The Analyst Down Under

In the last post after taking the second level exams , I declared that: "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." Well, I missed the P2 by 5 marks and the F2 by 10 marks, and hit E2 right in the middle for a pass. Having said that, I would have been in for a shameful love affair this time around then, until I took a fresh look at my predicament. You see, SEEK results for the last 30 days for all jobs in Australia with keyword "CIMA" returns 73 jobs. That includes only 47 from a total of 2,457 management accountant jobs. On the other hand, ...

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...

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 ...