On your request, I will start this exam focus series for all of you with the focus to tackle on the key spotted areas for June 2009 sittings. This series will be helpful for those repeaters and for the first timer you might find it useful after you have completed the syllabus.
Any one of you is welcome to send questions to me via my laymankt@gmail.com
As for me there are three key areas in your examination, namely:
1. Test of control/Compliance test for internal control system
2. Substantive testing for financial transaction and
3. The internal audit and control
For your examination purpose please makes sure you know the above area CORRECTLY.
Why do I stress the word correctly? Well I always felt that students understand wrongly on the above area which cost them the 50 marks they suppose to have. Therefore the first area I will focus on.
Examiners regardless of which sitting, new or old syllabus test of on the above. Many of you out there claim that the question style is different, hard to remember all the different scenario, exam scenario often changes. Well let address all these all at one go under this series.
You should now clear your mind and re-learn about these topics. My commitment to you to solve the queries and at the same time be open to accept the explanation on the next posts.
For those of you who are reading this now go revise the above topics and we shall see all action in the next post.
Stay with layman…………………………..
Tuesday, March 10, 2009
Sunday, March 8, 2009
Choosing 2
Generation back, may be my great grandfather time or my grandfather time; they might not have this problem. Why I remember my grandmother told me this that my great grandfather was a barber then he opens up a sundry shop till he passed away.
His life was simple and brought up three Children. Grand father has a more exciting life but also I don’t think he also face much problem of choosing. So we at this generation especially those who born after the 70s what is the issues then? I would say the social issues?
Those who born after 70s are considered as the lucky group as they do not face any big crisis war and etc. They were born in the new age and the world has since develop from the 70s. no food crisis, they have food, more and more entertainment coming and more choices so that is the reason they have the choice and need to choose.
However my dear friend out there, don’t be too short sighted. Let me share this with you. Almost 10 years back I have to make a choice. A choice which I believe is so important and determines who I am now. A 3.5K monthly income which I need to work only a few days in a week or I should say not more than 15 hours a week. The other one is to give up the 3.5k job which you work only 15 hrs a week and work for a monthly income of 1.8k for almost 25 days a month 18 hrs a day.
Well I then choose to be an auditor rather than a lecturer. Why long term career plan rather than short term benefits. Further in my working life, I do lecture part time and earn extra income. However if I insist of my 3.5k income then, I might still be a lecturer now and forgo all the exciting moments and I won’t be going to Bangkok and now in Beijing looking at the beautiful scenery on Chao Yang Park.
Just chat with a student and he also facing a dilemma whether to gave up his part time job (he got 4 part time jobs) or slow down on his ACCA study. He needs to choose. Well my advice is simple, what do you like? He is worried about economic crisis and thinks a lot on things that yet to happen (which I believe all of us have gone through).
Let not be so short sighted, for you the priority is to get your ACCA done then you can bargain out there. Unless you are financially not stable, then you have no choice. However he has a choice and he can choose either way. His situation makes me think of another student of mine, whom thinks that finding money is more important than getting ACCA. I advised him the same as did today many years back. However the short term profit he looks on back then makes him suffer now. Yes for sure he has yet to complete his ACCA and yet the big money is still not his!
You can refer to my other article under “my thought and memory lane” to find other inspiration that I might give you. Short term windfall will not make you rich and successful. I have seen enough of this example for the past 10 years. Earning 3.5k at the age of 20 doesn’t mean you can earn 35k when you reach 30s (may be 35K Thai baht). Despite getting such high pay at that age will bring your ego to a greater height and increase your greediness on spending especially on luxury item. You might not be able to hold back when ego and greediness take over you. I have really seen this , live example.So choose for your future and life simple. Stay tune with layman.
His life was simple and brought up three Children. Grand father has a more exciting life but also I don’t think he also face much problem of choosing. So we at this generation especially those who born after the 70s what is the issues then? I would say the social issues?
Those who born after 70s are considered as the lucky group as they do not face any big crisis war and etc. They were born in the new age and the world has since develop from the 70s. no food crisis, they have food, more and more entertainment coming and more choices so that is the reason they have the choice and need to choose.
However my dear friend out there, don’t be too short sighted. Let me share this with you. Almost 10 years back I have to make a choice. A choice which I believe is so important and determines who I am now. A 3.5K monthly income which I need to work only a few days in a week or I should say not more than 15 hours a week. The other one is to give up the 3.5k job which you work only 15 hrs a week and work for a monthly income of 1.8k for almost 25 days a month 18 hrs a day.
Well I then choose to be an auditor rather than a lecturer. Why long term career plan rather than short term benefits. Further in my working life, I do lecture part time and earn extra income. However if I insist of my 3.5k income then, I might still be a lecturer now and forgo all the exciting moments and I won’t be going to Bangkok and now in Beijing looking at the beautiful scenery on Chao Yang Park.
Just chat with a student and he also facing a dilemma whether to gave up his part time job (he got 4 part time jobs) or slow down on his ACCA study. He needs to choose. Well my advice is simple, what do you like? He is worried about economic crisis and thinks a lot on things that yet to happen (which I believe all of us have gone through).
Let not be so short sighted, for you the priority is to get your ACCA done then you can bargain out there. Unless you are financially not stable, then you have no choice. However he has a choice and he can choose either way. His situation makes me think of another student of mine, whom thinks that finding money is more important than getting ACCA. I advised him the same as did today many years back. However the short term profit he looks on back then makes him suffer now. Yes for sure he has yet to complete his ACCA and yet the big money is still not his!
You can refer to my other article under “my thought and memory lane” to find other inspiration that I might give you. Short term windfall will not make you rich and successful. I have seen enough of this example for the past 10 years. Earning 3.5k at the age of 20 doesn’t mean you can earn 35k when you reach 30s (may be 35K Thai baht). Despite getting such high pay at that age will bring your ego to a greater height and increase your greediness on spending especially on luxury item. You might not be able to hold back when ego and greediness take over you. I have really seen this , live example.So choose for your future and life simple. Stay tune with layman.
Capital Employed
This time I shall put up a new column on “Corporate Finance” and let discuss about capital employed as this is a key topic under such economic situation.
So what is capital employed? In simple it is the capital you used to fund the operation of the Company.. well it made up of two simple elements which is the capital that you invest and the financing you obtain to run the business. To be academic for your understanding, it is your capital financing and your debt financing or in another way to explain is the Shareholder equity plus your long term liability.
The word finance can easily mean the cash you need to fund the business. So from your financial data how are you going to examine it? My advice is you do it step by step. First of all prepare your budgeted profit and loss account and check out three important item in you profit and loss account. First you sales; secondly your profit and thirdly any extraordinary item.
With that in mind prepare a pro-forma balance sheet based on your budgeted profit and loss account. In your pro-forma balance sheet include your capital expenditure for the coming year. Look for a company to continue operation, it is impossible to take out CAPEX but to reduce or manage CAPEX. Then you will find a gap in the pro-forma balance sheet as the balance sheet will not balance as something will be missing.
Split your pro-forma balance sheet into 5 parts which is
1. Non Current Asset
2. Current Asset - taking away deposit, prepayment and other non monetary item.
3. Current Liability- taking away non monetary item.
Add the three items above and less the following:
Long term liabilities and the shareholder equity
If the balance is positive mean you need to more funds injected and if the balance is negative then it is fine as the capital employed is sufficient.
Well the next thing you need to have a close examination is your short term liquidity by looking at you working capital cycle by calculating your stock turnover days add debtor turnover days and less your creditor days. You could also evaluate it by value. This help to view the healthiness of your working capital and bear in mind this evaluation does not include your CAPEX evaluation.
Try it will give you a good indication on your cash requirement.
So what is capital employed? In simple it is the capital you used to fund the operation of the Company.. well it made up of two simple elements which is the capital that you invest and the financing you obtain to run the business. To be academic for your understanding, it is your capital financing and your debt financing or in another way to explain is the Shareholder equity plus your long term liability.
The word finance can easily mean the cash you need to fund the business. So from your financial data how are you going to examine it? My advice is you do it step by step. First of all prepare your budgeted profit and loss account and check out three important item in you profit and loss account. First you sales; secondly your profit and thirdly any extraordinary item.
With that in mind prepare a pro-forma balance sheet based on your budgeted profit and loss account. In your pro-forma balance sheet include your capital expenditure for the coming year. Look for a company to continue operation, it is impossible to take out CAPEX but to reduce or manage CAPEX. Then you will find a gap in the pro-forma balance sheet as the balance sheet will not balance as something will be missing.
Split your pro-forma balance sheet into 5 parts which is
1. Non Current Asset
2. Current Asset - taking away deposit, prepayment and other non monetary item.
3. Current Liability- taking away non monetary item.
Add the three items above and less the following:
Long term liabilities and the shareholder equity
If the balance is positive mean you need to more funds injected and if the balance is negative then it is fine as the capital employed is sufficient.
Well the next thing you need to have a close examination is your short term liquidity by looking at you working capital cycle by calculating your stock turnover days add debtor turnover days and less your creditor days. You could also evaluate it by value. This help to view the healthiness of your working capital and bear in mind this evaluation does not include your CAPEX evaluation.
Try it will give you a good indication on your cash requirement.
Sunday, March 1, 2009
Chairman retired. Can CEO replace the position on a temporary basis?
Well now a day student can really think especially when it comes to imaginative question like the above.
If you know my style, the answer is always Yes or No !
When a Chairman retired or before the chairman retired the Company must have a succession plan. The Nomination Committee should plan for this as this is one of the functions of Nomination committee as the governing committee for nomination of Directors and Chairman.
Before a CEO is nominated to replace the Chairman on temporary or permanent basis, the nomination committee of the Board should evaluate whether there are other more suitable candidate.
For example, there is a senior independent Director in the Company, he/she should be the first choice to hold the position of Chairman on a temporary basis prior to the appointment of new Chairman. Don’t forget that the Senior independent director is also a very important position for a Company. He/She is seen to be the communication channel between the Board and the Shareholder and he is the main representative for all the minority shareholder in the Company.
Therefore in my view, the Senior Independent director should be the first choice for the succession on temporary or permanent basis. If the Company does not have the Senior independent director, well the next should be the independent director. We should encourage an independent director to be the chairman instead of the CEO.
Well in simple unless you don’t have any choice as the above (which I think is impossible ) then you appoint the CEO, why it is because of the spirit of CG.
If you know my style, the answer is always Yes or No !
When a Chairman retired or before the chairman retired the Company must have a succession plan. The Nomination Committee should plan for this as this is one of the functions of Nomination committee as the governing committee for nomination of Directors and Chairman.
Before a CEO is nominated to replace the Chairman on temporary or permanent basis, the nomination committee of the Board should evaluate whether there are other more suitable candidate.
For example, there is a senior independent Director in the Company, he/she should be the first choice to hold the position of Chairman on a temporary basis prior to the appointment of new Chairman. Don’t forget that the Senior independent director is also a very important position for a Company. He/She is seen to be the communication channel between the Board and the Shareholder and he is the main representative for all the minority shareholder in the Company.
Therefore in my view, the Senior Independent director should be the first choice for the succession on temporary or permanent basis. If the Company does not have the Senior independent director, well the next should be the independent director. We should encourage an independent director to be the chairman instead of the CEO.
Well in simple unless you don’t have any choice as the above (which I think is impossible ) then you appoint the CEO, why it is because of the spirit of CG.
let kick start with corporate governance
so after result announce it is time for all of you to buck up again let start with the followi:
What is Corporate Governance?
Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders’ role in governance is to appoint the directors and the auditors and to satisfy themselves that appropriate governance structure in place.
The responsibilities of the board include setting the company’s strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulation and the shareholders in general meeting.
The directors have the free drive to bring their companies forward, but exercise that freedom within a framework of effective accountability. This is the essence of any system of good corporate governance.
In a more complicated explanation why we need corporate governance?
There are three type of business vehicles that is commonly available namely
1. Sole proprietor
2. Partnership
3. Incorporation (Limited Company)
All three types of business vehicles have their own characteristics
Sole proprietor
Sole proprietor is the earliest type of business vehicles set up to conduct business. The key characteristic of a sole proprietor is that the owner of the vehicle is also the worker of the company. The business is conduct on a small capital base and in a smaller scale.
Partnership
Partnership is known as the expansion of the sole trader. Where sole trader is operating in a one owner one runner scale, the partnership is running on more than one owner and more than one operator. The capital requirement for the business is higher and do require more than one operator.
Incorporation
This is what we commonly known as a “Company”. In the operation of a Company, there are two separate parties that exist, namely: Shareholder and the Director. Unlike the other business vehicle mentioned, the ownership and the operator of the Company will be separated.
The Owner of the Company is the shareholder whereas the operator of the Company is the director. The running of the Company will then be regulated by the Companies Act. In simple, the shareholder will invest in the Company and at the same time they also appoint the operator of the Company, the Director to run.
Therefore the Director will be accountable to the Shareholder on the operation of the Company. This also led to the Company being run by Director or manager who is distinct from the owners.
Governance issues do not appear to be serious under the sole proprietor and partnership model. It is when the incorporation model begins to become a force of business entity and due to the collapse and fraud case of several big corporations during the 20th century that lead to the governance issues. At that time, various interest group is concern over the governance issue hence give birth to the concept of corporate governance.
What is Corporate Governance?
Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders’ role in governance is to appoint the directors and the auditors and to satisfy themselves that appropriate governance structure in place.
The responsibilities of the board include setting the company’s strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulation and the shareholders in general meeting.
The directors have the free drive to bring their companies forward, but exercise that freedom within a framework of effective accountability. This is the essence of any system of good corporate governance.
In a more complicated explanation why we need corporate governance?
There are three type of business vehicles that is commonly available namely
1. Sole proprietor
2. Partnership
3. Incorporation (Limited Company)
All three types of business vehicles have their own characteristics
Sole proprietor
Sole proprietor is the earliest type of business vehicles set up to conduct business. The key characteristic of a sole proprietor is that the owner of the vehicle is also the worker of the company. The business is conduct on a small capital base and in a smaller scale.
Partnership
Partnership is known as the expansion of the sole trader. Where sole trader is operating in a one owner one runner scale, the partnership is running on more than one owner and more than one operator. The capital requirement for the business is higher and do require more than one operator.
Incorporation
This is what we commonly known as a “Company”. In the operation of a Company, there are two separate parties that exist, namely: Shareholder and the Director. Unlike the other business vehicle mentioned, the ownership and the operator of the Company will be separated.
The Owner of the Company is the shareholder whereas the operator of the Company is the director. The running of the Company will then be regulated by the Companies Act. In simple, the shareholder will invest in the Company and at the same time they also appoint the operator of the Company, the Director to run.
Therefore the Director will be accountable to the Shareholder on the operation of the Company. This also led to the Company being run by Director or manager who is distinct from the owners.
Governance issues do not appear to be serious under the sole proprietor and partnership model. It is when the incorporation model begins to become a force of business entity and due to the collapse and fraud case of several big corporations during the 20th century that lead to the governance issues. At that time, various interest group is concern over the governance issue hence give birth to the concept of corporate governance.
Saturday, February 28, 2009
The Gap - for the individual in crisis
This is a cold Saturday afternoon and guesses what; I am fed up with my PDA phone as I still can’t fix my PDA phone to receive the MMS news. Useless I and I believe this is not the phone problem, not the network problem and it is my problem!
What problem is that, it was me who don’t understand how to operate the PDA phone and it was me who don’t get myself fully understand the phone and this is really my fault. Same here throughout the whole world, do you understand what is the economic crisis about. Well I don’t claim I know everything but let exchange my two cents worth of opinion with all of you at least I believe it is still two cents worth.
There were some bubbles created by the mankind and the bubble become bigger and bigger so when the bubble bust the sound is loud and clear.
For another example, when you go purchase property worth 1 million at a price of 5 millions, do we expect to resale at 5 million or more? This is exactly the case right now.
Many people have pay 5 million for the 1 million worth of asset. So at good time no one bother as everyone will keep on spending as the believe they can afford, but during bad time when it is under distress and the liquidity is not there the bubble of 5 million will burst and it will definitely fall below 1 million.
Why below 1 million, it is because of a simple equation demand and supply. Less people who can afford to buy and here those who can afford knew it and they wish for a better bargain! Isn’t it that simple? Or everyone is still trying to complicate the issues? I wonder?
So if you are one of them who caught by the situation, what should you do? My view is, don’t dream on, it will not be at 5 million at any time if it is only worth a million. So forget about the 5 million starts it all over again.
For those of you out there who are under employment just like me or those of you who are looking for a job this is a challenging time and we should keep it to the basic theory of life which is “SIMPLE”
All of us have a gap to fill and the theory of having saving for rainy days is always right, and never wrong. Everyone out there should now create your own spending budget and your spending habits.
In the eye of many, I am living with a lavish lifestyle, but I spend with my budget and things that I can afford and I seldom “BLOW” it. In fact I am not a rich person or “cash rich” type as most of my income goes to the family for the past years. Well I am still having my Cigars and wine, getting myself nice clothing shoes and with style. But this is all within the key word “BUDGET” and never over spent, mind you and the plastic cash, your credit cards is dangerous, always keep the balance at zero.
I mechanical pencil that I am using now can now put into the museum where I have used it since my primary. I am still wearing the same Seiko and mine of I still go to those barber for my hair cut even though my mum use to complain about that as in there is no “hair style from there”. Who cares!
You can be successful and at the same time be simple. I know of a few billionaires who used to have their meal with me in a small store for “Yen Tau for”. They with their simple lifestyle, win the battle of economic crisis and their company are disaster prove.
So keeping it simple is important. Don’t get me wrong as in keeping simple mean don’t spend. Keeping it simple mean spend at your budget and do not over spend. Spend on item which worth the value and don’t simply spend. I wish to own a ROLEX submarine and when the time comes I will definitely get one but I will not spend 10 ROLEX watches one is more than enough.
I will not insist of a branded shirt worth RM 400 if the tailor made shirt in Bangkok fit me well with just RM 100, I am comfortable with that. That RM 300 is what I consider as a Gap. Having the extra 9 Rolex is what I consider as a GAP too.
It is nothing wrong to own Rolex big house or big car if you can afford it but watch the way you spend it must be according to your purchase power and make sure it doesn’t hit your reserve fund.
Start it now before too late and stick on to it with modest life. Having sushi in restaurant of a shopping mall meet the same objective compared to having it in a six star hotel that is to fill need or hunger. If you can afford it, no harm having it in a six star hotel else don’t put yourself into a crisis by having it is a six star hotel just to show off, it does serve any purposes.
Dear all, start crisis management even before crisis and manage it well. No point doing crisis management during crisis, it might be too late and regretful.
When the mind of man is unattached to the ups and downs of life, but is able to maintain equanimity under all circumstances, good physical health will be assured. Illness is caused more by malnutrition of the mind than of the body. Doctors speak of vitamin deficiency; I will call it the deficiency of "Vitamin G", and I will recommend the repetition of the Name of God, contemplation of the Glory and Grace of God. That is the "Vitamin G" medicine. Medicine for ill-health is one third of the treatment. Regulated life and good habits are two-thirds. By my beloved Swami-Sai Baba
What problem is that, it was me who don’t understand how to operate the PDA phone and it was me who don’t get myself fully understand the phone and this is really my fault. Same here throughout the whole world, do you understand what is the economic crisis about. Well I don’t claim I know everything but let exchange my two cents worth of opinion with all of you at least I believe it is still two cents worth.
There were some bubbles created by the mankind and the bubble become bigger and bigger so when the bubble bust the sound is loud and clear.
For another example, when you go purchase property worth 1 million at a price of 5 millions, do we expect to resale at 5 million or more? This is exactly the case right now.
Many people have pay 5 million for the 1 million worth of asset. So at good time no one bother as everyone will keep on spending as the believe they can afford, but during bad time when it is under distress and the liquidity is not there the bubble of 5 million will burst and it will definitely fall below 1 million.
Why below 1 million, it is because of a simple equation demand and supply. Less people who can afford to buy and here those who can afford knew it and they wish for a better bargain! Isn’t it that simple? Or everyone is still trying to complicate the issues? I wonder?
So if you are one of them who caught by the situation, what should you do? My view is, don’t dream on, it will not be at 5 million at any time if it is only worth a million. So forget about the 5 million starts it all over again.
For those of you out there who are under employment just like me or those of you who are looking for a job this is a challenging time and we should keep it to the basic theory of life which is “SIMPLE”
All of us have a gap to fill and the theory of having saving for rainy days is always right, and never wrong. Everyone out there should now create your own spending budget and your spending habits.
In the eye of many, I am living with a lavish lifestyle, but I spend with my budget and things that I can afford and I seldom “BLOW” it. In fact I am not a rich person or “cash rich” type as most of my income goes to the family for the past years. Well I am still having my Cigars and wine, getting myself nice clothing shoes and with style. But this is all within the key word “BUDGET” and never over spent, mind you and the plastic cash, your credit cards is dangerous, always keep the balance at zero.
I mechanical pencil that I am using now can now put into the museum where I have used it since my primary. I am still wearing the same Seiko and mine of I still go to those barber for my hair cut even though my mum use to complain about that as in there is no “hair style from there”. Who cares!
You can be successful and at the same time be simple. I know of a few billionaires who used to have their meal with me in a small store for “Yen Tau for”. They with their simple lifestyle, win the battle of economic crisis and their company are disaster prove.
So keeping it simple is important. Don’t get me wrong as in keeping simple mean don’t spend. Keeping it simple mean spend at your budget and do not over spend. Spend on item which worth the value and don’t simply spend. I wish to own a ROLEX submarine and when the time comes I will definitely get one but I will not spend 10 ROLEX watches one is more than enough.
I will not insist of a branded shirt worth RM 400 if the tailor made shirt in Bangkok fit me well with just RM 100, I am comfortable with that. That RM 300 is what I consider as a Gap. Having the extra 9 Rolex is what I consider as a GAP too.
It is nothing wrong to own Rolex big house or big car if you can afford it but watch the way you spend it must be according to your purchase power and make sure it doesn’t hit your reserve fund.
Start it now before too late and stick on to it with modest life. Having sushi in restaurant of a shopping mall meet the same objective compared to having it in a six star hotel that is to fill need or hunger. If you can afford it, no harm having it in a six star hotel else don’t put yourself into a crisis by having it is a six star hotel just to show off, it does serve any purposes.
Dear all, start crisis management even before crisis and manage it well. No point doing crisis management during crisis, it might be too late and regretful.
When the mind of man is unattached to the ups and downs of life, but is able to maintain equanimity under all circumstances, good physical health will be assured. Illness is caused more by malnutrition of the mind than of the body. Doctors speak of vitamin deficiency; I will call it the deficiency of "Vitamin G", and I will recommend the repetition of the Name of God, contemplation of the Glory and Grace of God. That is the "Vitamin G" medicine. Medicine for ill-health is one third of the treatment. Regulated life and good habits are two-thirds. By my beloved Swami-Sai Baba
Sunday, February 22, 2009
ACCA results out!
It took me sometime to settle down in Beijing and this Sunday finally have some time to write a few words to all of you.
Yes you might pass and no you might failed
But regardless of whether you pass or you failed, the most important thing is what your next steps is?
For those who passed, you should get yourself prepared for the next challenges, either it is time to find a job under such challenging economic situation or complete the remaining ACCA papers that you need to.
For those who failed, sometime knowing why you failed is a task and often no answer. So forget about finding out the reason but get yourself prepared for the next sitting.
So tow category of you reading the post here. One those who graduate and congratulate to those affiliate, two those of you who still need to continue your journey as ACCA students.
The Affiliate
If you are new to the job market my advice is don’t be choosy under such economic situation, if you have a job now you are lucky and need to thank GOD.
So where to start, I will always recommend the traditional way, The Accounting firm regardless of audit tax or corporate finance.
Which firm Big 4 or others, well you should of course aim for the big 4 but it is not the end of the world if you are not recruited by then. Try other medium firm and if you are good you will have a fair good chance if your career path in those Company. It is not important whether you start off with the big 4 or not but the right firm with the right attitude. Your attitude on your first job will decide your future. (Please refer to my previous post choosing and New Year resolution).
The students
You should now plan properly for those subjects you are taking.
Bear in mind, today is 22nd Feb and let’s assume exam date falls on 1st June, you should have 3 months left for exam preparation.
So the first thing you do is to plan for your time which means a good time table.
Get all the date down (I used to use Microsoft Outlook) and key in your work schedule, lecture schedule IRC and any important schedule that will occupied your schedule and all these date should be out by now. (Sacrifice your dates and unnecessary appointment)
Check after you have key in those schedules and you will find out that the time left for yourself is actually limited.
So what should you do? Get yourself prepared. How? Assume you are taking F8 P1 and P2 (for the benefit of JE one of my student) you should now schedule the revision time for the three subjects.
For the month of March and April, you should have all your revision done according to your class schedule. For the Month of May you should do a reverse strategy.
You should plan according to your exam date and IRC date systematically. (Kindly refer to the excel sheet, request a copy if you need it by email).
Then make sure you have sufficient sitting of PYQs. If you wonder how many sittings, my recommendation is always 1994 sitting till recent, else minimum 15 sittings ( a must). Please refer to my previous article – The Power of PYQ.
That should be the minimum effort that you should put in.
Good Luck
Yes you might pass and no you might failed
But regardless of whether you pass or you failed, the most important thing is what your next steps is?
For those who passed, you should get yourself prepared for the next challenges, either it is time to find a job under such challenging economic situation or complete the remaining ACCA papers that you need to.
For those who failed, sometime knowing why you failed is a task and often no answer. So forget about finding out the reason but get yourself prepared for the next sitting.
So tow category of you reading the post here. One those who graduate and congratulate to those affiliate, two those of you who still need to continue your journey as ACCA students.
The Affiliate
If you are new to the job market my advice is don’t be choosy under such economic situation, if you have a job now you are lucky and need to thank GOD.
So where to start, I will always recommend the traditional way, The Accounting firm regardless of audit tax or corporate finance.
Which firm Big 4 or others, well you should of course aim for the big 4 but it is not the end of the world if you are not recruited by then. Try other medium firm and if you are good you will have a fair good chance if your career path in those Company. It is not important whether you start off with the big 4 or not but the right firm with the right attitude. Your attitude on your first job will decide your future. (Please refer to my previous post choosing and New Year resolution).
The students
You should now plan properly for those subjects you are taking.
Bear in mind, today is 22nd Feb and let’s assume exam date falls on 1st June, you should have 3 months left for exam preparation.
So the first thing you do is to plan for your time which means a good time table.
Get all the date down (I used to use Microsoft Outlook) and key in your work schedule, lecture schedule IRC and any important schedule that will occupied your schedule and all these date should be out by now. (Sacrifice your dates and unnecessary appointment)
Check after you have key in those schedules and you will find out that the time left for yourself is actually limited.
So what should you do? Get yourself prepared. How? Assume you are taking F8 P1 and P2 (for the benefit of JE one of my student) you should now schedule the revision time for the three subjects.
For the month of March and April, you should have all your revision done according to your class schedule. For the Month of May you should do a reverse strategy.
You should plan according to your exam date and IRC date systematically. (Kindly refer to the excel sheet, request a copy if you need it by email).
Then make sure you have sufficient sitting of PYQs. If you wonder how many sittings, my recommendation is always 1994 sitting till recent, else minimum 15 sittings ( a must). Please refer to my previous article – The Power of PYQ.
That should be the minimum effort that you should put in.
Good Luck
Subscribe to:
Posts (Atom)
Posts
