The new scheme explained
| by a Diploma Newsletter expert 27 Jul 2001 Diploma in Financial Management Relevant to All Papers |
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This article will explain the new scheme in detail, and show where it differs from the familiar format of the CDipAF. It will also outline the important issue of where current students will stand when they are transferred onto the new scheme in February 2002.
Timetable of events
At the time of writing, the detailed syllabi and study guides are being
agreed and will be posted on the ACCA website when they are finalised. Pilot
papers are being written by the examiners and should be available on the website
in early summer 2001. Key dates for students' diaries are:
| 15 August 2001 | Deadline for registering for the final sitting of CDipAF examinations |
| December 2001 | Final sitting of CDipAF examinations |
| February 2002 | December 2001 results issued and all current students transferred to DipFM register |
| June 2002 | First sitting of DipFM examinations |
All current students will be automatically transferred to the DipFM register - they will not be required to re-register.
The new scheme modules
The DipFM will have two modules, as follows:
Module A
This module will incorporate the subject areas Interpretation of Financial Statements
and Performance Management. These subject areas are very similar to Papers 1
and 2 in the CDipAF syllabus.
Module B
This module will incorporate the subject areas Financial Management and Risk
Management. The former covers topics similar to those contained in Paper 3 of
the CDipAF, but the latter is a completely new area for the Diploma.
Assessment
The CDipAF followed the traditional assessment route of four examinations, each lasting three hours. Given the nature of the qualification and its students, it was felt that there was perhaps a more appropriate way of assessing students' abilities. Although examinations are still considered to be an important method of assessment, students should be given the opportunity to demonstrate other skills, such as IT skills and the use of knowledge they have built up through experience in their own particular fields.
With this in mind, it was decided to introduce projects to the assessment equation, and in the process reduce the burden of examinations. As a result of this decision, each module will now be assessed thus:
One 3 hour examination
One project
(i) Examinations
The examination for a particular module will cover the subject matter of the two subject areas in that module. For example, the examination for Module A will cover both "Interpretation of Financial Statements" (subject area 1) and "Performance Management" (subject area 2). The structure of the examination for Module A will be as follows:
Section A
20 multiple choice questions (10 covering subject area 1 and 10 covering subject
area 2) of 2 marks each
Section B
3 written questions of 20 marks each - covering subject area 1
Section C
3 written questions of 20 marks each - covering subject area 2
Candidates will be required to attempt all questions in Section A, one question from Section B, one question from Section C and one question from either Section B or Section C. As a result, it is ensured that candidates cannot avoid studying a particular subject area and still have a chance of passing the examination.
The structure of the examination for Module B will follow the same format, but will cover Financial Management and Risk Management.
The pass mark for both examinations is 50%
(ii) Projects
(1) What the project will involve
In addition to the written examination, candidates will be required to submit a project for each module. The project will consist of two assignments - one for each subject area in the module - which will be set by the respective examiners for each subject area. Both assignments must be submitted together to complete the project requirement.
The nature of the assignments will be such that they will require very little research and can be completed with little or no reference to sensitive work situations, although candidates are encouraged to draw on their own experiences to complete the tasks required. The assignments will be designed to ensure that candidates who are currently not in employment will not be disadvantaged, by deliberately not including tasks that require reference to current work situations.
Each assignment will be a mixture of calculation and written work, and will cover areas included in the syllabus of subject area in question. The assignments making up a particular project will not be interlinked - they will be completely "stand alone". Each assignment should be approximately 2000 words in length.
(2) Communication of project details
The details of the assignments making up the overall project requirement will be sent out twice yearly - in February and August with the examination results and examination entry forms. Details of the assignments will also appear in the Diploma Newsletter and on the ACCA website. The assignments will change every six months - those issued in February will not be the same as those issued in August. Students will not be advised of topics upon initial registration, nor will they be able to request them in advance of their official release with examination results/examination entry forms.
(3) Submission of projects
For projects issued in February, the submission rules are as follows:
Projects must be submitted by 1 May, and results for projects submitted by this date will be reflected in the August results/entry form. In addition to this date, candidates may choose instead to make use of the extended closing date of 31 July. Results of projects submitted by this date will be released by 30 September.
For projects issued in August, the submission rules are:
Projects must be submitted by 1 November, with results for these projects being reflected in the February results/entry form. The extended closing date is 31 January, with results for projects being submitted by this date being released by 31 March.
Projects may only be submitted once during the time periods indicated above. Any project that is resubmitted during the same time period will not be considered for marking. Similarly, projects that are submitted after the extended closing date will not be considered for marking - the project topics will cease to be valid after these dates. For example, if a candidate receives the project topics in February and does not submit this project until 10 August, the topics will no longer be valid and this candidate will be required to submit a new project using the topics issued in August.
(4) Project pass mark
The pass mark for the project element is 50%. Candidates are not required to pass each assignment individually in order to pass the project overall - the marks from the assignments are added together to obtain the overall project mark.
(iii) Module pass mark
In order to pass a module, candidates are required to have obtained 50% in the examination and 50% in the project for that module. Candidates who obtain the pass mark in one element (for example, the examination) will be credited with this pass, but will not be deemed to have passed the module until the other element has been successfully completed.
Conversion arrangements
Current students will understandably be concerned about what they will be required to do when they are transferred to the new scheme in February 2002.
Existing students will be notified of their status when the examination results/examination entry forms are posted in February 2002. The conversion arrangements detailed below have been drawn up to ensure that any passes obtained by students under the current scheme will gain credit under the new examination scheme, thus avoiding students being disadvantaged on conversion.
The following conversion rules will apply:
- Students who have passed papers 1 and 2 will be deemed to have passed Module A, and will be required to complete the whole of Module B (examination and project).
- Students who have passed papers 3 and 4 will be deemed to have passed Module B, and will be required to complete the whole of Module A (examination and project).
- Students who have passed either paper 1 or paper 2 with everything else outstanding will be required to complete the project element of Module A and the whole of Module B (examination and project).
- Students who have passed either paper 3 or paper 4 with everything else outstanding will be required to complete the project element of Module B and the whole of Module A (examination and project).
- Students who have completed one paper out of each of the two new modules will be required to complete the project elements of both modules only.
Summary
It is hoped that this article has gone some way to alleviating the uncertainties that may have surrounded the new Diploma in Financial Management, and reassured existing students of their status when they are transferred onto the new scheme in February 2002. Certain aspects of the new qualification - such as, how projects are to be submitted - are still being finalised. Further developments on such areas will be communicated via the Diploma Newsletter and the ACCA website.