The Elective Interim Assessment isn't just another hurdle for FAE students. It's an opportunity to jump-start your studies and gain valuable credits ahead of your main elective exam.
The FAE programme is a unique challenge for candidates. It's tough, but adopting the right approach for the duration can yield rich rewards. The recent introduction of the Elective Interim Assessment shouldn’t be understated, as it will help all FAE students prepare for their chosen elective.
Background
Far from being another hurdle to jump over on a candidate’s quest to pass their FAE exams, the Elective Interim Assessment was devised to help candidates jump-start their studies and reward candidates with a credit score to carry into their main elective exam.
What is the Elective Interim Assessment?
The Elective Interim Assessment takes place in April each year and is 90 minutes in duration, including reading time. It’s a ‘mini simulation’ worth one indicator score towards a candidate’s chosen elective.
The requirement in the Elective Interim Assessment is to identify and answer three ‘issues’ from the simulation presented.
What does the Elective Interim Assessment examine?
The FAE competency statement provides guidance as to what is examinable under the current Elective Interim Assessment diet. Specific information relating to each elective is listed as follows:
- Advanced Audit & Assurance: topics one to three from the competency statement are examinable at Elective Interim Assessment. There is also guidance as to what standards are examinable.
- Advanced Performance Management: topics one to three from the competency statement are examinable at Elective Interim Assessment.
- Advanced Taxation (NI and ROI): examinable material for the Elective Interim Assessment is highlighted in the competency statement using the () symbol. Candidates should also refer to the Core Taxation material as the cumulative knowledge principle applies here, particularly for the areas annotated as “Core level”.
The right approach
Assessments can be stressful for candidates, so it’s never too early to begin your preparations.
The Elective Interim Assessment is scheduled far in advance of the main elective exam date, and the Education team has designed and focused the delivery of lectures in the early part of the programme to help candidates prepare for the Elective Interim Assessment.
There is a direct correlation between those scoring at the “Competent/Highly Competent” level in their Elective Interim Assessment and those who attend/engage at lectures. In fact, in the recent April 2016 Elective Interim Assessment, 94% of all candidates earned some credit towards their final elective examination so it's a very valuable exercise provided it's approached in the right manner.
Key take-away
It’s worth noting that, to perform well in all Chartered Accountants Ireland examinations, candidates should always avoid cramming study into a short period of time before examinations.
Early engagement with the Elective Interim Assessment will increase the odds of success in the main elective examination as it spreads the study workload throughout the whole academic year, leading to better examination outcomes.