CAP2 Results
While all that CAP2 study and dreaded exams may be a distance memory since freedom kicked in around the end of June, stress levels are no doubt increasing again this week in advance of the publication of the CAP2 results this Friday. CAP2s are likely to be the most technical set of exams you will encounter across the three stages of ACA exams – the FAEs really just build on your technical knowledge from CAP2 for the most part and apply it in a case study setting.
Results week can be a stressful time for many and, with that in mind, I have provided some points below to consider once you receive your results on Friday.
Passed all exams – onto FAE
- Firstly, congratulations on getting through your CAP2s. This is a big hurdle on your way to the ACA qualification (some would argue the biggest, but that debate is for another day!) and required a lot of work to get over.
- Try to enjoy a few days and relax without having any results, study or exams hanging over your head – you will be soon enough knee deep in all things FAE!
- Hopefully you haven’t burned all your CAP2 notes in June. These will be a vital building block for FAEs as a lot of areas (e.g. FR, Finance, MA) will build on what is already covered at CAP2 and a lot of the focus of FAE sessions in these areas will be on applying this knowledge to case studies.
- FAEs typically begin around October time and you will have an exam pre-Christmans (AAFRP – a Financial Reporting exam) so if you feel this is a weak area for you, you should consider prioritising this for your early studying.
- It is no harm to start to read up on how FAE works. This is a different type of exam than you will be used to up to now – it is case study driven, with no explicit requirements or marks given in the question. The structure and assessment can take a while to get your head around but CAI publish a very good guide to the FAEs available here (it is updated annually so be careful re older versions).
- Choosing electives is another key decision for FAEs (there is a choice of three – audit, tax, and advanced performance management). Some firms dictate which one a student must take, while others allow a choice. Before you choose, it is important that you read up on each, talk to people at work who have gone before you, look at past exam papers for each and also read the CAI document prepared to guide students through this decision also (again this is updated annually).
Failed some (or all) exams
- Firstly, it is important to realise that you are not alone and that the CAP2s can be a particularly tricky set of exams as they are the most technical.
- Get the PEC report for the Summer 2017 CAP2 sitting and read the examiner feedback (both the overall feedback and the feedback specific to the subjects you are interested in) and do an honest assessment of your attempts (if you can remember!) taking account of the examiner’s feedback.
- Try to do an honest assessment of your performance in the exam – e.g. did you feel comfortable in exam? Run out of time? Didn’t know all areas of competency statement and it came up on exam? Identifying key issues will help with studying for the October exam and where to focus on.
- You can get a tutorial report from CAI with specific feedback based on your exam script (they have a policy of not allowing students view their scripts). Note this tutorial report does cost and it can take a few weeks to come back so make sure you enquire re cost + timing before applying for this. However, it does provide a great aid to pinpoint where exactly you fell down in the exam and where you can improve on.
- Have a chat with your lecturer about your key problem areas or issues such as improving exam technique – that is what they are there for and most are more than happy to help students out.
- Consider if you have to/can repeat the interim assessment, if relevant, for your subject. Contact the CAP2 team in CAI in this regard.
- Consider attending the revision sessions that CAI run for each particular subject. These are run by experienced lecturers in each subject and focus on reviewing the recent paper and key problem topics for students.
Overall, regardless of the outcome of your results on Friday, don’t be afraid to reach out to people (e.g. colleagues who have gone through this, your lecturers, your peers) for advice. You are not the first, and won’t be the last, person to do the CAP2s so take advantage of that and use your network (and hopefully you can repay the same to the next cohort in the coming years!).
Best of luck to you all on Friday!
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