Important Finance Study and Exam Tips
Best FM Study Tips
1. Give Yourself 12 Weeks of Preparation
The tests at the Applied Skill level demand a deeper understanding of the subject matter so that you can adapt your knowledge to various settings.
We advise using a complete 12-week study cycle because this demands not just a solid understanding of the theory but also a ton of practice questions to hone your application abilities.
This enables you to follow our suggested study plan, which consists of 4 weeks of our exam technique phase, which focuses on exam and question practice through our Mock Exams, exam preparation resources, webinars, and Revision Bootcamp, and 8 weeks of reviewing the content and learning through question walkthroughs, enabling you to complete the entire syllabus as noted above.
With this organized study plan in place, you’ll have a solid knowledge base and the best exam methodology to give yourself the best chance of passing the test.
2. Cover The Entire Curriculum
You should make sure you are especially knowledgeable in working capital management, investment appraisal, and business finance because the examiner has indicated that these topics will be covered in the constructed response questions. They might also be in the OT questions.
The exam is made up entirely of mandatory questions, and sections A and B can be drawn from any area of the syllabus, so having a broad knowledge base is crucial for success. However, Section C alone won’t get you the pass.
Therefore, to give yourself the best chance, you should practice questions from all of the major topic areas. This will provide you with the strongest knowledge base to address whatever exam you may be presented with on the day.
You can also hire the finest Finance Class Help to support you.
3. Getting Better Through Practice
There is no getting around the reality that you must practice answering questions to understand the ideas in this curriculum. Practice, practice, practice should therefore be the cornerstone of your education. It’s the only way you’ll be able to understand the most important financial management concepts and start to figure out what’s important in the situation.
Remember that you learn more from your mistakes than your achievements, so even if you had trouble understanding a question, look through the solution, reread the topic if necessary, and then try the question again to make sure you understood what was asked of you. If you initially find something challenging, don’t give up.
If you can keep answering questions in that way, you will start to gain a deep understanding of both the subject matter and the exam’s format.
4. Do Not Disregard The OTs
Since the OTs account for 60% of the overall grade for this paper, as was stated above, passing requires passing this section with flying colors. Thorough knowledge of the subject matter and enough practice questions are necessary for this kind of question. Fortunately, you can check your understanding by answering the practice questions for each topic that are provided following the films. Even when you’re practicing longer-form questions, make sure you understand the technical parts of the answer, because they could turn into OT questions in the future.
Always read the OT criteria carefully and consider the structure in which your solution must be presented, especially when computations are required. To simulate the exam environment, consider practicing OT questions and cases under time constraints.
Finally, financial management is a continuation of several concepts you would have encountered in management accounting, albeit a significant step above. If you’re having trouble comprehending any fundamental concepts, go back and take a few of the Management Accounting Revision quizzes to make sure you grasp them.
Technique for FM Exam
1. Time Management
Since you have to answer every question on the test, it’s important to study for the whole paper, and you should always have a plan for how to manage your time.
You have 180 minutes to finish the 100-mark exam with a three-hour time limit of 1.8 minutes for each mark. The OTs should be included in this scheme, and you should divide longer questions into the number of marks each prerequisite is worth.
This will guarantee that you devote the appropriate amount of time to each question about its importance. By doing this, you may ensure that you don’t miss any easy marks on any question and can give each one a good try before the test.
2. Before Responding, Thoroughly Review the Requirements
The most important thing to do when planning your answer is to read the criteria carefully and make sure you understand what is being asked.
Spend some time considering a strategy and solution, then read the requirements again to make sure your prepared response addresses all the necessary aspects.
Sometimes you have to do some math before you can get on to the discursive parts, as when you’re figuring out working capital ratios or completing an investment appraisal.
You will lose valuable points and grades if you begin writing too soon or before you have completed the essential calculations, so take your time to make sure you have understood the question’s context and applied the proper information. Don’t forget to respond to the question directly.
Then, from a time management viewpoint, divide what is required into each requirement for each question, and organize your time appropriately.
3. Ensure That You Are Putting Your Knowledge to Use in The Situation
Before you begin writing your response, think over the provided scenario and make sure you are considering any financial management theory or approaches in the context of the company you are addressing.
Avoid wasting time trying to provide extra material to demonstrate your knowledge that is unrelated to the issue by writing lines that are off-topic and adding nothing to your answer.
The examiner isn’t looking for broad statements. Instead, they want to see how well you can use what you know from the syllabus to pick out the most important details that relate to the requirement.
4. Having A Good Layout and Structure Will Aid in The Scoring
Your points will be more understandable to the examiner if you continue to write in a clear and formal format. You must be well-organized and address the question systematically if you want to do this.
This skill set ought to have been developed during your exam preparation practice with questions.
Making rational, well-thought-out, and organized responses that cover all the bases requires planning. Make it as easy as possible for the examiner to understand your calculations by adding headings and explanations as needed.
5. Don't Forget to Talk About That, Too
Although many students accomplish the necessary computations, they never offer an opinion or draw any conclusions. You must comprehend the purpose of your calculations and be able to describe them. This could mean, for example, debating whether or not you should invest based on how you figure out the value of an investment.
Don’t be afraid to voice your opinions, and attempt to approach your computations from a business perspective, considering how the outcomes may impact the company. If you can accomplish this while offering justifications and conclusions when necessary, the examiner will be able to tell that you have a firm knowledge of the subject matter, and your scores will reflect that.
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