FNPF failed for the 2nd time!!

missm4ry4m

I've just recently failed FNPF again!!! Please anyone who has passed, share some revision techniques to pass this exam. I just hope I'm 3rd time lucky!!

welshwizard

Oh dear!

First things first, what was your feedback? This should give you an indication of what you need to work on (did you improve on your first attempt?)

A lot of this paper requires that you can not just crunch numbers but also use the figures produces to make decisions/explain scenarios. If it's this that's causing you problems, you will need to spend more time reviewing notes/text books before you even think about resitting again. It is well known among tutors that the success rates are much lower for people who resit than first time attempts. It can sometimes become a psychological hurdle to overcome - you fail the assessment, and then focus on the weak areas, fail again (often still on the weak areas but also on other areas you did well on first time round) then it becomes a vicious circle.

If I were to offer any tips they would be:

Learn the formulae for the standard costing variances and learn what each one is telling you
Get a copy of text book (if you've got one, then try another publisher) to help you get to grips with the weaker areas
Also, don't attempt the assessment again until you are really confident that you will pass

I remember how hard the predecessor to this unit was so can sympathise with you - I struggled with much of the content but found that establishing what variances meant and how to interpret results/ratios really helped me get to grips with the whole thing (I now teach some of this unit so feel confident that you will overcome your 'hurdles' here)

Good luck!

Rachetman

missm4ry4m wrote: »

I've just recently failed FNPF again!!! Please anyone who has passed, share some revision techniques to pass this exam. I just hope I'm 3rd time lucky!!

That's tough going, Miss M. Would it be fair to say that you were more stressed
the 2nd time around?

I agree with WW, it's a vicious circle in that you address problems in
one area only to encounter problems in another area that you thought
you got a good handle on.

What I would say to you is this - it is OK to be upset, but
not get too upset to a point where the confidence in yourself gets shattered.

Getting the feedback is key, but also look at how you approach
the practice assesments, recording the answers you've made.

The problem/s in passing this exam could lie in something fundamental.

And I'm saying all this whilst waiting for the result of my FNPF exam.:001_smile:

SandyHood

There are key tasks on this exam. But you must first decide whether you are at the revision stage, or need to really understand the subject first.

I go around the country revising FNPF with groups. (I've got a session in the south next week).
I suspect that some exams are easier and can lead candidates to try and "learn how to pass". I hope that expression makes sense. I mean that because the tasks always test the same general topic there are candidates who want to learn what to do to pass. Task 1.1 tends to look at standard information such as the standard cost card details or the standard hours needed for a particular level of production. A student who is rushing to qualify may be tempted to "learn how to pass" the tasks, rather than understand the subject.

Can you go into work and make some judgements about what is going on around you? What is the standard time for the run-of-the-mill tasks you have to do? Why might you have an efficiency variance that is adverse, why might it be favourable? What about gross profit margins? How significant are fixed production costs at your work? How do they impact on the gross profit in busy/quiet months?

Does that paragraph make any sense? I'm asking you if you understand FNPF well enough to apply it to your work.

Beware "learning to pass". I attended a master class with the FNPF examiner about 18 months ago where a fellow lecturer proudly presented a series of mnemonics and rhymes to aid learning FNPF. These have a place and can help some students. Learning mnemonics to help me learn an accounting point is extra work. Mastering the accountancy point is more than enough in my mind, and a mnemonic is an unnecessary extra. I recommend the knowledge and understanding route, and bags of practice questions.