Following on from F2 (MA) Management Accounting, the 'F5 (PM) Performance Management' paper is concerned with business management in order to improve performance. The majority of the topics were covered in F2 (MA) Management Accounting, but they are now covered in greater depth and detail.
Despite the fact that ACCA F5 (PM) Performance Management is a manageable paper, students make mistakes that cause them to fall behind every year. We'll show you how to ace your project management exam.
We talk to one of our expert tutors, Garret Mulvin, about the most common mistakes students make and what you can do to ensure you pass the ACCA F5 (PM) Performance Management exam.
Continue reading for an overview of the ACCA F5 (PM) Performance Management syllabus, information on the changing exam format and what it means for students, and ACCA PM study tips!
The ACCA F5 (PM) Performance Management course is divided into four parts that teach you how to manage a company's performance toward profitability.
ACCA F5 (PM) The goal of performance management is to maximize profits by managing a company's performance in four key areas. Your ultimate goal is to steer a business toward profitability. The four syllabus areas are as follows: This course covers topics such as A – Costing and Management Accounting Techniques, B – Decision Making, C – Budgeting and Control, and D – Performance Measurement and Control.
The syllabus tells a story in which everything is interconnected. It will be a long journey. For example, in A, you'll learn how to calculate a company's costs, and in B, you'll base your pricing strategy on that knowledge.
Perhaps you're applying your knowledge of costing techniques to determine your ideal production and make product decisions. Once you know your costs, you can make decisions based on them, and then create a budget based on those decisions.
Finally, A, B, and C all lead to D: how do you measure and control your performance at the end of the year? How did things turn out?
Is it strategic, or more about practical knowledge?
It isn't particularly strategic until it feeds into ACCA, the old P5 (APM) Advanced Performance Management. In contrast, ACCA F5 (PM) Performance Management is quite forward-thinking. You're not just going over the previous year's events. You're attempting to put that knowledge to use in order to make a difference the following year.
The exam format is designed to evaluate both your practical knowledge and your ability to apply it in a given situation. In ACCA F5 (PM) Performance Management, the ratio of calculations to narrative is roughly 50/50.
What is the ACCA F5 (PM) Performance Management exam format?
The exam format is changing as of September 2016. Under the new format, the exam will be divided into three sections, A, B, and C. When the computer-based exam option is available in September, Sections A and B will be able to include objective test questions rather than just multiple-choice questions.
In September 2016, ACCA F5 (PM) Performance Management will be divided into three sections: A, B, and C.
Section A will consist of 15 multiple-choice questions, each worth two points. Section B will present three scenarios, each followed by five two-point multiple-choice questions. Then there's Section C, which will consist of two 20-point questions.
Sections A and B's questions will cover the entire syllabus. Section B scenarios, on the other hand, require a more in-depth understanding because each scenario's five questions will be related to a different area of the syllabus. Section C questions, with the exception of Costing, will only draw on syllabus areas B, C, and D.
Section C will require the most in-depth understanding due to the longer question format. There may be some math involved, but there will be a story at the end.
In Section C on Performance Management, for example, you may be asked to assess your FPIs and NFPIs using a balanced scorecard. You will then perform calculations based on the data provided, as well as explain and evaluate your decisions.
Why is the exam format changing? Do the changes make it more or less difficult for students to pass ACCA F5 (PM) Performance Management (the old F5)?
Don't be concerned! The format has changed several times over the years, but the skills required to pass the ACCA F5 (PM) Performance Management exam haven't.
The format is changing because they want the paper to be more segmented and manageable on a computer. Students will be able to take ACCA F5 (PM) Performance Management as a computer-based exam beginning in September (CBE). ACCA plans to transition all of its paper exams to a computer-based exam format in the future.
Will ACCA F5 (PM) Performance Management become a purely computer-based exam? When?
The migration is intended to make the ACCA exam more accessible and convenient for students.
The ACCA will continue to offer paper exams as long as they benefit students – it is not intended to make things more difficult! Because the ACCA is a global qualification, some students may find it easier to stick to paper-based exams for a longer period of time, particularly if their IT infrastructure isn't as sophisticated.
ACCA F5 (PM) For the time being and in the foreseeable future, performance management will have the option of being computer-based.
One of the most common reasons students fail the ACCA F5 (PM) Performance Management exam is for failing to cover the entire syllabus. Because of the new format, the paper will cover all topics thoroughly.
One consequence for students is that it is impossible to predict which topics will be discussed. Not that you couldn't before, but the syllabus and how it's assessed have changed so much that you can expect anything to come up now.
The entire syllabus is examined throughout the paper to ensure comprehensive coverage. I used to tell students to review X, Y, and Z the night before the exam, but that is no longer an option.
One of the most common reasons students fail ACCA F5 (PM) Performance Management is a failure to cover the entire syllabus.
What other reasons do students fail to pass Performance Management?
Students frequently fail in smaller areas. Section D of the syllabus, for example, includes a section on management information and management reports.
Students frequently overlook management information and management reports, which are found in Section D of the syllabus. Small details like this can mean the difference between passing and failing.
It's an area that many students overlook because it appears to be simple and unimportant. It's one of those topics that students dismiss as unimportant only to struggle with later on.
The most important thing to remember is that the distinction between passing and failing is so minor. Because many students will score just above or below the cutoff, one or two multiple-choice questions like that can mean the difference between passing and failing. If you know everything on the syllabus, you'll be able to cross the finish line.
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