In this guide we introduce some tips for success to help you master the Business Planning: Taxation exam.
- Prepare a study plan allocating at least 10 hours a week to Business Planning: Taxation
- Plan to rotate the topics you revise – it is no good walking into the exam having not looked at a topic for a whole month. The question bank has a very useful “topic finder” so you can plan which questions to try when you have revised a particular topic
- When answering questions, it is tempting to copy huge sections from your notes (or even the answers to past questions). This will not work. Use your notes as a way to generate ideas but you must be specific to this scenario
- When practising questions, do not put yourself under time pressure to begin with but gradually increase this as you approach the exam
- Take time to review your answers and make a list of things you commonly get wrong. Keep reviewing the list and take corrective action
- Make sure you have gone through your printed materials and have a system whereby you can find key topics very quickly e.g. make sure all key pages are “tabbed”
- You should take the time to review the examiners’ comments on the ICAEW website as these will give you invaluable tips on areas that students commonly trip up on (you can then ensure you do not make the same mistake!)
- Decide which order you are going to tackle questions – e.g. is it best to start with the longest question (Q1) or should you start with a shorter question to “ease” yourself into the exam?
- Do not over run on questions, you will pay for it later. If you are not sure what to do, skip that part and then carry on
- Do not panic! Remember that there are many more than 100 marks on the marking guide, so you actually need less than 55% to pass. Concentrate on the areas you can do and try to get as much coverage as possible of the different taxes to make sure you “sweep up” all the most accessible marks.