5 tips to ace the ACCA P5 exam

Common consensus is that Advanced Performance Management (P5) is one of the toughest nuts to crack in the Professional Level option papers. It has had some of the lowest pass rates between Dec14 – Sep17. (source: ACCA Global)

It may seem daunting to select this paper. But the winning formula is not as elusive as you may think. P5 develops on key aspects introduced at earlier exams with a greater focus on the synthesis and evaluation of the key topics and techniques. So, keep in mind that your prior knowledge will be tested in a way that you have to provide detailed application rather than just know mere definitions.

Waleed Minhas, our P5 trainer with 100% pass rates (YES! you read that right!) in this paper, shares 5 simple tips that will help ace the P5 exam:

1. Pay attention to the requirements and plan accordingly

Read the requirements well, break them down and plan how much you need to write. Reading requirements well is important as there is a difference between “Evaluating performance” and “Evaluating performance report”. Breaking them down is vital as there may be multiple parts within a requirement. Finally, planning is key! A 5 marks requirement means you only need to write 5 valid points explained well.

2. Hunt for easy marks

Gather as many easy marks as you can early on in the exam. Examples: Professional marks, numerical marks and simple advantages and disadvantages of models/techniques. Look out for these.

3. Presentation matters

The way you present your answer is so important to achieve a good pass. Split your points and write brief well-explained paragraphs to gain some easy marks. Also, make sure you leave enough space between the paragraphs. Make it look good! Finally, ensure your calculations show the underlying workings and are structured to show the examiner how you got the final answer.

4. Evaluate and then suggest

Many students make the mistake of suggesting before evaluating. Remember, if the requirement asks you to evaluate, there are more marks for evaluating first and then some credit for suggesting. This is one of the common areas where student miss out on marks by ignoring what the question is actually asking for.

5. Apply, apply, and apply!

Application is the key to success in P5. General answers get less credit, if any. So, it is important to apply as per scenario. The examining team will usually define your role and it is important you are seen giving an answer as per that role. For example, if you are a consultant for a service business, you are paid a consultancy fee for saying why a measure is useful to them rather than simply giving a list of measures. A rote learned list of measures simply may not be appropriate for this service business.

Absorb these 5 tips, put them into practice, and you will succeed! Good luck!

Should you have more questions about the ACCA P5 paper, or want to setup a free consultation with an ACCA trainer, email us at mer_academyuae ~3#$A~ pwc &D06s& com