In this guide we introduce some tips for success to help you master the Financial Management exam.
- Plan to rotate the topics you revise – it is no good walking into the exam having not looked at a topic for a whole month. The question bank has a very useful 'topic finder' so you can plan which questions to try when you have revised a particular topic.
- When answering questions, it is tempting to look at the answers. This will not be an effective way to learn - try to come up with ideas and use the answer after to evaluate your answer. Update your answer in red for the things you missed and learn from your mistakes.
- When practising questions, do not put yourself under time pressure to begin with but gradually increase this as you approach the exam.
- Take time to review your answers and make a list of things you commonly get wrong. Keep reviewing the list and take corrective action.
- You should take the time to review the examiners’ comments on the ICAEW website as these will give you invaluable tips on areas that students commonly trip up on. Looking at these after you have attempted the specific question can be an alternative way to mark your answer (you can then ensure you do not make the same mistake!).
- Do not over run on questions, you will pay for it later. Monitor that clock and move on when time runs out – even if you do have more to say!
- Use the scenario to help you answer the requirements. Everything in the scenario is there for a reason. Go through the scenario a line at a time and ask yourself 'why am I being told this?’ and 'how can it help me answer the question?’