Strategic exam technique

Jan 01, 2017
Bernard Vallely’s helpful advice on exam technique could help you pick up vital points in the Strategic Finance and Management Accounting exam.

The Strategic Finance and Management Accounting (SFMA) paper is a classic mix of numerical and theoretical elements. Surprisingly, a lot of students seem to over-rely on their computational knowledge and skills. However, the passing of the paper is in being equally capable in both the computation and discursive areas and having strong examination technique to enable you to navigate through the full paper within the time available. The key examination technique points are as follows:
 
  • Use the 20 -minute reading time to scan the paper and identify the question that is best to begin with. Always start with your best question to build confidence and ensure that your time plan remains on course;
  • Keep to the mantra of two minutes per mark (100 marks x two minutes per mark = 200 minutes) and plan your answers accordingly. This time plan must be applied to every sub-part of every question. The remaining 10 minutes can be used in the event of a minor timing overun;
  • Avoid the ‘numerical quicksand’ whereby you continue to struggle through a computational requirement, knowing full well that you’re not sure exactly what you’re doing. We’ve all done this. To avoid this, simply keep to the time plan and guillotine that part of the question when the time allowed has expired;
  • Answer precisely what the examiner requests. Examiners are instructive as to the number of points required and the depth of analysis required. Plan your answer in accordance with the precise instructions and the time available, and duly deliver thereon;
  • Give adequate attention to each of the theoretical questions on the paper (which surprisingly amount to more than half of the marks available). Examiners will award commensurate marks for achieving the requisite depth of analysis expected based on the marks available. I suspect that examiners are frustrated when students spend too much time working on futile computations while not giving adequate attention to the theoretical requirements;
  • When answering numerical questions, answer the basic elements first and collect the easier marks before attempting the more detailed elements of the question. This will help ensure that the maximum marks are attained for the time available. Likewise, when answering the theoretical parts of the paper, keep your points as simple as possible so as to ensure that the key points are not overlooked;
  • Students should always answer in the context of the question (case study in question one) and be as client-specific as possible. Textbook answers will not score highly as the emphasis is to add value to the client;
  • Be aware that the word ‘critique’ means to discuss both the positive and negative aspects of the issue/area under consideration rather than criticise only;
  • When selecting your final question, it’s likely to be between two difficult choice questions (questions two, three and four). On balance, the question with the most sub-parts and with most discursive parts will most likely score the most marks. Your exam technique should ensure that you have the full two minutes per mark available for that final ‘rump’ question. It’s likely that the ability to give this question the time it commands will deliver the marks to achieve a pass result.

Exam preparation from this point forward

Gradually shift away from learning more and more material to practising, always under timed exam conditions, past examination questions.

Always check the solutions to ensure that you’re answering directly and providing the precise number of points required by the examiner.

Finally, good luck! But remember the words of the South African golfer, Gary Player, who said: “The more I practice, the luckier I get!”

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