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study tips for ACCA exams

“tell me and I will forget;
show me and I may remember;
involve me and I will understand.” - chinese proverb
Do you know why we often forget what we every day. In addition, we need to have an would concentrate more. Thus, they learnt a
have learnt? When we are preparing for our active participation in studying for the exams. lot. This proves that if we teach others, we
ACCA exams, some of us might spoon-feed all Moreover, we need to have a proper plan and learn the most. Why not start taking turn to
the materials so as to memorise all the stuff for strategy with good resources for our study. teach difficult topics in your study group? You
the exams. Some of us may just read through may find it enhancing you extent of retention
the past papers in the hope that some of the Which study method is more effective? up to more than 90%.
questions might re-appear in the real exams. Researches showed that just listening to Practice by doing past papers and revision
However, sometimes we still cannot manage lectures and reading books are not sufficient for questions is a must. This could contribute to
to answer the questions well. Even worse, we us to understand the knowledge. The retention our understanding and let us experience the
can hardly retain much from what we have rate for these learning methods is extremely style of and approach to the questions. It is
memorised throughout and after the exam? low, just around 5 to 10%. In order to have a great that ACCA provides marking schemes
Why is that the case? better understanding and higher retention rate, for all the past papers. These give us a clear
The answer is that we do not understand we need to have discussion and practice by indication of what the examiners need and
the knowledge and are thus unable to apply doing. The retention rate can then be increased how we should perform in order to score the
it to answer the questions. There is an old to 50% and 75% respectively. These are the marks. Realistically, ACCA exams are not easy.
Chinese proverb which states, “Tell me and examples of getting involved: Without practice, we could not achieve good
I will forget; show me and I will remember; Forming a study group of 2 to 4 people marks. Please don’t just read the past papers.
involve me and I will understand.” Another is helpful for learning. The group should As we have mentioned before, the retention
version is from Native American proverb which have the same goal which is to pass ACCA rate of reading is much lower than that of
states, “Tell me and I will forget; show me and exams. More than 4 people will make the practice by doing.
I may not remember; involve me and I will group ineffective. Periodically, the group can Thus, in order to study effectively amid
understand.” Someone said this quote was meet and discuss some difficult topics and our busy life, we should use wise learning
from Mr Benjamin Franklin. questions. I still remember when I prepared for methods.
No matter what the origin of the proverb the A-level exams, I formed a study group with
is, it shows us an important philosophy - we my classmates. We met every day and then How to plan our study?
need to be involved in order to make us fully challenged each other with difficult questions. To learn how to plan, there is a great book
understand. We then discussed and resolved them. One called The Art of War (孫子兵法) which is
day our chemistry teacher gave us a difficult written by Sun Tzu. In the first chapter “Laying
How to get involved? chemistry question that he could not find Plans”, Sun Tzu said, “Now the General who
In accordance with the Cambridge out the answer. We managed to discuss and wins a battle makes many calculations in his
Advanced Learner’s Dictionary, “involve” resolve that quickly within the study group, temple where the battle is fought. A General
means “to include someone or something in and afterwards we all achieved very good who loses a battle makes but few calculations
something, or make them take part in or feel results in the A-level exams. beforehand. Thus do many calculations lead
part of it”. As an ACCA student, that means to Once I attended a seminar conducted by to victory, and few calculations to defeat:
include us in the ACCA exams, make us take Dr Stephen Covey, one of the world’s leading how much more no calculation at all!. It is by
part in or feel part of the exams. business and management gurus and the attention to this point that I can foresee who is
To be part of the exams, first of all, we international best selling author of The 7 likely to win or lose.” (夫未戰而廟算勝者，得
should not be afraid of them. We need to Habits of Highly Effective People. He asked 算多也﹔未戰而廟算不勝者，得算少也。多算
make friends with them. One of my friends the participants to teach in turn what they 勝，少算不勝，而況無算乎﹗吾以此觀之，勝
said, “ACCA exam is just like my husband, have just learnt to the participants of their 負見矣。)
I have already engaged with it.” Thus we table. From our observation, we found that To win, we need to lay a detail as early
need to face the exams whole-heartedly those participants who were required to teach as possible. We will soon receive the ACCA

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exam results. Afterwards, we need to decide
how many papers and which papers we will
attempt in June 2008. It depends on how
much study time we could allocate from now
on to early June.
To achieve the best results, we need to
have a SMART goal. That means we should
have a right state of mind and determine a
Specific, Measurable, Achievable and Realistic
goal after considering the Time element. No
matter how many papers we will attempt,
we need to commit to the goal we have
set. In addition, we need to review our goal
periodically to see how it goes.
Every good plan needs a proper timetable.
We need to mark down the dates of exams
and schedule, the time for working, training,
dining out, relaxing, networking, etc. in our
calendars. All the remaining time can then be
used for studying. We then allocate the topics
to study and the questions to attempt in our
timetables. Please remember to allocate some
time for our revision because it acts as a bridge
between study and exams. This could refresh
our memory and help us synthesise what we
have learnt for application in the exams.

What are the other study tips? Where can I find good materials to study?
When studying, it is better to cover more I am sure you should have study texts and books to study. Other than that, you could search for
difficult topics first. Otherwise, you will have other materials in the following websites:
little time to tackle them when exams are
approaching. However, we may easily get Websites Materials
exhausted if we just focus on difficult topics.
http://www.accaglobal.com Pilot and past papers, syllabus and study guides,
Thus, we may choose to study some easier
examiners’ notes and feedbacks, relevant articles and
topics amongst difficult ones.
Students’ Accountants
Concentration during studying is a key
factor in effective learning. Please study at the http://www.hongkong.accaglobal.com Students’ News Update with relevant articles
right time in the right place. When studying, http://www.ird.gov.hk For Tax exams - Departmental Interpretation and
we must have an inquiring mind. The great Practice Notes (DIPNs), Board of Review Decisions,
scientist, Mr Albert Einstein said, “The Inland Revenue Ordinance, Stamp Duty Ordinance
important thing is not to stop asking questions”
I am not sure whether you have a habit http://www.legislation.gov.hk For Law exams - Companies Ordinance and other
of making notes. When preparing for ACCA ordinances
exams, making notes can enhance our http://www.hkicpa.org.hk For Auditing and Financial Reporting exams – Code of
understanding and also gives you an excellent Ethics, Hong Kong Financial Reporting Standards and
revision before the exams. The use of mind Hong Kong Auditing Standards
maps can let us have a good summary and http://www.iasplus.com For Financial Reporting exams – IAS Plus Newsletter,
logic of the topics we have studied. IFRS related publication, IFRS e-learning curriculum
If you have not yet read my articles on
study and exam techniques in the four issues
of the News Update in 2007, I hope you will What should I do now?
do so as these articles will suggest you more ACCA exams are not easy. They are challenging, professional and practical exams. Please start
skills to succeed in ACCA exams. Please also your study now. The earlier you plan and start, the more the likelihood of passing the exams. Please
attend my workshop on Strategy to Tackle the act now.
New ACCA Exams to be held on 26 April 2008 May I take this opportunity to wish you a joyful, healthy and fruitful Year of the Rat! Good luck
(please refer to the enclosed enrolment form to your exams!
for details).
Allan Lee
Director of Horwath Hong Kong Group Limited
FCCA, Co-chairman of ACCA HK Student Affairs Subcommittee

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Book Review
leadership & self deception:
getting out of the box
I knew that this book was likely to be such changes have proved difficult to effect or in for appraisal in person by none other than
worthwhile when the publisher sent me not one maintain before. Their approach results from the Executive VP of the organisation, Bud
but two copies for review in two consecutive decades-long exploration into the problem of Jefferson, a highly respected and revered
weeks…. intriguing! Well, this excellent self-deception attempting to find the solution member of the senior management team
pocket-sized paperback came with its praises to the three-fold question: how can people and right hand man to the President, Kate
being sung out on the front cover by none less simultaneously 1) create their own problems Stenarude. Together they help Tom discover,
than Stephen R Covey, classic business guru 2) be unable to see that they are creating their through some very intense discussions and real
and author of 7 Habits of Highly Effective own problems and yet 3) resist any attempts life scenarios, some important issues about
People; “profound..engaging...packed with to help them stop creating those problems? himself and his self-deception in his approach
insight. I couldn’t recommend it more highly. The book is written in the first person, as to his work and his team and his wife.
“OK Steve” I thought, “I’ll give it a go” and the experience of a bright new recruit, Tom, The ensuing chapters, written in
sure enough, I couldn’t put it down. entering employment as a team manager in conversational style between Bud and our
First of all, The Arbinger Institute a large organisation, admired as a market protagonist, Tom, lead us through a series of
www.arbinger.com, who has synthesised leader in its field. ( He has been recruited from entertaining “stories” which bring out Tom’s
this case study from actual experiences in a competitor organisation). This young man realisation and understanding of how he is not
their training work, describes itself as a is married with a young family; he is highly fulfilling his potential because he is suffering
“forerunner (cf harbinger) of change”. They ambitious and quietly confident in his ability from the problem of self-deception (which you
aim to help people see in a different way, to put in long hours and prove himself as a will soon realise we probably all do from time
to see differently the problems, conflicts, worthy man for the job to his new bosses. His to time), how that undermines his ability to
challenges and opportunities faced in life. work ethic is strong but is having an effect on lead his team effectively, how he gets “in the
Their philosophy is that until someone begins his personal family life and his relationship Box” or the trap of listening and believing in
to see differently, old problems remain. The with his wife. There is a smack of arrogance in his own self-deception and self-betrayal, how
Institute is fundamentally about helping his self-confidence and a lack of team cohesion he can learn to get “out of the Box” and what
people to conceive and bring about lasting in his department, so, after a couple of months will happens if and when he does.
solutions and real change, especially where he finds himself in the position of being called All this in 170 easy flowing pages. It

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is truly easy to read and really enlightening to-one level! Oh that we all had that privilege
when you yourself gain the insight of why and insight from our superiors.
things go wrong with your relationships with However it also reminded me that all the
people at work, in your team and indeed in great management gurus point us towards
your personal life. This is a first class lesson looking at our own behaviour and example as
in life skills and offers fundamental pointers leaders in business and honing our listening
to good communication – which is becoming skills so we effectively keep ourselves out of
an increasingly pertinent issue in management what the Arbinger Institute call The Box of
today. With an upcoming generation of young Self-Deception. And not just the management
people who are communicating more by text gurus – it was Charles Kingsley who famously
and email using online short-form language, brought us in his children’s classic The Water
entertaining themselves with electronic Babies, the character Mrs Do-As-You-Would-
gadgets, chat rooms, online dating and so on, Be-Done-By, an epithet one too often finds
in contrast to traditional social skills involving oneself thinking about after an unfortunate
face to face and person to person interactions, event at work which we really should have
these human skills need more than ever to be handled better.
taught, learned, implemented and practised! It is a couple of months since I read this
Looking back on the slightly contrived little gem of a book and I find I can still quote
stage-setting of the book, you could criticise stories and examples from it, without needing
The Arbinger Institute
the presentation of Bud, the senior VP, and to look them up, to encourage my friends
Penguin Books
indeed Kate, the CEO, for being perhaps and colleagues to pick this book up and find
HK$126
slightly unlikely iconoclastic figures – polished enlightenment for themselves. For me that is a
yet real, mysterious yet open, driven yet sign of a really useful tool – and I recommend ISBN 9780141036328
humane and amazingly available for and it most highly for your bookshelf for that reason
eloquent at training their junior staff on a one- alone. Lindi Harman

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take control
of your future
Professional development is often a need to decide which goals are most important goal is met and future goals/plans.
function associated with the human resources for the current year. If a professional development plan is not
department. But taking personal responsibility a formal part of your annual review as an
for your professional development is crucial in 2. Identify opportunities employee, you should take the time to discuss
the current competitive employment market Now it’s time to identify any additional your plan with your manager so they are aware
and ever changing workplace. training, educational requirements or skills you of your personal and professional goals and
So what can you do to keep up with need to meet your goals. It pays to do your can play an active role in helping you achieve
new technologies and trends and remain at research and be prepared to put forward a case them.
the forefront of industry best practice in your to your manager if you are seeking support for
profession? A professional development plan a course or study from your employer. Some 4. Review progress
is a great place to start and the beginning of a examples of professional development activities The final step in your professional
new year is the ideal time to put your plan into include: development plan is to schedule time for
action. ® Formal training e.g. study review. Re-evaluating your goals and actions
® Self-directed learning e.g. reading industry allows you to make adjustments and to see
Steps for creating a professional development publications, research if your desired outcomes are being achieved.
plan ® Networking Break down your areas of development for a
A professional development plan can ® On-the-job training or coaching by a senior calendar year into sections, then nominate a
provide you with the necessary tools to colleague day each month to review your progress and
evaluate, select and review your career ® Adding new work or increasing your make adjustments as necessary. This will
direction. First you need to reflect on what you current level of responsibility ensure you keep on track and achieve your
already know including formal qualifications, ® Joining professional associations and/or career goals.
self-taught skills and life experiences, and committees
use these as the foundation to build your Benefits of planning
professional development plan. Once you have decided on the professional A professional development plan can help
There are four main steps to consider development activities you wish to pursue and give you the direction and focus you need.
which will provide the framework for your have set your goals for the current year, you Implementing the framework outlined above
professional development plan: will need to decide how you wish to proceed. will help give you personal ownership of your
career direction and achieve your professional
1. Set goals 3. Put your plan into action goals.
Let’s start with the basics. Begin by To ensure the success of your professional Not only will a professional development
developing a roadmap to keep yourself on track development plan, you must decide what plan help you clarify your personal and
with your professional development. Include actions you will take to accomplish your goals professional goals and objectives, it will
long-term goals but be sure to incorporate and when you will do each step. The best also help you identify your competencies,
short-term goals and monthly targets as way to do this is to record the information interests and abilities. It may require some
practical stepping stones along the way. in a written professional development plan. self-discipline but those who make the effort
Write down personal, professional and career You might like to create a spreadsheet with and take ownership for their professional
goals that are specific, measurable and can columns to record goals you will address this development will reap the rewards!
realistically be achieved. It is generally best year. Sample headings may include goals;
to focus on a few goals each year so you will strategies; timeline; evidence of progress; date

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spring 2008 news update 17