Richard Clarke Academy

Fundamentally disappointing

The ACCA’s final examinations this June saw more successful passes than ever. The exams also attracted a record number of entrants, with 164,646 candidates taking a total of 335,566 papers. 

The exam results, revealed that 6,174 new global ACCA affiliates have now completed their final examinations.

The Association said that student performance at the Professional Level was in line with expectations, but described results for the Fundamentals papers as “disappointing”. 

The module which saw more passes than any other was the Accountant in Business (83%), followed by Management Accounting (51%).

Clare Minchington, ACCA’s managing director of learning and technical policy, attributed the high pass rates to close working relationships between the Association and a range of partners “to facilitate students’ access to the best possible tuition provision.” Since the introduction of the new qualification last year, ACCA has also introduced a number of initiatives including “Train the Trainer”, which shares best practice with those teaching ACCA students around the world. This was set up by Richard Clarke who has been instrumental in these initiatives and has recently set up the world’s best ACCA  Academy in Malta (ok so I made that last bit up)

www.richardclarkeacademy.com

ACCA results & Malta event

Last night we held a very enjoyable evening for ACCA students in Malta. The turnout was outstanding with over 200 students attending - and all in very high spirits - even if some had just received not so good news from the ACCA.

What struck me was just how motivated the students are. How keen they are to progress in their careers and as people. The fundamental spirit of learning and the pleasure that can bring still burns strong - despite what numerous media articles might suggest.

If you were there last night, let me just reiterate my thanks and appreciation and wish you all the very best for this term

Study or test?

Studying v Testing

The more you study, the better mark you get - easy - well that’s the theory.....

A recent study at Purdue University set a group of local university students to learn 40 pairs of English words and their Swahili equivalents. They were put into 4 groups.

For Group 1, 4 study sessions, 4 tests.
For Group 2, any recalled pair of words were dropped from the study sessions but were still tested.

The groups were then tested 1 week later. Both groups remembered 80% 1 week later.
Notice that both of these groups did the same amount of testing but group 2 did less study. So it seems the testing is the key, not the studying!

For Group 3 - their correct answers were dropped from the subsequent tests but they were still asked to study them. (opposite of group 2)
Group 4’s correct answers were omitted both from later study sessions and tests.

Notice how these groups are the opposite of the first 2 groups in that they were tested far less.

These groups only scored 33% 1 week later.

So, these last two groups were not tested as much and they suffered for it. Even Group 3, who repeatedly studied every pair performed worse in the long run than Group 2, who studied selectively but were tested comprehensively.

The study’s results are as amazing as they are counter-intuitive. They showed that repeated studying brings essentially no long term memory benefits, especially once a piece of information can already be dredged up from memory.

Repeated testing, on the other hand, is of paramount importance, even for facts that can already be successfully recalled.

So what?

Well all the students predicted that they would remember about 50% in the final test where in fact, the average scores were either substantially higher or lower.

Indeed, surveys have shown that very few students use self-testing as a strategy for revision. When they do, once they have successfully memorised something, they tend to drop it from further practice.

This study makes a case for tests and exams to move away from their crude use as assessment tools. Rather ridiculous mock exam/progress test type testing effectively marking the end of the learning process is self-defeating. Testing should be continuous and informal.

We will, of course, build this into all of our courses and our online parallel system does this automatically for you anyway - you just need to read your emails!

ps. You may notice a website downage as we switchover to our brand new website - whooooo!

www.richardclarkeacademy.com

Taxi!

Taking a taxi around London, and knowing London very well, I noticed how some cabbies went the quickest route. Others had a remarkable capacity to get stuck in traffic jams.

So, bravely I asked one this week why this was and he came up with a very plausible reason: a cabbie makes the best money on the “drop” — the initial fixed amount, which is £2.20 here.

The other cabbies did not understand this simple economics - well now you know - not entirely sure how this helps you pass ACCA exams but there you go!

Self motivation and passing ACCA exams

How Self-Motivated Are You?

Here is a subject very close to my heart. Something I passionately believe in and is probably the single biggest factor I work on when lecturing. Getting students to believe they can pass. Not false belief - as I strongly believe everybody can pass ACCA with the right tuition and application.

We all want things in life that we don’t yet have. Some of us go on and get those things others never quite reach their goals. Henry Ford once said “If you think can, or you think you can’t, you’re probably right”.

Often quoted due to its ring of truth. Belief in yourself leads to self motivation which leads to action which leads to results.

So, how self-motivated are you? Try this quick quiz, rate yourself on a scale of 1-5 (5= Very often and 1 = Not at all). Keep a tally of your score.

1) I'm sure of my ability to achieve the goals I set for myself.

2) When working on my goals, I put in maximum effort particularly when suffering a setback.

3) I regularly set goals and objectives to achieve my vision for my life.

4) I think positively about setting goals and making sure my needs are met.

5) I use rewards (and consequences) to keep myself focused. For example, if I finish my report on time, I allow myself to take a coffee break.

6) I believe that if I work hard and apply my abilities and talents, I will be successful.

7) I think positively about deadlines and getting things done, so I dont get stressed about them.

8) If something negative and unexpected happens - it makes me more determined instead of moving on to something else.

9) My biggest reward after completing something is the satisfaction of knowing I've done a good job.

10) I often think that I do my best and never the minimum amount of work necessary to keep my boss and my team satisfied.

11) I think things will come good

12) I create a vivid and powerful vision of my future success before embarking on a new goal.

Now add up the total and see the table below.

Your Score
Out of 60

Score

44-60

Wonderful! You get things done, and you don't let anything stand in your way. You make a conscious effort to stay self-motivated, and you spend significant time and effort on setting goals and acting to achieve those goals. You attract and inspire others with your success. Treasure this - and be aware that not everyone is as self-motivated as you are!

28-43

You're doing OK on self-motivation. You're certainly not failing - however, you could achieve much more. To achieve what you want, try to increase the motivation factors in all areas of your life.

12-27

You allow your personal doubts and fears to keep you from succeeding. You've probably had a few incomplete goals in the past, so you may have convinced yourself that you aren't self-motivated - and then you've made that come true. Break this harmful pattern now, and start believing in yourself again.

Factors in Self-Motivation

1. Self-confidence
2. Positive thinking
3. Focus, and strong goals.
4. A motivating environment.

By working on all of these together, you should improve your motivation very quickly. Let's look at each of these factors individually. 

1. Self-Confidence

Being highly self-assured means you will set challenging goals for yourself, and it's also a resiliency factor for when you encounter setbacks. If you don't believe in yourself you’ll be much more likely to think in an exam, "I knew I couldn't do this" instead of, "Come on, I’ve done all the studying - I can do this!”

Albert Bandura, a psychologist from Stanford University, defined self-confidence as a belief in our own ability to succeed, and our ability to achieve the goals we set for ourselves. This belief has a huge impact on your approach to goal setting and your behavioral choices as you work toward those goals. 

According to Bandura's research, high self-confidence results in an ability to view difficult goals as a challenge not as something beyond their abilities.

The momentum created by self-confidence is hard to beat. 

Take these steps:
• Think about the achievements in your life.
• Examine your strengths
• Seek out mentors and other people who model the competencies, skills, and attributes you desire.

The more you look for reasons to believe in yourself, the easier it will be to find ways to motivate yourself.

2. Positive Thinking

"Your life today is the result of your attitudes and choices in the past. Your life tomorrow will be the result of your attitudes and the choices you make today." 
- Author Unknown

Positive thinking is closely related to self-confidence as a factor in self-motivation. Your thoughts can have a major influence on whether you succeed or fail, so make sure those thoughts are "on your side." 

Having a vivid picture of success, combined with positive thinking, helps you bridge the gap between wanting something and going out to get it. 

To apply "the power of positive thinking", do the following:

• Challenge your negative thoughts, and replace them with positive ones.
• Create a strong and vivid picture of what it will be like to achieve your goals.
Practice positive thinking until its automatic. Drop the cynicism!

3. Strong Goals

These give you focus, a clear sense of direction, and the self-confidence that comes from recognizing your own achievement. Write down exactly what achievable mark you are looking for in your next ACCA exam. Write it on the folder when you start the course. Do not ever be swayed that that mark is unachievable. If it is relatively realistic you can do it.

According to Locke's goal-setting theory, your goal should have the following characteristics:
• Clarity - Effective goals are clear, measurable, specific
• Challenge - Goals should be difficult enough to be interesting, but not so difficult that you cant reach them.
• Regularity of Feedback - Monitor your progress towards your goals regularly, This helps you maintain your sense of momentum and enthusiasm, and enjoy your progress towards those goals.

4. Motivating Environment

The final thing to focus on is surrounding yourself with people and resources that will remind you of your goals.

Try the following:
• Look for team work opportunities. Working in a team makes you accountable to others.
• Ask your boss for specific targets and objectives to help you measure your success.
• Ask for interesting assignments.
• Set up some goals that you can easily achieve. Quick wins are great for getting you motivated.

Key points:

Self-motivation doesn't come naturally to everyone. And even those who are highly self-motivated need some extra help every now and then. Me included. 

Build your self-motivation by practicing goal-setting skills, and combining those with positive thinking and the creation of powerful visions of success.

Your attitude and beliefs about your likelihood of success can predict whether or not you actually succeed. Set goals, and work hard to achieve them. Examine ways to improve your self-motivation, and regularly reassess your motivation levels.

If you actively keep your internal motivation high, you can significantly increase the likelihood of achieving your hopes, dreams, and visions of the future. Oh and passing ACCA - it’s a breeze trust me!

Should I Study like mad the night before an exam?

Good evening everybody - I thought you might like the findings from a recent study by Doug Rohrer and Harold Paschler: They had two groups of students study new vocabulary in different ways. One group studied the words 5 times; these students got a perfect score no more than once. The others studied them 10 times and got at least three perfect scores.

Then the psychologists quizzed all the students, once one week later and again three weeks after that.
After a week, the 10 times students scored better, but the advantage disappeared after three weeks.

In other words, as reported in the August issue of Current Directions in Psychological Science, "cramming" all the study on a single topic together diminishes learning. It's better to leave it alone for a while and then return to it, and indeed the longer you want new learning to endure, the longer the optimal break between study sessions. This is what we at the Academy take into account when the online parallels send out their
recaps and when we recap items in class.

Rohrer and Pashler's results even extend beyond memorization and into abstract learning like maths (and hence accountancy). Now if only a researcher could explain how to get students to listen to their advice!

Richard

www.richardclarkeacademy.com

Pavlov and ACCA

Ever since Pavlov trained dogs to salivate for meat powder at the sound of a bell, psychologists have used the principles of conditioning to study how humans learn.

Now a team of English researchers have taken this further.

Like Pavlov's dogs, the subjects in the study were conditioned to associate a neutral stimulus - computer screen images - with food. One image was paired with the smell of peanut butter, wafted to the subjects' noses through a tube. Another image was paired with the smell of vanilla.

The subjects quickly associated the images with the food smells. They reacted faster to the images paired with the food odors than to other images that had no pleasant associations.

At the same time, their brains surged into action, with areas known to be involved in motivation and emotional processing, the amygdala, lighting up on a brain scan.

Then the subjects were fed either a peanut butter sandwich or a bowl of vanilla ice cream, and suddenly the images associated with that food no longer drew as strong a response. Yet, for those eating peanut butter still reacted as strongly to vanilla and vice-versa.

Psychologists refer to this as ''selective satiation'' or ''the restaurant phenomenon.''
You know the scenario, beautiful dinner at Peppino’s and you cant eat another thing. That is until they bring along the deserts and well maybe you can just manage a little something!

Whatever its label the effect reflects the fact that learning is a tool designed by evolution for survival and as such, is infinitely flexible.

So I am often asked whether I feel you can study 2 or more ACCA subjects at the same time. My answer invariably is yes. Pair subjects which are different to each other. Then your motivation for studying will not tire so quickly. Also, try and mix up your study sessions - a bit of one subject, a bit of another etc. It’s all about keeping up that motivation. Pavlov, well his dog, is on your side...and we are too.

Best wishes

Richard
www.richardclarkeacademy.com

A little ACCA news

ust a few snippets of news:

Well the bad news first... A former ACCA student has failed in a bid to claim the cost of his training course against tax.
DW Perrin claimed tax deductions of £2,491.69 and £2,590.50 for fees paid to study, arguing that the training was a job requirement and so should be deductible.
HMRC argued otherwise, saying Perrin had attended some courses on the weekend when he was not paid and special commissioner Charles Hellier backed its position. The swine.

Helen Brand has been appointed ACCA chief executive. She is currently the managing director for strategy and development, and her new role will begin on 1 September.
A contraversial appointment as, like her predecessor, Allan Blewitt, she does not have an ACCA qualification. 'Running a professional body isn't about being any type of accountant, but having the skills,' Brand said.

Asked about the competition with other accountancy bodies in the UK, she said: 'There’s a role for healthy competition. I think we see that throughout the world, not just in the UK. When talking in the public interest accountancy bodies have shown themselves mature and sensible enough,' she said.

ACCA is quite pleased with itself after revealing that a record 156,000 students sat ACCA examinations in December 2007. So you are with the right body it seems!

Hope youre all well and just to let you know my youngest daughter now takes the "boat to Valletta" when she's having a bath back in England! Now if I can just get her to teach F1.......

www.richardclarkeacademy.com

ACCA exam error

An error has been spotted on the recent F7 Paper

The cashflow question (Q3) contained the error. The p&l and balance sheet were in £’000’s. One of the notes was in millions of pounds.

In the question, the company involved had admin expenses in the p&l of £350,000 but in the notes, it was stated the company paid back a loan note early and had incurred a £20m early repayment fee and that this had been charged to admin expenses.

The question left students asking ‘how can £20m be charged if the total admin expenses were only £350,000?’

An ACCA spokesperson said: 'We are aware that there was an error in one element of question three of paper F7.

‘That will be taken into account during marking and we can reassure any students who have taken this paper that they will not be disadvantaged in any way.'

www.richardclarkeacademy.com

how a 3yr old can help you pass your ACCA exams!

The past few years has seen an abundance of research come out on how the brain works, how we can study more effectively and how to boost your memory.

All the accepted methods from yesteryear are being questioned, and more often than not proven to be wrong!

Let me give you a little example, how many of you are currently reading this out aloud? How many of you are running your finger along the line you are reading? - My guess is nobody! Now let me ask you another question - did you do this when you were young? My guess is - “Yes I did!”

One final question - why did you stop? My guess is you were told to.

Well here’s the rub - did you know that there’s a small part of your brain, located just above your left ear which is only activated when you speak out aloud? Did you know that all research suggests that voicing your thoughts helps your understanding and retention of them?

I bet the parents amongst you are like me. We see a rabbit - and we say to our 2 year olds “Look, what is that?” You know that they know it’s a rabbit but you still want them to SAY the word! Deep down you know that by vocalising the word, it will help them learn it quicker. Unfortunately for most of us that’s a skill we’ve now lost and we’ve adapted. The key here though - is to illustrate how often accepted techniques are fundamentally wrong and that there are far more efficient means of teaching out there.

I have been studying this neurological science for 10 years and it is fascinating. I teach accountancy for a living and I have adapted my methods immensely in line with latest research. The results, the feedback from the students, has been fantastic.

Often the techniques are blindingly simple. For example how many of you know your mother’s maiden name? Did you know that elderly people remember their old school friends names better than those they have met more recently? Why?

The answer is so simple. Re-caps. For the brain to move things into the longer term memory then recaps of material must be done. Research is ongoing as to when best to do these recaps but the picture is pretty clear now. The more often you use or see something the better you remember it. Obvious I know. Yet how many schools, universities, colleges etc actually build these into their courses?

Then there’s the recency and primacy effect. The last and first parts of lectures are remembered best. What is the ideal time for a lecture? What sort of material is best looked at in the morning? How important are goals? How rigidly should these be stuck to? What is the best study technique known to mankind?...

All these answers and much more besides are out there - for those willing to listen to scientific research. That is our gap in the market and we hope to plug it!

Incidentally - the finger under the line when reading - that can increase your speed reading by up to 30%. Also, remember the vocalising technique in helping us remember and understand things? Well here’s a little trick - want somebody to stick to an agreement? Get them to actually SAY “yes, I agree”. This simple technique has been proven to increase the effectiveness of such agreements by over 60%!

So, if you run a restaurant - and you want people to phone if they cant make it that night. Simply ask the customer - “will you call to tell me if you cant make it?”, rather than simply saying “please call if you can’t make it”. The former will force the customer to vocalise his agreement and the chances of him sticking to his end of the bargain are now far higher!

Best wishes and hope to see you soon (say “yes, ok Richard!”)

Richard

www.richardclarkeacademy.com