How bad is Financial Performance Exam?

Hopeipassx
Hopeipassx Feels At HomeRegistered Posts: 66
Hi guys,

To anyone who has sat the financial exam, how bad is it? Ive got mine in June at some point (exact date to be confirmed yet by college) and have heard many stories about how tough it is? How true is this?

We have been going through some of the chapters so far in the Osborne books, last one was on consolidated statements, which does seem quite complicated, especially on the SFP. But things always seem difficult to me when new.

Just want someone else's opinon on it? :huh:

Comments

  • Jo Clark
    Jo Clark Font Of All Knowledge Registered Posts: 2,525
    Hello

    Do you mean Financial Statements? If so there are several threads on here which you can find using the search facility. Lots of helpful tips and advice provided by students who have sat the exam already and those currently studying for it, as well as a link to an article in PQ Magazine and a post by Steve Collings which you really should read.

    I am in the middle of last minute revision myself for another exam. I'll try and find some links and post them here in a while.

    Good luck whether it is Financial Statements or Financial Performance. If you put the work in and understand what you are learning you will do just fine :)


    JC :o


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Font Of All Knowledge Registered Posts: 2,525
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Hopeipassx
    Hopeipassx Feels At Home Registered Posts: 66
    Thanks for the links and yes sorry I did mean financial statements :)
  • villapb
    villapb Trusted Regular Registered Posts: 357
    The fnst exam is all about DONT PANIC, work through it and dont get bogged down trying to balance. I worked quickly thorough the calculation questions and i didnt balance on them, but i just moved on as i knew i had over 70% right on them. Then i focused on the written questions and worked my socks off writing. I personally think that the if you just rely on the classroom theory and have no real life finance experience its hard to pass.
    For instance i had a written question about an return on a investment based on eps and roce etc and what would be my advice short term and long term, i know quite a bit about shares and that helped me. I also thought with out experience and we never got taught it in the classroom to the depth of the question, i would have struggled. Also my other written question was about the framework and also inventory costing ie cost and nbv.
    So not too scare anyone i think the fnst exam really trys to test who is ready to be aat qualified and who isnt and also the icas project.
  • SarahJS
    SarahJS Trusted Regular Registered Posts: 273
    villapb wrote: »
    The fnst exam is all about DONT PANIC, work through it and dont get bogged down trying to balance. I worked quickly thorough the calculation questions and i didnt balance on them, but i just moved on as i knew i had over 70% right on them. Then i focused on the written questions and worked my socks off writing. I personally think that the if you just rely on the classroom theory and have no real life finance experience its hard to pass.
    For instance i had a written question about an return on a investment based on eps and roce etc and what would be my advice short term and long term, i know quite a bit about shares and that helped me. I also thought with out experience and we never got taught it in the classroom to the depth of the question, i would have struggled. Also my other written question was about the framework and also inventory costing ie cost and nbv.
    So not too scare anyone i think the fnst exam really trys to test who is ready to be aat qualified and who isnt and also the icas project.

    Oh dear... I'm looking at taking this exam with no finance experience, or maybe a month or two working in tax by the time I sit this. I'm also a self studier so have no real advice on possible questions, apart from people being a great help on here!

    I'm ready for this to be a hard exam though, so bring it on!
  • Jo Clark
    Jo Clark Font Of All Knowledge Registered Posts: 2,525
    SarahJS wrote: »
    Oh dear... I'm looking at taking this exam with no finance experience, or maybe a month or two working in tax by the time I sit this. I'm also a self studier so have no real advice on possible questions, apart from people being a great help on here!

    I'm ready for this to be a hard exam though, so bring it on!


    Hello Sarah

    Don't panic. I have a finance background (not preparing financial statements though!) so found the module challenging but not impossible. Hard work and determination will see you right... as well as understanding the material in the syllabus!

    I have posted this link before http://tinyurl.com/cruk25q but I feel that is is worth a read so have done so again. See Page 19.

    Don't forget to search the forum for FNST posts where other students have asked for help and indeed, do ask for help yourself :o


    Good luck.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • villapb
    villapb Trusted Regular Registered Posts: 357
    Well Sarah the main thing is when you press that start button, just take a deep breath and DONT DONT PANIC.........you see the questions, the pop up trial balance and think omg, i did, but if you PANIC, you will fail and give in. The exam does ask a lot of you, but just power through and don't, don't, don't, i repeat don't worry about balancing just move on and come back if you can. I think a lot of people fail trying to balance the consolidated accounts and the statements.......from asking people who failed.
  • siva
    siva Feels At Home Registered Posts: 54
    Hi Sarah,

    I Agree with Villapb, i did the same mistake trying to balance the statements and i couldn't balance it even after spending so much time on it and when i realised i spent most of my time already i moved to part 2 and left with not enough time to do my written questions, luckily i passed.i took my exam in nov last year.
  • lisalofty
    lisalofty Settling In Nicely Registered Posts: 15
    Good advice guys.

    I opened the paper and panic I totally did not get a grip and failed :(

    I spent too long trying to balance and didn't leave enough time for the written elements !

    I am booking my resit on thursday for asap and have a better frame of mind;

    Remember as everyone says relax the written work is worth alot more marks than number crunching with a calculator.

    Try to do both cba practice assessments and green light is my new best friend sad I know x

    And above all RELAX !!!

    Good luck everyone
  • nicd1981
    nicd1981 Well-Known LiverpoolAAT Licensed Accountant Posts: 244
    siva wrote: »
    Hi Sarah,

    I Agree with Villapb, i did the same mistake trying to balance the statements and i couldn't balance it even after spending so much time on it and when i realised i spent most of my time already i moved to part 2 and left with not enough time to do my written questions, luckily i passed.i took my exam in nov last year.

    Hi Sarah,
    Congratulations on passing
    I sat this exam last monday i was out of balance by 24 pound and although i had pleanty of time left and wrote alot in sections 2, my section one standard IFRS 3 i didnt write any where near enough and the 3rd question on bargain purchase i didnt even answer as i clearly didnt know it!
    I thought because of this , its definitely a fail, didnt beleive you could pass if they didnt balance,
    Now this could be a good thing or a bad thing as you have just gave me hope!! haha
    Still revising for my inevitable resit though :001_tongue:
    Thanks
    Nic xx
    Nicola Donnelly ,MAAT, MIP, CIMA Dip MA

    Email: [email protected]
    Facbook Page: MEND Accounting
    Blog: http://wannabeanaccountant.blogspot.co.uk
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