part 2 - ACCA

26 Pages·2013·7.15 MB·English

leArning Centre | the foundation level
Firm Foundations
We meet tWo students Who reveal the Benefits of having
started their acca studies at the foundation level
sarah yamba
zambia
I chose to start my studies at currently working for a law firm
the Foundation level because my called Zambezi Chambers in its
friends who have completed the payroll department, preparing
ACCA Qualification encouraged payrolls and tax returns.
me to do so and, consequently, I My future plans include
am finding the Fundamentals level completing the ACCA Qualification
papers of the ACCA Qualification and the BSc degree in Applied
easier to complete. Accounting from Oxford
This is because the Foundation Brookes University, becoming
level gives you a better an ACCA member and securing
understanding of what is involved in a good job. I would love to be a
the higher level exams and makes financial controller.
first-time passes achievable. I am If I had to give advice to any
currently combining self-study student thinking of starting
with getting tuition from a local their studies at the Foundation
tuition provider. level, it would be go for it as
Starting my studies at the you really won’t regret it. It will
Foundation level also helped me help you on the path to your
to secure relevant training. I am chosen career.
rhythwic raveendran
bahrain
Although I am still currently studying at school, perfectly match the practical requirements that are
becoming a professional accountant is my dream. required from a professional accountant.
The Foundation level has provided me with the The Foundation level is a very good starting
opportunity to start studying for my career at a young point for the ACCA Qualification. Learning how to
age and without having any formal qualifications. become an accountant by starting at the beginning,
I am currently self studying, with the help of my understanding the subject and discovering what is
father, using study materials from Kaplan. I find that required of a good accountant is vital in attaining a
using the test kit and pocket notes help me to gain a professional qualification.
better understanding of the subjects covered. I enjoy studying but it’s important to have some free
Having recently sat my first exam, I am already time to do fun things – I like to listen to music, sing,
beginning to gain confidence in knowing that I will watch movies and body building.
be capable of working in a small and medium-sized I am at the start of my journey to my dream career
firm. My father – an ACCA member with over 25 years’ and, in five years’ time, my aim is to be an ACCA
experience – also agrees, saying that the syllabus areas qualified accountant, working in audit or investment.
student ACCountAnt | maY 2013
Learn how to
pass ACCA exams.
Revise with the
experts.
Rob Sowerby*
Director of Professional Courses at LSBF
Learn what examiners are looking for, where
to score top marks and how to manage
your time effectively.
 Mock exams and debriefs
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†
*Lecturers are assigned to classes according to their schedules. Please refer to timetables for full details on revision classes. **This offer is only applicable to ACCA revision papers and expires on 10/05/2013. Eligible students may be entitled
to £100 off if they book 1 revision paper + 1 QB Days, or £200 off if they book 2 revision papers + 2 QB Days or £300 off, or an iPad if they book 3 revision and 3 QB Days. Visit website for full terms and conditions, or call for details.
† UK and Singapore Campuses only.
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feAtures | intervieW tips
interview tips
We taKe a looK at some of the most important considerations When
invited to attend a joB intervieW
With increased competition for roles
and a greater than ever demand for
consistency from trainees, most
employers now embark on a more
thorough and rigorous approach to
interviewing than ever before.
Trainees should be prepared
for exercises that go way beyond
the traditional interview format.
For example, competency-based
questioning has increasingly become
a part of the interview process in
recent times.
These type of questions are
designed to test whether your past
performance matches the job you
are applying for. Competency-based
interviews are structured so that
each question targets a specific skill
or competency that is considered
key for the role, often outlined on the
formal job specification.
You will be asked questions
relating to your behaviour in
specific circumstances, which
you will need to back up with
practical examples of where this
has been demonstrated. Knowing
the structure of competency-based
interviews, and preparing
accordingly, can greatly increase
your chances of performing well
and ultimately securing a new role. Candidates in China attend a job
Tony Stevens, director at Hays interview for an airline stewardess
Senior Finance, says: ‘Learn to
demonstrate your skills by using the
STAR method (Situation, Task, Action,
‘learn to demonstrate Your sKills BY using
Result). This means setting the
scene, explaining how you handled the star method (situation, tasK, action,
the situation by placing the emphasis
result), explaining hoW You handled the
on your role and skills, and detailing
the outcome or result. Accountancy situation BY placing the emphasis on Your
professionals are frequently expected
role and sKills, and detailing the outcome’
to be able to demonstrate their
student ACCountAnt | maY 2013
‘quite often, trainees thinK theY have to plaY
it cool and not reveal their hand. While
this maY WorK in some situations, manY
emploYers Want to see that a candidate is
enthusiastic aBout the role’
have a number of relevant examples important that trainees express their
prepared in advance. These could accomplishments and successes.
include overcoming objections, If you don’t, somebody else will. It
influencing skills, relationship is a competitive marketplace and
management, leadership skills and the most successful are those who
project/people management.’ are able to convey how they are
But even if a company follows a indispensable to an organisation.
more traditional interview format, ‘Quite often, trainees think they
knowing how to answer questions in have to play it cool and not reveal
a way that really sells your experience their hand. While this may work in
is the key to success. With practice some situations, many employers
and preparation, the ability to want to see that a candidate is
structure your answers correctly will enthusiastic about the role. People
become second nature. who are keen and passionate about
Nicholas Kirk, managing director, a job opportunity tend to work hard
Page Personnel Finance, says: ‘Make once hired.
sure your answers are clear and well ‘Also, just as you want to hear
phrased. Try to make sure that the that a company wants you, hiring
interview is as jargon-free as possible managers also find it flattering when
to help avoid confusion. There may be candidates are interested in their
particular terms and expressions that organisation. If you want the job,
you use internally that won’t always make sure you say so.’
translate to an external audience.
‘Always explain something as if do Your research
you were explaining to someone who There is nothing more professional
didn’t have a finance background. than displaying a thorough
Support your answers by giving understanding and knowledge
relevant examples and, if you are not of the company you are going to
sure, ask the interviewer if you have be interviewed by and the wider
answered their question.’ industry they operate in.
Companies are increasingly Kirk concurs: ‘You might have
looking for commercially savvy the necessary skills to do the job,
professionals who not only but do you know how the company
understand the technical aspects operates? Have you thought about
of their job, but how it contributes how to explain why you want this job?
to the overall company revenue Do you have any questions for the
business partnering skills, so you generation and profitability. Thus, interviewer prepared?
should think of examples of when it is essential to communicate ‘By doing your research and
you have influenced people in tangible accomplishments during thinking carefully about your potential
your organisation to adopt an idea the interview, such as how they saved responses, you’ll feel more confident
or strategy. their employer money or sourced a and able to perform to the best of
‘You can expect many of the new process to drive efficiencies. your ability. Even the most seasoned
same competencies to be tested at Robert Half managing director professional can get interview nerves,
interview and, as such, you should Phil Sheridan says: ‘It is so but preparation can alleviate these.’
3311
feAtures | international Business
global body
language
pitFalls
We taKe a snapshot at some of the major differences in the use and
interpretation of BodY language around the World
While the meaning of gestures The old saying ‘when in Rome do As a rule, it is a good idea to
such as a smile means pretty as the Romans do’ is good advice as research national or local dos and
much the same thing throughout there are many pitfalls to avoid when don’ts. For example eye contact
the world, the meaning of many working in or visiting other countries, is considered positive in Western
other forms of body language can but the key is to become aware of cultures, but it is regarded as rude
be completely different depending the many regional differences before or sassy in other cultures such
where you are. arriving in the first place. as the more traditional regions
within Japan, China and the
Caribbean – especially when made
by youngsters towards the elderly
and from women towards men.
In China, eye contact should be
infrequent as the Chinese consider
frequent eye contact intrusive
and rude.
The ‘thumbs-up’ gesture means
that something is OK in Western
cultures but it is considered
rude in Arab countries,
where it is also rude
to eat using the
left hand.
The act of
touching one
another when
talking is very
common in Latin or
Mediterranean cultures
but not so in countries
such as Japan where
student ACCountAnt | maY 2013
people do not usually touch in
public at all.
In the US, shaking hands when
greeting someone face-to-face
is considered the norm and to
refuse a handshake is considered
a rude gesture. In Saudi Arabia
you can shake a man’s hand after
meeting him but you cannot shake
a woman’s hand at all in greeting.
Under the Sharia Laws it is immoral
for a woman to greet any man in
public other than her husband.
Across Asia bowing heads to greet
one another is common.
personal space
We all have our own sense of what is
a comfortable interaction distance
to someone we are speaking with
and if that person gets closer than
the comfort distance, we tend to
re-establish our own comfort zone.
However, that comfort zone differs
depending where in the world you are.
In Latin America the ideal distance
for talking about personal topics is
often significantly closer than among
non-Hispanic cultures. The Chinese
generally converse while standing
around three feet apart. However,
it is also not unusual to encounter
situations where a colleague may
seem to ignore comfortable personal
space rules altogether.
In North America, Asia and
Northern Europe the cultures
generally discourage touching
by adults except in moments of
intimacy or formal greeting (hand
shaking or hugging). This informal
rule is most rigidly applied to
men – if they hold hands or kiss in
public they may be marginalised.
However, in Southern Europe, the
Middle East and Latin America more
as a rule, it is a good
idea to research
national or local
dos and don’ts
33
feAtures | international Business
physical contact is expected between
both sexes.
Different cultures also have
different attitudes towards
timekeeping too. Across Western
culture if you have a pre-arranged
business meeting scheduled,
you are expected to arrive on
time. However, in countries such
as Brazil, attitudes towards
timekeeping can be more relaxed
and it is considered sufficiently
prompt to arrive for a scheduled
business meeting within 30 minutes
of the appointment.
The use of eye contact also
differs greatly in different
parts of the world. In North
America men generally prefer
face-to-face conversations and
maintain direct eye contact,
while businesswomen often converse
standing side-by-side but closer
together than is typical of men.
In Japan, women often speak
with an artificially high pitch,
especially when conversing with
men in a business or official setting
as a sign of respect towards men,
although this tradition is fading
as the economic and political
clout of Japanese women continues
to increase.
Chinese businesspeople usually
since over 50% of our communication is
speak in quiet, gentle tones and
conversations may include periods Based on BodY language, We need to realise
of silence. At restaurants, especially
there are no uBiquitous gestures around
those used for business lunches and
dinners, keep conversations at a the World – not even a WinK or Wave
quiet level – loud or noisy behaviour
is perceived as a lack of self-control.
When it comes to mobile phone World and Kiss, Bow or Shake Hands, a huge impact on your reputation
use, the attitudes are polar opposite says: ‘The ability to understand and the way your business is viewed.’
depending where you are. In China non-verbal messages is an important
it is perfectly acceptable for people skill for us all, but vital in certain
to answer their phones even during professions and among global Have you ever made the wrong
important discussions, while in travellers. Since over 50% of our gesture in a meeting? or
Western cultures business people communication is based on body perhaps your body language
tend to turn off their phones or language, we need to realise there helped you overcome a
turn them to vibrate so as not to are no ubiquitous gestures around communication problem. email
interrupt proceedings. the world – not even a wink or wave. us at studentaccountant@
Terri Morrison, co-author of nine ‘Understanding cultural accaglobal.com and you could
books including Dun & Bradstreet’s differences can be the difference feature in a follow-up article.
Guide to Doing Business Around the between success or not. It can create
student ACCountAnt | maY 2013
Francis’ study guides
increase
dramatically
your chances of
passing.
Jagatdeep Singh Kalsi,
ACCA online student
Francis Braganza*,
Lifetime Achievement Award,
PQ Awards 2012
Learn how to pass ACCA exams.
Revise with the
REGISTER NOW
experts!
and get up to £300 off**
WEEKDAY | WEEKEND | ONLINE
www.LSBF.org.uk/SA
OF LBOUNSIDNOENSS S &C HFOINOALNCE
0203 005 6094 London Birmingham Manchester Worldwide UKBSAP HOIGHNLYS TORURSTED
†
*Lecturers are assigned to classes according to their schedules. Please refer to timetables for full details on revision classes. **This offer is only applicable to ACCA revision papers and expires on 10/05/2013. Eligible students may be entitled
to £100 off if they book 1 revision paper + 1 QB Days, or £200 off if they book 2 revision papers + 2 QB Days or £300 off, or an iPad if they book 3 revision and 3 QB Days. Visit website for full terms and conditions, or call for details.
† UK and Singapore Campuses only.
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feAtures | time management
7
surprising
time management
mistakes
everYone KnoWs procrastination and
failing to Keep a to-do list can lead
to Your WorKing and studY daYs
descending into chaos.
But some less common pitfalls
can cause just as much havoc.
iWona toKc-Wilde reports
When Microsoft asked 38,000 people in
200 countries about their individual
productivity, their survey results showed
most people actually work for 60% of their
required work time. This is the same as
saying that even though you are physically
at work five days a week, you are only
productive for three of these days.
There are many reasons why our work
productivity suffers. For example, another
study shows that employees spend on
average 36 minutes per day at work on
personal tasks such as personal phone
calls and emails or leaving early for doctors’
appointments, with the 18–34 year-old group
being the worst culprits. Other reasons include
surfing the social networks, not prioritising and
taking on too much resulting in many jobs
being left unfinished or finished to an
unacceptable standard.
However, beyond some of these
common reasons, it can be difficult to
identify other time management mistakes we
make. Here are some less obvious pitfalls, as well as
tips on how to avoid them.
student ACCountAnt | maY 2013
1 keeping things in ‘“no” is the most poWerful Word in our time
your head
management vocaBularY, But manY of us
If you try to remember everything have difficultY saYing it. We all Want to Be
that needs doing, it will block your
creativity, says business and time liKed But You have to looK after numBer one
management coach Chris Croft as Well’
(chriscrofttraining.co.uk). ‘It also
means you’ll forget some of it
from time to time, which can be Getting Things Done. ‘The reason 5 ignoring hoFstadter’s
unacceptable where clients and most organising systems haven’t law
bosses are concerned,’ says Croft. worked for most people is that they
‘Ideally, you want to focus on the haven’t yet transformed all the Hofstadter’s law, conceived
task in hand, with no distracting “stuff” they’re trying to organise. by cognitive scientist Douglas
thoughts of what needs to be done As long as it’s still “stuff”, it’s Hofstadter, goes something like this:
in future, so free your mind and not controllable,’ he says. To gain any task you plan to complete will
write everything down – set up control over your work, you need always take longer than expected.
a master list of all big projects, to transform the mere listings of Even when you take this law into
a daily to-do list and a diary for ‘stuff’ into actionable tasks, with account and build that knowledge
time-fixed tasks and appointments.’ details and deadlines of what you into your planning, your project will
have to do. still overrun your new estimated
2 miXing master and This doesn’t mean ‘stuff’ is a finish time.
daily to-do lists bad thing. ‘Things that command ‘As a consequence, you may miss
our attention, by their very nature, deadlines, give yourself too much
The master list should include all usually show up as “stuff”. But to do and end up feeling out of
the big tasks, including future ones once “stuff” comes into our lives control,’ says Allcott. ‘It’s difficult to
where specific deadlines aren’t yet and work, we have an inherent fully counteract what’s sometimes
known. ‘In theory, it could contain commitment to ourselves to define also called “the planning fallacy”
hundreds of things, whereas and clarify its meaning,’ says Allen. as, at the beginning of a task, it’s
your daily to-do list shouldn’t impossible to know what will cause
be bigger than what you can fit 4 Filling up your diary time slippages. The trick is to be
on a post-it note,’ says Graham completely aware of this and say “no” to more
Allcott, managing director of things – it’s impossible for things
Think Productive (thinkproductive. Your diary for time-fixed tasks you’re not doing to take too long!’
co.uk). Chris Croft recommends and appointments needs to
no more than 10 urgent tasks for include ‘breathing spaces’. ‘If you 6 worrying too much
your daily list, including small book appointments into the next about being liked
parts of the big projects from the available slot, without any gaps,
master list. But be careful not to you may start running late for, or In fact, ‘no’ is the most powerful
merge both lists into one, he warns: even cancel, appointments,’ says word in our time management
‘You could end up cherry-picking Croft. Something needing your vocabulary, but many of us have
the easy tasks over the big ones urgent attention crops up most difficulty saying it. ‘We all want to
and your list will get messy and days, and usually just before your be liked but you have to look after
unmanageable.’ next important meeting. ‘Keep number one as well,’ says Croft.
some free space in your diary ‘If you let guilt or fear of others’
3 mistaking ‘stuFF’ every day in case things do come disapproval push you into saying
For tasks up,’ says Croft. ‘Say “no” to more “yes” when you don’t want to or
appointments before your diary is can’t do something, your life can get
Another mistake is to fill your completely full. Many can wait till filled up with things that don’t make
to-do list with mere reminders or the next day, anyway.’ you happy. Saying “no” is important
‘anything [...] for which you haven’t ‘Anyone with more than half if you are to maintain control of
yet determined the desired outcome their day filled with appointments your life and you’ll probably find
and the next action step’ – what ends up working late too,’ adds that it doesn’t make people think
David Allen calls ‘stuff’ in his book Graham Allcott. less of you.’
37