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Modules

Wondering what you can expect from the courses at CETC – what will the exams be like, how will your time be spent in class, and what you can be doing to maximise your success?

Each module leader has written a review of the module they are responsible for, providing you with an introduction to what you can expect to learn on the module, how the course will run, what the exam is like, and some useful tips.

Click on the links below to jump down the page to the relevant section. To view the CIPFA syllabus of any of these modules visit the CIPFA website.

Certificate level:

Diploma level:

Final Test of Professional Competence:

 

Financial Accounting (FA)

Introduction

Financial Accounting (FA) is a certificate level module and is designed to give you an understanding of the environment in which financial accounting operates and the ethical standards expected of professional accountants.

It will also build your understanding of the basic accounting concepts and principles, help you prepare financial accounting records based on the principles of double entry bookkeeping, and help you prepare, interpret and communicate financial statements with regard to current legal requirements and professional standards of practice.

No prior knowledge is assumed but an understanding of basic accounting is useful.


The Course

The course will be run over 45 - 51 hours. The session will incorporate a number of practice questions, many of examination standard, which will be distributed throughout the course. The questions are designed to assist you in both applying knowledge to the kinds of tests that you may expect to face in the final exam, as well as to help develop examination techniques. Some such practice questions will be distributed as homework, often for review in the next lecture. If so, it is expected that you would make time within your study programme to attempt such questions ahead of the next lecture.

Informal tests may be carried out to assess your progress at various points in the course along with more formal assessment of your progress. The formal assessments are a progress test done about mid course and a end of course mock examination.


The Examination

You are required to answer four(4) of five(5) questions. The examination is divided into two sections Section A - must answer all the questions - and Section B you are required to answer two from three questions.


Pass Rates

CETC's pass rates for FA have been consistently higher than the national average. To see the pass rates for the last three sittings of the FA exam see the Pass Rates page.

Tips

The start date of the FA course is usually late and as such the programme is intense - a lot to learn in a very short time. It's therefore helpful if you draw up a planned programme of personal study and revision very early in the course. This would prevent having to do it all running up to the examination.

There are various elements of the FA course that can be used to help form your IPDS portfolio. These will be pointed out during the course.

Read Jenny Hill's article - Financial Accounting in the Real World - which appeared in PASS magazine in December 2006.

 

Management Accounting (MA)

Introduction

Management Accounting (MA) is a certificate level module on the CIPFA Professional Accountancy Qualification and looks at the provision of accounting information to assist management in their varying duties. The main areas relate to decision making as well as the planning and control function. It will help you to understand the challenges that the management accountant faces – both in the private and public sectors.

No particular prior knowledge is required before starting the MA course. However for this course (and indeed other courses) a good scientific calculator is needed.

The Course

Main course:
The MA course involves 45-50 hours spent in class at CETC. Most of this time is spent looking at costing, budgeting, planning and control techniques as well as a number of decision making methods. In class you can expect to spend time learning the theory and then applying this by practising questions.

Course materials used will include examples and questions as well as handouts of notes and slides. These are all additional to the open learning material you will receive from CIPFA.

To help you monitor your knowledge and understanding of the module, a progress test and mock examination will be sat during the course. Both will be based on exam standard questions and you will receive feedback to help you prepare for the real exam.

Revision course:
The revision course is two days and involves recapping the key concepts and practising exam questions.

The Examination

The MA exam is three hours and you can expect to be tested on a range of computational and discursive skills. The paper is split into two sections – section A contains three compulsory twenty mark questions – section B has three twenty mark questions from which two must be answered.

Pass Rates

MA can be considered a hard subject! CETC however has generally had pass rates above the CIPFA average. You can view pass rates for MA and all CETC’s courses on the Pass Rates page.

Tips

As one of the first modules you will study you may find MA quite difficult and unlike any other studying you have done before. Ensure that you spend time making sure you understand the key concepts, use the Open Learning Material and do a lot of practice questions.

Financial Reporting (FR)

Introduction

Financial Reporting (FR) students will gain an understanding of current accounting theory and will be able to prepare financial statements for single limited companies in accordance to current legal and professional requirements. You will also be able to interpret financial statements for stakeholders and understand the limitations of financial statements and also of proposed developments in legal and professional requirements.

Before studying FR, you should have an understanding of the basic accounting concepts and principles. It is also important to understand the principles of double entry bookkeeping and apply this knowledge.


The Course

Main course:
The course lasts for 50-55 hours spread over 8 days of time spent at CETC. Time will be spent in class looking first at the theory and then undertaking practical work to apply the theory. Topics covered will include:

  • Impairments
  • Intangible fixed assets
  • Investments
  • Government grants
  • Accounting for leases and hire purchase
  • Reporting the substance of transactions
  • Reporting financial performance
  • Stocks and long term contract
  • Accounting for tax
  • Cash flow statement
  • Interpretation and ratios
  • Inflation
  • Pensions
  • Latest developments in GAAP

During the course you will sit progress tests and mock examinations to assess your learning as you advance through the course.

Revision course:
A two-day revision course is also offered which has practical sessions consisting of a quick revision on all the accounting standard and theories, followed by lots of practice on past exam or exam standard questions.

The Examination

The exam is 3 hours and you will have to answer four questions in total: two questions from Section A (compulsory questions, 30 marks each) and two questions out of three questions in Section B (20 marks each.)

You will also normally be asked to prepare the financial statements for a limited company in one of the compulsory question in section A.

Pass Rates

FR is usually one of CETC's highest pass rates, consistently higher than the CIPFA average. You can view the pass rates here.

Tips

FR is a detailed course with a lot to take in, understand and apply. These few tips should help you progress through the course successfully:

  • Practise questions as much as you can
  • Try to keep pace with the class progress and ask questions if you don’t understand any points
  • Don’t miss any sessions as you will find it harder to catch up
  • Do all the homework given out in class
  • Apply what you have learnt in class to your work as this will reinforce your learning

Financial Management Systems & Techniques (FMST)

Introduction

Financial Management Systems and Techniques (FMST) is another Certificate level and covers six independent syllabus areas. These are:

  1. Information Systems (20% syllabus)
  2. Quantitative Techniques (30% of syllabus)
  3. Project/Contract Management (10% of syllabus)
  4. Risk Management (5% of syllabus)
  5. Management of the Finance Function (5% of syllabus)
  6. Management of Working Capital. (30% of syllabus).

These syllabus areas are both discursive and calculation-based. You can find out more detail about the FMST syllabus from the CIPFA website.

No prior knowledge from earlier Certificate modules is required for this module.

The Course

Main course:
The FMST course involves 45 hours at CETC which is spent understanding and applying the theory. The course will also cover examination techniques.

For the discursive subjects, time is spent learning theory using a variety of methods including group work, quizzes and participative-style tutoring. Occasionally you may be asked to do some pre-work which could involve researching how a particular topic area is dealt with in your organisation.

For the calculation topics time will be spent as follows:

  • The techniques will be explained to you
  • You will be “walked through” questions to gain an understanding of how to use the techniques
  • Practicing questions yourself with tutor support

During the course you will sit a progress test and mock examination, both based on exam standard questions. This will help evaluate your performance and you will receive individual feedback on both.

Comprehensive course materials will be used which include examples and questions and at the end of the course, a pack of questions and answers will also be distributed.

Revision course:
The FMST revision course provides:

  • An opportunity to run through the whole syllabus at a very summarised level
  • A chance to work through exam questions concentrating on exam technique
  • A chance to re-visit more technical/difficult areas

During the revision course, a comprehensive set of questions and answers will be given as well as revision notes.

The Examination

A three hour exam is set for this module. Six questions have to be answered. Section A contains two compulsory 20 mark questions and Section B contains five 15 mark questions of which four have to be answered. The examination paper tries to draw from as many areas of the syllabus as possible, so different parts of different syllabus areas may be examined with each sitting. Also Sections A & B of the examination paper can cover any of the syllabus areas.

Pass rates

FMST pass rates are consistently excellent - the average CETC pass rate for FMST over the four sittings in 2005 and 2006 was 80% compared to the CIPFA average of 59% over the same period. You can view pass rates for all CETC’s modules on the Pass Rates page..

Tips

Compare the theory you are learning on the course with what you are doing at work, for example, when looking at Risk Management you could locate a Risk Management Strategy from an organisation within which you work or have dealings with.

Include any part of the syllabus that you put in to practice at work in the Log of Workplace Experience for the IPDS. In particular, Appendix B of the IPDS guide has relevant examples in the areas of Strategic and Operational Financial Management, Change, Risk and Project Management, and Procurement and Project Management.

Some general tips:

  • Read the Open Learning Material & associated pages of text books summarising the notes in a way that is meaningful to you.
  • Attempt the learning activities and self-assessment questions in the OLM.
  • Use the FMST Passcards for support during revision.
  • Quote examples to illustrate points making (from work, publications, tuition etc.)
  • Practice techniques (e.g. statistics, drawing network diagrams, working capital calculations). The CETC course material includes lots of practice questions.
  • Practice examination questions
  • Carry out further research as required from your work, publications or websites

Financial Performance Reporting (FPR)

Introduction

Financial Performance Reporting (FPR) is a diploma level module and looks at the arrangements for reporting financial and non financial performance in the public sector. It will help you to understand the challenges that the financial accountant and other financial managers responsible for performance reporting face and in particular how different elements of the public sector are faced with different accounting and reporting requirements.

FPR builds on the content of the certificate stage FR paper. Where possible, you may find it easier to sit FPR soon after you have completed FR. If you have had an exemption from FR you will probably find it useful to look back at notes from your previous FR studies before you start FPR.

The course

The FPR course involves 50-55 hours at CETC. Most of this time is spent looking at preparing the financial statements for Local Government, Central Government and the Health Service. In class you can expect to spend time:

  • Learning theory relevant to the subject
  • Understanding how to complete questions through walking through questions in class, and
  • Practising questions yourself with tutor support.

Course materials used will include examples and questions as well has handouts of slides and other notes. These are all additional to the open learning material you will receive from CIPFA.

To help gauge your performance you will sit a progress test and mock examination. Both will be based on exam standard questions. You will receive feedback on your progress test and mock exam that will help you prepare for the real exam.

The Examination

A three hour exam is set for FPR. You can expect to be tested on a range of computational and discursive skills. The paper will typically always include in it a question on preparing financial statements for Local Government and one on preparing statements for either Central Government or the Health Service. You will also have a choice of answering a further three questions out of an available four.

Pass Rates

FPR has a reputation among students of being a tough subject! CETC however has consistently had excellent pass marks and been above the CIPFA average. You can view pass rates for all CETC’s modules on the Pass Rates page.

Tips

You may find it useful at some point in your FPR studies to get hold of a copy of your own organisation’s financial statements (or for those of you working for private sector organisations, the financial statements of a public sector organisation you are familiar with) and look at these, thinking about the usefulness of the information they present. You don’t have to do this before class – you could do this between college days to help consolidate your knowledge. It may even form a useful piece of work for your IPDS portfolio!

Audit & Assurance (AA)

Introduction

Audit and Assurance (AA) is a diploma level module. It includes consideration of both the fundamental principles and professional standards for the practice of auditing and covers the scope and roles of both internal and external audit. The module describes and evaluates audit’s role in promoting corporate governance, accountability and internal control as well as providing methodologies for completing a range of audit reviews through to the reporting of findings. In addition, the module considers options and approaches for planning and management of audit resources.

The course is not intended for auditors or to turn all students into auditors. Whilst those with audit experience may have some advantage in the practical aspects and application of audit ‘theory’, they can sometimes come unstuck where the Open Learning Material theory and their organisation’s way of doing things differ. Non-auditor students are not at a disadvantage - they may have less to “unlearn”.

The Course

Main course:
The AA course is delivered in 35-40 hours at CETC and classes comprise:

  • lecture/discussion sessions to review the key principles of the theory
  • exercises and quizzes to apply the theory to practical scenarios
  • walk-through and practice of exam-standard questions with tutor support

Course materials used will include additional notes, exercises and questions all of which are additional to the open learning material you will receive.

To help assess your understanding and performance you will sit a progress test approximately half way through the course and a mock exam at the end of the course. Both tests will be based on exam-standard questions. Your progress tests and mock exam will be fully marked and you will receive individual feedback to help you prepare for the ‘real’ exam.

Revision course:
The revision course aims to review the core principles of the module and to give you advice and tips on effective exam techniques for this module. The course also gives further opportunities to practice application of the theory for exam-standard questions. The course will be tailored to respond to your concerns - attendees will be contacted in advance to enable them to express individual preferences on subject areas to be covered.

The Examination

The three hours exam comprises one compulsory question (40%) and three further questions (20% each). The questions are likely to cover material from more than one topic (or study session) area and the exam as a whole will aim to cover all areas of the syllabus. Students are strongly recommended not to try to question spot, therefore, as gaps in knowledge can impact on more than one question.

Pass Rates

Pass rates for the AA module have been variable. In June 2005, the AA pass rate of 60% was the lowest pass rate at Diploma level. In some cases, students assume that the narrative nature of the module means that the exam is less challenging than the more technical modules and that the exam requires simply a ‘regurgitation’ of the theory. The examiner has made clear in reports, however, that candidates are expected to demonstrate both an understanding and application of the principles contained in the syllabus, as well as knowledge of its basic factual content, and a tendency to ‘waffle’ will not secure marks.

CETC has had excellent, consistent pass rates above the CIPFA average. You can view pass rates for all CETC’s modules on the Pass Rates page.

Tips

The key for success appears to be based on a balance of depth of knowledge and understanding of the theory and principles of audit with an ability to ‘think on your feet’ to apply this knowledge to practical scenarios. It is important, therefore, that you:

  • Complete exercises and practice exam questions – the OLM provides self-assessment questions and learning activities for each study session as well as a bank of specimen exam questions and answers. You will also receive further exercises and practice questions during the course.
  • You will probably have experience of either working in an audit function or of being ‘audited’, therefore you will be able to consider and understand the practical application of the audit principles and theories in their workplace. You are also likely to have access to reports and other documentation from both the internal and external auditors for their organisations – these can be useful to further understanding.
  • Keep up to date through wider reading to broaden your knowledge and understanding of the impact of audit and related issues.

Accounting for Decision Making (ADM)

Introduction

Accounting for Decision Making (ADM) is a module at the diploma level of the PAQ. ADM is a challenging module, which builds on techniques covered at certificate level in Management Accounting and Financial Management Systems and Techniques.

It covers techniques which can be used by accountants to contribute to management decision making. These may be fairly small scale issues, such as whether to lease a piece of equipment or buy it. Alternatively they may be very significant strategic decisions, such as whether to re-locate a large police HQ, and, if so, whether to use the Private Finance Initiative.

The Course

Main course:
The ADM course involves approximately 50 hours of time at CETC. The course aims to cover the whole ADM syllabus, but focussing on the technically more difficult areas. It looks at techniques which can be used by accountants to contribute to management decision making, and both financial and non-financial implications of decision making are analysed.

During class a variety of teaching techniques are used including presentations by the tutor, exercises and sample questions done in class and at home, group discussions, and usually a quick quiz at the end. There will also be time spent on looking at a number of exam standard questions and a focus on exam related issues throughout the course.

Revision course:
The revision course covers all the main parts of the syllabus with a focus on past exam questions.

The Examination

The exam features one compulsory 40 mark question and three 20 mark questions to be chosen from four. The exam usually covers each of the main syllabus areas, namely investment appraisal, pricing, risk, performance measurement and cost management.

Pass rates

The ADM pass rates for CETC students are consistently higher than the CIPFA national average. To view the pass rates for the last few sittings see the Pass Rates page.

Tips
Take an interest in how real life decisions are made in your organisation and compare it with the methods you are learning about in ADM. To help yourself before exams, practice questions under exam conditions and then mark them yourself using the published marking scheme.


Governance & Public Policy

Introduction

In the last 50 years, the environment in which politics in the UK is conducted has undergone substantial change. 18 years of Conservative governments committed to reducing the role of the state, an increasing involvement in supranational organisations and most recently a Labour government committed to constitutional change have affected the nature of political power in Britain.

This module seeks to explore how policy is made in Britain, who the key actors are and how these have changed over the last 50 years. It will also consider governance arrangements in place to safeguard the policy making process.

GPP provides useful background and deeper understanding for other modules such as Financial Performance Reporting, Public Finance and Strategic Business Management and will give you a wider understanding of the context in which public sector organisations operate.

This module does not build on previous study, however you will find it useful to have some understanding of current affairs and developments in British politics and it is therefore recommended that you begin to read a quality newspaper prior to the course commencing.

The Course

Main course:
GPP is taught over 35-36 hours in class at CETC. A range of activities will take place in class:

  • lecture/discussion sessions to review the key principles of the theory
  • excercises and quizzes to apply the theory to the practical scenarios and real-life examples
  • walk through and practice of exam-standard uestions with tutor support

To help assess your understanding and performance you will sit a progress test approximately half way through the course and a mock exam at the end of the course. Both tests will be based on exam-standard questions. Your progress tests and mock exam will be fully marked and you will receive individual feedback to help you prepare for the real exam.

Revision course:
The revision course for GPP is scheduled to take place after the pre-seen material has been published (see The Examination below). The one-day course will include discussion of exam question technique focusing on a number of exam standard questions and a tutor-led discussion to identify and plan the revision required from the pre-seen material. The course will be tailored to respond to your concerns; attendees will be contacted in advance to enable them to express individual preferences on subject areas to be covered. You will also be provided with some extra questions to practice at home.

The Examination

You will be required to answer:

  • One compulsory question from Section A. This will be worth 50 marks and based on pre-seen material. The pre-seen material consists of between 10-15 pages of articles which you will receive 1-month before the exam. The articles will indicate areas to revise and you are recommended to read around these areas both in the OLM and elsewhere.
  • One compulsory question from Section B. This question will be worth 20 marks.
  • Two out of 3 questions from Section C. These questions are worth 15 marks each.

Pass Rates

CETC’s pass rates for GPP have been consistently higher than the national CIPFA average and can be seen on the Pass Rates page of the website.

Tips

Governance and Public Policy is a narrative subject which requires reading and reflection. You must read all of the Open Learning Material and undertake some supplementary reading to gain a good pass in this subject. It is necessary to stay up-to-date with public policy issues and you should pay particular attention to developments in British Politics. Access to all UK and most international papers and news media can be found at: http://www.thebigproject.co.uk/news

You may find it difficult to read the materials and reflect on them during the course. It’s therefore recommended that you do some reading before the start of classes.

You will also find it useful to look at your own organisation and reflect on who makes decisions and how these decisions are made.

Leadership and Management (LM)

Introduction

Leadership and Management (LM) is a diploma level module and forms a strong foundation for much of what will be applied in the Final Test of Professional Competence (FTPC) level, in both Strategic Business Management (SBM) and the Finance and Management Case Study (FMCS).

LM is concerned with how organisations are structured, and the appropriate way to ensure our human resources are managed, including approaches to the recruitment, selection and retention of staff.

This module will be new to students at the Diploma stage and as such has no strong links back to the Certificate stage. However, given the nature of the subject, students will need to be aware of aspects of Governance & Public Policy (GPP), Audit & Assurance (AA) and Accounting for Decision Making (ADM).

The Course

Main course:
The course introduces the development of management and organisational theory, analyses the role of the manager, and helps us to understand the complex nature of human behaviour and motivation of individuals and groups within organisations. Managing organisational change is an important area which is given 6 hours of tuition by the CETC.

The LM course involves 36 hours at CETC and in class you can expect to spend time:

  • Learning and discussing the theory and its application in the workplace
  • Doing exercises that bring the theory to life
  • Understanding how to complete questions through walking through questions in class, and then practising them yourself with tutor support

Course materials used will include examples and questions, as well as handouts of slides and other notes. These are all additional to the open learning material you will receive from CIPFA.

A progress test and mock examination will be sat during the course and feedback will be given.

Revision course:

A 1-day revision course is available before the exam to recap the key theories and practice exam questions.

The Examination

A three hour exam is set in this module. The paper consists of three questions all compulsory. Each question relates to a small half page scenario, where candidates will be expected to demonstrate their theoretical knowledge and importantly, apply it against the case in question.

Even though there are only three questions, each one is usually sub-divided into 3 or 4 parts, with each part testing different bits of theory. As a result, each LM paper tends to cover a large part of the examinable syllabus.

Pass Rates

Pass rates for the December 2005 examination for CETC students studying for LM was 88%. This compared very favourably with the CIPFA average pass rate of 67%.

You can view pass rates for all CETC’s modules on the Pass Rates page.

Tips

LM is a very theoretical module but you will need to go further than memorising the theories and understand how to apply them – the examiner isn’t looking for you just to regurgitate the theories you have remembered so make sure you know when and how to reference them. To make the theories more relevant you might also find it useful to compare them to how your organisation operates.

Public Finance (PF)

Introduction

Public Finance (PF) is a half module at the diploma level stage. It is designed to enable you to:

  • Describe the main classes of public expenditure and revenue
  • Explain the main types and causes of public debt and their effect on the economy and the financial markets
  • Describe and evaluate the main sources of public and private finance, and UK Government and European financial assistance available to public sector organisations
  • Demonstrate an understanding of the techniques, instruments, regulation and best practice in UK public sector treasury and financial risk management.

There are no particular prior knowledge requirements for PF but a good understanding of the basic principles of economics and market theory is helpful. Knowledge of current and recent government policy and events in respect of public service finance is also very helpful. PF also has areas of cross-over with Government & Public Policy and Taxation modules.

The Course

Main course:
As a half module PF involves 20-25 hours of time spent in class at CETC. Student participation is actively encouraged on this course. Discussions and more interactive exercises will give you the opportunity to explore the themes in the syllabus and practice using the knowledge you have gained in practical ways, applying it to your own experience. This not only makes learning more enjoyable but more effective as well.

In addition some time is spent in the form of lectures and presentations and looking at practice questions and exam style questions so you are familiar in how to approach them.

Revision course:
The revision course covers as much of the syllabus as is possible within one day using exam-type questions to encourage you to recall as much of the course material as possible. Areas of the syllabus that students generally find most challenging and those that the majority of the group are most concerned about are prioritised.

The Examination

The exam is two hours plus 10 minutes reading time. There is one compulsory 40 mark question and a choice of two out of three 30 mark questions. There are no questions that are always included in the exam. However, you should be aware that exam questions, particularly the compulsory question, are designed to provide wide coverage of the Public Finance syllabus, and so you can expect be tested on a wide range of topics in the syllabus at a single exam sitting. Most questions require discursive answers, which need to be logically and effectively structured with appropriate format and headings where required. However some computations, such as the calculation of a Band D Council Tax bill, may be required.

Pass Rates

The first sitting of the Public Finance exam was in June 2005 where CETC's pass rate was 78% compared to the CIPFA average of 72%. December 2005 saw CETC's pass rates increase to 87% and the CIPFA average to 81%. To see more information on pass rates visit the Pass Rates page.

Tips

Any involvement in work areas relevant to the syllabus such as treasury management, business planning, management of grant finance, evaluation of charging options or public-private partnerships would be beneficial to your learning on the PF module.

Some other useful tips to help you keep pace in class and pass the exam include:

  • Read the OLM and attempt as many exercises as possible
  • Keep up to date with current issues by reading Public Finance, other financial journals such as The Economist, and a quality daily newspaper at least at the weekend (Saturday editions tend to draw together the issues that have been topical in the past week and those that are expected to make the headlines in the week to come).
  • Do some of your own background research into the syllabus areas either at a reference library or on the internet.
  • Make sure you understand the relevance of public finance issues to your working and private life; this will create more interest for the subject. Discuss the issues you are studying with colleagues at work and fellow students at CETC, and you will find that your understanding of the issues is tested and that other people’s perspectives on the issues help you understand their relevance.
  • IPDS tip: the areas of Leadership and Strategic Management and Strategic and Operational Financial Management can contribute towards your IPDS log.

 

Taxation

Introduction

Taxation is a half module at the diploma level. It covers Income tax, Corporation tax, Value Added tax and the calculation of capital gains for inclusion within a corporation tax computation.

No prior knowledge is required for this module. However, the module has links with the Public Finance module and draws upon prior accounting knowledge gained in the Financial Accounting module.

The Course

Main course:
The course for Taxation involves 30-35 hours of time spent in class at CETC. The time is spent:

  • Learning about the history of taxation
  • Understanding and discussing the rules regarding the different types of taxation
  • Applying principles learnt and practising exam questions

The course involves a mixture of lectures, discussions, and practice questions. Formal practice of exam style questions will be done in a mid-semester Progress test and a mock exam towards the end of the course. Feedback will be given on both to help you prepare for the exam.

Revision course:
The revision course involves one and a half days which is spent looking at and practising questions. It brings together all that has been learned and concentrates on exam type questions.

The Examination

Taxation is a 2 hour exam. There is a compulsory 40 mark question which to date has always been corporation tax, plus two out of three other 30 mark questions - either one or two on income tax and one on a combined theory of taxation plus VAT. In the first exam in June 2005 a question was included on the calculation of Capital gains but in the specimen and December 2005 exams it has been included within the corporation tax question.

Pass Rates

The pass rates for Taxation since it was first sat in June 2005 have been higher than the national average with December 2005 results at 96% compared to the CIPFA average of 77%. You can view the pass rates here.

Tips

Here are a few tips to help you pass the Taxation module:

  • Talk to your payroll department about income tax issues
  • Learn and understand the rules
  • Keep up to date as the semester proceeds - there is a lot to learn and it would be difficult to cram the four areas at the end of the course

Finance and Management Case Study (FMCS)

Introduction

Finance and Management Case Study (FMCS) is one of the two modules at the Final Test of Professional Competence (FTPC) stage. A unique module, it is focused exclusively on the application of your accumulated knowledge and skills, gained during the PAQ, to a range of practical tasks in a particular case study scenario.

This module reinforces existing knowledge, teaches practical skills such as report writing, and develops the technique for handling the unique examination, a key success factor for FMCS students.

Before studying FMCS you will need to be familiar with the key concepts and techniques contained within all Certificate and Diploma modules of the PAQ as any technique/concept from these modules can be examined in an applied context in the FMCS examination.

The Course

Main course:
CETC’s FMCS course features 11 days attendance, 7 of which will be spent sitting an examination standard FMCS paper under examination conditions. Individual written and oral feedback on scripts is then typically given in small group tutorials the following week prior to further case studies being sat.

Before the first of these case studies there is a whole group ‘dry run’ case study exercise which involves a tutor-led partial simulation of sitting a case study with the aim of identifying the key elements of good examination technique. Some technical revision sessions are also included in the course.

Revision course:
The three day revision course gives you an opportunity to sit a case study under examination conditions to help hone your technique near to the final examination. Written and oral feedback is given before the end of the course. In addition, a series of technical revision sessions are scheduled, providing an overview of the main examinable technical areas from Certificate and Diploma modules.

The Examination

The examination lasts for 6 ¼ hours with an hour for lunch. It starts at 9.45am where you will be given the case study material, usually consisting of 30-35 pages of material. At 12.20pm you will be given 40 minutes to produce an answer to the ‘quick response question’ (usually worth 20% of the mark and required to be some form of briefing note). There is a break for an hour from 1.00pm and by 5.00pm you must have completed the other main questions, of which there could be 2, 3 or 4 to answer. There is usually at least one main question requiring a formal report, which will require numerical and other analysis, evaluation, conclusions and recommendations. This report is often worth at least 35% of the overall marks. Other questions might require formats such as letters, action plans, press releases etc.

6-10 pages of the case study material are made available two weeks before the examination day; this is reprinted in the case study material given on the examination day. You must be thoroughly familiar with this pre-seen material prior to the examination. The examination pass mark is 40%, and you will also have to obtain at least 15% on each question in order to pass.

Pass Rates

CIPFA’s pass rate for FMCS is typically between 60 and 70%. CETC’s pass rate is typically between 75% and 85% and occasionally higher with pass rates of 90-100% not unheard of. To view the pass rates of all CETC modules see the Pass Rates page.

Tips

  • Get experience in drafting of reports and preparation of briefing papers as these are usually required in the exam
  • Revisit technical modules of Certificate and Diploma stage, such as FA, MA, FMST, FR, FPR and ADM and revise areas that you need to brush up on
  • Practice and be prepared for the exam! Sit at least seven examination standard case studies and use each one as a learning experience to develop and hone your technique
  • Even for the quick response question you can be prepared. Although there will be an element of surprise in the exam for this question, you can prepare for it by looking for some signposts in the case study material.

Strategic Business Management (SBM)

Introduction

Strategic Business Management (SBM) is one of the two Final Test of Professional Competence (FTPC) level modules and is designed to build and assess awareness of current issues in public service provision.

The module concentrates on the high level management of public sector organisations and the decisions that would be made by those at the highest levels in such organisations.

It builds on previous knowledge from other modules making it a capstone module. It draws heavily on the Leadership and Management (LM) module, but as this module was concerned with operational management as opposed to strategic management the focus of SBM is very different.

To view the prior knowledge required for this module see the syllabus on CIPFA’s website.

The Course

Main course:
The course is currently 45 hours of teaching time with additional time for progress tests and mock exams. In addition you will be expected to put in a lot of time outside of class to read around the material and carry out research.

Time in class is split between discussing the theoretical components of the module, attempting practice questions, and discussing issues in the public sector relevant to the course. An emphasis is placed in this course on networking with each other and developing your knowledge of other parts of the public sector. In addition there is directed homework that you will be expected to undertake which is based around research topics.

Revision course:
The revision course focuses on question practice and a large number of questions/answers are provided on the course. In addition advice is given on research skills and you will be given time to discuss research relevant to the pre-seen material in groups.

The Examination

The examination is very different from those in other CIFPA modules. The examination is in two parts.

Part A is based on some pre-seen material that you will receive one month prior to the examination. This will be one or two articles on a theme of relevance to public sector organisations such as failure and turnaround, innovation, performance measurement etc. The article(s) usually comprise an academic and practitioner paper. You will be expected to research the theme presented in the material and are allowed to take an A4 sheet of notes into the exam. The examination paper will then present between 1 and 4 questions on this theme. This section of the paper is worth 60% of the marks.

Part B of the paper is in a more traditional form and you will be expected to complete two out of the three questions in this section. These questions draw more from the theory contained in the OLM but also expect you to have read widely and be able to apply the theory and concepts to developments in the public sector. This section of the paper is worth 40% of the marks.

Pass Rates

Pass rates have been consistently high for this module. To view pass rates for all of CETC’s courses visit the Pass Rates page.

Tips

  • It is vital that you read widely in the press and sector specific magazines (don’t forget – Part B of the exam is of a topical nature). As a minimum consider Public Finance magazine to be an integral part of the OLM. Also the importance of reading a good daily newspaper cannot be underestimated. Always make notes on how current issues are related to your studies.
  • IPDS tip – there are a number of things you can do to help with IPDS that are relevant to SBM. These are as follows:
    • Contribute to the analysis of a department’s or an organisation’s strategic position. For example carry out: an environmental analysis; an organisational analysis; a resource analysis; a market analysis.
    • Contribute to the generation of options for organisational or departmental strategy.
    • Formulate SMART business plan objectives.
    • Draft a business plan for a section or area of an organisation.
    • Contribute to the preparation of an operational business plan by drafting sections and evaluating their feasibility.
    • Present and justify draft business plans to key decision makers.
    • Complete/appraise an environmental analysis, clearly justifying driving factors
    • Prepare/appraise a draft business plan