setbacks. Without mistakes, there would be no learning.  The important thing is what you learn from making the mistake.  Tone down the negative self-talk and re-frame it into a positive prompt, such as “Mistakes are valuable learning opportunities.”  Not knowing vs not knowing YET The word 'yet' is magical. This little three-letter word packs a big punch.  The use of 'yet' is particularly useful when encouraging learning. Let’s consider these two statements: I don’t understand double-entry bookkeeping; vs  I don’t understand double-entry bookkeeping yet! The difference in meaning between the two statements is significant.  The first statement suggests you have no understanding of double-entry book-keeping. While the  second statement says the same thing, the word “yet” implies that you will get there. You may not understand double-entry book-keeping at this moment, but you     will understand it at some point  soon.  A simple way to start changing to a growth mindset is by using the word 'yet'. Here are some more examples: I can’t do this…yet. I don’t know…yet. It doesn’t make sense…. yet. I am not good at this…yet. I don’t get this…yet. Catching negative thoughts and turning them into positive prompts takes time and effort but the results will have an overall positive impact on your mental and emotional well-being.  Edel Walsh is a student and exam coach. Her website is www.edelwalsh.ie

Our greatest teacher is the past, and former FAE students have much to say about the exams. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, outlines their thoughts For FAE students, 15 and 17 August 2023 have been red letter days for some time, culminating in years of dedication and study.  After each main exam sitting, the student representative body CASSI issues a survey to candidates to garner their views on the exam and the education programme.  In 2022, the FAE CASSI Survey indicated that students found the following as the most beneficial resources in exam preparations – they could be equally as helpful for you in 2023. The FAE Exam Guide series Launched in 2021, the FAE Exam Guide series is an online resource carefully curated to help FAE students prepare for their examinations with ‘insider’-style views and tips from examiners.  The articles bring clarity to a range of FAE areas and contain valuable insights into the priorities and concerns of the examination teams.   At the time of writing, the 2023 Guide is expected to be published at the end of July. It is a must-read resource for all FAE exam candidates. You can find past issues online. Integrated case days By this time, FAE students will be aware of the series of integrated case days (ICDs) and have satisfied the requirement to engage with at least five of the seven available.  The considerable value of ICDs is that they help bring the four Core subjects together and integrate the knowledge and skills obtained from earlier studies and the work environment.  Attendance at five of seven live ICDs webinars is deemed mandatory and the bare minimum, but it’s a great idea to undertake all seven.    The feedback from past FAE students is that working through case days is perhaps the best way to prepare for the requirements of FAE Core.  All seven cases are available on the Learning Hub.  FAE Committee Report The FAE Committee Report (FAEC) from 2022 and earlier years can assist current FAE students in their exam preparation.  The reports explain how the papers are authored, marked and adjudicated while providing an overview of how 2022 students performed and examiner comments for each question.  The 2022 report provides key insights to current FAE candidates on what last year’s candidates did to pass the examination and, more importantly, highlights the areas where candidates continue to struggle, reiterating, where appropriate, advice from previous FAECs. FAECs are available in the exams section of the Chartered Accountants Ireland website; a student login is required.  FAE mocks Through the mock examinations, students can test their current knowledge, replicate their exam setting, gain vital first-hand experience and ensure their technology is working all before the FAE main exams start.  Students can avail themselves of a brand-new paper that’s closely aligned with the layout of the actual paper.  Past FAE students have underlined the importance of the mocks in preparing them for the real thing.  The FAE mock examinations for Core and Electives may be sat from 1 July to the evening of 9 July, with solutions, marking schemes and videos of lecturers recording their solutions available on 10 July.  Exam prep webinars The coming weeks will also see some key webinars that are not to be missed.  Following the FAE mocks, a series of post-mock exam webinars will bring clarity and answer questions students might have from the mock papers.   Then come the exam prep webinars in the last week of July, which promise to provide further guidance and some final tips on exam preparation, time management and technique.   All webinar times are detailed in the FAE timetables, available on the Institute’s website.

What better way to prepare for your exams than guidance from the examiners themselves? Garrett Mulvin outlines the examiners' comments for your CAP2 Auditing and Assurance exam CAP2 Auditing and Assurance (AA) candidates will take their summer examination on 27 June.  It is well signposted that this paper will consist of a compulsory case study and three further parts, of which students should complete two.  A review of the CAP2 competency statement, recent CAP2 Professional Examination Committee (PEC) reports and the four AA sample papers provides candidates with a roadmap as to what is required to achieve a passing score. This article offers a reminder of the examinable topic areas and some helpful examiner comments.  Risk Risk is a keystone of the audit process and will feature in the AA exam.  At the very least, students must  be prepared to identify business and audit risks specific to the available exam background information. Simply copying generic risks from a textbook will score very few marks.  Candidates are frequently asked to identify reasons as to why audit risk may exist regarding a particular financial statement line item, or they may be presented with a set of current-year financial statements and prior-year comparatives. When assessing risk in such cases, the examiner states that a good starting point would be “considering the key movements in the financial statements provided”.  Audit evidence and procedures Substantive testing, analytical testing and controls testing are central to the auditing and assurance process and the AA exam. Knowledge of the applicable International Standards on Auditing (ISA) is important. It is also not possible to audit a financial statement line item if you do not understand the appropriate accounting treatment (IAS and IFRS) for the item in question.  The examiner's comments state that “students need to be confident in their understanding of basic accounting concepts”. As an insight into improving recent candidate performance, the examiner says that when evaluating an accounting treatment, students must look to “provide a better-rounded answer” as to their rationale rather than “going straight to a conclusion”.   Corresponding adjusting journal entries will also be required of candidates.  The exam will contain questions set in a very practical context, and it should be expected that audit evidence provided will come in the form of supporting client documentation, for example.  Candidates should be prepared to “demonstrate an appropriate sufficient level of professional scepticism”, says the examiner, when assessing client documentation.  Similarly, candidates may be required to review the audit work performed by a junior member of the audit team. Candidates should be prepared to scrutinise the quality of the audit evidence used by the audit junior and to suggest more appropriate audit evidence to be obtained. Audit reporting Candidates need to understand the principles underpinning audit reports and be able to distinguish between unqualified, modified and qualified audit reports.  It is important that students use the background information provided to support their conclusion regarding the required audit report type.  Recent examiner reports have confirmed that students who “successfully applied the tabular approach to audit report questions” tended to perform well in this area.  Ethics Ethics is a recurring topic in the AA examination and a hugely important part of the life of a professional accountant.  Candidates must be able to demonstrate an understanding of how ethical issues can occur when preparing and auditing financial statements.  It’s important to be familiar with the ethical principles and the risks involved, and candidates need to be prepared to offer safeguards or actions that can counteract such issues.  In recent sittings of this exam, the AA examiner has been pleased to note that students who had appropriately prepared for the ethical requirement performed well.

How to prepare for the CAP2 exams might seem like a secret cloaked in mystery, but Garrett Mulvin of the Chartered Accountants Ireland Exams team spills the beans on exam success The CAP2 summer exams will take place from 26 to 30 June, and many CAP2 candidates have started to prepare.  Knowing how to secure a passing score of 50 percent on any CAP2 paper is not a secret. Below are some key reminders to help students achieve CAP2 success. Sample papers There are four sample papers available for each CAP2 subject. The sample papers are reflective of what students will face during the exams. The sooner you access and review the sample papers, the better you’re prepared. Professional Examination Committee (PEC) reports The CAP2 PEC reports contain examiner comments highlighting the topics examined and students’ particular areas of weakness in recent CAP2 examinations. By looking at the comments, you can see how to avoid the mistakes others have made in the past. Exam conditions Many candidates get a shock the first time they attempt a sample question (not to mention a paper!) under exam conditions. Things tend not to go as planned. You will likely be uncertain, make many mistakes and run well over the allotted time.  Don’t be discouraged by this – it is part of your exam preparation journey! Learn from it and prepare to attempt another similar question.   Cirrus All CAP2 exams are taken on Cirrus – the e-assessment platform.  Practice papers on Cirrus are available for each subject.  It is essential to become familiar with the functionality and feel of Cirrus. Navigating between questions, creating tables and flagging incomplete questions you may wish to return to are just some Cirrus functions that must become second nature to all students.   The mocks Mock exams allow you to practise questions and test your CAP2 knowledge on the Cirrus platform and under exam-realistic conditions.   Mock exams can serve as a confidence-building exercise, help you control your nerves, improve your exam technique and, ultimately, maximise your performance on exam day.   You will always be better off having completed a mock exam than not having attempted one at all!   Time management Exam technique is essential to exam preparation, and time management is an integral  part of that.  A CAP2 student has a little over two minutes to allocate to each available mark on the paper. With practice, your time taken per question will fall, thus increasing your chances of exam success.   Once you’ve used the suggested completion time on a question during the exam, finish up and move on to the next one.  Years of feedback from marking teams confirm that you will get a better return by moving on to the next question rather than spending too long on the current question. Be prepared! Ensure that both you and your equipment are prepared 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

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.