Starting Level 4 soon!!

missm4ry4m

Hello all you Level 4 students,

I'm going to be commencing Level 4 in September; any tips/advice or anything I should keep in mind?

Many thanks in advance!

katsutlieff

Are you distance learning or going to college?

We complained about the order in which our college made us do Level 4 but in hindsight I'm glad we got the harder units out of the way first. I have budgeting on Monday and this is my last exam. I think I may have lost the will to live if I had to take FNPF or FNST as my last exam

Good luck with Level 4, just don't underestimate the written tasks within the exams, looking at my feedback sheets I think I had more luck on my side than common sense :blushing:

missm4ry4m

I'm doing it through college. I don't think I could ever do distance learning - I need that motivation!

I think we do Budgeting and PTX first.. Then the project in between and FNPF and FNST and one other one at the end..
Do you think if I had a word with the coordinator it would change? Because I have heard from past students that FNFP and FNST are quite challenging!!

Thank you - I'm going to have to work that little extra hard this year!!

stockport

I would have liked to have done FNST first. I'd try and get the project out the way ASAP. I put off starting it, and doing it at the same time as FNST has been quite intense. Budgeting is very similar to Cash Management and Costs and Revenues. I've got FNST as my last exam on Thursday. If you stay focused and motivated, level 4 will be fine.

Jo Clark

I agree with stockport - if you can, do Financial Statements first and if possible, don't study anything else at the same time. I know that you are attending a college and therefore your tutor needs to ensure that all modules are taught within the days available. If possible, also study the project on its own, which is what my college recommends. Other modules if studied together would be support each other e.g. budgeting and financial performance and the two tax modules, depending on the optional papers your college is offering you.

Good luck with it!

AAT Level 3

Study the two tax modules together.
Budgeting and External Audit are really easy and there is not much to it.
Financial Statements is tricky due to the sheer volume of written questions that may come up.
Financial Performance is difficult in content but once you crack the variances you are most of the way there.

missm4ry4m

Ok - I will definately have to have better time management this year!! The optional units my college offers at personal tax and credit management and debit control although I have asked if I could do business tax instead!!

jasec

Hi,

All I can suggest is you practice as much as possible, learn the formulae back to front & inside out, remember the written tasks are a big part of the exam read the questions & hope for the best lol

aaron0121

Hi missm4ry4m,

I would definitely recommend the osborne book tutorial for FP and FNST, the books help me out a lot. Also remember that in some exams you may be required to answer questions which has previously occurred in level 3, e.g. in FNST i was told to work out AVCO and FIFO, which i completely forgot.

Credit management and debt control is a walk in the park, I would recommend picking that as an option. :001_smile:

Jo Clark

aaron0121 wrote: »

Credit management and debt control is a walk in the park, I would recommend picking that as an option. :001_smile:

Hello

I agree with aaron about level 4 testing you on skills and knowledge acquired on a previous level, however I don't agree with what he said about the credit management and debt control module. What one student find easy another may struggle with. I personally haven't studied this module so I don't know whether it is is easy or hard. You could argue that as long as you work hard and put the hours in then you won't find any of the modules you select hard.

What I would advise is that you don't pick a module because it is easy or you think it will be easy based on what has been posted on the forum. Select the modules because it is going to beneficial to your studies now and in the future as well as career progression. Also select something which you will enjoy.


JC

janwal

Hi all

I start Level 4 in September at college ( if I pass AP2) , we have been told we will start with FNST and Budgeting and the two options will be PTX and Credit Management and Debt Control. I must admit I was dreading it but I have had a quick look at some of the practice papers and I see what you mean about subjects carrying on and I actually managed to answer some of the questions so feeling a lot more positive now. I know it is going to mean a lot of hard work but it will be worth it in the end.

Jo - can you give some idea which IAS's you need good knowledge of as college have recommended stating over the summer but we can't get the books yet, but I have got Steve Collings book and Clare Finch's.

Good luck to all doing level 4

Jan

aaron0121

Jo Clark wrote: »

Hello

I agree with aaron about level 4 testing you on skills and knowledge acquired on a previous level, however I don't agree with what he said about the credit management and debt control module. What one student find easy another may struggle with. I personally haven't studied this module so I don't know whether it is is easy or hard. You could argue that as long as you work hard and put the hours in then you won't find any of the modules you select hard.



What I would advise is that you don't pick a module because it is easy or you think it will be easy based on what has been posted on the forum. Select the modules because it is going to beneficial to your studies now and in the future as well as career progression. Also select something which you will enjoy.


JC

Yes you're right JC every student has there strength and weaknesses, therefore its best to pick the option which suits your career and study and not based on what one student says. I'll be a bit more careful what i say when posting in the forums :001_smile:

Jo Clark

aaron0121 wrote: »

Yes you're right JC every student has there strength and weaknesses, therefore its best to pick the option which suits your career and study and not based on what one student says. I'll be a bit more careful what i say when posting in the forums :001_smile:

Thanks Aaron - I am sure many students will appreciate your views on the difficulty of the various modules and any help you can give when they post questions here

BTW - Thank you for the friendship request

Jo Clark

janwal wrote: »

Hi all

I start Level 4 in September at college ( if I pass AP2) , we have been told we will start with FNST and Budgeting and the two options will be PTX and Credit Management and Debt Control. I must admit I was dreading it but I have had a quick look at some of the practice papers and I see what you mean about subjects carrying on and I actually managed to answer some of the questions so feeling a lot more positive now. I know it is going to mean a lot of hard work but it will be worth it in the end.

Jo - can you give some idea which IAS's you need good knowledge of as college have recommended stating over the summer but we can't get the books yet, but I have got Steve Collings book and Clare Finch's.

Good luck to all doing level 4

Jan

Hello Jan

You will do just fine I'm sure... and everyone here on the forum will help the best they can.

Having Steve and Clare's book is an excellent start. Do you know what text books your college will be using?

I used BPP for level 4 and found them to be amazing, particularly having the extra question practice and Sample/Practice Assessments with the Question Bank.

Regarding the IFRS/IAS's, have you looked at the Syllabus for FNST? I also recommend you read Steve Collings article on How to Prepare for a pass at FNST - http://www.stevecollings.co.uk/preparing-to-pass-aat-paper-fnst/

The IAS are listed in Steve's article but for ease of reference and point of reference on the forum here they are:-

IFRS 3 Business combinations

IFRS 5 Non-current assets held for sale and discontinued operation

IFRS 8 Operating segments

IAS 1 Presentation of financial statements

IAS 2 Inventories

IAS 7 Statement of cash flows

IAS 8 Accounting policies, changes in accounting estimates and errors

IAS 10 Events after the reporting period

IAS 12 Income taxes

IAS 16 Property, plant and equipment

IAS 17 Leases

IAS 18 Revenue

IAS 20 Accounting for government grants and disclosure of government assistance

IAS 23 Borrowing costs

IAS 27 Consolidated and separate financial statements

IAS 28 Investments in associates

IAS 33 Earnings per share

IAS 36 Impairment of assets

IAS 37 Provisions, contingent liabilities and contingent assets

IAS 38 Intangible assets

IAS 40 Investment property


Will you be starting your project over the Summer holiday?


Good luck and don't panic!


JC

aaron0121

Jo Clark wrote: »

Thanks Aaron - I am sure many students will appreciate your views on the difficulty of the various modules and any help you can give when they post questions here

BTW - Thank you for the friendship request

No worries JC , you have made me feel so welcome.

Are you a moderator for the aat forums?

Jo Clark

You're welcome Aaron.

No, I'm not a moderator, I'm just a student who spends too long on here

aaron0121

Yes Jo i can see why, this actually starts to get addictive :001_smile:

janwal

Jo Clark wrote: »

Hello Jan

You will do just fine I'm sure... and everyone here on the forum will help the best they can.

Having Steve and Clare's book is an excellent start. Do you know what text books your college will be using?

I used BPP for level 4 and found them to be amazing, particularly having the extra question practice and Sample/Practice Assessments with the Question Bank.

Regarding the IFRS/IAS's, have you looked at the Syllabus for FNST? I also recommend you read Steve Collings article on How to Prepare for a pass at FNST - http://www.stevecollings.co.uk/preparing-to-pass-aat-paper-fnst/

Will you be starting your project over the Summer holiday?


Good luck and don't panic!


JC

Hi Jo

Thanks for the list, we will be using BPP books the same as we did in Level 3. I do like the practice assesments in them but we did find quite a few mistakes in Costs and Revenues so lets hope they are better.
I have seen Steve's article but not read it through yet, will print it off at work tomorrow.

I am hopefully going to start my project over the summer, a worked based one just have to run my idea pass my line manager who is on holiday. The tutor who marks them is only around til Christmas and then away to April so need to get it sorted.

Hope you don't mind but may be picking your brains a bit, will you still be using the forum or would you mind if I email you, I have your email.

Jan

NicF

Jo Clark wrote: »

Hello

I agree with aaron about level 4 testing you on skills and knowledge acquired on a previous level, however I don't agree with what he said about the credit management and debt control module. What one student find easy another may struggle with. I personally haven't studied this module so I don't know whether it is is easy or hard. You could argue that as long as you work hard and put the hours in then you won't find any of the modules you select hard.

What I would advise is that you don't pick a module because it is easy or you think it will be easy based on what has been posted on the forum. Select the modules because it is going to beneficial to your studies now and in the future as well as career progression. Also select something which you will enjoy.


JC

While I agree that an easy module for some will be the hardest for others credit management and control is one of those units you can happily say is relatively easy. Well, it's certainly a lot shorter than the others - my book for this was a quarter of the size of the others at level four. Also if you do FNST before this then you have already covered the ratios, which is the only thing in the topic that could cause any real issues. The second part of the exam is a lot if writing but it's all very formulaic with letters and reports to write that are very similar to the practise questions. Some of the stuff for the first paper may be tricky for some people, but there is not that much of it so much easier to learn parrot fashion than the standards for FNST.

Jo Clark

Hello Jan

I am sure I will continue to visit the forum as I have not quite finished level 4... still waiting on an exam result and ICAS, however you are free to email me or PM me here, I really don't mind.


JC

Jo Clark

NicF wrote: »

While I agree that an easy module for some will be the hardest for others credit management and control is one of those units you can happily say is relatively easy. Well, it's certainly a lot shorter than the others - my book for this was a quarter of the size of the others at level four. Also if you do FNST before this then you have already covered the ratios, which is the only thing in the topic that could cause any real issues. The second part of the exam is a lot if writing but it's all very formulaic with letters and reports to write that are very similar to the practise questions. Some of the stuff for the first paper may be tricky for some people, but there is not that much of it so much easier to learn parrot fashion than the standards for FNST.

I agree Nic. Having studied Financial Statements or Financial Performance before Credit Management will help as you cover ratios in both these modules. I think a lot of students still struggle with the written section of their exams so this may be the harder part of this module, which I think is also examined in two separate parts?

I'm not sure learning the material parrot fashion is advisable. I think a lot of students struggle when they sit the Financial Performance exam and Costs and Revenues at Level 3 as the format sometimes seems different and as the student has learnt the material parrot fashion rather than understanding why/how it should be applied/calculated they struggle in the exam.

Just my personal point of view and I know some don't agree

janwal

Jo Clark wrote: »

I'm not sure learning the material parrot fashion is advisable. I think a lot of students struggle when they sit the Financial Performance exam and Costs and Revenues at Level 3 as the format sometimes seems different and as the student has learnt the material parrot fashion rather than understanding why/how it should be applied/calculated they struggle in the exam.

I have to agree with this, I would have struggled terribly in Cost and Revenues if I had just gone by what was in the practice exams as not much of the real one was the same, but having learned the different ways of doing things by using other provider books I was able to apply what I knew to the questions.

Jan

Jo Clark

wrote:

More confident about level 4!!

Jan, I like your updated signature

janwal

Jo Clark wrote: »

Jan, I like your updated signature

Thanks Jo

Its with the help if people like yourself on here that I have managed to get this far. I must admit Sandy Hood's and Steve Collings's post have helped me a lot to get through. I urge anyone studying to take note of what are in these threads as it may come in useful one day.

Jan :001_smile:

NicF

Jo Clark wrote: »

I'm not sure learning the material parrot fashion is advisable. I think a lot of students struggle when they sit the Financial Performance exam and Costs and Revenues at Level 3 as the format sometimes seems different and as the student has learnt the material parrot fashion rather than understanding why/how it should be applied/calculated they struggle in the exam.

Just my personal point of view and I know some don't agree

I would agree for most things, but part one of credit managment is all multiple choice and similar type questions on things like contract law. It's a bit like learning all the deadlines and penalties in BTX, so parrot fashion works. Parrot fashion only works for fact based learning and would be fatal for anything that required understanding.

The second section of credit management, although written, is nothing like as challanging as the written sections in FNST and FNP. It's more along the lines of the WEAF exam in level 2 really. Working out the ratios is the most challanging part of it so if you know them from doing one of the other exams then this is pretty straightforward. I have yet to see a comment from a student on the forums to say they found this exam difficult, although I'm sure someone will prove me wrong.

missm4ry4m

Hi everyone, thanks for the comments and discussions!

and good luck Janwal with AP2! I found AP1 really difficult that was my last exam!

My college is the same, the optional units are Credit Management and Personal Tax even though I would have liked to do BTX. But the order is Budgeting, PTX, ICAS, FNST and FNPF.. and credit management last even though I would have liked to get the harder units out of the way first!

Hopefully I will be fine. Is there anything I should look at or go over in the Summer to assist me?

Jo Clark

Hello Nic

Thanks for the reply. Perhaps this is why they are considering moving the Credit Management module to Level 3.


JC

Jo Clark

missm4ry4m wrote: »

My college is the same, the optional units are Credit Management and Personal Tax even though I would have liked to do BTX. But the order is Budgeting, PTX, ICAS, FNST and FNPF.. and credit management last even though I would have liked to get the harder units out of the way first!

Hopefully I will be fine. Is there anything I should look at or go over in the Summer to assist me?

Based on the order you list above, I would review your Costs and Revenues study material and when you are due to do FNST, if you have time revisit AP1/2.

You mention that you would like to study BTX. Once you have completed the modules set by your college, there is nothing to stop you studying BTX and sitting the exam as an external student. You will find plenty of people to help you on here.

missm4ry4m

I thought FNPF was more to do with Costs and Revenues! and AP1 n 2 with FNST..

I will definately consider doing BTX after June next year..

Jo Clark

missm4ry4m wrote: »

I thought FNPF was more to do with Costs and Revenues! and AP1 n 2 with FNST..

I will definately consider doing BTX after June next year..

Budgeting and Financial Performance both build on Costs and Revenues. Given the choice, although not essential, I would advise any student who can choose the order of study to do Budgeting before Financial Performance. I found that when I studied Financial Performance the first two lessons overlapped a lot with Budgeting.

missm4ry4m

I'm definately doing Budgeting first. Any advice on PTX?