ACCA Exam Review

BPP's Head of Course Design takes a look at the June 2009 exams

By Deborah Taylor,
BPP's Head of ACCA Course Design

Skills Modules

Overall we felt that the skills module papers were a fair test of students' abilities. It was good to see that F5 was pitched at an appropriate level. This was the first sitting featuring the new format and with the shorter questions containing less detailed scenarios there was a need for less in depth calculations and interpretation. This should lead to a marked improvement in the global pass rate. F4 was a fair paper but there was a notable emphasis on contract law, and in F6 there was rather more focus on individuals than expected. We are sure many candidates would have been surprised to see VAT being examined in a separate question.

Essentials Modules

The professional level papers are renowned for being challenging and there was little change for this sitting. Candidates should have found P1 was easier than normal due to the nature of the scenario in Section A. However this was not the case for P2 where the examiner tested: piecemeal acquisitions (again!) with NCI held at fair value (international stream only and for the first time!) plus two tough topics (financial instruments and pensions) for 25 marks each. P3 required candidates to demonstrate more of 'what they think' rather than 'what they know' making this a more 'strategic' paper.

Options Modules

P4 had a manageable compulsory section but a very challenging optional section. Q3 was an unusual question on swaps and testing the ability to perform a 'set' calculation. If candidates struggled with this, it would have been difficult to score any marks. Many would have only attempted this question because question 5 was difficult, testing 'single period capital rationing' which is not specifically mentioned in the syllabus. The P5 examiner does have a tendency to revert to favourite topics with NPV and risk appearing again. He also tested assumed knowledge: from F5 and P3 where there are links to P3 but he also examined expectancy theory which is an area covered in F1 where there is no link. P6 was a fairer paper compared to December 2008 exam, whereas P7 was more challenging due to some peripheral areas of the syllabus being tested.

For further information, visit www.bpp.com/acca.