icaew case study november 2020 advanced information

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ICAEW Advanced Level November 2020 exam results…

ICAEW November 2020 advanced level results are out there! They show the case study had a pass rate of 77.6%, Those sitting the Corporate Reporting paper achieved an 80.2% pass rate, and last but not least was Strategic Business Management with a pass rate of 88.2%.

Those just sitting the Corporate Reporting paper on its own seemed to struggle the most at the November sitting. Out of the 423 sitters some 255 passed (60.3%) and 39% (168) failed.

Students who sat all three papers had a better pass rate than those sitting just ALCR. Some 75.1% of the 433 sitters passed all three. Another 17% passed two out of three, and s further 6% passed at least one. That left just 7 PQs who failed all three.

A total of 3,970 students sat the November 2020 session. Some 5,902 exams were attempted in total with 3,101 students passing all the exams they took. The stats unfortunately also show 669 PQs failed all the exams they took.

ICAEW NOVEMBER 2020 ADVANCED PASS RATES

                                                               All candidates                 First attempt

Case Study                                                  77.6%                              80.5%

Corporate Reporting                                 80.2%                              86.0%

Strategic Business Management             88.2%                              91.7%

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November 2021 - advance information workshop.

Workshop for all Nov 2021 ICAEW Case Study students. Our experience in interpreting the Advance Information will give you an advantage in understanding the business. Join our Pass In Training Facebook Chat Group to enrol for free.

Key Information

Date & Time: Saturday 2nd October 2021 at 10:00am (London TIme Zone) - Expected duration 5 hrs, although depending on the complexity of the Case Study, this may increase.

Increase your understanding of the Advance Information

Understand the key themes underpinning the business model e.g. how the business generates revenue, profits and cash

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Consider the most likely strategic direction the business could take in the future

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Course information & sample slides from november 2020.

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Select your ICAEW Business and Finance Advanced Level

The ICAEW Advanced level exams present real-life scenarios, with greater complexity and wider implications than the Professional Level exams.

The Case Study exam will present a complex business issue which will require problem solving, the identification of ethical implications and your ability to provide effective solutions.

There are 3 exams in total and they are fully open book, replicating a real-life scenario where reference resources will be available. Corporate Reporting and Strategic Business Management papers are 3.5 hours while the Case Study lasts four hours. Exams are computer-based and have a 50% pass mark.

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To be able to enter this level, you need to pass the  ICAEW Certificate in Finance Accounting and Business (CFAB)  or  AAT Level 4 Professional Diploma in Accounting  or equivalent. If you hold a relevant degree or qualification, you may be able to apply for an exemption. To find out more, visit  ACA Credit for prior learning . 

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Advanced Level Case Study

The Case Study module covers the following topics:

• requires demonstration of knowledge, skills and practical application from multiple areas of the syllabus
• tests professional skills in the context of a specific business issue
• demands ability to analyse financial and non-financial information
• requires demonstration of professional and ethical judgement
• involves the development of conclusions and recommendations
• relates to how students will be expected to work
• assesses the application of professional ethics

Ensure you order the correct edition of the materials. The 2023 edition is aligned with the syllabus and exams for 2023 only. The 2024 edition is aligned with the syllabus and exams for 2024 only. You risk losing exam marks if you use a different edition.

For more information and resources, please visit icaew.com/examresources .

Available editions:

Jag's Journey

Sharing my life experiences including the Associate Chartered Accountant (ACA) qualification

15 ACA Exams Breakdown – Part 3 ACA Advanced Level Exams

The final part to the 15 ACA exams breakdown is the three ACA Advanced Level exams. These consist of the three exams outlined below. The Case Study exam as mentioned in Part 1 has to be sat last of all the exams. The three Advanced Level exams can be sat in one exam sitting (during either July or November ) but essentially the Case Study must be attempted last. I sat exams 13 and 14 together in July (postponed to August due to Covid-19) and 15 in November 2020.

Spoiler alert: one of the below ACA Advanced Level exams is the exam I ranked as the most difficult ACA exam .

Check out my YouTube video if you would prefer watching to reading!

Table of Contents

Open book exams, 13) corporate reporting (cr), 14) strategic business management (sbm), 15) case study (cs), aca advanced level exams wrap up.

Good news : the Advanced Level ACA exams allow unlimited attempts ! Again as started in Part 2 ACA Professional Level exams for further details regarding credit for prior learning and access arrangements, please refer to Part 1 . As with the Professional Level exams , these ACA Advanced Level exams also include ethical requirements incorporated into them.

As with BPT as stated in Part 2 , any material can be taken into these ACA Advanced Level exams. There are a range of topics and a lot to remember so being completely open book is helpful. However, this does not make them easy. Application is key for these exams. The time pressure also adds difficulty to the open book aspect of the exams. Find out my tips for BPT and how I put together my open book for BPT here .

Please note that these exam do not tell you how many marks each subsection of a question is worth. Take a 40 mark question for example. If it has five different parts totalling 40 marks, the marks are not usually split equally. The question could be split 11, 8, 15, 2 and 4 for example but you will not be told this. With practice, you will need to use judgement to know where the marks are and how to split your time. This is also the case for the BPT Professional Level exam .

ACA Advanced Level Exams ( 50% pass mark – thank god, I needed this!)

The CR exam is 3.5 hours in duration and 2.1 minutes per mark. CR is a combination of the Financial Accounting and Reporting (FAR) and Audit and Assurance (AA) Professional Level exams . As I work in Audit, the 30-40% AA aspect of the exam was usually quite nice. However, as mentioned in ‘What is the ACA? …’ the ACA cover a range of roles so others may struggle. That being said, you can prepare for it in the same way as AA.

The exam consists of three written questions . The marks are usually split 40, 30 and 30. Questions 1 and 3 are integrated questions that test a variety of financial reporting (including consolidation) and assurance topics. Question 1 now also includes some Advanced Information (AI) and this is to do with the use of new data analytics software. My  ACA calendar  will help you to keep track of when this is released for your sitting.

Regarding the financial reporting and AA split in one question, the questions vary paper to paper . You could have a question all around AA. Alternatively you could have a question more mixed between financial reporting and AA. However, question 2 will be purely financial reporting . Depending on the standards tested, question 2 can be good to secure marks as with practice is straightforward. Your open book if prepared well can help you with this.  

Although I did not find the content too bad for this exam at the time, this exam was the closest I had been to failing an ACA exam. I will be writing a blog shortly to outline where I went wrong with this exam so join the journey to find out more. I found this exam to test accounting standards more heavily and paper to paper this can massively vary. One paper could have a whole question on IFRS 9 (mine did) or another could not mention it at all. Usually papers include group reporting but mine did not. It is luck of the draw . However, if you prepare thoroughly you should be fine for 50% .

Click here to read my tips how to pass ACA Corporate Reporting , the hardest of all ACA exams let alone ACA advanced level exams.

The SBM exam is also 3.5 hours in duration so also 2.1 minutes per mark. If you already have had enough of CR from reading the above then please look away. SBM also includes 15-20% of CR but this does actually work quite nicely if you sit the exams together. Up to 10% additionally covers assurance . However, the majority of SBM is mainly a combination of Financial Management (FM) and Business, Strategy and Technology (BST) ( Part 2 ). This exam can be quite difficult if you have not sat FM due to credit for prior learning/exemptions. If you have not sat FM, you can of course recap the content.

The exam consists of two written questions , usually split around 60 and 40 marks. Given the variety of topics covered in this exam, these questions can also vary paper to paper . FM wise, a lot of the content is all still relevant and can come up. This includes investment appraisal, raising finance, business valuations and financial risk management. An example of where CR commonly ties into a financial risk management question is to do with the financial reporting of hedging and IFRS 9.

With a good open book and question practice, I feel by time you get to SBM it is a fairly passable . My tips to pass SBM can be found here .

This is one part of the gateway if you are completing the Level 7 Apprenticeship route to becoming ACA qualified. See my earlier blog outlining the details of this route. I will be releasing a blog specifically about the second part of the gateway (the project report) shortly so join the journey.

Click here for my ICAEW Case Study Made Easy blog post for in depth details. Join my journey to get free Case Study ‘help sheets’ within a few days of joining. You may also want to refer to  How Much Preparation is Enough ,  ACA Case Study Marking Key  as well as  ICAEW Software Testing  for more help on the ACA Case Study exam.

That is a wrap. Thank you for reading my take on the 15 exams. If you missed Part 1 Certificate Level or Part 2 Professional Level , ensure to check these out. You can also find further details of the ACA Advanced Level exams on the ICAEW website. If you would like to see how I ranked these exams in terms of ACA difficulty from hardest ACA exam to easiest , click here .

Please remember that the ACA exams are not the only aspect to becoming ACA qualified. Although these exams are a huge chunk of becoming ACA qualified there are other components too. My upcoming blogs will give further details of the other components but I would like to help you to pass these exams too. I will provide more guidance, tips and notes going forward as well as provide some useful exam statistics . You do not want to miss this so join the journey.

Finally, if you found these blogs helpful please comment your thoughts below and share these with others!

26 comments

Wow, the Advanced examinations cover a broad spectrum of topics. Which one did you enjoy the most?

Thank you for your comment Marcus and it absolutely does! It’s a tricky one because by this point you want to be finished with exams but I personally preferred CR. I like exams where there is a right or wrong answer (including method marks) rather than more subjective answers such as SBM. Case was just too long to enjoy!

Really insightful post Jag, looking forward to reading about Case in depth so I know what to expect!

Thank you for reading – I will make sure you’re completely prepped!

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Hi Thanks for the post . Currently sitting final 3 and had a couple of qns How did you find the content ? And how did you manage revision and seems like there is a lot of content for CR and SBM and not a great deal of time to learn everything properly

Thank you for your comment!

I found there to be a LOT of content, especially for CR so I would agree with you there.

My approach was usually always to go through the content initially during college and then I get straight to the QB for practise. I would pick things up as I went along and did thorough debrief to questions, refining my notes as I went along. If I then identified content I was still struggling with such as IFRS9, I would then go back to the notes and recap the content further. These exams are open book so ensure to take full advantage of that. Mark up good answers that you could apply to your exam if it came up.

The good thing about sitting these exams together is that CR is also relevant to the SBM exam – two birds one stone! I will be releasing a blog on these in the next couple of weeks to hopefully help more.

In the meantime you can read my blog on Case Study for tips if you have not yet and I would suggest joining the ACA LinkedIn group – here you can find Telegram groups where you can connect with others also in the same boat.

Thanks! Do you have any tips for SBM Any help is appreciated

For SBM I would advise recapping FM content such as business valuations and financial risk management. These could potentially reappear.

As mentioned, CR and SBM do overlap in content so I would recommend studying for these at the same time. To avoid confusion it might be worth having separate notes if you are writing down question bank references on them.

SBM is a mix of FM and BST too so really read the question, pull out the relevant parts and state the obvious. You probably will get marks for this as you did in BST.

SBM is difficult to mark as it can be quite subjective where you’d get marks for sensible points and there are more marks available that the maximum if I remember correctly. That being said, I would still suggest doing as much QB practise as you can.

A lot of the content you would have covered already by this point. Put together a good open book file (I followed a similar approach to my BPT open book as per that blog).

Thanks for your help !!!!

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Technical new in brief November 2023

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.

FRC publishes thematic review of audit sampling 

Audit and Assurance | 24 November 2023  The Financial Reporting Council (FRC) has published its  thematic review  of audit sampling. The FRC reviewed the sampling methodologies of the largest audit firms to identify areas of good practice and highlight concerns that will drive improvements.  

FRC published its annual review of corporate governance reporting 

Financial Reporting | 16 November 2023 

The Financial Reporting Council (FRC) has published its latest  Annual Review of Corporate Governance Reporting  which finds ongoing improvements in the quality of reporting against the UK Corporate Governance Code, but also identifies areas where many companies can improve. 

FRC publishes review of companies’ IFRS 17 disclosures 

Financial Reporting | 15 November 2023 

The Financial Reporting Council (FRC) has published its  thematic review of companies’ first time application of IFRS 17 , a new and fundamental change in accounting for insurance contracts. The FRC reviewed the interim financial statements of ten companies and overall was pleased with the quality of IFRS 17 disclosures. 

IFAC releases sustainability checklist for small businesses

Audit and Assurance | 14 November 2023  The International Federation of Accountants (IFAC) released a  Small Business Sustainability Checklist  to help small and medium-sized enterprises (SMEs) maximise the benefits of incorporating sustainability into their strategy and business operations.  

FRC publishes 2024 taxonomy suite 

Financial Reporting | 9 November 2023  The Financial Reporting Council (FRC) has published the  2024 suite of FRC taxonomies . This incorporates changes to all the FRC’s taxonomies – UK IFRS, FRS 101, FRS 102, UKSEF and Charities.  

Proposed changes to the IFRS Accounting Taxonomy 2023

Financial Reporting | 6 November 2023 

The IFRS Foundation has published  IFRS Accounting Taxonomy 2023—Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update . The update aims to support high-quality digital tagging of information. Deadline for comment 5 January 2024.  

IFAC Quality Management Toolkit

Audit and Assurance | 6 November 2023 

The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) have released a quality management toolkit to help small and medium-sized practices implement the IAASB suite of quality management standards. The  Quality Management Toolkit for Small and Medium-Sized Firms  includes a suite of illustrative documents, policies, checklists, sample letters and forms to help establish quality objectives, assess quality risks and design and implement responses.  

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