sign in sign up
<<
Home , Bank of Scotland, Royal Bank of Scotland, Standard Chartered, Wachovia

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 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 ( 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 of plc Jamie Allan 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 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 plc Sean Brodie Sunderland Housing Company Ltd Benan Cetin EXSA (UK) Ltd Graeme Chambers KPMG LLP Stuart Chaplin Shell International .V. Matthew Clarke Ernst & Young Jeffrey Conley The 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 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 & Touche LLP Mark Gibbard of 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 Group plc Sean Hanafin Barclays Capital Tayeb Sherif ICI plc Nicholas Harkins HBOS Robert Shotter Fund Services Alistair Hay Royal Bank of Scotland plc Tom Smethers Network Rail I Cathy Hickey Ltd Philip Smith Network Housing Group Ltd Janet Humphreys Philip Smith KPMG LLP Amanda Hunt GlaxoSmithKline plc Paul Smith-Edmonds Boots Healthcare International Howard Jones Bank of David Steel KPMG Corporate Finance Peter Jones Group plc Alan Stuart-Grant Barclays Capital Pavan Kapoor plc Jonathan Sykes Thames Water Utilities Eric Kironde Bamburi Cement Limited Tetiana Telytska KPMG LLP Gavin Knott OFGEM I I Rakesh Thakrar Pearl Group Limited Deegambal Lareine Mauritius Ltd Anne Thompson I D Business Solutions Ltd I Declan Larkin Hertz Europe Service Centre Richard Thorby Richemont International Julie Lawrenson Muntons Plc Ian Timmerman Telkom SA Ltd Ricardo Leandro Shell International Ltd Kathryn Todd DaimlerChrysler Services UK Ltd Philip Learoyd O2 Plc Nigel Trotman Procter & Gamble UK I Nicholas Lee I James Tunney KPMG LLP Jessica Leng KPMG Emma Turner PricewaterhouseCoopers LLP Stuart Lenz Western Group Bridgette Vane Alliance & Leicester plc Roman Licznerski Barclays Bank plc Adam Wallis Goodrich Engine Control Systems Richard Llewellyn plc Dongmei Wang Nokia Corporation Victoria Long Allied Domecq plc Christopher Warner MFI Furniture Group plc I I Pedro Madeira Shell Financial Operations Scotland, Ltd Joanne Webster GlaxoSmithKline plc Jane Maguire Nortel Networks UK Ltd I Linda Whyman Rebecca Makin HBOS plc I Geoffrey Young Linklaters Atif Malik Lloyds TSB Bank plc Cesare Zarcone Alliance & Leicester plc I James Marmion Lloyds TSB Bank plc Mark Mayler Unite Intergrated Solutions Plc Daxa Mistry Victoria Moloney Pennon Group plc Paddy Morrissey Fortis Bank Nikolai Naylor plc Adeboyejo Oyenuga Nigeria LNG Ltd Anna Ozga The Royal Bank of Scotland plc I Lisa Parker Yorkshire Alexander Parker Lewis Golden & Co Guy Passmore The Royal Bank of Scotland plc David Peach Bank International Ltd I I Manuel Pellanda Banca Del Gottardo Timothy Polson Deloitte & Touche LLP Kristie Potts HSBC Bank plc Alison Prickett Royal Bank of Scotland plc

44 THE TREASURER JAN | FEB 2006 mct/amct and icm EXAM RESULTS

CERT ICM PASS

Distinctions I Christopher Ben Bank I Samuel Mathew Standard Chartered Bank Christopher Berris Hunting plc Alison McConnell Bank, NA Pawan Bindal HSBC Madhav Nair Bank Gavin Bishop Royal Bank of Scotland plc Anthony Ng Standard Chartered Bank David Burridge Lloyds TSB Commercial Finance Marc Nijkamp AlpInvest Partners NV Toni Caddick Standard Chartered Bank Mark Peters Barclays Bank plc Frederic Caubert HSBC France Kimberly Potts GlaxoSmithKline Vicki Church Belron International Ltd Anna Powell Wachovia Bank Diana De Vega De Ceniga IBM UK Ltd Douglas Powell Wachovia Bank Diederick Deelen Patricia Riley Wachovia Bank Karen Dobson HSBC Bank plc Siddharth Rungta HSBC Elaine Donnellan CIT Group Ole Sand Ecco Sko A/S Daniel Dube Weir Canada Inc James Sawley Barclays Bank plc Morten Ejaas Bank Denmark A/S Antonius Schryvers Fortis Bank Mandip Ghataore Fujitsu Services Ltd Lillian Sim Standard Chartered Bank I Jason Gibbs Nortel Networks (UK) Ltd Joanne Smith Royal Bank of Scotland Ann Givens Wachovia Bank Anupma Srivastava Henry Graef Syngenta Corp Yong Hin Tan BP Limited I Stephen Grainger Bank (UK) Ltd Alvin Tang I Frederic Gros HSBC France Colette Tobin Bank of America Zuzana Hrinakova ING Bank Renata Tobing HSBC Bank plc Michael Hunstad Treasury Strategies Inc Kaiwan Turel HSBC Jingyi Jin Schneider Electric (China) Investment Co., Ltd Karl Turnbull ABN AMRO Bank Duncan Karran Thermo Electron Maya Vybornykh Mike Katergaris Bank of America Christine Wang HSBC ACT AMCT Markus1/2 Page Kleppe Ad DaimlerChrysler3510 21/10/ C05oor dination5:55 pm C entr Pagee SCS 2 Nathan Welch United Business Media plc Daniel Kwan Limited Gillian White Wachovia Bank, NA Shirley Lam HSBC Bank plc Chris Wikoff CommScope Inc. OI Lee Lam HSBC Geoffrey Williams Mellon European Fund Services LauTsz Kin Foley Standard Chartered Bank () Ltd Kenneth Wong Standard Chartered Bank Christine Lee Richemont Asia Pacific Ltd. Yichun Xu Bank of America, Shangai Branch Debra Main Cookson Group plc Zhen Yin Bank of America, Shangai Branch Jyoti Mandal Nokia Finance International Lian Zou Banking Corporation Ltd AMCT Associate Membership Qualification The essential qualification in Treasury, Risk and Corporate Finance The Association of Corporate Treasurers "When I recruit into my department I look for someone who has, or is prepared to invest in an ACT treasury qualification" Andy Longden FCT, The AMCT is a broad-based study Group Treasurer, programme offering skills applicable The course comprises: Shell International Ltd to a wide range of financial • Modular syllabus allowing the disciplines. Equally suitable for those opportunity to tailor papers to working in corporate and banking individual needs Exam enrolment deadlines: treasuries, the qualification is ideal • 31 May for October exams for those wishing to pursue a career •Broad range of topics including • 30 November for April exams in treasury or broader roles in risk management, corporate finance. It is recognised as an finance and other key elements For further information contact established professional progression of financial management Nafeesa Akram: for accountants as well as a more • Excellent networking T | +44 (0)20 7213 0729 flexible alternative to a specialist tax opportunities at recommended F | +44 (0)20 7248 2591 or accountancy qualification. tuition and revision days E|[email protected]

Full details available at: www.treasurers.org/amct