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Weighing up the October 2006 Diet

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Weighing up the October 2006 Diet MCT/AMCT & ICM EXAM RESULTS Weighing up the October 2006 diet CHRIS BUNTON, ADRIAN BUCKLEY AND CATHERINE ADAIR-FAULKNER ANALYSE THE EXAMINATION RESULTS OF THE OCTOBER 2006 SITTING OF THE MCT, AMCT AND ICM EXAMINATIONS. INCLUDED IS A LIST OF THE NAMES OF ALL STUDENTS WHO PASSED. MEMBERSHIP EXAM The results for this diet, while an improvement ASSOCIATE EXAM Foundation Level The Foundation Level comprises on the previous diet, were disappointing. Pass rates by paper were four papers: Financial and Management Accounting, Economics and 32% in Paper VII, 68% in Paper VIII and 53% in Paper IX, for an Statistical Analysis, Corporate Taxation and Business Law. overall pass rate of 43%. In this diet, unusually, several candidates In the Accounting paper, the standard of scripts was mixed. Of the were clearly unprepared across the syllabus even with the basics, 81 candidates who sat the exam, 50 were awarded a pass, giving a which depressed the pass rate. On a brighter note, 50% of referral pass rate of 62%. But the average mark of 48.1% was reflective of a candidates had put in the work to pass the qualification. fair number of ill-prepared candidates. There were several excellent As the ACT has highlighted before, the MCT is about understanding scripts. Nine candidates scored 65% or more. Of these, the three and application, not just knowing the theory. Candidates need to be who scored over 70% were awarded distinctions. Twelve candidates able to think about the dynamics of the situations in front of them scored 35 or less, but the overall standard of achievement was better and then apply the results of their analysis to create intelligent and than in April 2006. practical solutions. Those qualities are the only ones acceptable in In the Economics and Statistical Analysis paper, the standard of the workplace and only those will gain marks in these examinations. scripts was generally good. Of the 40 candidates who sat the exam, The major case in Paper VII revolved around a possible leveraged 28 were awarded a pass, of whom three were classified as distinction bid for a software company. In constructing the bid, good candidates level. Again, there were relatively few marginal scripts, so candidates used their understanding of the risks of the business to assess how earned either a good pass or a poor fail. much debt could be borne by the target. Candidates who just applied In the Corporate Taxation paper, 43 candidates presented a formulaic approach to the case did not score well. Similarly, in themselves, and 29 passed, four of whom achieved distinction status. assessing the possible bid price, too many candidates failed to This result was not dissimilar to the previous diet. understand what return the private equity investor required and why. In the Business Law paper, 62 candidates sat. Of these, 35 passed, Candidates are strongly advised to practice cases using past papers. giving a pass rate of 56%. There were three distinctions. The Paper VIIIA was generally well handled, but the same problems examiner was disappointed with this pass rate, which is at the low emerged when students were asked to create a financing structure in end for Business Law. the case study – an airports takeover. Paper VIIIB, which focused on risk management in an international Associate Level There is a choice of papers to attain the Associate drinks business, proved a little more troublesome. While candidates Level. Some may be sat as a one-off without aiming for Associate performed well in identifying and quantifying exposures, many were status, notably the Financial Risk Mathematics paper and the disappointingly weak in recommending changes to hedging Pensions Risk Management exam. Other than these, the papers strategies. At Membership level, this step is an essential quality that reviewed here are Liquidity Management, Risk Management and can be expected in these exams. Corporate Finance and Funding. Paper IX had the lowest pass rate for many years, with marks The Liquidity paper was taken by 98 candidates, 56 of whom varying widely from excellent to very poor. Too many candidates passed, giving a pass rate of 57%. There were four distinctions. Too merely regurgitated stock answers rather than thinking for many failing candidates displayed a lack of comfort with basic themselves. A prime example was where candidates were asked to numerical calculations. craft outline treasury policies for a large jet engine company. Too In the Risk Management paper, 107 candidates presented many made no attempt to tailor policies to the company in the case, themselves. Sixty passed, giving a pass rate of 56%. There were a fair which is what the question required. number of outstanding papers and eight distinctions were awarded. On a brighter note, there were some excellent scripts in all papers In the Corporate Finance and Funding paper, 91 sat and 46 passed and those who passed are congratulated on their achievements. – a pass rate of over 50%. In the Fast Track paper, 85 students sat 46 THE TREASURER JAN | FEB 2007 EXAM RESULTS 1998-2006 1 00 AMCT 80 ) : PASS RATES (% s te 6 a 0 r ss a P 40 20 0 FMA ESA Apr mct/amct & icm 06 THE RESULTS FROM OCTOBER’S ICM CT Oct 06 BL DIET REPRESENT A MARKED RM IMPROVEMENT OVER RECENT YEARS. LM DELIVERING A PASS RATE OF 61%, CF F THIS DIET REPRESENTS THE HIGHEST C FF FT EXAM RESULTS 1 00 MCT NUMBER OF SUCCESSES SINCE FRM 80 OCTOBER 2003. ) PRM (% s te a 60 r ss a P 40 20 0 and 33 passed, giving a pass rate of 39%, in line with the previous Apr 98 AFRM Overall diets. Again, too many candidates were using knowledge from their Oct 98 Apr 99 professional accounting exams without adequate reference to Oct 99 CFM TM syllabus differences – not to be advised. In each of the Corporate Apr 00 Finance and Funding papers there were two distinctions. Oct 00 Apr 01 Oct 01 And certificates Apr 02 pass rate was 82%, with 18 out of 22 candidates passing and two Oct 02 Apr 03 receiving Oct 03 systematic and thorough preparation throughout the course, Apr 04 including working and submitting progress tests and attending 10 Oct 04 distinctions. In 0 ICM Apr 05 tuition. the Certificate in Financial Risk Mathematics, the Oct 05 80 October 2006 saw ) Apr 06 Management paper (% s Oct 06 This achiev te passed, with three distinctions. Again, this high pass rate reflects a 60 r ss thor a P 40 qualifiedough candidates. preparation by some very highly committed and well- ement is attributed to candidates’ 20 MathematicsOv and Pensions Risk Managementthe achieving outstanding erall, pass rates . Out results. R first sitting 0 attendance at tuition and revision sessions remainof highly the 13 participants on the course, 11 Apr 98 recommended for success in these papers. Oct 98 eference to suggested solutions to past papers and Apr 99 of Oct 99 INTERNATIONAL CASH MANAGEMENTwer EXAM the P Apr 00 this e good, ensions Risk Oct 00 Apr 01 Deliveringdiet a r pass rate of 61%, this diet represents the highest number Oct 01 of successes since with candidates Apr 02 epr Oct 02 Indeed, new studentsesent will a marktake comfort from the overall higher Apr 03 performance across the whole paper, with the students sitting the Oct 03 exam in Asia accounting for the highest number of passes. Apr 04 of Financial Risk Oct 04 It was pleasing to see the enhanced applicationed impr of the subject Apr 05 material in the case study, with goodOctober referencing 2003 (6 to innovations in the Oct 05 cash management space. Inter Apr 06 finance o Oct 06 vement there was evidence that this required a fresh approach to the paper and the requiredquestion stretch failed to be met by the majority of students. 1%). over recent years. It was the ability to adapt the material to the question which gained The results from candidates a distinction rather than a pass. within Chris Bunton is question 2 sought similar ‘blue sky Adrian Buckley is estingly, however, where the trade Catherine Adair-Faulkner is Chairman of the International Cash Management Examination Board. www.treasurers.org Chairman of the MCT Examination Board. Chairman of the ’ thinking, AMCT Examination Board. JAN | FEB 2007 THE TREASURER 47 mct/amct & icm EXAM RESULTS EXAM RESULTS THE ASSOCIATION OF CORPORATE TREASURERS WISHES TO EXTEND ITS CONGRATULATIONS TO THE FOLLOWING PEOPLE WHO HAVE PASSED ITS EXAMINATIONS. MCT PASS Kar Ping Leow Richard Luke Shire plc Distinctions Paper VII I Paper VIII I Paper IX I David Munday RWE Npower plc Derek O'Reilly I I Rita Akushie Newlon Housing Trust Andrew Paton Rio Tinto plc James Andrews ABN Amro Bank Alison Stevens National Grid plc I I I Christopher Blake Investec Bank (UK) Ltd Carol Swann Lloyds TSB Bank plc Barbara Cuthbert Invensys plc I Michael Sweeney Royal Bank of Scotland plc Amanda Hunt GlaxoSmithKline plc I I AMCT PASS Jeremy Jones Alliance Boots plc Sebastian Kafetz Lloyds TSB Bank plc Distinctions CFF I CFF FT I LM I RM I Nicholas Kidd BP plc Emily Lockyer The Royal Bank of Scotland James Adams Tesco Plc Joan Lynch Shell International Ltd Matthew Adams Nordea Bank Finland plc Mahmad Mamode Ally National Audit Office of Mauritius Tom Bollen Citigroup Corporate & Investment Bank William Martin Clydesdale bank PLC Joseph Braunhofer Shell International Ltd I Timothy Miles BP International Limited Frances Cavanagh Kellogg’s James Orr Royal Bank of Scotland plc John Chamberlain Bunzl plc Kirsty Palmer Enodis plc Xinkai Chen Esquel Group – UK Mark Palmer BAE Systems plc Wan Lung Chow Faisal Piperdy Trafigura Beheer BV Michael Clifford Al Fahim Group William Pollard Atkins plc Kevin
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