Anticipate this...
Walking down the lane towards the masjid for maghrib prayers, I was finally able to breathe in the cool crisp air of the heavily planted upscale Clifton suburban lane, deliberately measuring my steps without any mental processes frantically trying to grasp those consolidation adjustments or other muddling thoughts.
With the last few minutes of my attempts at earning more marks in the managerial exams having drawn to a close, I had given in my final paper with many-a-hope, fear and regret.
For the main part, I vowed to start as early as possible in my preparation for the next exams so that I would be able to absorb the syllabus into my bloodstream, and simply let it flower during the exams, very much like the hard-working bee produces honey, instead of the usual last-minute desperate dash, complete with hair fall, worrying-sickness and weeks of jail-sentence-like studying routines.
So now I have a 50% chance at passing at least one, and maybe two or even all three managerial level exams. F2 is the most unlikely, having attempted only around 80% of the paper with some earnest, though I managed to pass P1 with a similar completion statistic. P2 was a little better, though suspiciously easier (and probably deceptively so). E2 was best, but could have been better, having been unable to recall a couple of important points to elaborate on, such as Porter's model for a long (25 mark) question.
In case F2 doesn't come through, I have a number of months to revisit each part of the syllabus and have a full-fledged love affair with this one baby, (which is not that bad a proposition, as the financial pillar is still a slightly intimidating one to climb). Also, having a strong(er) command of IFRS principles should pay-off in countries like Australia that are keenly interested in adoption. Having to retake P2 would be a shame, but E2 should come through for me.
The scenarios in the examination questions were strangely familiar, with almost the exact same language being used as in previous papers and revision questions I had read through or solved. I suspect that the questions only examined a different aspect from previous appearances, or were simply recycled.
Also, the syllabus structure did coincide quite exactly (in my opinion) with the exam paper. This means that the paper examines the entire syllabus and allocation of marks is in line with the study weightings given to each part of the syllabus, which is why I was unable to attempt at least 20% of F2 owing mostly to my decision to not study financial instruments (20% of the syllabus).
Which brings me to the hypothesis that a sharply exam-oriented approach to studying, revision and practice with yield flying colors - once I understand core learning outcomes expected and can adapt to the limited variations in the basic application.
For example, 35% of the F2 paper required no more than consolidation of the financial statements with a total of maybe five or six adjusting entries for added complexity. Other parts of the syllabus could be interwoven into a consolidation question, such as a financial instrument that needed to be included in equity.
To reiterate, once the basic pattern of the paper is clear, you should be able to understand what typical questions look like and be able to list the various complexities that expand its scope.
Concerning immigration prospects, the ICAA assessment results are due pretty much around the same time as the exam results, but everything is different now. In short, I no longer need to worry about crossing 30 - the points test has once again been completely changed, and now awards the maximum points for applicants aged 25-32.
However, as much as Aussie land is facing a shortage of accountants, from a quick analysis there seems to be no preference for accountants, only for applicants with "superior English", i.e. 8.0 (will my 7.5 in the writing module mean that I have to..? No, I can't say it, it's too painful...). In case my assessment is negative, I still have another 24 months or so to make sure I qualify.
However, the majority of changes seem to be in my favor since it places a good resource like me ahead of exceptionally qualified individuals. A separate blog post will examine the new points test and its implications on accounting professing as soon as I get this one out of the way.
Getting my PER awarded was certainly next on the agenda as soon as I completed my managerial exams, as advised by Osama earlier.
However, this too seems to be carried forward as all the latest literature on the PER states that passing the strategic level exams is a pre-requisite to applying, as the PER is really one half of the final T4 exam that awards credit to the TOPCIMA, if I am not mistaken.
Never-the-less, the PER should be compiled while I can still recall the work done here, though students who pass the TOPCIMA exam have four years to apply for membership. So while this is not a critical task anymore, I need to keep track of my experience. Expect a blog post on this too, coming soon.
So really the only things on the critical path now are to get all my facts together to reassess my position and to start preparing for the next examinations. That will involve redoing my study area to make it less of a store-room and more of a study as well as another blog on my study strategy for the strategic level exams. It can never be too early to take a look at the syllabus and start planning, even if I have to take the exam next November (2011).
So a lot of blogging ahead of me this week top get the following things clear:
> Study strategy for Strategic Level Exams
> Implications of new developments for skilled migration and updated immigration plan
> Practical Experience Requirements: What it is, how it is prepared and when it can be assessed.
With the last few minutes of my attempts at earning more marks in the managerial exams having drawn to a close, I had given in my final paper with many-a-hope, fear and regret.
For the main part, I vowed to start as early as possible in my preparation for the next exams so that I would be able to absorb the syllabus into my bloodstream, and simply let it flower during the exams, very much like the hard-working bee produces honey, instead of the usual last-minute desperate dash, complete with hair fall, worrying-sickness and weeks of jail-sentence-like studying routines.
So now I have a 50% chance at passing at least one, and maybe two or even all three managerial level exams. F2 is the most unlikely, having attempted only around 80% of the paper with some earnest, though I managed to pass P1 with a similar completion statistic. P2 was a little better, though suspiciously easier (and probably deceptively so). E2 was best, but could have been better, having been unable to recall a couple of important points to elaborate on, such as Porter's model for a long (25 mark) question.
In case F2 doesn't come through, I have a number of months to revisit each part of the syllabus and have a full-fledged love affair with this one baby, (which is not that bad a proposition, as the financial pillar is still a slightly intimidating one to climb). Also, having a strong(er) command of IFRS principles should pay-off in countries like Australia that are keenly interested in adoption. Having to retake P2 would be a shame, but E2 should come through for me.
The scenarios in the examination questions were strangely familiar, with almost the exact same language being used as in previous papers and revision questions I had read through or solved. I suspect that the questions only examined a different aspect from previous appearances, or were simply recycled.
Also, the syllabus structure did coincide quite exactly (in my opinion) with the exam paper. This means that the paper examines the entire syllabus and allocation of marks is in line with the study weightings given to each part of the syllabus, which is why I was unable to attempt at least 20% of F2 owing mostly to my decision to not study financial instruments (20% of the syllabus).
Which brings me to the hypothesis that a sharply exam-oriented approach to studying, revision and practice with yield flying colors - once I understand core learning outcomes expected and can adapt to the limited variations in the basic application.
For example, 35% of the F2 paper required no more than consolidation of the financial statements with a total of maybe five or six adjusting entries for added complexity. Other parts of the syllabus could be interwoven into a consolidation question, such as a financial instrument that needed to be included in equity.
To reiterate, once the basic pattern of the paper is clear, you should be able to understand what typical questions look like and be able to list the various complexities that expand its scope.
Concerning immigration prospects, the ICAA assessment results are due pretty much around the same time as the exam results, but everything is different now. In short, I no longer need to worry about crossing 30 - the points test has once again been completely changed, and now awards the maximum points for applicants aged 25-32.
However, as much as Aussie land is facing a shortage of accountants, from a quick analysis there seems to be no preference for accountants, only for applicants with "superior English", i.e. 8.0 (will my 7.5 in the writing module mean that I have to..? No, I can't say it, it's too painful...). In case my assessment is negative, I still have another 24 months or so to make sure I qualify.
However, the majority of changes seem to be in my favor since it places a good resource like me ahead of exceptionally qualified individuals. A separate blog post will examine the new points test and its implications on accounting professing as soon as I get this one out of the way.
Getting my PER awarded was certainly next on the agenda as soon as I completed my managerial exams, as advised by Osama earlier.
However, this too seems to be carried forward as all the latest literature on the PER states that passing the strategic level exams is a pre-requisite to applying, as the PER is really one half of the final T4 exam that awards credit to the TOPCIMA, if I am not mistaken.
Never-the-less, the PER should be compiled while I can still recall the work done here, though students who pass the TOPCIMA exam have four years to apply for membership. So while this is not a critical task anymore, I need to keep track of my experience. Expect a blog post on this too, coming soon.
So really the only things on the critical path now are to get all my facts together to reassess my position and to start preparing for the next examinations. That will involve redoing my study area to make it less of a store-room and more of a study as well as another blog on my study strategy for the strategic level exams. It can never be too early to take a look at the syllabus and start planning, even if I have to take the exam next November (2011).
So a lot of blogging ahead of me this week top get the following things clear:
> Study strategy for Strategic Level Exams
> Implications of new developments for skilled migration and updated immigration plan
> Practical Experience Requirements: What it is, how it is prepared and when it can be assessed.
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