Exam preparation: Maximising your chances of success

Learning, training and studying is a large part of my working and business life, in this blog I want to focus on exam based qualifications, specifically question practice – a critical part of exam preparation & essential if students wish to maximise their chances of passing.   

Ultimately practising questions is the best way to demonstrate to yourself how much of an understanding of the subject you do actually have.  However, a number of students practice questions in the wrong way and consequently do not learn or acquire understanding from their endeavours. 

Question practice should be done in such a way that it simulates what the real exam scenario will be, i.e. no access to books, colleagues or the actual answer – individuals will be answering questions without any ‘safety net’, it is vital that students practice questions without referring to the answers before they fully complete their attempt.  The more imaginative student may request their friends or partners to act as exam invigilators, though some may consider that excessive.

A significant number of students will start a question, get stuck – due to a number of reasons, ranging from trying to understand the question to ‘blank’ memory, whatever the reason a brick-wall has been encountered.  It is critical that students learn how to get over that brick wall if they are to be successful.  This approach is initially a difficult one to adapt to (that temptation to look at the answer before completing the question is very strong).  In my experience students learn at a faster rate using this technique and can more easily identify their areas of strength, and ones that need more work.  A student of mine who used this approach for the first time said “My head did hurt! In fact it almost exploded, lol, but I persisted and I’m not doing that bad.

Before we explore the technique in detail it is useful to take a look behind the scenes as to how the majority of examiners set exams and how they will be assessed and marked.  Exam questions will (a) reflect the learning outcomes contained in the attendant subject syllabus; (b) the final answer in a question will require a student to complete a number of differing tasks/stages in order to get to the final answer; (c) the examiner will have produced a marking scheme for each question outlining the allocation of marks within that question; (d) most exams are not negatively marked, i.e. marks are not taken away for incorrect answers (medicine, thankfully is an exception); (e) marks are predominantly based on methodology and students own numbers; (g) the primary objective is to demonstrate understanding and not necessarily getting the correct answer.

To illustrate this technique let us use the example of a question which asks us to (say) calculate the gross profit of a product, compare it to last year and make suitable comments.  This question will require the student to perform a number of individual tasks in order to get to the final answer.  Gross profit is the difference between sales and cost of sales.  In order to achieve the full marks the student will need to identify/calculate (1) the sales figure; (2) the cost of sales figure; (3) be able to calculate the difference between (1) and (2); (4) compare the gross profit to last year; (5) make suitable comments. 

The examiner will have allocated marks for each of these aspects; the number of marks will be based on the complexity and difficulty of each task set.  If the candidate incorrectly calculates the cost of sales then full marks will not be awarded for this part of the task; however if the student then subsequently uses their cost of sales figure in the correct manner, i.e. subtract their cost of sales figure and makes appropriate comments (on their own figure) then full marks can be awarded for that part of the task.  As far as the examiner is concerned the student has demonstrated a correct understanding of how gross profit is calculated and how it is interpreted. 

When practising this technique a student should attempt the question from start to finish, if the ‘brick wall’ is encountered then take an educated guess, and proceed accordingly.   When the task is finished review your answer against the published answer as though you were a market, tick the parts of the answer which are numerically correct and using own figures, circle or mark those which are incorrect. 

Try to obtain past exam or exam styles questions and work through as many as possible, ultimately putting more pressure on yourself by timing yourself (In a 3 hour exam a question worth 10 marks has as matched time equivalence of 18 minutes!), not competing the paper and poor time management is another major reason for failure.

Pathway to employment

I had a good start to my working day by being a guest on "Community Focus", a Sunday morning show broadcast on 103 The Eye, an established community radio station in the heart of Melton – many thanks Patrick, Steve and Christine for your hospitality. The discussion gave me an opportunity to explain the reasoning for the free to attend funded qualification in accounting and finance that is being launched on 11 April 2012.

Enrolment has been very positive, at time of writing we have a few places left on the first course, and will be rolling out more courses out in the future. We have a good mix of students that have already enrolled, in terms of age, aptitude and background. I admire their attitude in embracing this opportunity, and their involvement will help shape future course offerings. The idea is to help develop the finance professionals of the future and provide opportunities for those seeking a pathway into employment.

The main criteria for the course being 19+ and receiving Job Seekers or Employment Support Allowance, Further details can also be found at http://proactiveresolutions.eventbrite.co.uk or in the events section of my Facebook page at http://www.facebook.com/?ref=tn_tnmn#!/events/

Work Based Training

I am appreciative of the opportunity given to me today (20-Mar-12) to be interviewed this morning at 11 on Radio Leicester (available on their podcast).  The focus of the interview was about upskilling our workforce and supporting and enabling people out of work to find and secure employment.  The experience was very positive one for me, the professionalism and warmth of the presenter Jim Davis certainly made it easier for me.

Some of the issues that unemployed people face is work experience and acquiring employability skills; our aim is to make our courses as practical as possible so that students learn how to pass the exam but also how to apply that knowledge in a job environment – our accounting practice (Pro Active Accounting) will provide a practical dimension to the  training.  We will need to engage and convince employers that they will be getting candidates who are work ready.

Many candidates cannot even get appointments to see recruitment agencies, they are simply told there are no opportunities at that level (one student told me he could not even get in the door of some agencies as they have a buzzer system to be let in, you cannot get in without an appointment and unless you are currently in a job you cannot get an appointment!). We are building relationships with some of the local agencies and inviting them to meet and talk to the candidates so hopefully opening a few doors!

Another issue is confidence for people who have worked in finance roles in the past but perhaps because they have taken time out to bring up families etc they do not now have the confidence to apply for roles. They feel that they are ‘out of date’ with the current working environment, even though speaking to them they are clearly very experienced and they know what they are doing. Attending this course and getting the piece of paper at the end will prove to them, and their prospective employers, that they do have the capability to do the job.

The Level 2 Introductory Certificate in Financial Management & Accounting is awarded by the Association of Chartered Certified Accountants [ACCA],  (the global body for professional accountants).  Our own accountancy practice is registered as an ACCA Approved Employer with platinum status so we understand ACCA’s reputation for quality and excellence, which is why we chose to offer this particular award.

We still have some places available for our first fully funded  course, due to start on 11 April. Further details can be found at

http://proactiveresolutions.eventbrite.co.uk

Performance Management

Performance management is an area that has relevance and resonance for all types of organisations, large to small, not for profit to private and commercial.  One of the primary purpsoes purposes of performance management is to ensure that key strategic objectives are achieved by SMART objectives, identification of Critical Success Factors (CSFs), appropriate metrics (KPIs) and accompanying reward systems – this should be set within the framework of a system that helps achieve the requisite and desired behaviour. 

System design and desired (or apparently undesired!) behaviour can be seen with bankers and payments of bonuses.   It is perhaps a minority view but I have a certain sympathy with the bonuses paid to bankers.  Their reward system was structured to pay out bonuses as a consequence of them exhibiting certain behaviour, this behaviour being the achievement of (for example) sales targets.  It is the system that should (in my opinion) bear the majority of 'blame'.

Benchmarking has a significant contribution to make to performance management, and management in general.  Benchmarking in essence involves identifying the critical areas to benchmark, selecting suitable comparators of best practicey, measuring against the comparators, analysing and understanding the gap and then attempting to emulate that best practice.  Benchmarking is something that is suitable for all individuals and organisations and still remains a powerful management tool, especially in a time where resources are limited and we have to do more with less.

 

Training Developments

The issue of training , teaching and skills acquistion has been a major & important part of my life, both as a deliverer, teacher & trainer as well as a participant.   I have been fortunate enough to have taught pretty much at every level of education from primary level to postgraduate, from teaching important life skills such as literacy and numeracy, to teaching intricate tax rules to financial advisors at Coutts. 

Learning, in my humble opinion is a continual process, one never stops acquiring knowledge and skills, for  both practical and esoteric reasons.  Work based skills are having the spot light  shone on them with greater intensity, this needs to be done within the framewok of creating a framework of knowledge and showing how to tap into and apply that framework.  

Accredited courses provide such a framework and accreditation is also a way of applying quality control, acknowledgement and wider recognition to an individuals course of study, non-accredited courses are also an important element of a blended learning experince. 

We have recently obtained the ILM (Institute of Learning and Management) approval as an accredited learning centre , enabling us to deliver a suite of  qualifications for businesses, self employed, apprentices and managers in the Private, Creative and Not for Profit Sectors, details to follow.

Planning – it needs to be done

It has been a very busy, demanding exciting & interesting  few weeks since my last blog, like most of us I want to be make sure the phrases "I  was meaning to, or I'll do it when I get time etc" do not get in the way of achieving aspirations (and writing this blog).   We lead demanding lives, one casusalty of this is that planning takes more of a back seat, planning is a process and discipline that plays a vital role in our business and working lives, but it is an area that is sadly neglected or scant attention paid to.  We would not normally go on holiday without at least some rudimentary planning, for example where to stay, required curerncy, visas and places to visit. 

There are three plans (forecasts) that individuals and organisations shoud ideally have, namely (1) cash flow – survival is impossible without access to cash; (2) business plan – a planning tool to help you document your vision and how you will achieve it; (3) strategic plan  – addressing (i) where we are we now; (ii) where we want to be;  and (iii) how we get there

There are many reasons why businesses and organisations fail to survive, one of the more common reasons is poor management, which means includes weak financial, business and planning skills.   

We have published a range of business and strategic planning information and tools which will support individuals and organisations, these are freely available on our website.

A Fresh Start

I consider that I have been fortunate in my ‘working’ life to have gained, developed and been exposed to a wide and varied business background, skills and knowledge – gained from working within the commercial, not for profit and educational sectors and via academic study.  For those that might be interested there is a more detailed personal profile published on the website.

Our new website reflects the main areas that Pro Active Resolutions works in, namely self-employment, the creative and voluntary sector, businesses, education and training.  We provide practical accounting, management, training and consultancy support to businesses, the not for profit and individuals. 

The purpose of my blog is to contribute to, share information, and facilitate dialogue on a wide variety of topics.   Hopefully this will strike a chord and will provide a positive contribution to an ever changing landscape.

We have a growing library of free resources and information, such as our acclaimed freelancer guide, business planning tools and fact sheets.   Over time we will be increasing the range and variety of these resources and be announcing some new developments.

Happy reading and please feel free to comment and contribute.

Study support

We are happy to make available a free resource pack of questions and answers on cost and management accounting; in addition we have set up a number of the questions and answers in our distance learning platform. Further details can be found here.

To help us develop these learning resources we would like you to 'like' our Facebook page.