SA December 2013 by ACCA

DECEMBER 2013

internships the best approach to get a job offer social networking maximising your chances of getting a job INTERVIEW TECHNIQUE handling awkward job interviews oxford brookes GLOBAL MBA

THE LOWDOWN

editor’s choice Welcome to the DECEMBER issue of Student Accountant Many of you will be just about to take your exams – we wish you all the best with these. In this issue, we look at how best to stay calm in tricky interview situations, and also how to harness the power of social media to get a foot in the door. We take a look at how internships can be excellent ways to increase your work experience and develop into permanent work opportunities. And for those of you nearing the end of your ACCA journey, we discuss MBAs and the benefits having one can have on your career. In Learning Centre, we speak to new member Lawrence Chin about how the

ACCA Qualification has helped him in his career and also speak to recruitment consultants around the world to see how they see 2014 shaping up for job-seekers. We also highlight advice from our bloggers that might help you with any last-minute exam preparation. We hope you find this issue useful. If you have any feedback, please email us at studentaccountant@accaglobal.com Victoria Morgan Editor, Student Accountant magazine

Published by the Certified Accountants Educational Trust in cooperation with ACCA. The Council of ACCA and the publishers do not guarantee the accuracy of statements made by contributors or advertisers, or accept any responsibility for any statement which they may make in this publication. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior written permission of the publishers. © CAET 2013 ISSN 1473‑0979

WELCOME | CONTENTS RESOURCES

dispatch

features

06 PICTURE NEWS

18 HOW TO USE SOCIAL NETWORKING AND BLOGGING TO FIND A JOB

08 NEWS in focus 10 NEWS ROUNDUP

22 MBA: THE LOWDOWN 26 TURNING INTERNSHIPS INTO JOB OFFERS

18 14

learning centre

30 AWKWARD JOB INTERVIEWS AND HOW TO HANDLE THEM

12 STUDENT BLOGGING 14 MEMBER PROFILE 22

16 EXPERT CAREER ADVICE FOR 2014 SA technical article archive

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PRACTICAL EXPERIENCE

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Student Accountant | DECEMBER 2013

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CONTACTS Martin Turner | President

FEATURES!

Anthony Harbinson | Deputy

President Alexandra Chin | Vice President

technical

Helen Brand | Chief Executive

32 TECHNICAL RESOURCES Access the technical article archive at: www. accaglobal.com/en/ student/acca-qualstudent-journey/ student-accountant/saarchive.html

Editorial Team

resources 35 NOTICEBOARD ESSENTIAL INFORMATION ABOUT ACCA AND YOUR STUDIES ACCA Connect, subscriptions, recording your PER, rules and regulations and important information about the OBU degree programme

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DISPATCH | NEWS IN PICTURES

PHIlIPpINES PHILIPPINES Filipino children carry their belongings in the aftermath of Typhoon Haiyan, which tore through the eastern and central Philippines. The UN says more than 11 million people are believed to have been affected and some 673,000 displaced SWITZERLAND Valued at £40m, The ‘Pink Star’, a 59.6-carat diamond, was presented in Geneva ahead of an auction sale

SWITZERLAND

RUSSIA Miss Venezuela Gabriela Isler is crowned Miss Universe in Moscow amid her country’s economic crisis

Student Accountant | DECEMBER 2013

RUSSIA

AUSTRALIA AUSTRALIA Australia’s postal service has released a world-first ‘video stamp’, which allows people to send a 15-second video with their parcels INDIA Prince Charles, Prince of Wales, and his wife Camilla, Duchess of Cornwall, visit the Hindu temple Akshardham in New Delhi, India on their third official visit to the country

AUSTRIA

INDIA

AUSTRIA At the house of German art collector Cornelius Gurlitt in Salzburg, Austria, customs investigators found a private stash of 1,500 paintings worth more than £850m that were seized by the Nazis in his Munich apartment more than two years ago CHINA Fourteen panda cubs celebrate their 100-day birthday in China’s Chengdu Giant Panda Breeding Research Base

CHINA

DISPATCH | NEWS IN FOCUS

Blackberry reverses decision to go private Blackberry has made a dramatic u-turn after looking likely to be sold to an investment company. Had the sale taken place, the distressed mobile phone company would have gained private status. We explore the pros and cons of becoming a private company. ALEX MILLER reports Struggling mobile phone company BlackBerry has dramatically reversed a decision to sell itself, despite announcing an initial agreement with US‑based investment company Fairfax Financial Holdings for a $4.7bn deal. Instead, Fairfax – the largest shareholder of the company with a 10% stake – and other investors will inject $980m into the company as part of a revised investment proposal. At the same time BlackBerry has announced that CEO Thorsten Heins is to leave his post. Due diligence and negotiations were expected to be tied up by early November. The books showed that BlackBerry’s fiscal second‑quarter loss this year stood at nearly $1,012m, while the company’s revenue fell 45% to $1,589m during the same period. BlackBerry had failed in its attempts to turn itself around, with the company banking on its new BB10 phone to produce an upswing in fortunes following its release earlier this year. The release followed other seemingly positive changes such as the roll out of the Q10 and Z10 handsets. The reality is that the sun has been setting on the phone provider for some time due to the ferocious competition from Apple,

Samsung and other lower-priced Android‑powered smartphones. The company’s management was forced to take a massive write‑down on inventory of its new phones and was also forced to axe almost half of its workforce – 4,500 employees – as a result of hemorrhaging money. However, the change of heart came as a result of Fairfax refusing to increase its stake in BlackBerry and consultants recommending that taking BlackBerry private laden with debt was not a good idea. BlackBerry will now not become a private company, but the company – like many others – will have factored in the numerous considerations of turning private. Dell and Heinz are among household names to turn to the private world. Burger King has switched back and forth, while Reader’s Digest and Levi Strauss are among others to have done so in recent years. An acquisition by an outside party can create significant financial gains

for the shareholders and CEOs of the company in question and this is always going to be a major factor in a company’s decision making. A massive advantage of being private is the considerable reduction in regulatory and reporting requirements – with the theory being that private companies can dedicate more time and money to focus on the long-term goals, rather than only looking ahead to the next quarter. Operating and running a private company frees up management’s time and energy from compliance requirements and short-term earnings management, and may provide long-term benefits to the company and its shareholders. A short-term focus on the quarterly earnings report, which is dictated by external analysts, can reduce the importance placed on longer-term functions and goals such as research and development, capital expenditures and the funding of pensions. Sarbanes–Oxley (SOX) imposes a raft of compliance and

Blackberry will now not become a private company, but the company – like many others – will have factored in the numerous considerations of turning private

Student Accountant | december 2013

administrative rules on public companies. A byproduct of the Enron and WorldCom corporate failures in 2001–2002, SOX requires all levels of publicly traded companies to implement and execute internal controls. Perhaps the most contentious part of SOX is Section 404, which requires the implementation, documentation and testing of internal controls over financial reporting at all levels of the company. Public companies must also carry out operational, accounting and financial engineering in order to meet quarterly earnings expectations. In considering whether to consummate a deal with a private‑equity investor, as is the case with BlackBerry, the public company’s senior leadership team need to consider the

balance between the short-term considerations of the company with its long-term outlook. As an example, a private-equity firm that adds too much leverage to a public company in order to fund the deal can seriously hinder and damage an organisation. If the economy subsequently dips, the industry could face stiff competition from overseas and the company’s operators could miss important revenue milestones. If the company in question has any difficulty in servicing its debt, its bonds can be reclassified from investment-grade bonds to junk bonds. If this happens it would become harder for the company to raise debt or equity capital to fund capital expenditures, expansion or research and development. Healthy levels of capital expenditures and research and development are often critical to the

long-term success of a company as it seeks to differentiate its products and service offerings and make its position in the marketplace more competitive. High levels of debt can prevent a company from carrying out these activities and therefore losing any competitive edge. Nonetheless, a ‘take-private transaction’ is an attractive and viable alternative for many public companies and the trend continues to grow. If debt levels are reasonable and the company continues to maintain or grow its free cash flow, a private company can enjoy the privilege of only revealing information it wants to, without the constant scrutiny of analysts. Whether BlackBerry would have seen the advantages of becoming private will, for now, not be known, but who is to say it won’t in the future?

Trends

DISPATCH | NEWS ROUNDUP

2 Sweden om United Kingd

5 Germany

3 Qatar

el 6

Isra

ia ab Ar

Japa

1 Singapore

8 Australia

9 nd 4

eala

Z New

uNfazed by change – who won’t be caught on the hop Singapore has topped a list of 90 nations in its capacity to respond to changes such as natural disasters, global competition, economic shocks and demographic trends. KPMG’s 2013 Change Readiness Index, produced with global advisory firm Oxford Economics, measures 26 components for the index. Satyanarayan R, KPMG’s head for government and infrastructure in Asia Pacific, said: ‘Countries are being exposed to a vast array of changes – globalisation, automation and rising costs among others – and these create both opportunities and risks. We cannot underestimate the importance of a nation’s ability to respond to change as this capability is vital to a country’s success in building a sustainable economy and equitable society.’ PROFITS ‘TO CONVERGE’ Profitability rates for Islamic banks are likely to converge with those in conventional banks in the future, predicts Standard & Poor’s. Islamic banks in the Gulf region grew by a compound rate of 17.4% between 2009 and 2012, compared with an 8.1% growth rate among conventional banks. Government support and banks’ role in funding infrastructure for the 2022 FIFA World Cup in Qatar are cited as factors supporting Islamic banking growth. But Islamic banks are disproportionately affected by the low interest rate environment and by weak revenues in non-core-banking operations. NIGERIA ADOPTS IPSAS Greater consistency, transparency

and accountability are to be introduced to public sector financial reports, Nigeria’s government has announced. From next year, the national budget will comply with a new national chart of accounts strategy, based on International Public Sector Accounting Standards (IPSAS), the public sector version of International Financial Reporting Standards (IFRS). It is intended that IPSAS cash accounting will be adopted next year, with full accrual IPSAS used by 2016. All government ministries, departments and agencies will use IPSAS. NEW FX LEADER Singapore has overtaken Japan as Asia’s biggest FX centre for the first time, and risen to third place

Student Accountant | DECEMBER 2013

globally (behind London and New York) in the latest survey by the Bank for International Settlements. Average daily FX turnover volume in Singapore grew 44% to US$383bn in April 2013, compared with US$266bn in April 2010. Global turnover growth in the same period was 35%. Average daily interest rate derivatives turnover volume in Singapore also grew 6% to US$37bn in April 2013, the second largest in Asia, behind Japan. Jacqueline Loh, deputy managing director at the Monetary Authority of Singapore, said the ranking positions Singapore’s financial centre to better serve the investment and risk management needs of financial institutions and corporates throughout Asia.

how can you study and work?

At ACCA, passing exams and getting the relevant training are equally important. But itâ&#x20AC;&#x2122;s up to you how you achieve the ACCA Qualification. Itâ&#x20AC;&#x2122;s really flexible. You decide how and when you study and receive your training.

Find out more at accaglobal.com The global body for professional accountants

+44 (0)141 582 2000 info@accaglobal.com 11

LEARNING CENTRE | student BLOGGING

student bloggers Access the latest posts by our student bloggers to help you with your exam preparation Diksha Jeswani

Fourteen exams… three years of practical experience…one ethics module…Sometimes it just seems intimidating, right?! When I started working, after completing the Fundamentals level papers, my decision was met with consternation from my family and friends. But it’s been three years now, and I don’t regret my decision at all! I feel working has definitely changed me completely – for the better!

http://studentblog.accaglobal.com/2013/10/10/balancingstudy-and-work/

Student Accountant | DECEMBER 2013

Elyse Burns-Hill Keeping exam stress in check

Exams can be a stressful time; the pressure we put on ourselves, as well as pressure (real or imagined) we feel from our employers, parents or other fee payers. We need to make sure we keep this stress in check, if we are to perform our best.

http://studentblog.accaglobal.com/2013/11/08/how-memory-isaffected-by-stress-and-smiles/

Naresh John Don’t be scared of Paper F4

Hey all…. within the blink of an eye, we’re facing them again… exams! What once had me thinking (and a bit scared) was the pass rates of Paper F4, Corporate and Business Law. They were quite scary to look at, as they continuously decrease over the years. I asked myself, ‘What is the reason for this? Is the paper that difficult? What do I need to do to pass this

http://studentblog.accaglobal.com/2013/10/25/dont-be-scaredof-exam-paper-f4/

Jia Wen how to overcome obstacles on your ACCA journey

From the moment we are born, we are destined to travel a winding, bumpy road. Many a time you will encounter a speed bump, a roadblock or even a detour.

http://studentblog.accaglobal.com/2013/11/01/how-to-overcome-obstacles-on-your-journey/

Get motivated

❛ I’m not a perfect person/

There’s many things I wish I didn’t do/ but I continue learning…❜ These lyrics really strike a chord with me and did so especially when I received my June exam results. I passed Paper F8, but failed my first attempt at Paper P1. Soon after, the frustration of failing one exam haunted me. But by thinking about the following sources of motivation in my life, I kept this feeling at bay.

Adhitya Fadriansyah

http://studentblog.accaglobal.com/2013/10/18/the-reason-formy-motivation-is/

LEARNING CENTRE | member profile

Lawrence Chin Kuala Lumpur

Having originally planned a career in science, ACCA member Lawrence Chin switched to accountancy in order to broaden his professional opportunities. ‘I was concerned that a science career may be too specialised, so opted instead for finance and accountancy while still at university,’ he explains. ‘Every business in the world needs finance skills, and the resulting mobility and opportunity really attracted me.’ The next stage was to decide on a professional qualification and, for Lawrence, ACCA was an easy choice: ‘I wanted to be certified by the best, and ACCA has a reputation and presence in many countries around the world.’ A postgraduate, and with one ACCA exam paper pending, Lawrence started his career with Standard Chartered Bank (SCB) in Kuala Lumpur in 2006. ‘I joined as a banking apprentice,’ he explains, ‘which resulted in a rotation around the bank’s various departments until I finally became an analyst within the finance function. After three years, I moved to group internal audit, where my ACCA studies helped me adapt to the audit function, and gave me credibility among my colleagues.’ Despite having achieved ACCA affiliate status in 2009, and gained his three years’ work experience, Lawrence did not immediately apply for ACCA membership – a decision which, at the time, seemed sensible but which, with hindsight, he would not have made.

‘Completing the ACCA exams had given me all the recognition I needed to progress within SCB,’ he explains, ‘and as I wasn’t planning to move jobs at that point there seemed no need to apply for ACCA membership. However, I would not advise other students and affiliates in this position to do the same, as I now see the value of gaining membership as soon possible, because the longer you are a member the more valuable its status on your CV. ‘It was only when I recently decided to move to a different company that I not only realised how important ACCA membership can be, but also appreciated the value placed by employers on the “vintage” of your ACCA membership, as those who have been members for longer can definitely have an advantage.’ Lawrence finally applied for ACCA membership in January 2013, four years after achieving affiliate status, and soon appreciated the benefits membership delivered. ‘I recently applied for a new post with my current employer, JP Morgan, within the country risk function; at the interview stage, my ACCA membership brought me instant recognition as a qualified accountant, with the reputation and philosophy behind the qualification adding to its credibility. My application was successful and now I

hope my knowledge of accounting and audit skills, developed with the help of ACCA, will help me contribute significantly in my new role.’ Lawrence also has plans for his longer term career: ‘I am sure that ACCA membership will lead to more opportunities across different industries, and across the world. My ultimate ambition is to lead my own organisation, and with the support of ACCA – through continuing professional development (CPD), articles, training and networking – I am sure I will achieve my goal.’

‘I am sure that ACCA membership will lead to more opportunities across different industries, and across the world’ Student Accountant | DECEMBER 2013

LEARNING CENTRE | CAREERS ADVICE

Expert career advice for 2014 The past few years have not been great for many job-seeking accountancy and finance professionals. You need to be well-informed and ready for opportunities, so we’ve gathered together recruitment experts to give their career advice for the year ahead Neil Johnson, Editor, ACCA Careers

The role of the modern finance professional is a lot more complex than it once was. It’s not enough now to rely purely on your accounting skills and academic achievements. Employers need people who drive business growth, cut costs, and think strategically outside of their role and department. The broad nature of the ACCA Qualification puts you in a great position to meet such demanding

and evolving business environments. Already, ACCA members are at the top levels of major global firms, generating new business, working alongside clients and involved in strategic decision making. The global recruitment market in 2014 is shaping up to be a far more positive environment than recent years. For many looking to get on the ladder, macroeconomic conditions will continue to shape a tight, competitive environment. Yet there is a continued scramble for top talent, with many employers bemoaning a lack of candidates with the desired communication skills, business acumen, commercial awareness and strategic thinking capabilities. Use your growing knowledge from your ACCA Qualification studies to set yourself apart, expand your skillset, attend CPD events, network, become a social media maverick, register your CV with ACCA Careers: these are all things that can give you the edge in what is a difficult market.

‘set yourself apart, expand your skillset, attend CPD events, network, become a social media maverick, register your CV with ACCA Careers’ Student Accountant | DECEMBER 2013

Phil Sheridan, Managing Director, Robert Half UK

Active networking Accountants looking to take advantage of opportunities should make sure that their CV is up to date and continue to network, both online and off, to ensure that they are constantly connecting with peers within their industry and profession, should an opportunity arise. Likewise, speaking with a financial recruiter, even if you are not actively searching, will ensure that you’re aware of opportunities as they become available. Temping up the ladder For individuals looking for work, consider temporary opportunities as you’ll have the opportunity

to demonstrate your skills and experience while on the job and position yourself for a permanent role if one becomes available. Know your value Robert Half also offers video clips on how to negotiate a salary and a promotion for those looking to increase their career potential. Nicholas Kirk, Page Personnel Finance, Managing Director

Show your potential Look at the skills that you do have and sell yourself on those. Employers are more risk averse in this climate and are looking for specific experience, but they are not short-sighted enough to miss out on potential if it is outlined in the right way. Use a positive tone and try to differentiate your experience by highlighting the relevant skills you feel it has afforded you, whether these are from professional or academic experience. Employers do not like… Dishonesty: either by stretching the truth on CVs or purely making things up. Do not lie on applications – you will be found out. Talk to a recruitment consultant about how best to phrase your experience if you are worried, but do not make anything up.

Constant communication Candidates must work on their presentation skills at every opportunity. Make sure you ask questions so that your audience understands what you are trying to explain – good communication should be two-way. No room for basic mistakes Above all, spell-check your CV and covering letter thoroughly before applying for a role. Rachel Hurst-Smith, Morgan McKinley

Be seen in a snowstorm Online visibility is increasingly important in the jobs market. Make sure that you maintain an up-to-date and professional LinkedIn profile and that you utilise every section on it. For example, the skills part of it may seem a little long winded, but it is really important as it will bring your details up when potential employers and recruiters are looking to fill specific job vacancies. Networking… worth it? Absolutely, building effective professional relationships is key to job searching and this is in effect all that networking is. Make sure

Our expert 2014 job market outlooks Central Europe China/Hong Kong Middle East South Africa UK

you are not overbearing in your approach to networking – do not simply request to connect with hundreds of random people on LinkedIn. Attend networking events where possible and use online forums and discussions, but make sure to build relationships with individuals based on personal interactions, either in person or over the internet. Keep calm and carry on Remain positive and upbeat about your search and your skills. Be focused and do not give up hope. Danylo Hayakawa, Robert Half Brazil, Division Manager

No experience? Show the desire to increase your knowledge, using practical examples. High expectations Consider different career levels if possible. Show good communication and know how to position yourself. Learning never ends Improve your career chances by seeking a continued education (courses, extensions, MBAs) – especially in an environment of constant change. Networking… how? Use the main tools (such as LinkedIn) and maintain the reliability of your details and recommendations.

FEATURES | social NETWORKING

How to use social networking and blogging to find a job Social networking has become increasingly important as a tool to help find a new job over the last few years. We explore how to ensure you can maximise the value of channels such as Facebook, Twitter and LinkedIn Networking has always been a great way of finding jobs and opportunities, and with social media it has become possible to take it to another level. Social media usage in finance has grown enormously in recent years, with more and more people relying on the channel as a core networking tool. It allows you to have greater access to individuals with whom you may not otherwise have the chance to connect with – essentially, you can connect with nearly anyone who has a presence online. Nicholas Kirk, senior managing director at Page Personnel Finance, says: ‘Social media can be useful for networking within finance; there are a number of professional finance networks affiliated with ACCA. It would be useful to connect to these groups and get your name out there commenting on any relevant status updates. ‘Even if you don’t receive comments back, you are still building an online presence

and this is becoming ever more influential. ‘Use social media to boost your job search – many businesses now embrace social media as part of their talent attraction strategy. A potential employer can discover a sense of your personality before an interview that they don’t necessarily get from your CV and cover letter.’ When thinking about finding a job using social media, most people tend to think of LinkedIn, as it is a social platform for professionals who are actively looking to network. Phil Sheridan, UK managing director at Robert Half, says: ‘There are over 10 million people in the UK currently using LinkedIn, so it is important for professionals

to keep their networks informed, whether they are using the site for recruitment purposes or as a general networking tool. LinkedIn profiles help employees and job seekers increase visibility online and help build a professional profile, so it’s important that information is complete, detailed and accurate. ‘While most people think about LinkedIn as the most effective way to find a job using social media, it is important to know that there are other social networks that can be just as much help, such as starting a blog or creating your own website.’ Blogging is a great way to build your online profile. If you have time and knowledge it can be an effective way to show potential

‘Blogs are also a fantastic way to position yourself as an authoritative voice in your sector and put you on the radar of hiring organisations’

Student Accountant | december 2013

FEATURES | SOCIAL networking employers that you know a lot about a particular subject and are passionate about it. Personal websites can be time-consuming to create, but they are a good way of keeping information about you up to date and personalised and they are an effective platform for you to be able to direct interested parties to from your social media accounts. Ellis King, manager at Morgan McKinley, says: ‘Blogs are also a fantastic way to position yourself as an authoritative voice in your sector and put you on the radar of hiring organisations. ‘It is worth considering starting a blog and posting regularly on trends within the accounting field and personal insights and then share these on your other social media channels – could you tweet about it or seed it into a relevant accounting group on LinkedIn, for example? And be sure to also comment on other industry blogs to raise your online visibility.’ If blogging isn’t for you, it may be worth considering microblogs such as Twitter, which allows you to share content and perspectives in 140-word posts. Also, don’t discount communicating with other blogs by posting comments, sharing content or even providing a guest article if there is a subject matter you are particularly interested in. James Smith, associate director at Morgan McKinley, believes social media can be used to ‘stalk’ potential employers in a light-hearted way to find out what job opportunities they might have and as a means to start engaging with them. ‘Take a look at what channels they (potential employers) are using – LinkedIn, Twitter or Facebook, for example, and connect with them so you can start engaging. If you view a potential hiring manager’s LinkedIn profile, for instance, they will be notified that you have done so and you will be on their radar,’ he says.

‘Many employers and recruiters will do an online search of your name upon receiving a CV and you want to guarantee the results make you stand out for the right reasons’ ‘Likewise, if you start following them on Twitter, why not send them a message asking for more information about careers. Secondly, identify “touch points” – could you like their latest LinkedIn post and comment on it? Could you share their latest blog? This not only gets you on their radar, but it’s also good etiquette.’ While there are undeniable benefits that social networking can bring to job hunting, there are a number of considerations to keep in mind, such as keeping your online profiles current and relevant. Ellis King agrees. ‘It’s imperative that your social media profiles are up to date and that you keep your professional and personal ones separate. ‘Many employers and recruiters will do an online search of your name upon receiving a CV and you want to guarantee the results make you stand out for the right reasons. For example, make sure your personal Facebook account has the privacy setting switched on so your personal life stays this way and doesn’t impact your career aspirations.’ While it is good to extend your network through social media by connecting with fellow professionals and potential employers, it is important that you consider quality over quantity. It is easy to waste time on social media without gaining much success. It is a much better idea to identify the people and businesses that are realistically going to help you in your job search rather than connecting with just anyone. Sheridan also warns trainees not to forget the traditional routes to finding a new job. He adds: ‘Despite the popularity of LinkedIn and other forms of social media,

Student Accountant | december 2013

hiring managers still prefer more traditional recruitment methods and most employers still believe this to be the most effective approach for screening candidates and assessing competencies. ‘Ensuring your CV and interview skills are top notch, as well as registering with a recruitment consultant who specialises in your field, will be critical tasks in landing your next job.’ It is also worth remembering that no matter how strong your CV is, if an employer finds your online presence inappropriate or offensive in any way, you could be jeopardising your chances of landing the role or even getting an interview. If there are several good quality candidates all vying for the same position, an employer will be actively seeking ways to filter down their selection. Kirk adds: ‘Don’t bad-mouth fellow colleagues, your boss or the company you currently or previously worked for on social networking sites. You can never be completely sure of who will access this information and their subsequent affiliations. ‘This is not to suggest that you’re overly fearful of social media or that you should feel inhibited – it’s just advisable to be aware of your online image.’

Do you use social media for job hunting? email your details to us at studentaccountant@ accaglobal.com with ‘social media’ as the title of the email

FEATURES | MASTERS IN BUSINESS RESOURCES

Oxford Brookes global MBA at a glance

Foundations of Management This module provides a broad understanding of management processes, and the needs and contexts of organisations. As well as tackling organisations in general, you learn how marketing, operations management and information management all contribute to an organisation’s success. Leadership Development This module enhances your leadership skills by teaching you about effective leadership and about the impact of your behaviour on people around you. You also get to develop an awareness of your leadership style. Organisational Innova‑ tion and Change You learn about the management of change and innovation. The focus is on the strategy of managing people, and how to garner their support for innovation and change. VISIT www.accaglobal. com/en/qualifications/ glance/mba/overview. html

Student Accountant | december 2013

MBA: the lowdown Upon gaining ACCA membership, should you consider a Masters in Business Administration? Iwona Tokc-Wilde looks at this highly sought-after managerial qualification To have a successful finance career in a modern business environment, you need to constantly build on your professional and managerial experience, and think and lead across borders. Whether you aspire to a senior financial or general management role, or whether you want to run your own business one day, a Masters in Business Administration (MBA) could make a real difference on your professional journey there. The MBA is a global management qualification that gives you an in‑depth understanding of effective management practice and teaches you the skills you need to lead across many different industries and markets. The MBA comes in many different shapes and sizes, so prospective students have to find the right fit. MBA for ACCA members There are several modes of study to choose from depending on your personal needs and circumstances – for example, full-time MBA, part‑time MBA, flexible MBA and online/ distance MBA, offered by countless business schools all over the world. MBAs are further divided into traditional general courses and those

geared to a particular industry – there are specialist MBAs in luxury goods and brand management, in global energy, space studies, hospitality and sport and tourism management. Finance professionals, however, need an MBA that fits their specific needs. This is why ACCA joined forces with Oxford Brookes University Business School more than 10 years ago to offer an internationally-recognised global MBA programme specifically designed for ACCA members. To apply, you must be an ACCA member (ACCA students and affiliates are not eligible) with a minimum of three years’ professional or managerial work experience. There is an accelerated route available, which can be completed entirely through distance learning in 21 months. At Manchester Business School, ACCA members also receive exemptions on their global MBA accelerated pathway, as they do in some business schools outside the UK – for example, at Macquarie Graduate School of Management in Hong Kong. How it works ‘I was concerned about finding the time to study as it wasn’t an option for me to leave employment

FEATURES | MASTERS IN BUSINESS to do the MBA, but choosing a well‑supported online distance learning course solved that problem,’ says Kelvin Kayombo, Oxford Brookes global MBA graduate and principal lecturer at Zambia Centre for Accountancy Studies. The Oxford Brookes programme is delivered online and via self-study materials, and you will probably need to devote around 15 hours per week to studying. Online seminars take place throughout the year over a two-week period, so you can take part when it is most convenient to you. The programme also includes three-day face-to-face workshops and you will need to attend at least two of these during your studies, either in Oxford or at locations outside the UK. You will get support from dedicated tutors and 24-hour access to resources in a virtual library. There is even a Virtual Campus where you can interact with tutors and fellow students from around the world. ‘I could get in touch with others from home, from work and from anywhere else, as long as there were mobile phone facilities,’ says Kayombo.

The applicants must be of good standing and must be able to show how the MBA programme will make a positive contribution to their own career, the accountancy profession and the community in which they live. The scholarship is worth £10,000 and includes access to all learning materials including online seminars and the Virtual Campus, as well as the tuition and accommodation costs of face-to-face workshops. ACCA also contributes up to £1,500 for scholarship winners outside Europe (and up to £500 for scholarship winners in Europe) towards travel costs when attending the face-to-face workshops.

ACCA scholarship MBA programmes are expensive and only some lucky students are either fully or partially funded by their employers. Others are left to their own devices, which may mean self-financing or seeking grants and scholarships. ‘I didn’t qualify for financial assistance towards MBA studies from my employer at the time,’ says Kayombo. ‘However, I managed to get a full scholarship from ACCA for the MBA, which solved the cost problem,’ he says. ACCA awards two scholarships each year for the global MBA programme with Oxford Brookes.

Benefits According to a Prospective Students Survey from the Graduate Management Admission Council (GMAC), most students enrol on MBA programmes because they want better job opportunities, career progression and better salaries. Most graduates from MBA programmes achieve these, although perhaps gradually rather than immediately. ‘The MBA is a long‑term investment that brings value to a graduate throughout their career,’ said Vanessa Harwood‑Whitcher, chief operating officer at the Association of MBAs

‘The MBA is a long-term investment that brings value to a graduate throughout their career’ Student Accountant | DECEMBER 2013

(AMBA). The results of the AMBA Careers Survey 2013, conducted among 1,000 MBA graduates from 75 countries, show that over half of them were either in senior management, CEO or directorship positions within 10 years of gaining an MBA. Graduates also get to develop their business acumen and become more rounded managers of people. ‘I have acquired more business management knowledge and skills and I am now more aware of the impact of my behaviour and personality on other people,’ says Kayombo. ‘In the future, I hope to use these skills to achieve my ambition of moving into a more senior managerial position in my organisation,’ he adds. And let’s not forget your continuing professional development (CPD) – the Oxford Brookes MBA may fully meet the 40 unit CPD requirement for ACCA members during each year of study. Various surveys around the world suggest that global employers continue to report a shortage of management and leadership skills. This is why a management degree like the MBA may prove more valuable than ever now and in the coming years. According to GMAC, this year alone 76% of companies globally were expected to hire MBAs, compared to 69% in 2012. ‘Employers recognise that employees with graduate business degrees are a wise investment to meet the changing demands of these uncertain times,’ says Dave Wilson, GMAC president and CEO.

A DEGREE of confidence ‘Gaining the degree shows employers that you have the key graduate skills of self-reflection and communication.’ Affan Ali

Gain a BSc Degree in Applied Accounting from Oxford Brookes University while studying for your ACCA Qualification, and get two qualifications without doubling your workload.

For more information visit www.accaglobal.com

XX 25

FEATURES | Internships

Turning internships into job offers the LATEST ARTICLE in our series ON internship opportunities exploreS how best to approach an internship to increase your chances of receiving a job offer An internship is a great opportunity to land a job offer, assuming you approach it in the correct way. Anecdotal evidence suggests that 30% of formal internships have the potential to translate into a permanent position. As a result, it is important that interns stand out from the crowd to ensure they have the best chance of a full-time position in what are competitive employment markets. One of the biggest contributing factors is to try to strike the right balance between enthusiasm and over-familiarity. The desired outcome is for the team you are working with to see the value in your contribution, rather than view you as the annoying newcomer who thinks they know it all. Show your enthusiasm and motivation by asking to be included in meetings and professional workshops. Enthusiastic employees tend to rub off on each other and have a positive impact on the organisation as a whole. If you are looking to be hired as a full-time employee after your internship ends, look to demonstrate the qualities of an enthusiastic worker during the short time you have to make a positive impact on both your managers and colleagues. Phil Sheridan, UK managing director of Robert Half, says: ‘A departmental team is like a family with its own corporate know-how and relationships – as a

temporary member of that family it is important you provide support without creating any friction. How you fit in with the rest of the team is just as important as your knowledge of the work and the effort that you put into completing a task. ‘It also pays to demonstrate good organisational skills. Request deadlines for any tasks that you are asked to undertake and ensure that you fully understand what they entail. ‘If you realise that you will be unable to complete a task by the deadline requested, make sure that you let your manager know in plenty of time so that priorities can be reset. Reliability is a vital characteristic to display when seeking to prove value.’ Image is also vitally important. Observe the dress code in the office, including any dress down days and recognise that not every company will expect you to be suited and booted. Your aim is to blend in as far as possible with the team (without losing your personality). Maintain a positive and professional image both inside and outside the office by avoiding gossip

and office politics at all costs. Maintaining professionalism and image while interning also means making efficient use of your time by avoiding the use of company time for personal phone calls and emails. Ellis King, manager at Morgan McKinley, says: ‘Whether you have secured an internship or are undertaking a placement year during your degree, turning these experiences into a full-time job is certainly feasible. ‘However it is imperative that candidates don’t solely rely on their technical abilities to stand out – after all, most people you will be competing against will hold the same qualification. You must be personable and show a flare for commercial acumen. ‘The stereotypical idea of the accountant as a number cruncher in a pinstripe suit has long gone. Today, would be accountants need to be business savvy to be part of the team, which is ultimately the engine of the organisation.’ While on an internship it is vitally important to remember to ask questions and show a general interest in the team, the wider company and its commercial

‘Whether you have secured an internship or are undertaking a placement year during your degree, turning these experiences into a full-time job is certainly feasible’

Student Accountant | december 2013

FEATURES | Internships objectives and environment. As well as demonstrating intellectual curiosity, this should help you to identify where opportunities for full-time employee roles are likely to come up in the short to mid-term. Conversely, a failure to network sufficiently during an internship should be viewed as a terrible waste of an opportunity, especially since many interns have to work very hard to get the placement in the first place. Start networking immediately and approach people to introduce yourself, find out what their role at the company is and express an interest in not only learning from them, but also assisting them if and when possible. Making and building successful work-based relationships requires excellent communication skills as well as a positive attitude. Your managers and colleagues may be immersed in projects and deadlines and not take the time to introduce themselves to the new employee, so make sure you take the initiative to introduce yourself and demonstrate a positive and friendly attitude to everyone you meet, whether they are the receptionist, cleaner or finance director.

Nicholas Kirk, senior managing director at Page Personnel Finance, concurs: ‘Make sure you ask lots of questions and show your enthusiasm. Employers like to see interns who are engaged and eager to learn – it’s a good way to find out more about the business and the area you would want to work in the long term. ‘This can also open up the opportunity for you to meet more people in the business – the more you learn about the company the easier it will be to assess how you might fit in on a more permanent basis.’ While working as an intern, take advantage of your student status to ask questions about everything you don’t understand. Employers generally believe that students who ask questions are motivated and really want to learn all they can about the industry. As an intern, employers do not expect you to know everything about the job or industry. As a result, internships can be a great learning experience and the more questions you ask the more you will

learn about the job and how the industry operates. At the same time, look to learn from senior colleagues and look to develop mentoring relationships you can continue even after your internship has ended. Most professionals tend to enjoy sharing their expertise and, where possible, are happy to assist new professionals entering the field. A good mentor is someone who is willing to share their knowledge and expertise and wants to see their mentee succeed in their careers. While on placement also ensure you regularly communicate with managers and colleagues to keep yourself in the loop with office communications and developments to ensure you are up to speed and able to react the right way if a situation calls for it. James Smith, associate director at Morgan McKinley, concludes: ‘Last but by no means least, don’t assume that your employer knows that you would like a permanent position. ‘When you leave, make it clear that you have enjoyed it, that you would like to stay in touch and that you are very keen to be considered for full-time employment. Remember – accountancy is a small world. Even if the company where your intern took place does not have an opening, if you impress enough people then somebody’s colleague or friend may have a position available.’

Have you had any experience of internships? If you want to appear in a future article, email your details to us at studentaccountant@ accaglobal.com with ‘internships’ as the title of the email.

Student Accountant | DECEMBER 2013

FEATURES | interview technique

Keep calm and carry on We take a look at some awkward job interview situations... and how to best handle them. Iwona Tokc-Wilde reports Many of us have been there; others have heard cringeworthy stories that usually go something like this. Everything starts well – your handshake is met with a smile from the interviewer, some small talk follows and you relax a bit. Then the interview proper begins and, because you have prepared, you manage to answer all their questions confidently. You can already see what your desk will look like until, suddenly, the interview takes a nosedive. Either it is a question you did not expect or the interviewer says or does something that throws you off balance, and you end up waving the job a mental goodbye. You needn’t be too worried – you can still salvage the interview and come out on top. Let’s take a look at some of those tricky interview questions and moments, and how you can best deal with them.

tricky to answer if you were made redundant or left on bad terms. ‘Be honest, say how you’ve learnt from the experience and that you are ready for the next challenge,’ says Nicholas Kirk, senior managing director at Page Personnel Finance. Whenever you get a question you could easily give a negativelycharged answer to, always put a positive spin on it. ‘What would you say your weaknesses are?’ is another example. ‘Think of your weaknesses as development areas and explain you’ve started to address them – this will reflect well on you,’ says Stevens. ‘Briefly outline the situation which led to the “difficulty” or issue, the action you took to resolve it and the result.’

Tricky questions When you are asked an awkward question, it is probably not because they want to catch you out and see you get flustered, but because they try to test your ability to think on your feet. ‘These questions are designed to reveal more of the “real you”,’ adds Tony Stevens, regional manager at Hays Senior Finance. ‘Why did you leave your last job?’ is a classic and can be

‘Why would you like to work here?’ may not appear tricky at first, but ask yourself – what is it they really want to know? ‘They are checking if you’ve researched the company, its products and services, culture and values,’ says Julie Cooper, co-author of The Job Interview Toolkit. ‘It’s crucial to demonstrate enthusiasm for working for this specific company, rather than coming over as “any job will do”,’ she says.

The question that may follow is: ‘Why should we employ you, rather than one of the other candidates?’ ‘This is your chance to make yourself stand out,’ says Kirk. The interviewer wants to know which of your skills and qualities make you the best person for the job. Assuming you researched the requirements of the job prior to the interview, the best way to answer this is to list your key competencies that match these requirements. ‘For example, your analytical skills, communication and presentations skills, positive attitude and leadership spirit,’ says Nadim Choudhury, head of careers services and employability at the London School of Business and Finance. ‘Make sure you can

If you are unhappy with something you have said, start over or go back to it later

Student Accountant | DECEMBER 2013

illustrate each with a real-life example,’ he adds. And what if they ask about a skill you do not have, perhaps in relation to a specific task? Bring out other skills you would use to accomplish the same thing, or demonstrate your ability to learn new things quickly by giving them a specific example. Faced with a question you do not understand, try not to freeze but immediately ask for clarification.

‘You can also ask for time to think so you don’t get it wrong, which could mean you ruin an otherwise successful interview,’ says Stevens. On occasion, you may get a question that feels inappropriate – for example, about your age or family status. ‘There are still employers that use questions like these even though it’s bad practice,’ says Cooper. ‘It might be a sign they are not the right employer for you, but they might just be trying to get to know you. You don’t have to reveal anything you don’t want to – smile and ask them why they need the information.’ If you are unhappy with something you have said, start over or go back to it later. ‘An interview is a two-way process so it’s acceptable for you to take the initiative,’ says Cooper. ‘You could say “could we go back to something I said earlier? I didn’t explain myself well”,’ she recommends. At the end, you usually hear ‘do you have any questions for me?’ and all you really want to know is if they are going to hire you. Don’t be tempted to answer with a stock response, though – it shows a lack of interest in the company. ‘Instead, you could ask about their plans for the future – expansion, new products or areas – or about ways of working and how teams are managed,’ says Cooper. ‘Have the questions written down beforehand and check your list when they ask.’ This again shows you have done your homework.

‘If the interviewer needs to leave the room, it’ll look unprofessional if they ask, on their return, where the conversation was left and you are unable to tell them’ ‘If they take a phone call, it’s probably best not to say anything as it could be urgent, but if it happens more than once you may want to ask whether this is a good time and, if not, say that you’ll be happy to reschedule the interview,’ recommends Choudhury. The interviewer may also duck out during the interview. ‘One of the most valuable interview skills is the ability to pay attention to what the other person is saying,’ says Phil Sheridan, UK managing director at Robert Half. ‘If the interviewer needs to leave the room, it will look unprofessional if they ask, on their return, where the conversation was left and you are unable to tell them.’ If they are distracted, the interviewer may mispronounce your name or even call you by the wrong name. ‘It’s better to correct them at the beginning, rather than wait until the end – it saves the interviewer embarrassment and stops you from getting annoyed,’ says Choudhury. Don’t make a big deal of it, though – smile and say ‘everyone struggles with that one’, or something similar. ‘Correcting them shows them you are confident

and capable of speaking up for yourself,’ adds Choudhury. Interviews are nerve-wracking and often it is not just your voice that shakes a bit, but your hands do too. Nerves may also make you want to use the bathroom half way through the interview. Awkward, but it happens, so just excuse yourself for five minutes. The interviewer will probably be grateful for a break. Finally, if you find the interview has not gone well and you are told you are not a good fit for the job, ask for feedback. ‘They may say you failed to highlight particular skills required for the role and this may give you the chance to discuss them further,’ says Sheridan.

Awkward moments Before going into a job interview, you will no doubt turn off your phone so not to cause any interruptions, but the interviewers themselves might get interrupted by knocks on the door, phone calls, emails and text messages.

technical | support videos

exam technique Paper F4

Paper F5

Answering scenario questions

Question 1 debrief

Gordon Faragher from Kaplan Financial provides some guidance on approaching scenario questions in the Paper F4 exam

Karl Ballard from Kaplan Financial provides a question debrief for Question 1 of the June 2012 Paper F5 exam, which covered short-term decision making, limiting factor analysis and non-financial factors in outsourcing

Paper F5 Break even and profit volume charts

Karl Ballard from Kaplan Financial takes a look at how to answer exam questions on break even and profit charts

Paper F5 Decision-making techniques Jo Ryan from BPP provides an overview of how to develop good exam technique when attempting questions on decision making for relevant costing

Paper F5 DECISION TREES Jo Ryan from BPP explains how to approach Paper F5 exam questions on decision trees including a look at the definitions relevant to preparing decision trees, with reference to how to attempt Question 1 in the June 2013 paper

Student Accountant | DECEMBER 2013

Paper F5 Question 5 debrief Karl Ballard from Kaplan Financial provides a question debrief for Question 5 of the June 2012 Paper F5 exam, which covered performance measurement

Paper F5 Transfer pricing Karl Ballard from Kaplan Financial provides an explanation on how to answer Paper F5 exam questions on transfer pricing

Paper F5 Variances Jo Ryan from BPP considers how to answer exam questions on variances by focusing on the Paper F5 syllabus areas D2, D3, D4 and D5

Take a look at our exam technique videos for a range of ACCA qualification papers Paper F6

Paper F8

Gaining the easy marks

AUDIT RISK

Helen Gray from BPP suggests ways to gain the easy marks in the Paper F6 exam by looking at examiner’s comments on how students performed in past sittings, general exam tips and specific tips for Paper F6

John Glover from Kaplan Financial takes a look at how to approach audit risk questions using past ACCA exam questions to illustrate the key points

Paper F6 Gaining the harder marks Stuart Williams from Kaplan Financial explains how to tackle the more difficult questions in the Paper F6 exam

Paper F7 Cash flows and interpretations Gemma Rudrum from BPP provides some guidance on tackling Question 3 in Paper F7 on cash flows and interpretations

Paper F8 AUDIT EVIDENCE Sally Vernon from BPP focuses on the area of audit evidence including a discussion on the theory of audit evidence and tests of control versus substantive procedures

Paper F9 BUSINESS FINANCE Jo Ryan from BPP provides an overview of how to develop good exam technique for Paper F9 questions

Paper F9 Working capital management Chris Walsh from Kaplan Financial outlines some useful ways to answer Paper F9 exam questions on working capital management

cannot access youtube? all of these videos are available here ▶

technical | support videos

Paper P1 FOCUS ON RISK Steph Crook from Kaplan Financial outlines some of the key aspects of the risk element of Paper P1

Paper P2 Groups with accounting standards Lindsay Hoyle from Kaplan Financial focuses on the compulsory Question 1 about groups with accounting standards, looking at how to approach Part A (the technical requirement) and Parts B and C (the writtenÂ requirements)

Paper P3 approaching question 1 Gordon Faragher from Kaplan Financial provides exam technique advice on how to best approach Question 1

Paper P4 applying the option pricing theory to investments Doug Haste from BPP takes a look at the application of option pricing theory to investments, which is relevant to Syllabus area C of Paper P4

Paper P5 performance measurement Doug Haste from BPP takes a look at performance measurement, which is relevant to Syllabus area E of PaperÂ P5

Paper P6 Capital gains tax Steve Singleton from Kaplan Financial outlines how to approach capital gains tax questions in a Paper P6 (UK) exam using previous exam questions as examples

Paper P7 risk assessment and audit procedures Steve Whittenbury from BPP provides some exam technique advice on approaching Paper P7, including what to expect in Question 1, syllabus requirements, examinable documents and examiner comments Student Accountant | DECEMBER 2013

RESOURCES all you need to know From exam results to recording practical experience, the following pages contain essential information for your journey to membership

36 staying connected

ACCA Connect: contact us 24/7

36 fees

Exam fees and ways to pay

37 RULES AND REGULATIONS

Information about ACCA’s Rulebook

37 MY EXPERIENCE

Your online tool for recording practical experience

38 OXFORD BROOKEs UNIVERSITY bsc (hons)

Information about the BSc (Hons) in Applied Accounting from Oxford Brookes University

38 Keep on track with ACCA’s student app

Student Planner app is updated to include push notifications

37 EXAM exemptions

39 DECEMBER 2013 exam SESSION

37 EXAM results

40 exam regulations

Could you be eligible to claim Exam dates for the December exemptions? 2013 session Taking an exam during December? Find out how you can receive your results by email or text message

APPROVED LEARNING PARTNERS

Important exam rules for students intending to take exams in December 2013

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Search for a tuition provider using ACCA’s Tuition Provider Directory

RESOURCES

acca connect

FEES

7 DAYS A WEEK

365 DAYS A YEAR

Annual subscription – 2014 Please note, as a student, you are required to pay an annual subscription for each year you are registered with ACCA. The payment enables ACCA to provide you with services and support to assist you with your studies and training as you work towards gaining your qualification. Students who fail to pay fees when due (including exam/exemption fees) will have their names removed from the ACCA register. The following fees and subscriptions apply: Initial registration £79 Re-registration *£79 Annual subscription (from 1 January 2014) £81 *plus unpaid fee(s)

Exam fees for JUNE 2014 (per exam)

students@accaglobal.com +44 (0)141 582 2000 For all enquiries, contact ACCA Connect – our global customer service centre. However you want to contact us – by phone or email – one of our expert advisers will be happy to assist you.

stay connected ACCA Connect is available 24 hours a day, seven days a week, 365 days a year providing global support at times convenient to you. You can also access your myACCA account and the ACCA website for answers to many queries.

ACCA Connect

✆: +44 (0)141 582 2000 EMAIL ▶

myACCA ▶

Student Accountant | december 2013

FOUNDATION LEVEL exams Papers FA1, MA1, FA2 and MA2 Early (if you enter for exam by 8 March) Standard (if you enter for exam by 8 April) Late (if you enter for exam by 8 May)

£48 £51 £202

Papers FAB, FMA, FFA, FTX, FAU and FFM Early Standard Late

£69 £74 £225

FUNDAMENTALS LEVEL KNOWLEDGE exams Papers F1, F2 and F3 Early £69 Standard £74 Late £225 FUNDAMENTALS LEVEL SKILLS exams Papers F4, F5, F6, F7, F8 and F9 Early £87 Standard £93 Late £245 Professional level exams Papers P1, P2, P3, P4, P5, P6 and P7 Early £100 Standard £108 Late £259

Rules and Regulations

EXAM EXEMPTIONS

ACCA’s disciplinary procedures cover matters such as professional misconduct, misconduct in exams and breaches of regulations, which include any actions likely to bring discredit to you, ACCA, or the accountancy profession.

If you already have some qualifications, you may not have to take all of the exams in the ACCA Qualification or Foundation level. These are called exemptions and mean that you will start your studies at the right level for your knowledge and skill.

READ THE ACCA RULEBOOK online

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Practical experience My Experience is ACCA’s tool for recording your practical experience. Its launch followed a consultation with trainees globally, the aim of which was to improve the process of recording practical experience and, therefore, make the journey to membership easier. FIND OUT MORE

SHOULD I CLAIM? ▶

HOW DO I CLAIM? ▶

▶

Computer-based exams

Computer-based exams (CBEs) are available for the first seven of the Foundation level exams – Papers FA1, MA1, FA2, MA2, FAB, FMA and FFA (but not the specialist papers) – as well as for the Knowledge module exams (Papers F1, F2 and F3) of the ACCA Qualification. Sitting CBEs provides the following benefits: ¤ Flexibility – You are not restricted to June and December paper-based exam sessions as you can sit CBEs at any time of year. CBEs also offer flexibility for re-sits, which you can take at any time. There is no restriction on the number of times you can resit the exams by CBE. ¤ Instant results – Your result is displayed on the computer screen at the end of the exam. ¤ Results – Your results are uploaded by the licensed centre and will be transferred to your ACCA account within 72 hours.

EXAM results ACCA will release the December 2013 exam results electronically by email and text message and make them available to view online from 8 February 2014. Students will need to opt in to receive results by email or text message by 12 noon on 31 January. Simply log on to myACCA and update your preference and contact details within ‘Account administration’. Paper results will follow one week later from 15 February for those students who are eligible to receive paper copies.

FIND OUT MORE

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▶ 37

RESOURCES

oxford brookes bsc (hons)

Eligibility The degree must be completed within 10 years of your initial registration on to ACCA’s professional qualification, otherwise your eligibility will be withdrawn.

Check your eligibility STATUS ▶ Professional Ethics module In order to qualify for the BSc (Hons) in Applied Accounting, all students must first complete the nine Fundamentals exams as well as the online Professional Ethics module. The Professional Ethics module is accessed via myACCA, but you

will only be given access to the module once you are eligible to sit Paper P1. The module does not need to be completed in one go, and you may therefore find yourself re-visiting the module as it takes approximately two to three hours in total to complete. Once you have fully completed it, you are required to write a completion statement, and a certificate will subsequently be sent to you. By completing this module, you will be gaining a better understanding of ethical issues in accounting, while giving you a chance to reflect on your own behaviours.

ACCESS myACCA ▶

KEEPING YOU INFORMED The quickest way for us to send you important information such as changes to exam entry and exam results is by e-communication (such as email or text message) but we need you to give us your permission – it’s the law.

UPDATE YOUR DETAILS AND COMMUNICATION METHOD ▶ Student Accountant | december 2013

KEEP ON TRACK WITH acca’s STUDENT APP

ACCA is constantly making changes to its Student Planner app to keep it fresh and to ensure that it remains a useful tool for all ACCA students. The latest features recently added include push notifications (or alerts) and contacts. The push notifications function will enable ACCA to highlight important messages that are relevant to your studies. In order for us to be able to do this, you will have to enable this function on the app and then enter your country and the qualification you are studying. You can now also contact ACCA Connect through the app. You can email any query you may have or, if you prefer, you can phone ACCA Connect directly or phone your local ACCA office as these numbers have now been included. If you haven’t yet downloaded the app, what are you waiting for?

DOWNLOAD THE IPHONE APP ▶ DOWNLOAD THE ANDROID APP ▶

DECEMBER 2013 exam session The following dates have been confirmed for the next exam session

exams will take place over an eight-day period with one session of exams each day

Friday 6 December F1 Accountant in Business P6 Advanced Taxation F9 Financial Management Monday 9 December F4 Corporate and Business Law P3 Business Analysis Tuesday 10 December F3 Financial Accounting P2 Corporate Reporting Wednesday 11 December F2 Management Accounting P1 Governance, Risk and Ethics FOUNDATION LEVEL Monday 2 December FTX Foundations in Taxation

DECEMBER 2013 Week 1 2 to 6 December Week 2 9 to 11 December Exams will take place over an eightday period with one session of exams each day. The exams will be held concurrently in five different time zones. The base starting times in each of these time zones will be: ¤ Zone 1 (Caribbean) – 08.00hrs ¤ Zone 2 (UK) – 10.00hrs ¤ Zone 3 (Pakistan and South Asia) – 14.00hrs ¤ Zone 4 (Asia Pacific) – 15.00hrs ¤ Zone 5 (Australasia) – 17.00hrs. Local starting times will be set falling out from these base start times for every centre. Details of local start times can be found against each centre on the Examination Centre List

accompanying your Examination Entry Form. Papers F1 to F3 are two‑hour exams, and Papers F4 to F9 and P1 to P7 are three‑hour exams. ACCA QUALIFICATION Monday 2 December F5 Performance Management P7 Advanced Audit and Assurance Tuesday 3 December F6 Taxation P4 Advanced Financial Management

Tuesday 3 December MA2 Managing Costs and Finances FFM Foundations in Financial Management Wednesday 4 December FA2 Maintaining Financial Records Thursday 5 December MA1 Management Information Friday 6 December FAB Accountant in Business Monday 9 December FAU Foundations in Audit

Wednesday 4 December F7 Financial Reporting

Tuesday 10 December FFA Financial Accounting

Thursday 5 December F8 Audit and Assurance P5 Advanced Performance Management

Wednesday 11 December FA1 Recording Financial Transactions FMA Management Accounting

RESOURCES

EXAMINATION REGULATIONS Taking your ACCA exams is part of your journey towards becoming an ACCA professional accountant and we therefore expect you to act in a professional manner when taking them. The following rules on conduct apply to students sitting paper‑based and computer‑based exams, as well as those taking internally‑assessed ACCA courses. 1 You are required to comply in all respects with any instructions issued by the exam supervisor/s, invigilator/s and any ACCA personnel before and during an exam. 2 You may not attempt to deceive the exam supervisor/s, invigilator/s and ACCA personnel by giving false or misleading information. 3 If you are given reading time at the beginning of the exam, you are not allowed to open or write in your candidate answer

booklet during this time. You are, however, permitted to write on your question paper. 4 If you are given reading time at the beginning of the exam, the exam is considered to be in progress from the start of the reading time. 5 You are not allowed to take to your exam desk any books, notes or other materials except those outlined in the guidelines below. These are known as ‘unauthorised materials’. 6 You are not allowed to possess any unauthorised materials while the exam is in progress (whether at your desk or otherwise). 7 You are not permitted to use a dictionary or an electronic translator of any kind or have on or at your desk a calculator which can store or display text. You are also not permitted to use or have on or at your desk a mobile phone, tablet, pager, etc, of any kind. Any kept in bags or briefcases must be switched off at all times in the examination hall. 8 You are not allowed to use, or attempt to use, or intend to use, any unauthorised materials while the exam is in progress. 9 If you breach exam regulation 5, 6, 7 or 8 and the unauthorised materials are relevant to the syllabus being examined, it will be assumed that you intended to use them to gain an unfair advantage in the exam. In any subsequent disciplinary proceedings, you will have to prove that you did not intend to use the unauthorised materials to gain an unfair advantage in the exam. 10 You may not assist, attempt to assist, obtain or attempt to obtain assistance by improper means

Student Accountant | december 2013

from any other person during your exams. 11 You are required to adhere at all times to the Examination Guidelines. 12 You are required to comply with the ruling of supervisor/s, invigilator/s and any ACCA personnel. They are obliged to report any cases of irregularity or improper conduct to ACCA. They are also empowered to discontinue your exam if you are suspected of misconduct and to exclude you from the exam hall. 13 You may not engage in any other unprofessional conduct designed to assist you in your exam attempt. 14 You are not permitted to remove either your candidate answer booklet(s) or your question paper from the exam hall. All exam candidate answer booklets remain the property of ACCA. 15 Once the exam has started, you are not allowed to leave the exam hall permanently until the end of the session and then only when instructed by the supervisor. 16 If you attempt to gain an unfair advantage in the exam (whether by breaching an exam regulation or otherwise) you are likely to be removed from ACCA’s student register following disciplinary proceedings. 17 Candidates must not talk to, or attempt to communicate with, other candidates during the exam under any circumstances. 18 You must not attempt to obtain and/or obtain your examination results prior to ACCA’s official published results release date.

supervisor’s announcements The following important announcements will be made before the start of each examination session Before the examination begins 1 The examination will be conducted in accordance with the regulations and guidelines outlined in your attendance docket. 2 You will be asked to check that you are sitting at the correct desk and that you have been given the correct examination paper with the appropriate tax/ law variant. If you are in any doubt please contact an invigilator before the examination begins. 3 Do not open your question paper until told to do so. 4 Your answer booklet will be electronically marked. You must therefore ensure that you complete the details on the front cover of this and all continuation booklets used, using the information from your attendance docket. Failure to do so will result in your booklet not being marked. 5 To complete the details, you must write the relevant information in the spaces provided. Once you have done this, you must then shade the relevant circle in the column below each number or letter. Only one number or letter must be selected from each column.

Black ballpoint pen only must be used for this and for all writing inside your answer booklet. 6 You will be asked to remove all items, other than those listed on your attendance docket, from your desk. Candidates found in possession of unauthorised materials are in breach of the examination regulations and their conduct will be reported to ACCA. If you attempt to gain an unfair advantage in the examination, you are likely to be removed from ACCA’s student register following disciplinary proceedings. 7 You are not permitted to take mobile phones or pagers to your desk under any circumstances. If you choose to leave such items in your bag they must be switched off. 8 You are not permitted to use a personal organiser, language translator or calculator with the facility to store or display text or a dictionary. 9 Please note that you may not leave the hall permanently until the conclusion of the examination. If you require to leave your desk for any reason, you will be escorted by an invigilator. 10 Invigilators will collect your attendance docket and check your identification during the examination. Please place them on your desk ready for this validation process. 11 Candidates sitting examinations with multiple-choice questions must record their answers on page 2 of their answer booklet.

You must complete the answer grid on this page as this is the only information processed for marking. Answers indicated on any other pages of the booklet or on the question paper will not be marked. 12 Candidates attempting three-hour papers will be given 15 minutes reading time at the beginning of the examination. You must not open or write on your answer booklet until told to do so at the end of the 15 minutes. You are, however, permitted to write on your question paper during this time. 13 You will be told when there is one hour remaining and when there are 15 minutes to go. 14 You must submit your answer booklet at the end of the examination. 15 You cannot keep your question paper and these will be collected at the end of the examination. Your answer booklet will not be marked unless your question paper has been collected. 16 Candidates attempting two-hour papers will be requested to leave the room quietly at the end of their examination as there will still be examinations in progress. 17 If there is a problem during the examination, you shall be escorted to the nearest emergency exit.