Exams

Exams can be incredibly stressful, especially if you’re underprepared. Bryan Rankin outlines practical steps you can take to alleviate this stress prior to the exam. For many students, exams can be a source of stress – particularly when trying to balance a work and study routine.  As CAP1 and CAP2 students prepare for the run-in to exam week, here is a list of essential tips to help you alleviate some stress points. Practice, practice … and practice To get ready for your exams, we strongly emphasise practice and experience. There are many resources available to help you gain vital exam experience. On Cirrus, our online examination platform, CAP1 and CAP2 students have access to a practice paper and are permitted four attempts before the exam.  If you haven’t used Cirrus for an exam before, practice papers on the platform are a great way to familiarise yourself with the technology. You can take the time to navigate the paper, learn how to add tables and rows, and make sure you are confident with the application before the big day. You should use all four practice paper attempts and make sure you get the full use out of each attempt. If you don’t, you will lose an attempt, whether you answered questions or not.   A broader study of sample papers, past questions and the competency statement will allow students to focus on time management and identify examinable topics. Before your exam Before you sit your exams, here is some essential information you should keep in mind: Your exam timeslot will be sent approximately one week before exam week. In the week leading up to the exam, you should test your equipment, even if you have experience with online examinations with the Institute. Do a test in advance of each exam sitting.   If your computer fails while testing, let someone on the exams team know about the issue prior to the exam. You will not be able to use a keyboard, mouse or second screen on exam day, so it’s a good idea to follow the same setup from this point on – wherever possible. You’ll be amazed the difference this will make to your speed and confidence.   Read any messages that may appear on your screen during the exam carefully; the Institute will only send important notifications, so be sure to read them thoroughly.  You may be asked to complete a room scan during any exam. This must be done properly by showing the full desk, under the desk and the whole room.  Exam top tips When it comes to studying, it can often be difficult to balance your work and study life. Here are some key insights to make the process easier and more efficient: Review the assessable topics and relevant guidance as per the Competency Statement issued by the Institute’s Exam team.  Attend the relevant CAP1 and CAP2 subject sessions.   Work through the relevant study material. Attempt the relevant practice papers. Read the examiner commentary in past Professional Examinations Committee reports, which contain exam questions and solutions. These can be found on the Institute’s website. If you’re sitting an open-book exam, make sure your notes are condensed to only essential topics.  Identifying highly examinable syllabus areas is not a mystery – you don’t need to know everything and scoring 50 marks out of 100 is very achievable! Finally, we want to wish you all the best of luck in your exams and remind you of the numerous supports to help you. You can reach out to the Exams team for guidance and support at cap1exam@charteredaccountants.ie or cap2exam@charteredaccountants.ie. Bryan Rankin is CAP1 and CAP2 Programme Lead at Chartered Accountants Ireland.  

While everyone learns in different ways, there are still some strategies that can help everyone preparing for exams. Edel Walsh explains the concept of interleaving studying and how to utilise it. The most common learning strategies used by students are re-reading lecture notes, listening to recorded lectures and writing out study notes. These are all valid learning and study strategies, but they do need to be combined with other strategies and techniques to truly support exam success. I would love to go back in time to my own professional accounting student days and advise my younger self of better ways to learn and study.  I was a fan of putting hours and hours of work into my studies. On reflection, I was surface learning, aiming to reproduce material in the exam – and retaining very little.  Deep learning, on the other hand, is where you collect, analyse, and contemplate the information to completely understand it, applying it in an exam and beyond.  We all have our own style of learning. You may be a visual learner who likes reading books, slides and mind maps; or an auditory learner who likes to listen to lectures and podcasts; or perhaps you are a kinaesthetic learner who likes to write out notes.  While you might lean towards one style over another, it is advisable to try out all. For example, combining words and visuals gives you two ways by which to retrieve information later. Here are some strategies for quality deep learning. Space it out Study and learning should be spaced out. While cramming or even doing an all-nighter before an exam might feel productive, it will only result in surface learning. Spacing out your study will result in deeper quality learning.  This can feel frustrating as, invariably, you will forget some of the material along the way. Our brains like repetition though, so the more time you spend going over material, the easier it becomes to retrieve.  Interleaving I often hear that when on study leave, students like to spend a few days on one subject only and then move to another. In my opinion, a better strategy is to spend a morning studying one subject/topic and changing subject/topic in the afternoon.  This method of studying is called interleaving and it involves mixing up and varying the order in which you study subjects and topics. It’s a very effective method of learning, keeping the mind fresh for new concepts to come in, and giving students the opportunity to go over the subject again at a latter day, building in repetition. Use examples When studying concepts, it is useful to be able to explain them with specific examples. This helps you to understand abstract ideas and makes them easier to recall in the exam. In professional accounting exams, you are required to get under the skin of a topic and apply your knowledge to scenarios. You need to understand why and how things work and not take a concept at face value. Finding examples of these concepts in the real world can give you a deeper understanding, as well as assist with recall during an exam. Practice exam questions One of the most effective learning strategies is retrieval practice, such as self-testing and quizzing. This is bringing information to mind from long term memory. The benefit of retrieval practice is that it promotes long term learning and gives you instant feedback on what you know and don’t know.  I cannot underestimate the importance of practising past exam papers under exam conditions.  A common mistake students make is practicing a question with the solution in front of them. This will not promote deep learning and can also give you a false sense of security of your knowledge. By practising questions under exam conditions, you can ascertain where your knowledge pitfalls are, timing issues and — most importantly — by making mistakes and correcting them, you are learning. Reflective learning I recommend all students engage in reflective learning. When you are studying, pause regularly, especially if you find yourself becoming distracted. Ask yourself questions, such as: What are the key ideas?  What terms or ideas are new to me?  How do the ideas relate to what I already know? Once you practice an exam question, it is useful to ask yourself the following questions and write your thoughts in a reflective journal: What went well? What could have gone better? What else might you need to learn? What strategies might you use the next time to get a better result? These thoughts can form the basis for what else you need to study. Edel Walsh is an Academic Performance Coach. You can find her at www.edelwalsh.ie

Getting ready for your FAE exams can be overwhelming, but it doesn’t have to be. Ross Duffy, Tax Associate at PwC, delves into the study routine that earned him second place in the 2021 FAE summer exams.  Before joining PwC, I completed UCD’s Master of Accounting programme so when it came to my FAE exams, I was well used to studying technical content and how it could be applied in practical setting.  At FAE level, however, you need to get to grips with how to apply your technical knowledge in a commercial scenario.  In the study technique I adopted for the FAE exams, I took the theory I was learning and tried to apply it to real world business scenarios, always with an eye to the commercial considerations that should be front-of-mind when advising clients.  Choosing study material It’s essential to develop a strong understanding of the underlying content that will be assessed in the exams. Starting out, I studied all of the relevant manuals and textbooks, and reviewed lecture notes and slides.  Once I had a good grasp of the basics, I felt more confident attempting case studies and, over time, I was able to use them exclusively for study. I also practised with previous exam papers. Applying the technical FAE content to real-life commercial scenarios can make a big difference to your exam result.  I would also recommend keeping up-to-date with current affairs and business developments by taking ten minutes at the end of every day to read some of Ireland’s key media reports. PwC supports its students by providing training programs and workshops and, for me, they were a tremendous resource used in conjunction with the Institute’s  online lectures.  Routine and planning There is more to doing well in your exams than just learning the material. You have to give yourself enough time to study and practice case studies. Good time management is crucial so you can enjoy yourself while balancing work and study.  Routine is critical here. While many firms will give you ample time to prepare for the exams, you will have a large volume of examinable content to get your head around.  Get into the habit of waking up early enough to prepare for the day ahead. Block off specific times to review your notes, practice your exam technique on previous papers, and work through case studies. Repeating this routine every day of study leave will help you cover all the necessary material in time for the exams. Pacing yourself It is a long road to the exams, so it’s important to remember that it’s a marathon, not a sprint. Make time for yourself outside work and study. Not only will this help relax your mind, but it will also mean you get the most out of the time you spend preparing for the exams.  Don’t be afraid to reach out to friends and colleagues to talk through any issues or challenges that might arise. Sharing knowledge and insights can really help to prepare you for the exams and connect you with others going through the same experience.  Taking a step back Finally, remember that feeling anxious before any exam is par for the course. For me, working while studying meant I was always very busy and sometimes felt the pressure. That’s why it is so important to keep things in perspective. If the nerves set in, take a step back and remember that you are not the first to sit these exams and won’t be the last. Reach out and lean on your family, friends and colleagues when you need it and use their support to help drive you through.

The CA Diary has changed and Hugh Carroll, Education & Training Support Manager at Chartered Accountants Ireland, is here to go through the differences so you can successfully complete your diary and qualify to become a Chartered Accountant. The CA Diary is an essential tool, used throughout the training period, which demonstrates incremental development of skills, knowledge, and competence. These requirements form part of the eligibility requirements for admission to membership, along with success in the FAE. In addition, the diary is used to document statutory audit engagements for those trainees who work in that area. Based on a wealth of feedback from the Institute’s regulators, trainees, mentors and our training organisations, a project commenced, with the aim of: Reducing ambiguity for trainees who are working in audit, when recording audit engagements.  Providing a more intuitive interface for all trainees, with multi-select options and specific text capture boxes for competencies. Enhancing the mentor experience by providing easier access to submitted entries – via the CA Diary PDF report – and by including an approval declaration. Enhancements  Following a period of consultation, the project team were delighted to see the changes being released in November 2021, and the response to the changes has been very positive so far. With a more streamlined interface, both audit and non-audit work experience can be documented in a logical, clearer way than was possible previously.   We have also reassured trainees that any experience which was documented in the previous system iteration will not be compromised and that there is no requirement to have entries that are already locked and edited to fit the new functionality. Information on how to approach diary entries, which include both the old and new functionality (hybrid entries), can be found in the CA Diary Guide Trainees and in the online tutorial ‘Modifying a CA Diary entry’, both of which can be accessed from the CA Diary Resources webpage. Audit qualification Following admission to membership, former trainees who have gained the required quantum of experience in statutory audit and who have passed the Audit & Assurance FAE elective, have the option of applying for the audit qualification. To meet the eligibility requirements for the audit qualification, specific details around audit engagements need to be documented in the CA Diary.  Also, the introduction of drop-down menus on Sector, Turnover and Job Title provides important detail that was often omitted in the last iteration of the CA Diary. In the Range of Experience section, on-screen guidance, along with direct access to audit guidance documents, should make the job of accurately classifying the number of audit days easier. All trainees engaged in this area should consult the guidance under the ‘Guidance for recording audit experience’ section of the CA Diary Resources webpage before creating or updating entries. Access and requirements If you have access to the CA Diary and have not yet engaged or seen the new features, please do so and ensure that your record is kept up to date. Please be aware that the Training Support Unit, in conjunction with the Professional Standards Department, monitor the compliance of trainees and mentors in this area. Do engage with your mentor on a regular basis around this important aspect of your training.  For our new trainees who joined us for the 2021/22 academic year, you will have access to the CA Diary once your formal registration (Training Contract or Flexible Route) has been approved by the Student Admission team and you have a mentor assigned. Trainees working in larger firms can contact their HR/Education teams in relation to getting a mentor assigned following confirmation of Training Contract approval.  Resources and support A summary of all changes to the trainee CA Diary interface is provided on a document which can be accessed here. The webinar demonstrating the changes is accessible on the CA Diary Resources webpage. The Training Support Unit continue to provide guidance and direction on the CA Diary and the Sample Entries document is now also available on the CA Diary Resources webpage. The team welcome any related questions or feedback on the enhanced CA Diary. This year, we will continue with our webinars and ‘Dear Diary’ drop-in sessions, so do feel free to join us (dates will be published in due course).  In the meantime, the team are contactable at trainingsupport@charteredaccountants.ie or by phone: +353 01 637 7202.

Mary McCabe, Assurance Associate at PwC, demonstrated that she knows how to give a great answer during her FAE exams, earning her a first-place finish in 2021. Here she outlines the key elements FAE students should keep in mind when attempting the exam in the future. The FAE exams are structured differently than any other exam you will have sat before. People can be alarmed when they first view a case day or past paper. It can be overwhelming. However, there are several steps that you can undertake that will make the exam easier on the day. Use your reading and planning time wisely It is recommended that you spend 30 minutes reading the paper before writing it. While it may seem like a long time to spend on solely reading the paper, it will give you plenty of time to get familiar with the case and the indicators asked. Identify each part of the indicator so that you address each element. Be sure to write down each ask of the indicator so you don’t forget about a certain element and lose out on potential marks. Answer format Ensure that your answer is in the format requested. You may be asked to prepare a report, briefing paper, or memo. Have a sample template prepared for each of these that you can use on the day. Get straight to the point When writing your answer, don’t repeat facts of the case, get straight into your own insights. No marks will be awarded for rewriting facts given in the case study. Instead, use these facts to structure and support your answer. Try to write concisely, making sure all aspects of the indicators are asked. Reference the case On the day, you may find that you have seen a similar indicator asked in a case day/past exam paper and you might be tempted to copy it directly into your answer. Very little will be awarded for generic answers that are not relevant to the case. Ensure you tailor your answer to the case presented to you on the day and refer to the company, individuals mentioned, issues faced and try to limit the amount that you repeat from your notes and case days. Use real-life examples and link indicators Marks are awarded throughout for referring to real-world examples which demonstrates your commercial acumen. Keep an eye out in the news for the latest business/economic news and include in your answer where relevant. In your notes, keep a page for each main industry and, as you discover additional companies, add them to your list that you can use on the day of the exam. Try to find unique ones and don’t solely rely on the examples that are mentioned during the lectures. Don’t sit on the fence While it may seem like a safe option to sit on the fence, marks are awarded for stating a conclusion. You may be asked, for example, to advise a company whether or not to pursue a strategic option. The correct answer may not be very obvious, and you will have to think on your feet and recommend a particular option. Ensure that you back up your conclusion with relevant facts and use that conclusion to build your executive summary to save yourself time. Move on Try attempting a whole paper under exam conditions at least once to get familiar with how long you have to spend on each indicator. However, do not spend extra time on questions to get the “perfect answer” at the expense of leaving other questions unfinished. Once your 25/30 minutes allocated to each indicator are up, move on. Make sure you give yourself plenty of time to be able to attempt each indicator and, if possible, leave yourself with time at the end to go back over any indicator where you ran out of time. For example, the financial reporting indicators typically tend to take longer than 25/30 minutes and you may find that you will need additional time at the end to finish them. Practice, practice, practice While it may seem daunting at first, read and attempt previous past papers under exam conditions. This practice will stand to you as you will be better equipped to adapt to whatever is thrown at you on the day. Use whatever notes or materials you plan to use on the day during these practice sessions to get more familiar with them. This will save you time in the exam. Become familiar with the platform and the layout of the paper on the system in advance of the exam; FAE students are given access to practice papers on the Cirrus Platform with four attempts at each practice paper. Timing will be key on the day. Time yourself writing out indicators and see if you are able to cover all asks of an indicator in the 25/30 minutes. If you find yourself struggling to finish an indicator in that time, you may need to cut down on the information in your notes. 

Education Manager Bryan Rankin looks at the online education delivery model planned for the next academic year.  Whether you’re just starting out in your first year with us or advancing to your next year of studies, welcome to the programme. Here is what you can expect starting this autumn.  Online education One of the most common questions we’re receiving is whether student education will return to traditional lecture theatres at some point. For the rest of this calendar year, we can confirm that education will be exclusively online, following the same model as last year. The position with COVID-19 remains dynamic and we’ll follow public health advice on both sides of the border before making any changes. Based on last year, we’re sure that our three education programmes can be successfully delivered fully online.  We’ll continue to closely monitor student progress and, if we feel that focused, face-to-face engagement would make a big difference in future, then we’ll do what’s best for students.  Webinars and recorded content For the benefit of our new students, recorded lectures are where you’ll learn the course lessons and concepts, broken down into short, impactful recordings. Lecture-type recordings are supplemented by live webinars, typically two hours long. This is your chance to engage with your lecturers as they work through practical application of accounting concepts and exam questions.  Students progressing to CAP2 and FAE will be familiar with last year’s blend of recorded lectures and live webinars. Over recent months, we’ve been working with lecturer teams to make a range of incremental improvements to our content.     In the year ahead, learning content will be released on the Learning Hub in two tranches: one at course commencement up to halfway through the year; the second tranche released in Dec/Jan to year-end.   Learning Hub Chartered Accountants Ireland’s Learning Hub will continue to be our online student platform where you’ll access all education content. In terms of layout, each subject will continue to be broken up into 13 to 16 sessions.  In addition to the recordings and webinars, each session contains comprehensive packs of sample questions on which to practice with solutions provided. You’ll see that solutions are often ‘gated’ or accessed only where the corresponding question packs have been attempted. Question packs and solutions have been widely reviewed and updated over the summer months to ensure excellence in education.  Similarly, Discussion Forums appear in each session and are a great way of posing questions directly to our lecturing team. Many students said they found it beneficial to review Q&As from other students. This notion of ‘peer learning’ will again be emphasised this coming year.  Finally, Knowledge Checks close out each session, so students can test their knowledge with multiple choice questions (results are not shared with training firms or employers – it’s your chance to check your progress).   Attendance Just as your attendance would be recorded if you went to a lecture in-person, your engagement with online lectures is also taken into account. Depending on your training firm, they may see your student engagement reports.  Webinars are also available as recordings; however, we place a particular emphasis on the live, in-session experience – so try not to miss them! Engagement with learning content shouldn’t be put on the long finger; be aware that your engagement is monitored.   For FAE students, there will be a particular focus on your attendance at the mandatory integrated case days (ICDs). Be aware that failure to attend the minimum number of ICDs will prevent you from sitting FAE exams in August. It’s your responsibility to ensure you’re meeting this mandatory requirement.    Exam time Even as students start the academic year, it’s good to have an eye on exams. The Institute will continue with the model from previous years, where students use the exam platform Cirrus while supported and onboarded via invigilation service ProctorU.  Make sure you’re familiar with the online exam format by viewing the suite of videos and training materials on the exam section of the Institute website, and make full use of exam-grade, sample papers which will be available later in the academic year.  We’re confident you’ll enjoy your studies in the year ahead and if you have any questions, please don’t hesitate to contact your programme team at CAP1/CAP2/FAE@charteredaccountants.ie. If your query relates to exams, contact the team on CAP1exam/CAP2exam/FAEexam@charteredaccountants.ie.