:(fnst 8 times:(

gangstara

Please guys I am writting FNST for the 8th time, help me. What exactly is required to pass this paper??

cuddy89

Learn how to do the 4 financial statements perfectly, then learn all the IAS's/formulas the day before the exam. This was my strategy and I passed it first time, good luck!

welshwizard

Hi

If only rote learning were all that was required for this unit!

I can assure you that number crunching alone will not make you successful in this unit and the success rates in the unit prove the point.

The Chief Assessor has stated clearly that written answers are the 'make or break' answers. If you can't put together a clear explanation of a ratio - what the answer is, is it good or bad, what it means and reasons for the improvement/deterioration of the ratio, you will never pass. Similarly, if you can't show that you understand not just the numbers but also the standards that are involved in calculating each figure (e.g. IAS 2 and Inventory values) you won't pass.

Honestly, if you're sitting this for the 8th time, I would say that there are significant gaps in your knowledge and, if you're studying at a college/training provider, they are doing you no favours by letting you sit time and again. You end up climbing this insurmountable hill (psychologically at least) and always go in with the 'I'm not sure I can do it' attitude.

I really hope that you can nail this unit but I also think that you may need to attend a fully round of classes again.

Why not go through ALL of the AAT's e-learning material - look at guidance on written answers, and attempt all of the GreenLight quizzes as well. Also look at your feedback sheets from the last sittings - are there common 'did not meet' or 'borderline' entries? If there are, this means that you haven't nailed things as well as you think and this also points to you needing tuition.

I really recommend Steve Colling's excellent advice on preparing for this unit - here

I give this article to ALL of my students about half way through their teaching so they know what they need to do.

Good luck!

Steve Collings

Hi,

I think your exam technique may also be contributing to your unsuccessful outcomes in this exam. Have you thought about enrolling on a tuition/revision course with a reputable course provider? They will offer you tips as to how to study this paper and what to do on the day of the exam itself.

As Welshwizard has also said there may also be gaps in your technical knowledge also where this paper is concerned and there is quite a lot to learn in FNST. I would suggest making sure that you have a copy of the syllabus with you during your studies and ensuring that your revision covers all the areas of the syllabus. The only way students get through this exam is by practising exam standard questions, to time, and working on weaker areas.

Good luck.

Steve

omega man

I have not long passed this first time and i did not meet the requirement in either written question and still passed and i was borderline in 2.2.
I was pretty good in the calculation and ratios though and so although i passed first time i believe it was a close run thing.

anniebabe

@Omega man - there is hope for me yet then, I am dreading the written bits in FNST.

Spamkebab

Hi Annie

The written bits are actually quite fun, just remember Catchphrase and 'Say what you see'

Good luck

Neil.

anniebabe

Lol Neil

omega man

Now your showing your age Neil. How are you doing for your ACCA preparation.
I have decided to do a sage payroll with sage direct, as long as it involves RTI otherwise it seems pointless.

Spamkebab

To be honest Omega, I have bought study texts and revision kits for F7 & F8 modules but i'm in two minds whether to progress due to the current job market.

MAAT will see me through self employment whereas as soon as i sign on with ACCA i am limited to trial balance, payroll etc.
I am applying for jobs in industry and if i land one then i won't hesitate to sign up to ACCA.

However, I'm thinking of hanging fire for the next 12 months, i am studying and find it a pleasure as i have no pressure to commit to exam dates.

Neil.

P.S. Catchphrase has returned and is presented by the most annoying kid i have ever seen on telly.

omega man

I did not think you could have MAAT status unless you are allowed to graduate with the AAT, by that i understand they want one year of relevant up to date experience in the workplace.

I have decided to walk before i can run, in other words i need a job before i progress with any further study as it is so expensive and at nearly 52 if i can get back into this tough area of employment.

As such i do not think AAT will allow me MAAT status as i do not have the one year of relevant experience and so i cannot see me renewing my AAT membership in September until i get a job and can reclaim the fee on my tax return.

What time and channel for catchphrase as i am spending alot of time playing world of warcraft as well as job searching.

Spamkebab

Hi Omega,

My main worry as regards work experience was that i work for my Dad in a small family business. I was getting so frustrated that i couldn't gain employment elsewhere to get a years experience UNTIL i read the work experience requirements. AAT accept experience from up to 5 years previously and it doesn't have to be full time work. I contacted AAT, explained my concerns and what i actually do, worked out how long i spend on relevant work per week and the company Accountant was happy to sign my form. I just held my breath while awaiting a response from AAT and the rest is history.

I'm really glad because i was here at the start of business, sourcing finance and locating premises, insurance then becoming VAT registered etc. The business has been operating for 18 years so we must be doing something right.

There is not a lot of accounts work to be done, a bit of invoicing, purchase ledger, VAT returns, a chunk of credit control, stock control etc. about 20% of my working week spread throughout the week. (for 18 years) If i don't know the business inside out there is no hope for me now lol.

Once i started looking at what i actually do, that which i take in my stride, such things as supplier negotiations, sourcing new suppliers & clients, arranging client terms and discounts, budgeting, costing, all these things i had overlooked. they were just done, i never thought about it.

I've just landed the role of Assistant Treasurer for the local branch of the MS Society. It's voluntary but will give me experience in another environment. It is supposed to be about an hour a week working from home and if i can make it, a monthly meeting lasting 2 hours in the evening. I signed up to http://www.reachskills.org.uk/?gclid=CKqVwb619LYCFRTMtAodO1AAyg and was contacted the morning after.

Good luck Omega,

Neil.

Morpheus1980

I tried signing up to Reach but they were unable to help me as they were "only able to find opportunities for volunteers who have acquired specific levels of managerial, professional or business skills within defined career areas." They went on to say that you need to have proven experience in areas such as financial oversight, IT, strategic planning and fundraising. Seeing as though I've been a secretary for about 10 years and was only able to get the relevant work experience needed to pass the AAT qualification once I started a new job 2 years ago, I can see their point. Lack of work experience was also the main reason why I took so long to get the diploma.

Luckily, I have found a volunteer position at a charity near where I work, so I'm hoping to gain some more experience that way, over the next few years. Volunteering definitely seems like the way to go.

Also, if you're on Twitter/Facebook, do a little shout-out to say that you're available and willing to gain some experience. I've had an offer come through to me that way but was unable to take it up as it was a bit too far away.

Finally, if the town where you live has an Internet forum where the community can post views etc, might be worth putting something out on there - perhaps a sole-trader might need a bit of assistance, or a local firm of accountants that are too busy to do the little messy things that you could possibly get involved with.

omega man

Hi Neil
Reach looks interesting and is something i will look into when i have official confirmation i have passed my AAT qualification.
As they take 5yrs previous work experience into account, i did a pure accounting role for almost 6yrs but it may be too old Jan 1987 - Oct 1992. I have also kept my own accounts when i had a bar franchise for over 8yrs 1994-2002.
Other accounting roles take me to almost 15yrs experience but it is all manual and no pc/IT work.
I will have to see what AAT say i think.

Good Luck Neil

Spamkebab

Hi Omega,

Age has been of benefit believe it or not when meeting the folk i am going to be volunteering with. If you can give up a few hours per week then it's well worth a try.

You can also answer the question 'tell me about a time when you went out of your way/above your normal duties' etc in them stupid competency based interviews by telling them about your volunteering lol.

I remember when you used to be able to get a job from knowing someone who knew someone who needed a hand, normally from talking to Fred in the pub. Now i am showing my age haha.

Fingers crossed for you Omega

Neil.