Study Zone

Unlocking those extra marks

Nick Best reveals the secrets to unlocking those easy extra marks

For the first time in a few years I've been teaching some primarily numerical subjects. It's been fascinating to see the errors that people have been making – they haven't changed since the days when numerical subjects were virtually all I taught! Here are the most common ones:
Error 1: Omitting written parts of the question
I recently had to mark the final mock exams and was horrified to find that each student (without exception) had either missed out the written requirements completely or written so little that they got very few marks. On most questions the written parts earn about 20%-30% of the marks, so although most candidates did the calculations well, they were still only just passing the question.
Virtually all long calculation questions require you to pass some comment on the end result. In an NPV analysis, for instance, while a positive NPV means you should go ahead with the project there are numerous practical considerations also. You might consider where the investment funds will come from, the relation of the project to the business strategy, and the impact on brand or any HR implications to name just a few.
One reason why missing these written parts out is such a crime is that they are usually some of the easiest marks on the paper to pick up. The ICAEW Financial Management paper regularly requires notes on the assumptions or limitations of a specific technique used, which can easily be learned and regurgitated in the exam for good marks. One way to avoid this problem is to start with the written requirements. This forces you to address them. If you do this, do it consistently. One of my ICAEW students did this very well on one question before completely missing out two written requirements on the next!
Error 2: Not using standard proformas
Many students on an ACCA Financial Management class I tutored persisted in deviating from the standard approach I'd shown. Often their own versions were unclear, messy and produced an incorrect answer. Standard proformas, like the standard NPV pro formas, or that used for calculating Capital Allowances, help to make sure you do calculations in a consistent and diligent manner. In addition, the exam marking guides are tailored towards these proformas, so it also makes marking your script much easier, too!
Error 3: Stopping questions half-way through or getting bogged down in small parts
You must never get bogged down in any one part of a question. Marks are usually spread throughout the calculation. If you can't do one part, simpy make some numbers up, move on and use your time getting the easy marks. Remember that the pass mark for most exams is only 50% so you don't need to do everything right to pass. Often 20%-30% of the marks in a calculation question are for simple points so make sure you get these. If you make a mistake early in your calculation, then although all the other subsequent numbers are incorrect, markers will still give you credit for doing the right calculations and following the right approach. Show your workings so credit can be given where it is due.
Error 4: Not practising enough questions
Without doubt question practise is the key to success. Many calculation questions on a specific topic are very similar to each other, so once you have practised a few it is likely that the exam question will be similar. As ever, practise makes perfect, so do plenty!
* Nick Best is tutoring CIMA papers 3, 5 and TOPCIMA, and ACCA F1 and P1 at Reed Business School

[«all Studies]