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What CIPFA examiners want

Examiner Steven Daniels demystifies the CIPFA case study

The CIPFA Finance and Management Case Study (FMCS) examination is a very different experience. Firstly, it lasts all day, making it a test of mental and physical endurance. Secondly, FMCS does not really test students' ability to display their knowledge of techniques and concepts. Instead, it tests the application of skills and knowledge developed across a student's working career to the 'real world' case study scenario. Thirdly, FMCS also demands highly developed organisational skills, as a typical paper comprises of 35 pages or so of information on many themes.
Given these distinctive elements your approach to the examination must be very different – no 'last-minute' cramming that might have worked before!
What are the keys to success in this paper? Most importantly, you must have plenty of case study practice. The CIPFA Education and Training Centre courses schedule seven examination standard mock examinations. For most students that is about right, facilitating the development of a robust method for the examination, and experiencing a range of styles of, and organisational settings for, the exam.
However, sitting mocks isn't enough; the purpose of this painful process is to learn how to improve your approach and potentially diagnose individual revision priorities. So a highly reflective approach is needed, ensuring that lessons from the mocks are absorbed.
Practice may not produce perfection, but it is essential preparation. But there are other things to consider. The examination tests the application of some techniques covered in previous years, especially from financial and management accounting modules; think techniques like ratio analysis, investment appraisal, hypothesis testing, and decision trees. Clearly there are many more such techniques; being realistic how many of these can you remember? If you feel rusty then you need to revisit them.
CIPFA publishes around one-fifth of the examination as pre-seen material (PSM) two weeks before the exam day. The PSM needs to be read very carefully... many times. There will be much narrative detail in it, explaining the organisational context and your role – these must be fully understood before the examination. The PSM will also give pointers to themes to be developed in the case study. Any numerical detail in the PSM should be studied closely. The quick response question of many case studies, a notoriously challenging question, often relies heavily on analysis of the PSM; if so, then it is worth thinking about the possible questions that could be posed in the quick response question if the PSM contains, in effect, the raw materials for many of the answers!
And in the examination ensure you:
* Make a reasonable attempt at all questions.
* Avoid getting bogged down in calculations – a common point at which case studies can spiral out of control! The calculations are only worth 35-40% of the marks.
* Exploit the highly important discursive parts. Ensure you spell out clearly the implications of the results of your numerical analysis and of your analysis of the case information.
* Make sure you draw out clear, consistent conclusions and make logical, practical recommendations in reports.
* Read the questions very carefully; this is of extra importance in FMCS given the breakdown of marks within each question is not provided.
* Are highly organised; with about
35 pages to analyse it is easy to lose or miss vital information.
This may make the exam sound easy, or maybe terrifying! It is a challenging experience undoubtedly, though as part of CIPFA's final test that is unsurprising. But it is achievable if approached in the right, professional manner, both in the months before the examination and on the day.
* Steve Daniels is CETC Academic Director, FMCS Module Leader and an FMCS examiner

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