The Fundamental Case Study exam tests students’ ability to apply accounting principles, critical thinking and problem-solving to a real-world scenario. Whether you’re taking the exam for the first time or approaching a resit, read these practical tips from one of ICAEW’s expert examiners.
How do I prepare for the exam?
This exam tests your ability to apply your knowledge and skills, not whether you can memorise specialist knowledge, so practising questions is key and the more you do that, the better.
The workbook includes walk-through style exams consisting of questions, model answers, and commentary on how to get to those answers. There are practice exams and recent past exams in the question bank, and in the practice exam software.
Practicing questions is especially important for students who have gained credit for prior learning (CPL). These students have not had the benefit of the recent learning from Certificate Level exams and hence progressing to Professional Level can present additional challenges.
Try to practise under realistic and timed exam conditions. Don’t do it at home where you're comfortable. Sit in a coffee shop, or somewhere similar, where there is background noise. You can’t totally replicate exam conditions, but you can prepare for an environment where you can’t control your surroundings.
How do I use the advance information?
You’ll receive the advance information eight weeks before the exam. This tells you about the industry and the company, indicating some of the scenarios and issues you’re going to be working on, just as if you were working for a client at the office.
Familiarise yourself with the information until you’re confident you really know the company and its background. Also, think about potential questions based on the scenarios. The data and context we’re giving you provides you with clear cues as to what we’re likely to ask you in the exam.
How do I manage my time on the exam day?
Examiners advice is ‘firstly, take 10 minutes or so to read the exam, making sure you understand the requirements and deciding in what order you're going to answer the questions. Although all four questions are based on the same scenario, you can answer them in any order.
Plan your time effectively. Look at the mark allocation under each requirement to work out how much time you need to spend.
Look up technical information in your workbook if necessary. But remember to keep an eye on the time and don’t overrun your time allocation on any requirement.
Attempt every question. Good answers completed on time are better than a lower number of perfect answers. Students who fail tend to be those who have left big blank spaces.
Examiners 4 top tips for a good result
Make sure you:
- thoroughly familiarise yourself with the advance information
- plan your answers carefully, use the mark allocation as a guide to how much you write
- take time to read the question requirements, answer the question, not the question you expect or have seen in a practice exam
- apply your knowledge and skills to the specific scenarios outlined
If you're resitting, focus on question practice, planning at the start of the exam, and giving applied answers specific to the question set. If you do that, you’ll be giving yourself a very good chance of passing.
Finally, don’t chase perfection. Once you've spent the requisite amount of time on a requirement, move on. Don't keep refining it or struggling with a calculation. It doesn't have to be a perfect answer; it just has to be good enough to get the marks you need.