The Analyst Down Under

It's high time we knew all about the CIMA Strategic Level Exams. The main page for all information regarding Strategic Level is: http://www.cimaglobal.com/Students/2010-professional-qualification/Strategic-level The three papers (E3, P3 and F3) all need to be taken at the same time on the first sitting, (not that I was planning otherwise). There is a three hour written exam paper for the three exams, plus 20 minutes of pre-exam reading time, with two sections: Section A: a maximum of four compulsory questions, totalling 50 marks all relating to pre-seen case study and new unseen case material provided in the exam. Section B : two questions from a choice of three , based on short scenarios to which some or all questions relate, each worth 25 marks. The pre-seen material in section A will be published online six weeks before the exam and is common to all three of the strategic level papers at each exam sitting. That means that in case I have passed the managerial exams and will be...

Yes, I'm shaky. And hoping I'll blossom like a wildflower during the exam, blazing guns and hitting the target without any shooting practice, not even the specimen paper, and a good part of revision process still underway with only four hours till I have to make the march to the exam hall. But from all I've read so far, I need to remember: - to take it as it comes: It's not all about the black and white I've had to drink in the last few (I mean xerox powder). As long as I'm making commercial sense and can draw on some of the material I've read, I can probably score, so I shouldn't be intimidated by a what's-that how's-that. Just give the man some good advice that someone like a boss or a client or such would be able to really use in practical life. That is the essence of CIMA exams and that should work out just fine. In fact, like formalized strategy formulation, I don't want to let the syllabus put me in a box. I'm sure I got a dece...

Scoring possibly 30% on the specimen paper is not good. But it could have been worse, since I didn't really think it would be so tough. Those guys weren't kidding when they said everything will be tested, and anything too, all the way from C01 to P1 and P2 as well. Now you don't just get by making calculations, you need to know the deeper logic, rationale and mathematical, logarithmic inner workings of all the concepts you've ever come across by now. You need stamina to go through the whole wringing process but the good part is that if you're some kind of management accounting guru by now you can simply: 1) quickly and comprehensively grasp the specific requirements of each question 2) analyze the scenario sharply and observantly, with a reasonable depth of understanding 3) use your vast management accounting and commercial sense to recognize what the problem is and what the appropriate solution is 4) rattle off relevant principles, theory and argumentation t...

As dusk approaches and the last day of (Bohra) Eid-ul-adha disappears into the sunset, I am finally getting set to begin my final preparation for P2 and E2 after almost a four-day stretch of preparing for my weakest paper (F2). Having taken a look over the May 2010 paper (another touch-and-go proposition), there is not much change in the existing strategy, though the pressing need for additional preparation continues to haunt me. The final preparation list is as follows, which will probably take place once I have given in the P2 paper on the final eve and day-time hours before the paper, hopefully armed with the revision kit and some clarified concepts: For the main bulk of the paper: 1. Understand clearly the requirements for subsidiaries, associates and joint ventures: when to consolidate fully/ partially and use equity accounting for consolidation of financial statements including SOCI, CSCIE, CSOFP and CCFS with crystal clear concepts relating to extent of ownership based on ...

I decided to keep this post separate from the earlier one to avoid cluttering ideas. Having attempted the F2 specimen paper, here are my learnings from the simulation: F2 Exam Strategy Using 20 minutes effectively: 1) Spend two minutes briefly taking a look at each question and determine its main requirements, underlining key words (please keep the highlight for when attempting to make sure that ALL the given facts, including irrelevant ones, are NOT highlighted) 2) Re-read through the further analyze requirements, correcting any earlier misconceptions, as if you are just ready plunge in to the answering - 5 minutes for part A, or up to 1 minute to fully appreciate the main requirements of part A questions, and up to a max of 2-3 minutes each to absorb the critical details of requirements for each question in part B that will determine the subject areas to elaborate or avoid in answering. 3) Use any remaining time to jot down keywords to elaborate on for theory questions, beginning wi...

Usually cribbing about the lack of public holidays in Karachi, the five day weekend for Eid-ul-adha should help to satiate our appetites, literally too, with plenty of meat to sink our teeth into. As Karachi reverts to six-day drudgery with the winter season bringing with it a healthy dose of aspirin and ibuprofen for all those running noses, this wonderful, vacation-like, last, long holiday-making stretch will be spent fully utilized in studying for the upcoming exams straight after with the kids staying home, as much as they would have loved to enjoy the changing season. Until yesterday, the chill was hurting everywhere, since I believed I didn't have a chance at passing at least one of the exams, F2, despite hours of study and sheafs of practice more than I did for F1. My failed attempt at getting the revision card kits delivered home may also have been a blow to my plans for revision, but the alternative of going through the practice kits instead may have been more fruitful any...

I had sent in my Pre-Application Skills Assessment (PASA) to the ICAA last Friday, but it isn't being processed until the coming Monday at least. It took Pakistan Post's Express Mail Service (EMS) about two days to reach Australia and another four days for Australian post to finally deliver it to the postal box address on the form. Tracking the package was not a problem, as both Pakistan Post and Australian Post provided tracking summaries of the package. Another risky undertaking that saved at least me Rs. 1,200 from an exchange service or a fat half-lie at my bank was that I included my VISA card details on the form for payment. I've sent them three emails so far to tell them that they will need to advise me the exact time and date of payment so I can activate an online session to be able to complete an online transaction. This is a potentially costly risk in case it doesn't work out, as I would have to pay Rs. 1,200 plus the local exchange rate for AUD, which has inc...

As outlined in my earlier blog, CIMAstudy.com is probably a more preferable way to study than sifting through xerox powder and heavy bound books with a large red stripe down the center of ever page. And even better, there are big discounts available through promotions. One of the best discounts is available through IIB , a Ukrainian University at http://www.iib.com.ua. (click here to view the page in English, and here to view the page about distance learning programs in association with IIB) "IIB as the participant of CIMA Affiliate Sales Partner Program offers students a unique possibility to get 60 % discount through the use of a Special Offer Coupon. The coupon is free off charge; it’s possible to get it by completing registration form ." CIMA also has promotion from time to time, such as their last one offering all students in Pakistan the opportunity to buy three CIMAstudy courses at a 33% discount, quoting 33MAPA as the promotion code. Unfortunately, this promo wa...

Unfortunately, not everyone has the luxury of time. Sometimes, time is spent planning and procrastinating as well, and then every hour is worth approximately an average of 40 times as much just before an examination. The 40 times calculation is obviously a result of my now-more-analytical mindset, after going through the physics of cost accounting examinations. You see, it took me an average of 6 to 8 hours for a single chapter at the beginning of my study schedule – this soon became an average of 6 to 8 chapters in a single hour by the end of it. And that’s just the theory part of it. Not practicing is a recipe for disaster – practice is usually the main ingredient of a successful study program, which is why there was a lot of time spent improvising during the examination. Maybe I should wait till mid-July when the results are out to blog about it, but I need to note some important lessons from the three nights and days of the exam - specifically, the CIMA Operational Level papers: E1...

I have been finally confirmed that my student registration was successful. This took an unexpected amount of correspondence over the period of a month or more after submitting my payment and educational papers to the regional office in Karachi to receive acknowledgment from CIMA Global that my payment was received and to reflect it on my online statement. However, despite a few confusing emails (due to the fact that most correspondence seems to be a standard automated response and in this case one-size-doesn’t-fit-all), I was awarded exemptions sooner than I expected keeping in mind the amount of correspondence it took to confirm my payment. I have been granted exemption from the prerequisite Certificate in Business Accounting , though I was expecting an additional exemption for one of the Professional Level examinations: P4 Organizational Management and Information Systems based on my qualifications and experience in the subject. So once I have paid up my exemption fees, I should be ...

Yes, I have already processed an international demand draft in their favor and I’ll be sending in my educational certificates soon to satisfy their initial registration process requirements. That’s largely thanks to the spiritual satisfaction of having obtained official endorsement for pursuing cost and managerial accounting in my business (read profession right now) from my spiritual guide, to whom I am eternally grateful. They even just opened a regional office here in Karachi with Osama been-takin’-my-calls and being very helpful – and patient – answering the same questions over and over again week after week. (Read the press release of the opening ). I’m hoping for to clear the prerequisite entry requirements and get an exemption or two off the professional level through the graduate accelerated route for MBAs so I can start off on the beat with the managerial level and get cracking. See the structure of the qualifications and information on the exam process . Osama also did say...

Well my Big Brother wasn't very pleased about my plans regarding the CA foundation course at Deakin, especially since he'd have to pay for at least half of the relatively expensive investment. So I decided that I'll go in for CIMA entirely self-funded. In retrospect that's a good idea, since I'll also have a lot more market worth. Following up with a CA should get me places, especially if I can just get some good ERP/ BI experience in the meantime and hope my timing is right (I will be timing the job market demand, immigration policy and many other cycles). But this is probably going to take a lot more time.