While technical knowledge at FAE is undoubtedly required for exam success, sometimes particular techniques to use on exam day attracts less attention. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland
and Paul Monahan, FAE Programme Co-ordinator, explain one small part of these techniques – managing your initial planning time.
In the FAE Exam Guide 2023 the examiner stated that success in the FAE exam comes down to structure, so having a preprepared format will help both with exam performance and managing your stress.
You will be aware that a distinct reading time is not provided in FAE exams; instead, time to read and plan is included in the total of four hours 30 minutes. By practising on the FAE sample exam papers and in FAE mock exams, you should aim to get the reading down to a maximum of 30 minutes.
When it comes to the technique of reading the Core paper, an approach that has served FAE students well over the years is to break up reading the paper into three components.
The first part involves a very quick skim reading of the main narrative. Your objective here should be to identify your (the exam candidate’s) role in the organisation, the type of company described, and the basic storyline in the case. Aim to have this initial part completed in three minutes.
The second read will aid your recall and help you process more of the details to help you sift the indicators. This re-read should cover the narrative and also give a brief look at the appendices.
Then the third reading is the detailed one, focusing in on the eight indicators: two from financial reporting, two strategic management and leadership, two DAAIETs and two risk management and sustainability.
Here’s a six-step process to start breaking them down and to structure your treatment in each instance. This sorting of the indicators is going to take much of your planning effort.
Step 1
Identify if there are any compound indicators. A compound indicator is when one indicator from one subject might have two or three sub-questions within it, so it might take longer to answer and be more complex. Spotting this early will help your time management.
Step 2
Can you spot any blended indicators? A blended indicator is when knowledge from two different FAE Core subjects may be needed to answer one indicator.
FAE examiners have stated their intention to include more blended indicators as this is more reflective of what happens in reality.
Step 3
The third we call ‘seen before’.
Do you recognise the type of indicator from one of the integrated case days, from the FAE Core sample papers or from the mocks?
Can you identify and refer to a similar company, and can you relate that company’s successful approach in your recommendation?
If it was the right answer in one of the suggested solutions you’ve already seen and you’re making a similar recommendation, it’s very likely going to be the correct solution and earn you marks.
Step 4
Next, can you identify any links between the different indicators? You have been presented with a single scenario, just as a Chartered Accountant will in advising a client or their employer.
Details provided in one of the indicators can often help you justify your recommendation to another indicator. Identifying links will also make for a more coherent, well-structured overall response and encourage the examiner to award marks for professional competence. Remember what’s to play for here: 20 marks out of 100 for each indicator. An approach, with a worked example, is available on the Learning Hub to assist here.
Step 5
For each indicator, what theoretical business model can you reference in your recommendation?
Students often reach for a SWOT analysis but you’ll need more than that!
Prepare the change management models mentioned in SML, like Lewin, Kotter and McKinsey, or the STRONG model for entity transformation, to name just a few.
The examiner will expect a fully rounded response to include references to models.
Step 6
Finally, anticipate where marks will be awarded in each indicator.
Again, in the 2023 FAE Exam Guide the examiner pointed out that students will be expected to perform three or four pieces of work per indicator. Assess where the marks are to be gained, based on the FAE Mock Examinations (available once the Mocks window has closed Monday 8 July 2024).
You’ll also get a good steer from practising on the FAE sample papers.
Find the hooks
Final words once again from the FAE examiner, taken from the 2023 FAE Exam Guide. The examiner reminds us that there will be plenty of ‘hooks’ in the Core case upon which to frame the answer, so a skill is to determine which hooks to use. It’s undoubtedly a skill worth practising because it will earn marks and help you pass FAE Core.
The FAE Mock exams may be attempted in a window from Saturday 29 June to Sunday 7 July. More information on the mock exams can be found on wwww.charteredaccountants.ie.
LOADING...