Coping With Stress

12

LEARNING CENTRE

COPING WITH STRESS ADVICE FROMTHE PRIZEWINNERS EXAM STRESS CAN BE DIFFICULT TO CONTROL, AND CAN EVEN IMPAIR EXAM PERFORMANCE, SO LEARNING HOW TO MANAGE STRESS IS AN IMPORTANT PART OF EXAM PREPARATION. ACCA DECEMBER 2009 EXAM PRIZEWINNERS CLEARLY MANAGED THEIR EXAM NERVES EFFECTIVELY – WHAT ADVICE DO THEY HAVE FOR OTHER STUDENTS?

CARA MILLER

SALLY WILLARD

NICOLA CROMACK

COLIN JEFFREYS

JOINT GOLD MEDAL WINNER Works for :Baker Tilly as a group audit manager Lives in:Bury St Edmunds, Suffolk

JOINT GOLD MEDAL WINNER Works for:Ernst & Young LLP as an executive Lives in: London Studied with:BPP Professional Education Chose ACCA: Because international recognition is important for an international rm such as Ernst & Young

SILVER MEDAL WINNER Works for:rpmi as a business assurance senior Lives in:Middlesbrough Studied with:BPP Newcastle Chose ACCA:Because the comprehensive syllabus, and worldwide recognition suited my career choice as an auditor

BRONZE MEDAL WINNER

CLICK HERE FOR SALLY’S STRESS TIPS

CLICK HERE FOR NICOLA’S STRESS TIPS

CLICK HERE FOR COLIN’S STRESS TIPS

Studied with:

Kaplan Financial Chose ACCA:Because it was so exible

CLICK HERE FOR CARA’S STRESS TIPS

Works for:

PricewaterhouseCoopers CI LLP as a senior associate Lives in: Guernsey, Channel Islands Studied with:BPP Guernsey Chose ACCA:Because I could choose how many papers to sit, and when

MAKE SURE YOU ARE PREPARED FOR YOUR EXAMS

For more tips on coping with stress visit www.accaglobal.com/stressbusting

CARA MILLER, JOINT GOLD MEDAL WINNER

I take around four days off work before each exam, and plan my time carefully, breaking it into three-hour blocks. During these four days I do at least two mock exams, practise questions, and read, setting aside time to focus on difcult areas. A strict revision programme makes me feel well prepared and ready. The day before the exam I nish studying at 5pm, get everything ready for the next day, relax and get a goodnight’s sleep, then arrive at the exam hall in plenty of time. Ever since my rst exam – when I was just as stressed about the journey as I was about the exam – my husband has taken the day off work and driven me to the exam hall. I read my notes in the car, and then we meet up for lunch afterwards. This makes exam day much less scary – like a nice day out with my husband, only I have to sit an exam rst! > BACK TO MAIN ARTICLE

SALLY WILLARD, JOINT GOLDMEDAL WINNER

I control exam stress by making sure I’m well prepared. If I’ve done enough revision, especially on the more difcult areas, this gives me the condence to know that I will answer the exam to the best of my ability. I also try to have a good night’s sleep before the exam, but despite all this, I think everyone is nervous whenthey enter the exam room – I attempt to control my nerves by adopting a positive mind-set and taking deep breaths. > BACK TO MAIN ARTICLE

NICOLA CROMACK, SILVER MEDAL WINNER

I was fortunate that my employer allowed me sufcient time to prepare before my exams which, together with a very supportive family, greatly reduced my stress levels. Earlier in my ACCA studies I had taken a break to start a family, and this time away made me even more determined and focused when I returned. As a result, missing an exam session helped reduce my stress, although this approach doesn’t suit everyone. I certainly feel nervous in the exam hall, but use the 15-minutes’ reading time to calm myself, and decide on which questions to answer and in what order. I also make sure I arrive with plenty of time to spare, so I can compose myself, and don’t have to worry about being late. > BACK TO MAIN ARTICLE

COLIN JEFFREYS, BRONZE MEDAL WINNER

I controlled pre-exam nerves by making sure I got some fresh air and daylight for at least an hour every day. I found that after a proper break I was more refreshed and ready to move on to the next topic. I also wasn’t too concerned if I had an unproductive revision session – these days happen and all you can do is move on. In the exam hall, I think there’s something wrong if you don’t feel nervous – after all, you’ve spent months preparing for the exam and only three hours to show that you know enough to pass. I found the most effective approach was to close my eyes, take a few deep breaths and try to block out everything else around me. I also tried to remember that it would soon all be over! > BACK TO MAIN ARTICLE

ACCA Question Days Confdently sit your ACCA exams knowing you’ve gone through a dry run. On a Question Day, you will attempt exam standard questions under timed exam conditions. Your answers will be marked by one of our tutors and you will receive full debriefs on the day.

To fnd out more: www.bpp.com/acca/exampractice 0845 075 1100 (courses in London) 0845 226 2422 (courses outside London) Accountancy & Tax

Business Law

Business & Management

Finance

Human Resources

Marketing

14

LEARNING CENTRE

how to advance by succession planning RECKON YOU DESERVE A PROMOTION? PERHAPS YOU DO – BUT AN EMPLOYER THINKING AHEAD MAY WANT YOU TO IDENTIFY WHO’LL STEP INTO YOUR SHOES BEFORE THEY GIVE YOU THE NOD Yes, indeed – succession planning isn’t the preserve of senior management. Many organisations regard the ability to recognise and nurture talent as an essential demonstration of leadership potential, even for those in junior supervisory roles. If you’ve already achieved your first promotion – as many young finance professionals have, long before they approach their final ACCA exams – you might reasonably think that all you have to do is continue excelling at your work for your next step up the career ladder to be guaranteed. Think again: who will do your job if you move onwards and upwards? Whose problem will that be? With post-recession skill shortages already being talked of in HR circles,

finance managers will be under pressure to show that they’re bringing in and developing fresh blood. That pressure is likely to cascade down the ranks, so that, barring those at raw trainee level, almost everyone else will have a stake in succession planning for their own position. And even if it’s not an explicit instruction, it stands to reason that if you prepare a junior colleague to make a smooth transition into your role, your boss and other decision makers will be less nervous about accelerating your own progression. GAIN A BETTER PERSPECTIVE

If you have day-to-day supervisory duties, do more than simply ensure that

people perform their tasks properly and on time. Observe their strengths and weaknesses, as well as what drives them (or holds them back). If you don’t conduct their appraisals, ask to at least sit in on them, and be involved in goal-setting objectives – you’ll gain a better perspective on their motivation, as well as how their aspirations fit within the context of your company’s, or the finance team’s, long-term objectives. Discuss your opinions with your boss (who may very well be bringing you on to eventually fill his or her job) and be open-minded to constructive criticism and the actions you’re recommended to take as a result, such as extra coaching. PLAY TO PEOPLE’S STRENGTHS

Even if you don’t have formal responsibility for juniors, you can still exert influence. Play to people’s strengths – and don’t hold back with deserved praise. Show an interest in their careers: ask about their plans, and think about how you might help – for instance, by using your own internal networks to introduce them to a mentor, or to help them secure a secondment or work shadowing opportunity. But be mindful not to make unrealistic promises or overstep your authority – your plans could backfire embarrassingly. And one last thing – experience of succession planning is likely to be highly prized by employers. So, as you go along, make a note of your succession planning activities, with a view to your future CV, or to discussions in appraisals or job interviews.

STUDENT ACCOUNTANT 10/2010

15

TIPS FOR RETAKERS FAIL-SAFE TIPS FOR SUCCESS DID YOU FAIL A PAPER AT THE LAST EXAM SESSION? IF YOU’RE RETAKING AN EXAM, ACCA SOUTH AFRICA’S HEAD OF EDUCATION TONIA VALIS OFFERS HER FAIL-SAFE TIPS FOR FUTURE SUCCESS It’s essential to embrace the possibility of failure in order to achieve success. Reason being that failure should only be seen as a temporary setback on your path to a successful career –it should not prevent you from succeeding. Professional exams are not easy and many ACCA members have failed a paper or two en route to membership. Forget your failures and instead focus on learning from your mistakes and plan for your success.

GRASP THE SITUATION? It’s important to establish what went wrong in order to prevent this from happening in future exams. Did you allocate sufficient time to each question? Did you attempt each question? Did you understand the requirement? Did you simply not study enough? Was your exam technique poor? The answers to these questions will assist you in focusing your efforts when you study. REVIEW YOUR APPROACH TO STUDYING Review your study habits and establish whether your mode of study is suitable to your lifestyle and routine. Assess whether your study habits need to be changed and whether you could do things differently. Are you aware of the different modes of study available to you: face-to-face (part time or full time) tuition, online study, distance learning, home study – to name but a few? Attending tuition with one of ACCA’s approved learning partners, joining an online study group or registering for revision courses can all be very effective study methods. Ask your tutor or search our online directory.

¤ Never

leave an exam room too early – instead re-read and scrutinise the requirement and ensure that you answered the question.

A cut above the rest Many students forget to apply their minds to other factors that affect exam performance. Often, these techniques can help you GAIN AN UNDERSTANDING gain those extra marks that will ensure It is not surprising to note that the exam success: reasons for not passing an exam can ¤ achieve balance before the exam: actually be easily resolved. A few exercise and a balanced diet aids pointers you may find useful include: memory recall ¤ rest the night before the exam ¤ prior to the exam commencing, Insufcient knowledge You cannot successfully pass an exam avoid talking to people who are if you haven’t studied adequately. Be panic-stricken prepared. Topic or question spotting is a ¤ during the exam, pay no attention to common pitfall – there are no shortcuts, those around you so ensure that your preparation covers ¤ understand the wording of a question, the entire syllabus. eg state and explain, explain and critically evaluate, etc Exam technique ¤ use as much paper as you need – do ¤ Understand the format of the exam not cramp your answers and ensure you attempt questions ¤ use a black pen that is blotch-free and required – what is compulsory and easy to read what is optional. ¤ speed reading the text is an invaluable ¤ First read the question carefully and tool if applied correctly plan your answers. ¤ if you do not make answer plans, at ¤ Manage your time effectively and note least note critical words/points/ideas your time allocations – keep an eye ¤ state the obvious in an answer, do out for overruns. not assume ¤ Take care to show calculations to ¤ if you are struggling for ideas, re-read workings and provide full answers and you answer as it may help you jog not bullet points for discursive answers. your memory ¤ Presentation is imperative – make it ¤ deviate from your time allocation easier for the examiner to mark by only if you are sure you are scor ing writing clearly and leaving an empty marks – do not abandon that question line between paragraphs/points in the answer.

only to move on to a question where you may not be scoring.

16LEARNING

CENTRE

COMMUNICATE FOR SUCCESS CAMBRIDGE FINANCIAL ENGLISH AS ACCOUNTANCY BECOMES ONE GLOBAL PROFESSION, EXCEPTIONAL ENGLISH LANGUAGE SKILLS WILL BE A NECESSITY. THE INTERNATIONAL CERTIFICATE IN FINANCIAL ENGLISH COMPREHENSIVEL Y DEV ELOPS ENGLISH L ANGUAGE ABILITY Everyone has experienced a time when something they’ve said has been misinterpreted. The misunderstanding may have been cleared up there and then with no further consequences or it may have escalated into something larger. So we can all appreciate how important it is to be able to say what you mean. In business the impact of saying the wrong thing or not being understood can be much greater. And when English – which is widely accepted as the language of international business – is the language used to communicate, being able to use the right words and phrases in the right context can mean the difference between closing a deal or not. For example, the use of tact is a critical element of an internal audit report. If you are the author of the report, you will want to encourage readers to make the changes you suggest, so a persuasive tone is important. For many types of writing, in fact, if a reader feels that you have a sympathetic attitude, they will be more willing to consider what you have to say. A good way to show the reader your attitude is with sentence adverbials. Look at the two sentences below. Which one would make you feel that the writer had more confidence in your company’s procedures? ¤ Surprisingly, your company is profitable. ¤ Naturally, you company is profitable. Such adverbs can be a powerful tool for communicating a writer’s attitude.

THE CAMBRIDGE INTERNATIONAL CERTIFICATE IN FINANCIAL ENGLISH (CAMBRIDGE ICFE) ASSESSES ENGLISH LANGUAGE ABILITY ACROSS THE FOUR KEY SKILLS OF READING, WRITING, LISTENING AND SPEAKING AND HELPS THE AMBITIOUS TO DEMONSTRATE THEIR SKILLS AND SUITABILITY FOR A SUCCESSFUL CAREER ININTERNATIONAL FINANCE. BOOSTING MOBILITY

FLEXIBLE LEARNING OPTIONS

To add to the complexity of the English language in general, there is the complexity of financial English terminology and jargon. Michael Milanovic, chief executive of Cambridge ESOL, said: ‘People working in an international finance context need high levels of English language and an understanding of the kind of language used in a demanding, fast‑moving profession.’ To help finance trainees and professionals demonstrate they have the financial English skills they need, ACCA has partnered with University of Cambridge ESOL (English for Speakers of Other Languages) – recognised globally for their English qualifications – to offer a qualification designed specifically with business, finance and accountancy professionals in mind. The Cambridge International Certificate in Financial English (Cambridge ICFE) assesses English language ability across the four key skills of reading, writing, listening and speaking and helps the ambitious to demonstrate their

Recognising, that for most professionals time is a limited and very valuable resource – ACCA, Cambridge ESOL and Cambridge University Press combined their expertise to develop a unique learning programme. Cambridge Financial English is a mix of online and face‑to‑face learning, designed to be facilitated by a teacher, tutor or mentor. This blended learning course comprehensively develops financial English language ability and can prepare individuals for the Cambridge ICFE exam. Neil Stevenson, ACCA’s executive director – brand, said: ‘Developments such as the advent of International Financial Reporting Standards (IFRSs), together with the ever‑increasing globalisation of finance and business, means that accountancy is rapidly becoming one global profession. Individuals who possess exceptional English skills and can avoid financial English faux pas could find themselves soaring ahead

skills and suitability for a successful career in international finance.

of their peers in the international business arena.’

sTudenT aCCunTanT 10/2010

17

CF mammad danis kan WhydidyouchooseCF? i cho th itrto Crtct  fc egh (iCfe)  orr to rov y oyty  to covy to ott oyr tht i hv goo cocto . wh othr Crg esl cor o hv rov y gr egh gg , oy iCfe oc o th c cocto  rqr or y crr vot. i ty r ot iCfe  student accountnt gz. atr og th rvt rrch i o t to   vry t qcto or . Wheredidyoustudy? To ty or iCfe, i ro t th schoo o b st (sbs)  krch, pt. Th tchg t r ry h  , cy or g trctor, ho vo or g ty. ity i  th cor ot  t to rct. i th  th bpp txtoo or rvo. i   rt-t aCCa tt  o h y thr  rg or y . HowdidCFbeneftyou? athogh iCfe  h  rov y rg, tg (ro goo to xcto)  rtg , i th i  ry goo ogh  tho  to  aCCa x. i hv o tht th  t o og iCfe  tht th  i hv r hv rov y t to g y y   t vov rqt cocto th trto  oc ct. sc og iCfe i hv   to ovrco th chg tht rvt  ro g ty. Th ot chgg rt o iCfe ty  tg  coctrtg cotoy or ovr 30 t. Th t  rtg, i o t ct to t y tc. Th ot joy rt o iCfe  trctg th o tt, ccy  th t tg, hr rg th g o  rctc or egh  y tg ot o-c toc. Whatisyournextgoal? i  crrty oc o cotg y aCCa t  th rctc xrc rqrt o tht i c co  aCCa r  r  g crr  ccotcy.

want to know more?

Cc hr to  ot or ot th itrto Crtct  fc egh

18

learning centre

per support online links the acca website has a wide range of suPPort to helP you get your Practical exPerience requirement (Per) for acca membershiP per interactive case studies

Follow the journey of six individuals – four trainees and two workplace mentors – through PER. Explore typical questions raised and challenges faced throughout the PER cycle and some of the choices and options available to you. access the Per interactive case studies

Other resOurces Performance objectives booklet

The performance objectives booklet contains detailed information to help workplace mentors guide trainees on each performance objective they have to achieve, and understand the values and attitudes trainees should demonstrate as they gain their practical experience.

Personal effectiveness

4 5 6

Manage self Communicate effectively Use information and communications technology

business management

7 8 9

Manage on‑going activities in your area of responsibility Improve departmental performance Manage an assignment

answering challenge questions

Further resources, including Support Sheets and Case Studies are available from myACCA. hOw tO use the trainee develOpment matrix (tdm)

A guide to help you through the various functions of the trainee development matrix (TDM) – this is also available through myACCA. tdm guidance videOs

ACCA has produced 18 short videos and podcasts which give a step‑by‑step guide to assist trainees and workplace mentors in completing the TDM.

A guide to help you understand how to approach the challenge questions which are related to the performance objectives. The guide contains sample answers to help you understand what a suitable answer may look like.

financial accounting and rePorting

trainee suPPort sheets ¤ Setting and meeting

Performance measurement and management accounting

performance objectives ¤ Getting practical experience ¤ Ensuring personal effectiveness ¤ How to find a mentor.

12 Prepare financial information for management 13 Contribute to budget planning and production 14 Monitor and control budgets

The support sheets provide guidance on what you need to do to help you achieve your practical experience.

access the tdm guidance videos help with getting a wOrkplace mentOr

This guide has been designed to give to a person you would like to act as your workplace mentor. It briefly describes the nature of the role and the benefits to them. per guide FOr trainees

FOcus On perFOrmance Objectives – published in previOus issues OF

finance and financial management

15 Evaluate potential business/ investment opportunities and the required finance options 16 Manage cash using active cash management and treasury systems

student accOuntant

Professionalism, ethics and governance

1

2

This guide explains all you need to know about ACCA’s practical experience requirements in detail.

10 Prepare financial statements for external purposes 11 Interpret financial transactions and financial statements

3

Demonstrate the application of professional ethics, values and judgment Contribute to the effective governance of an organisation Raise awareness of non‑financial risk

audit and assurance

17 Prepare for and collect evidence for audit 18 Evaluate and report on audit taxation

19 Evaluate and comput e taxes payable 20 Assist with tax planning.

Save an additional £50 off one of our Question Based Days* when you book onto one of our ACCA online InterActive packages. There’s countless reasons to choose LSBF as your business and finance education p rovider. Here’s 3: 1. Number 1 for Online

2. Financial Times** Listing

3. PQ Magazine

As voted by PQ Magazine and Pass Magazine.

LSBF is listed at number 19 in the 2010 Global Financial Times Online MBA programmes listing.

LSBF is the only college to win PQ Magazine’s College of the Year, two years in a row. LSBF CIMA tutor Jenny Hughes is PQ Magazine’s 2010 Tutor of the Year.

LSBF offers ACCA students access to innovative MBA and MSc Finance programmes. All our programmes are available on campus and online. The LSBF MBA was listed at number 19 in the Financial Times** Online MBA 2010 listing.

Visit LSBF.org.uk/SA for more details and to register. *** The LSBF ACCA+MBA and LSBF ACCA+MSc programmes are dual programmes comprising of LSBF ACCA tuition, and the LSBF MBA/MSc programme which is fully outside the scope of ACCA approval. As such, the LSBF MBA/MSc programme is quality-assured and accredited by the BAC, the University of Wales and LSBF’s institutional accreditations, and is not approved or endorsed by ACCA. **”FT” and “Financial Times” are trademarks of The Financial Times Ltd. *QBD is a full day course consisting of timed question practices under exam conditions with on-site marking to help improve your exam techniques. See website for details. Terms and conditions apply. E&OE.

LONDON LSBF.org.uk 0207 823 2303

BIRMINGHAM FBT-Global.com 0121 616 3370

MANCHESTER LSBF.org.uk/Manchester 0161 713 1777

INTERACTIVE StudyInterActive.org 0207 099 0077

21

predict the winners of the 2010 world cup June’s issue ofStudent Accountantwill be focusing on the FIFA World Cup in South Africa. Between 11 June and 11 July all eyes will be on the football stars as they compete for their ultimate prize. To celebrate this month of football, we’re running a competition and giving you a chance to write an article for Student Accountant .

To enter, simply predict which teams will be rst, second and third. Email your predictions to us together with your name, student registration number and stage of studies, and 100 words about your favourite non-study activity. The student who gets the prediction right and is the rst name drawn out of ahat will get the chance to write an article forStudent Accountantmagazine about their life as a student. Emai yor Word Cp 2010 winning predictions to stdentaccontant@accagoba.com

individual paper prizewinners december 2009 exam session WATC T F FIES A ITS A TIS F TESE IEWIES I TE ExT FEW ISSES F STET ACCTAT ACCA quAlfCA PAPE f4 98 AkS Shuang Liu, UK PAPE f5 97 AkS Wang Mingyuan, China Alexandra Uhr, UK

PAPE f7 89 AkS Roshenka Madanayake, Sri Lanka PAPE f8 88 AkS Caroline Sherlock, UK Joanne Bayliss, UK Cao Wei, China PAPE f9 96 AkS Julie Grandidge, UK

PAPE P3 93 AkS Angela Madhar, UK PAPE P4 78 AkS Kristen Song Zi, China PAPE P5 88 AkS Rida Zaheer Ahmed, Pakistan

PAPE f6 98 AkS Lauren Lockwood, UK

PAPE P1 88 AkS Leanne Knight, UK

PAPE P6 96 AkS Colin Jeffreys, UK (also a bronze medal winner)

Ambreen Javed, Middle East

PAPE P2 87 AkS Michelle Scott, Ireland

PAPE P7 89 AkS Lucy Quinton, UK

CA quAlfCA 1 PlACE 459 AkS Yeap Soon Yeang, Malaysia 2 PlACE 458 AkS Rachel Lim Li Mae, Malaysia 3 PlACE 454 AkS Sarah Batool Qureshi, Pakistan For more information visit www.accaglobal. com/students/results/ winners