Ace the ACCA F5 Exam!
The Performance Management (F5 paper) in ACCA historically has some of the lowest pass rates globally (source: ACCA global website). This paper tests your technical grasp of management accounting concepts, their application and analysis based on their metrics.
Here are 5 tips from our ACCA F5 training expert to help you ace it:
1. Content, Questions, Revision, Questions
One common mistake students make is going through the entire syllabus and then starting some practice questions. Under that approach you tend to have forgotten what you covered in the start. Knowing 100% of the content does not guarantee a pass, but being able to answer past paper questions does. Based on this the recommended approach is for students to cover a chapter and attempt at least some questions. Attempting questions does not mean going through the answer at the back! Solve them yourself, then check the answer at the back, note down any mistakes you made, revise those concepts and practice further.
2. Cover all the topics
Due to the technical nature of some concepts (e.g. variances and transfer pricing) students focus a lot on calculations. They tend to pay little attention towards more theoretical concepts (e.g. balanced scorecard) even though these are highly likely to be tested.
You should cover all the topics and practice questions so that you are not caught off guard in the exam.
3. Quality over quantity
When answering the long questions students tend to write long paragraphs, thinking that the longer the answer the more the marks. That's not true! It is better to write just one line of actual content than three paragraphs without merit. Answer in bullet points and keep it short and simple. Will 5 small bullet point lines be enough for a 5 mark question? Yes!
4. Learn how to analyze
Arguably the largest obstacle students face towards passing the exam is the inability to analyze. Saying that “the variance is adverse, indicating a poor performance” is not analyzing, it is stating the obvious. The actual question is “what is the reason the variance is adverse?” This is where students need to exhibit critical thinking.
Remember do not be under-confident in expressing an opinion. If you can justify it, then it is valid.
5. Time management
This is a common issue across all papers. Students need to manage their time. Do not get stuck on one question. Keep a constant track of time, and make sure to attempt ALL questions. It is better to have decent answers for every question rather than having some perfect answers and leaving out the rest.
Should you have more questions about the ACCA F5 paper, or want to setup a free consultation with an ACCA trainer, email us at mer_academyuae ~3#$A~ pwc &D06s& com
