Professional Documents
Culture Documents
Management Accountants
1
As there is a single pre-seen for all three papers and candidates
must sit all three papers together at the first attempt, will I be at
a disadvantage for this exam if I dont prepare for the other two
simultaneously?
I assume that you are sitting for the first time and therefore have
to enter all three papers but that your intention is to focus only on
passing F3 and want to know if that would be likely to adversely
affect your chances of passing F3 at that sitting.
The simple answer is no. The questions on the pre-seen material in
the three papers are totally independent and so it should not make
any difference to your F3 result whether or not you made a serious
attempt at P3 and/or E3 at the same time. However, performance
in the calculation part of a question should have no impact on
performance in the discussion parts. Candidates are expected to
discuss the answers they have obtained in the calculation part and
full credit is available for discussion of the answer regardless of
whether or not the calculation part is correct.
In addition, as I am sure you are fully aware, you would need to pass
the other two papers at the first attempt at the next sitting to avoid
having to study a new pre-seen. This may not be a risk that is worth
taking.
2
What happens if my calculations go wrong in a F3 question but my
narrative makes sense in terms of the numbers I calculated? Will I
get any marks or not?
Mistakes are only penalised once. This means that you wont be
penalised in the narrative section simply because it is based on
incorrect results from your calculations. Even if you suspect that
your answers are wrong, you can be confident that you still have the
chance to obtain full marks in the narrative section. The narrative
should be based on the answers you have obtained and will be
marked accordingly.
Obviously your answers also need to be reasonable. For example,
if you end up with a cost of capital of 125%, something must have
gone badly wrong in your calculations and you would be best advised
to say so and come up with a more appropriate answer, even if is
a best guess, and use that in your narrative answers. It is usually
difficult to say anything sensible about results that are impossible
in practice.
3
What is a good exam technique for a F3 exam? Should I go with
section B first or should I start with section A?
4
I understand that investment appraisal questions carry a number
of calculation marks; it is therefore easy to get the final answer
wrong. What would be the implications of this on my discussion
part of the answer?
In investment appraisal questions, it is quite common for only a
minority of candidates to arrive at precisely the right answer as
there are many different opportunities for making a mistake in the
calculations along the way. However, performance in the calculation
part of a question should have no impact on performance in the
discussion parts. Candidates are expected to discuss the answers they
have obtained in the calculation part and full credit is available for
discussion of the answer regardless of whether or not the calculation
part is correct.
For example, consider a case where the examiners answers include
a recommendation that a particular project should be rejected but
your calculations led to the opposite conclusion, showing that project
should be accepted. You would still have had the potential to attain
full marks on the discussion part of your answer, even if you had
recommended that the project should be accepted since this is what
your calculations indicated.
Very occasionally, the calculations go so badly wrong that the final
answer is obviously invalid. In that case, it is perfectly acceptable to
make an assumption and give a rough estimate of what you think the
correct answer might have been and then base your discussion on
that assumption.