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Mct/Amct And MCT/AMCT AND ICM EXAM RESULTS Exams produce mixed results CHRIS BUNTON, ADRIAN BUCKLEY AND CATHERINE ADAIR-FAULKNER ANALYSE THE EXAMINATION RESULTS OF THE OCTOBER 2005 SITTING OF THE MCT, AMCT AND ICM. INCLUDED IS A LIST OF THE NAMES OF ALL STUDENTS WHO PASSED. EXAM RESULTS 1998-2005: PASS RATES AMCT MCT Cash Management 100 100 100 100 100 CFF FastTrack Cash Mgmt 80 80 80 80 80 CFF ) ) ) % MM % ( % ( ( 60 60 s 60 s 60 60 e s e t e t a t a BL r a r r s s s s s 40 a 40 s a 40 40 40 P a P CT P 20 20 20 20 20 FA APIE BL CFF CT AFRMCFM Overall TM CFF FastTrack FA MM APIE 0 0 0 0 Apr-98Oct-98Apr-9O9ct-9A9pr-0O0ct-0A0PR-01Oct-01Apr-02Oct-02Apr-03O0ct-03Apr-04Oct-04Apr-05 98 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 Apr-98Oct-98Apr-9O9ct-9A9pr-0O0ct-0A0PR-01Oct-01Apr-02Oct-02Apr-03Oct-03Apr-04Oct-04Apr-05Oct 05 r t r t r t r t r t r t r t r t 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 p c p c p c p c p c p c p c p c pr ct pr ct pr ct pr ct pr ct pr ct pr ct pr ct r t r t r t r t r t r t r t r t A O A O A O A O A O A O A O A O A O A O A O A O A O A O A O A O Ap Oc Ap Oc Ap Oc Ap Oc Ap Oc Ap Oc Ap Oc Ap Oc MEMBERSHIP EXAM The pass rates in this diet were 44% in Paper and was badly handled. In Paper VIIIA students were asked to critique VII, 55% in Paper VIII and 71% in Paper IX for an overall pass rate of various methods of calculating the value of a subsidised loan. Those 39%. This was a disappointing diet with results for all three papers who understood the issues stood out, but too many floundered. In towards the bottom of their usual range, which produced an preparing for these exams, candidates must ask themselves why a extremely low overall pass rate. situation is as it is, not just what it is, and must learn to be critical Membership exam questions can be grouped into three categories and prescriptive in suggesting a course of action. There were, – those asking students to analyse a situation quantitatively, those however, enough places for students to display their knowledge of requiring knowledge of theory (often displayed descriptively) and theory and analytical capabilities to bring the pass rate to 55%. those requiring an understanding of the issues applied in a practical Paper IX was, as usual, generally well handled and candidates situation. Students generally performed well on the first two showed a good understanding of the issues, particularly a question categories, but many fell down badly on the third, hence the poor asking them to analyse a company operating ATMs. pass rate. As we have commented before, at this level treasury is There were, however, some excellent scripts and those who passed about understanding and not just technique. should be proud of their achievement. Much of Paper VII revolved around an acquisition in the IT/facilities management sector. The questions that required students to analyse ASSOCIATE EXAM At the October 2005 sitting, performance was the companies and comment on valuations were well answered. The generally a little below that of the immediately previous diet but not problems came when they were asked to analyse the capital significantly so. It may be the case that since this was the structure after the acquisition and then critique that structure. penultimate complete sitting on the old format, it influenced Disappointingly, many students could not proforma the new capital candidates in presenting too soon. The pass rate was ahead of the structure – a task that should be straightforward – and lacked incisive average pass rate for the last several diets, except for Papers VI. thinking when asked to critique it. Distinctions totalled 53 over all papers versus 57 in April 2005, 56 in Paper VIII illustrated the same issue. The first question of Paper October 2004, 52 in April 2004 and 25 in October 2003. The link VIIIB required an analysis of the key borrowing features and between attendance at face-to-face tuition and pre-examination derivative use of the company in the case and was well answered. revision courses and examination performance remains clear. The second required comment on the changes of hedging strategy Paper I (Accounting Practice and Introductory Economics) recorded 42 THE TREASURER JAN | FEB 2006 mct/amct and icm EXAM RESULTS a pass rate of 60% (April 2005 – 71%). The economics question and All papers had structures that resembled previous sittings. the consolidation of accounts question were best answered. The Examiners were generally happy with achievement. Continued examiner considered the paper to be of average difficulty. Paper II reference to past papers and solutions and attendance at tuition and (Financial Analysis) came in at a percentage pass rate of 63%, exactly revision is well advised. the same as last time. On this occasion, the statistics questions were best answered, with the flexed budgets question proving the INTERNATIONAL CASH MANAGEMENT EXAM The results of this most difficult. diet are particularly encouraging, reflecting as they do a 59% pass In Paper III (Corporate Taxation), a pass rate of 71% was near to rate with four distinctions awarded. last time’s figure of 70%. Paper IV (Business Law) continued to This represents an improvement over recent diets and the positive demonstrate a good pass rate. At 79% this was exactly in line with trend is attributed to the strong focus given to the students in the last diet. respect of submitting and passing the progress tests prior to being On Money Management (Paper V), the overall pass rate of 60% eligible to sit the examination. was close to earlier diets (59% last time and 61% before that). The An improvement in examination technique manifested as a trend in examiner was generally pleased with the outturn. this diet and those students who excelled all demonstrated an Finally, Paper VI (Corporate Finance and Funding) showed a pass aptitude for linking current cash developments in this fluid rate of 49%, well below last time’s pass rate of 58%. Again, maybe marketplace with the practical application of the discipline. some candidates presented themselves too early. The Fast Track paper, for CIMA and ACCA accountants, had a pass rate of 38%, in Chris Bunton, Chairman of MCT Examination Board line with the previous diet but below the earlier recent past. Again, Adrian Buckley, Chairman of AMCT Examination Board too many candidates were using knowledge from their professional Catherine Adair-Faulkner, Chairman of International Cash accounting exams without adequate reference to syllabus differences Management Examination Board – not to be advised. www.treasurers.org EXAM RESULTS THE ASSOCIATION OF CORPORATE TREASURERS WISHES TO EXTEND ITS CONGRATULATIONS TO THE FOLLOWING PEOPLE WHO HAVE PASSED EXAMINATIONS. MCT PASS AMCT PASS Distinctions Paper VII I Paper VIII I Paper IX I Distinctions Paper V I Paper VI I Timothy Bark-Jones GlaxoSmithKline plc I Olufemi Ajayi Mobil Oil Nigeria plc Cephas Chitambara Royal Bank of Scotland plc Jamie Allan Barclays Capital I George Duncan Aggreko plc I Andrew Allison Taylor Woodrow plc Gareth Evans GlaxoSmithKline plc Ross Andrew Automobile Association Steven Francom MyTravel Airways Ltd I I Talah Arif Barclays Bank plc Celine Hug-Sapin Richemont International SA Martin Bainbridge RDF Media Group PLC Ian Peake Hanson PLC James Balfour Lloyds TSB Bank Plc I Fiona Rose AMEC plc Kim Barker Rolls-Royce plc Nik Tandy HSBC Bank plc I I I Nicholas Barlow National Australia Bank Yim Pan Wong Alcatel China Ltd Dominic Beattie Telewest Broadband Nicholas Beattie National Australia Bank Ltd I Oliver Bingham PricewaterhouseCoopers LLP Desmond Blain I Sarah Brady Royal Bank of Scotland plc Sean Brodie Sunderland Housing Company Ltd Benan Cetin EXSA (UK) Ltd Graeme Chambers KPMG LLP Stuart Chaplin Shell International B.V. Matthew Clarke Ernst & Young Jeffrey Conley The Royal Bank of Scotland I I Paul Cooper Manchester College of Arts and Technology Robert Crowe Exel plc Alan Davies Radstone Technology Plc Matthew DeGrove BP plc I Hervé Delebarre HJ Heinz Company Ltd JAN | FEB 2006 THE TREASURER 43 mct/amct and icm EXAM RESULTS AMCT PASS Distinctions Paper V I Paper VI I Oliver Drummond Smith Barclays Bank plc Stephen Probert Paget Consultancy Ltd I Jim Edwards Citigroup Amit Rama Argent Partners Ltd Samuel Erben TI Automotive Ltd Giles Reaney Royal Bank of Scotland plc Jonathan Fairchild Good Energy Sophia Rex Lehman Brothers Alastair Fiddes HBOS plc Lynne Ross Renesas Technology Europe Ltd I Lesley Flowerdew GUS plc I I Diane Rush Land Securities PLC Alison Francis AMEC plc I David Ryan Deloitte & Touche LLP Mark Gibbard Union Bank of Switzerland Yury Samokhin Stroimontage Corporation Wendy Gigg Royal Bank of Scotland plc Peter Sandland Swiss Reinsurance Company Ben Gothard WH Smith PLC David Seddon Rolls-Royce plc Conor Grant Northern Bank Ltd Yury Sentsov The Boston Consulting Group (Moscow) Nicholas Gross The Rank Group Plc Dipti Shah Mott MacDonald Group Ltd Jane Grundy HBOS plc Nikheel Shah KPMG LLP Richard Gunn Deloitte Alda Shehu Raiffeisen Bank plc Kyriakos Hadjisoteris NatWest Bank plc Peter Shepherd Vodafone Group plc Sean Hanafin Barclays Capital Tayeb Sherif ICI plc Nicholas Harkins HBOS Robert Shotter Fortis Fund Services Alistair Hay Royal Bank of Scotland plc Tom Smethers Network Rail I Cathy Hickey Ulster Bank Ltd Philip Smith Network Housing Group Ltd Janet Humphreys Philip Smith KPMG LLP Amanda Hunt GlaxoSmithKline plc Paul Smith-Edmonds Boots Healthcare International Howard
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