About the exam In common with other papers, a three hour written examination is involved.

The exam format is summarised in Table 1 below. Table 1 The likely exam format Section marks Likely format Comment A 20 10 multiple choice sub questions worth This will not take too much time, sotime 2 marks each. (Potentially four mark savings can be directed elsewhere sub questions and a short scenario may be included. But this is unlikely for the first few exam diets at least.) 6 sub questions each valued at 5 marks Requires responses in bite sized chunks each. (A short scenario may be given to which some or all questions relate.) Two questions each worth 25 marks. Short scenarios will be involved The question requirements probably will consist of two or three manageable sub questions (for example, 2 sub questions x 10 marks + 1 sub question x 5 marks).

30

50

100 All questions compulsory About marking and examining In terms of the difficulty of the questions asked, CIMAs Learning Objectives range from lower level knowledge (level 1) through to the more demanding evaluation (level 5). For this paper, generally the verb requirement will not be beyond level 3, with many at levels I and 2 (knowledge and comprehension). The weightings of the syllabus are reflected in every examination diet. This means that 20% of the marks on every paper can largely be attributed to each of the five syllabus areas. The learning outcomes and indicative syllabus content are established and published by CIMA. In order to understand what in detail this might mean, the most obvious starting point is Paper E1 in CIMAs Learning System. This is the senior examiners interpretation of the syllabus which will also be translated in the content of exam questions. What should you revise in the run up to the exam? The answer is: everything. To neglect one aspect of the syllabus would be an extremely high risk strategy, particularly as all questions are compulsory.

Our aim is to test all syllabus learning outcomes. This paper has 38 component learning outcomes and although it may be impossible to test them all in a single exam, care is taken to ensure that they are all tested to some degree in as few exam diets as possible. How much should you write? The answer is as much as possible in 180 minutes. If only headlines, bullet points or sketchy half sentences are offered then opportunities for full marks are being denied. The more that is written the greater chance there is to pick up marks. The marking scheme is positive and you will not be penalised for anything you write, however misguided. Handwriting varies, but as a general rule 5 mark questions or sub questions should attract no less than three quarters of a page of narrative and 10 mark sub questions should involve more than two pages of written responses. Preparing for the exam Only once you have made a written attempt should you refer to the Examiners Answers for comparison. Bear in mind that these are not meant to be model answers. They are written in a fuller way to aid teaching, study and revision and are more comprehensive than we would expect from a well prepared candidate. Apart from the CIMA Learning System and other study aids, occasional articles in Financial Management magazine and Velocity offer more detail on key topics. Practical examples, incidents, situations and events identified from working experience or topical news items are also worth noting during the period of study. If such examples are used purposefully in the exam, they would illustrate a deeper understanding of the subject and could attract additional marks. Major exam gaffes include running out of time and not doing every part of every question and/or not spending enough time on section C. Candidates are likely to score heavily in terms of sections A and B, but performance is likely to be much weaker under section C through writing too little, presumably because insufficient time has been spent on these questions. The more that is written, the more points that are made and consequently the chance of picking up marks are enhanced. As time is an issue candidates should decide beforehand how the three hours available will be used. Table 2 provides one example. It shows how saving time on section A to reallocate to sections B and C can help deal with this problem. Table 2 Example of a way of deciding how time should be spent in the exam Time Time I will

available Section Likely exam format % (minutes)

allow myself (minutes)

A B C C

2 marks x 10 sub questions 5 marks x 6 sub questions (9 minutes x 6) Question 3 (25%) Question 4 (25%) Contingency

20 30 25 25

36 54 45 45

10 60 50 50 10

180 180 Successful candidates invariably display three attributes: detailed knowledge and understanding of the subject matter an ability to apply this knowledge and understanding to the requirements of the question scenario good exam technique. Taught courses and published literature concentrate on the first of these attributes. Ways of achieving the other attributes are presented below. Examiners top tips for success in the exam Applying subject knowledge and understanding Do not pigeonhole your knowledge or understanding. Use whatever you know to best effect irrespective of where this knowledge was acquired. Just because a technique (like the PESTLE framework) was taught in one part of the syllabus does not mean that it cannot be used when dealing with a question from another. Similarly, learning from study outside the module might help address a question more fully. In section B, avoid elegant narrative in favour of bullet points, headings, labelled diagrams and tables, so long as brief detail expands a little on each point made. In section C, reflect scenarios in your answers. Scenarios are used in order that the subject matter can be contextualised to organisational life. Responses containing pure theory will result in only limited marks being gained. If you do not know, do not adopt an everything I know about approach to your answers. It is unproductive in terms of attracting marks.

A better approach is to apply basic common sense to the question requirements by putting yourself into the scenario and realistically asking questions like what would I do in practice if I were this person? or what would I do if I worked for this organisation?, etc. Exercising good examination technique Do not answer the question you wished was being asked. Address the questions requirements as printed. Spend time breaking down and analysing the precise requirements of the questions. Use the verbs. At the back of the exam paper there will be a list of verbs used in the question requirements and definitions of each. This should help in decoding what the question is asking and what sort of response might be given. Have an exam strategy prepared beforehand: be familiar with the type of questions, their weightings and how much time is planned to be spent on each one. Use the 20 minutes reading time before the exam begins to best effect Using the reading time This time allows candidates to read the question paper and make annotations on it (but not in the answer book). Do not waste this time. Some candidates might, for example, answer the questions in section A and start to read and make notes on the requirements for section B. Once the 20 minutes has elapsed, section A responses can be transferred to the answer book freeing up 36 minutes (20% x 180 minutes). Another approach might involve concentrating on section C by highlighting key words and phrases in scenarios that need addressing in an answer. Notes on the question requirements and answer points might be generated by using a mind map. Relevant models, techniques or other mnemonic devices could be noted for use when completing the answer. Time should also be available to start to make an answer plan.