The new DipFM format - where are we now?
| by Lesley Buick 12 Nov 2002 Diploma in Financial Management Relevant to Both modules |
|
Projects
This area posed a considerable number of queries, given that, for most candidates,
it was an entirely new assessment regime. The most frequently asked questions
were on word count, technical queries, and whether projects should be tackled
before or after the related examinations.
Word count
The Project Guidelines (on pages 3 to 7 of the February 2002 Project Booklet)
clearly state: ‘Candidates must be aware that any project in excess of
5,000 words will be deemed to have failed.’ (Page 5, Note 3).
In addition, on the front page of each project, candidates are reminded that: ‘The maximum word count (including appendices and tables but excluding references and bibliography) is 5,000.’
Despite these reminders, candidates still appear to be unclear as to ACCA’s stance on this rule. ACCA intends to apply this rule rigorously. The projects are devised in such a way that they can be answered fully within the 5,000 word limit, therefore there should be no excuse for exceeding that limit.
Those candidates who attended student meetings in London and Dublin posed the question of how to include tables and figures as part of the word count. The advice given was to obtain the number of characters within the project and divide by six to obtain an approximate word count.
Several candidates were concerned as to whether answers to each of the two parts of each project should be equal in length (2,500 words each). This is not part of the requirement. The project in its entirety should be less than or equal to 5,000 words – the number of words candidates use to answer each section is their own choice.
One particular question emphasised the need to read the Project Guidelines
before reading the project requirements. Two or three days before the 31 May
deadline, a candidate asked if the answer to each section of the project should
have 5,000 words, rather than the project as a whole. When told that this was
not the case, the unfortunate response was that this was the way it had been
interpreted, resulting in a completed project of considerably more than 5,000
words. The candidate then had the unenviable task of reducing the word count
and submitting the project to ACCA within the space of a few days. The word
count of each project encompasses the following:
Title / Contents / Introduction / Findings / Conclusions/ Recommendations /
Appendices / All tables and calculations.
Candidates preparing to start work on projects issued in August and beyond should be constantly aware that the 5,000 word rule will be rigorously applied – this rule applies to the project as a whole, not to each of the two sections.
Technical help and general guidance
ACCA staff are always happy to give general guidance on projects, dealing with
presentation queries and word count issues, but under no circumstances are they
permitted to give technical help. Some candidates have been rather confused
as to what constitutes general guidance and what amounts to technical help.
Candidates should be aware that projects are a method of assessing their own
capabilities, so just as they would not ask invigilators for technical advice
during an examination, they should not be asking ACCA staff for similar advice
during the project writing period.
A question such as “Should I be including this figure in my NPV calculation?”
is not general guidance.
Are projects based on case studies?
As far as possible, the individual assignments that make up the project as a
whole are based on mini case studies or scenarios. However, as some subjects
lend themselves more effectively to this method of assessment than others, candidates
should not always expect the same approach to be adopted. It is hoped that sometime
in the future the individual assignments will be merged into one integrated
case study covering both subjects in the module. Candidates will be kept fully
informed of developments in this area via the ACCA website and finance matters.
What format / presentation style should I adopt for the project?
Candidates are reminded to read the requirements carefully before deciding on
the style of presentation. Both Questions 1 and 3 of the Module A project issued
in February 2002 required candidates to prepare a report. Question 2(a) of the
Module B project issued at the same time asked for a risk audit report. Examiners
normally specify the presentation approach they require, based on the way they
think the question could best be answered, and candidates are expected to comply
with these requirements.
Marks for presentation are built into the marking scheme, and given that candidates are writing the projects without considerable time pressure, there is no excuse not to gain these marks. Where no particular presentation requirement is given, candidates are expected to adopt the approach they believe to be most suitable.
Further guidance on presentation – font size, margins, line spacing and so on – can be found in the Project Guidelines. Candidates are reminded that while font size is specified as being 12 point, the style of font used is their own choice, for example, Times New Roman.
When will I receive my results for the projects?
Candidates who are intending to submit projects by the 30 November 2002 deadline
will receive their results in February 2003, together with the results of any
examinations sat in December 2002.
Progression
As candidates are now assessed using two different methods – projects and
examinations – some candidates are concerned as to how to progress through
the four tasks (two exams and two projects). Frequently asked questions, and
the relevant answers, are given below.
Can I sit the exam module before completing my project?
Examinations and projects can be taken in any order, depending on your preference.
There are no advantages or disadvantages in attempting the examinations first.
You may feel that you would like to get the pressure of the examinations out
of the way first, thus freeing them up to tackle the projects later. On the
other hand, you may wish to get a feel for the subject areas by tackling the
projects first, and use the knowledge you have acquired in the exam.
The order in which candidates tackle the individual elements is a matter of personal preference.
Can I move onto Module B if I haven’t completed both elements of Module
A?
Assessment elements can be taken in any order – what matters is getting
50% in each element, which constitutes a pass.
What do I have to do to pass a module?
Before candidates can be deemed to have passed a module, they must have obtained
50% in each assessment element – the project and the exam. A good mark
in one element cannot be used to compensate for a poor mark in the other element
– for example, if a candidate scores 75% in the project, but only 25% in
the exam, that candidate must take the exam again. The pass on the project is
retained until the candidate has successfully passed the exam.
Examinations
The format of the examinations has changed considerably, with each examination
now covering two subject areas. Each exam consists of 20 multiple choice questions
(10 from each subject area) and two additional sections, each containing three
questions from the two subject areas being covered.
How many questions am I required to answer?
Candidates are required to answer all questions in Section A (which consists
of the 20 multiple choice questions), one question from Section B, one question
from Section C and one further question from either Section B or Section C.
Each multiple choice question is worth 2 marks, whilst each written question
is worth 20 marks.
Do I receive marks for workings in the multiple choice questions?
There are no marks available for workings in the multiple choice questions.
You should mark your chosen option on the grid which can be found on the front
of the Candidate Registration Sheet (CRS). The CRSs are scanned by ACCA and
marked electronically. Rough workings should be carried out in the exam script
booklet, but will not be marked, as markers will only mark the written questions
in Sections B and C. A correct answer to a multiple choice question will receive
2 marks, whilst an incorrect answer will receive no marks. Candidates will continue
to receive credit for relevant workings in the written questions.
What happens if I answer three questions from Section B and none from Section
C?
Markers will mark the first two questions you have attempted, but will not mark
the third one, as you are required to answer at least one question from Section
C.
Study Materials
Candidates registering for the first time as a DipFM student are provided with
the BPP study texts as part of their welcome pack. These texts were written
by BPP in close consultation with the Examiners and ACCA staff, and they are
specifically tailored towards the DipFM subject areas.
What happens if I am a conversion DipFM student?
In order to obtain the relevant study texts, you must contact BPP directly:
BPP Publishing Ltd Aldine Place London W12 8AW
tel: 020 8740 2211 fax: 020 8740 1184
You should advise BPP that you are classed as a conversion student from the CDipAF syllabus and have been advised by ACCA to contact them directly to obtain the study manuals.
Are there any other study aids available?
BPP have also published Practice and Revision Kits for each subject area, together
with a Project Text and a Home Study Kit. These materials have been introduced
as optional study support and are not compulsory purchases. They are not included
in the DipFM initial subscription fee and, if required, should be purchased
separately from BPP.
Examiners have also prepared a Recommended Reading List for each subject area,
which can be found on the ACCA website at:
Module A
www.accaglobal.com/students/diploma_fm/module_a/readinglist_a
Module B
www.accaglobal.com/students/diploma_fm/module_b/readinglist_b
What happens if I purchased the Open Learning Pack for CDipAF?
Subject Area 4 of the new scheme is a brand new subject area. If you registered
in 2001 and purchased the full Open Learning Pack, you are entitled to a discounted
copy of the Subject Area 4 study manual (£30 plus post and packing). In
order to obtain this copy please contact:
ACCA Customer Services
ACCA PO Box 66 Glasgow G3 8WN
tel: 0141 309 3999
Hopefully this article has gone some way towards clarifying certain issues surrounding the new DipFM assessment methodology and structure. Further details can be found at www.accaglobal.com. To those of you who are sitting exams in December, good luck!
Lesley Buick is Senior Education Adviser at ACCA