Management Accounting Interim Assessment exam for CAP 1 candidates is a month away. The examiner has some advice for the first-timers.
CAP 1 candidates tackle their first professional examination on 1 April when they sit the Management Accounting (MA) Interim Assessment. This exam aims to encourage and reward candidates who engage early in their studies. A little inside information – results in the Interim Assessment are consistently higher than the main examination. As the Interim Assessment accounts for 15% of the final result, it’s a great opportunity for well-prepared candidates to get a flying start before the summer exams.
With that in mind, here are the examiner’s top tips for delivering a strong Interim Assessment performance.
Some things to watch out for
As accountants, we naturally lean towards the numbers and the quantitative questions are generally answered well by candidates. However, it is important to prepare for the qualitative requirements that make up a substantial part of the Assessment.
Explain yourself: candidates are regularly required to define cost accounting terms in question one. You should fully explain the concept or term, ideally including an example. Refer to the facts of the business in the case where possible and avoid short answers.
In question two, several parts are likely to be purely qualitative. It is important that candidates demonstrate sufficient depth of analysis. For example, avoid simply listing the implications arising from a particular scenario and instead discuss the detail of how they impact on the business.
Answer the question asked: although a candidate may know the general theory around a topic, this should be focused on the particular requirement of the question. If there is a requirement to relate your answer to the case setting, then it is essential that you do so. Similarly, you must provide a conclusion or recommendation when asked.
Show all your calculations: candidates are regularly required to undertake a complex calculation. For example, they’ll be asked to analyse labour and material costs or calculate overhead recovery rates. It is vitally important that the answer provided is presented clearly with full supporting workings. A calculative error isn’t the end of the world, as a substantial number of marks are awarded where the examiner can see that the candidate has followed the correct method.
Use the resources available
The Exams department in Chartered Accountants Ireland provides candidates with an array of resources that will assist them with their exams. It’s highly recommended you use them.
Attempt past Interim Assessments: past MA Interim Assessments are available on the Chartered Accountants Ireland website. Candidates should attempt these under exam conditions. As the suggested solutions are also available, candidates will be able to evaluate their attempt(s) once complete.
Consult Examiner’s Reports: examiner feedback on past performance is included with the main sitting papers. Current CAP 1 candidates should identify the areas in which past candidates have not performed well and use this information to avoid the common mistakes.
One last thing
Please be aware that the topics examinable in this assessment are also in scope for the main examination. The Interim Assessment is a great way for CAP 1 MA candidates to consolidate the learning from the early part of their course and avoid the peak workload in the run-up to the summer exams.
Good luck.