F5 - [2021] - Performance Management (PM) - STUDY TEXT and EXAM KIT - KAP LAN

The 'F5 (PM) Performance Management' paper follows on from F2 (MA) Management Accounting and is concerned with business management in order to improve performance. The majority of the topics were introduced in F2 (MA) Management Accounting, but they are now examined in greater depth and detail.

Although ACCA F5 (PM) Performance Management is a manageable paper, students make mistakes every year that cause them to fall behind. We'll show you how to ace your PM exam.

We speak with Garret Mulvin, one of our expert tutors, about the common mistakes students make and what you can do to ensure you pass the ACCA F5 (PM) Performance Management exam.

Read on for an overview of the ACCA F5 (PM) Performance Management syllabus, as well as information on the changing exam format and what it means for students and ACCA PM study tips!

ACCA F5 (PM) Performance Management is a four-part course that teaches you how to manage a company's performance toward profitability.

2021 | F5 (PM) - Performance Management | KAP LAN - STUDY TEXT and EXAM KIT

ACCA F5 (PM) Performance Management focuses on how to manage a company's performance in four key areas in order to maximize profits. That is your ultimate goal: to steer a company toward profitability. The four parts of the syllabus areas follows: A – Costing and Management Accounting Techniques, B – Decision Making, C – Budgeting and Control, and D – Performance Measurement and Control are the topics covered in this course.

The syllabus tells a story: everything is connected. It's going to be a long journey. For instance, in A, you'll learn how to calculate a business's costs, and then in B, you'll set your pricing strategy based on that knowledge.

Maybe you're using your costing techniques knowledge to figure out your ideal production and make product decisions. You can make decisions based on your costs once you know them, and then you can make a budget based on those decisions.

Finally, areas A, B, and C all lead to area D: how do you measure and control your performance at the end of the year? How did things go?

Is it strategic, or more about practical knowledge?

It isn't particularly strategic until ACCA, the old P5 (APM) Advanced Performance Management, into which it feeds. ACCA F5 (PM) Performance Management, on the other hand, is quite forward-thinking. You're not just going over the events of the previous year. You're attempting to apply that knowledge in order to make a difference next year.

The format of the exam is intended to assess both your practical knowledge and your ability to apply it in a given situation. The ratio of calculations to the narrative in ACCA F5 (PM) Performance Management is roughly 50/50.

What is the ACCA F5 (PM) Performance Management exam format?

As of September 2016, the exam format is changing. The exam will be divided into three sections, A, B, and C, under the new format. Sections A and B will be able to include objective test questions, not just multiple-choice questions, once the computer-based exam option is rolled out in September.

ACCA F5 (PM) Performance Management will be restructured in September 2016 to include three sections: A, B, and C.

There will be 15 multiple choice questions in Section A, each worth two points. Section B will present three scenarios, each of which will be followed by five multiple-choice questions worth two marks. Then there's Section C, which will have two 20-point long questions.

The questions in Sections A and B will cover the entire syllabus. Section B scenarios, on the other hand, necessitate a deeper understanding because each scenario's five questions will be related to one area of the syllabus. And, with the exception of Costing, Section C questions will only draw on syllabus areas B, C, and D.

Because of the longer question format, Section C will necessitate the most in-depth understanding. There may be some calculations involved, but there will be a narrative in the end.

For example, you might be asked to assess your FPIs and NFPIs using a balanced scorecard in Section C on Performance Management. You'll then be making calculations based on the data you've been given, as well as explaining and evaluating your decisions.

Why is the exam format changing? Do the changes make it more or less difficult for students to pass ACCA F5 (PM) Performance Management (the old F5)?

Don't be alarmed! The format has changed numerous times over the years, but the skills students need to pass the ACCA F5 (PM) Performance Management exam have remained constant.

Because they want the paper to be more segmented and manageable from a computer standpoint, the format is changing. From September, students will be able to take ACCA F5 (PM) Performance Management as a computer-based exam (CBE). ACCA will eventually, migrate all of its paper exams to a computer-based exam format.

Will ACCA F5 (PM) Performance Management become a purely computer-based exam? When?

The migration is intended to make taking the ACCA easier and more convenient for students.

ACCA will continue to offer paper exams as long as they are beneficial to students – it is not intended to make things harder! Because the ACCA is a global qualification, some students may find it easier to stick to paper-based exams for a longer period of time, especially if their IT infrastructure isn't as advanced.

ACCA F5 (PM) Performance Management will have the option of being computer-based for the time being and in the foreseeable future.

One of the most common reasons students fail the ACCA F5 (PM) Performance Management exam is that they do not cover the entire syllabus. Because of the new format, the paper will have comprehensive coverage of all topics.

One thing this means for students is that it's impossible to predict which topics will come up. Not that you couldn't before, but the syllabus has evolved so much in terms of how it's assessed that you can expect anything to come up now.

To ensure comprehensive coverage, the entire syllabus is examined throughout the paper. In the past, I would tell students to go over X, Y, and Z again the night before the exam, but that is no longer an option.

One of the most common reasons students fail ACCA F5 (PM) Performance Management is that they do not thoroughly cover the entire syllabus. 

What other reasons do students fail to pass Performance Management?

Smaller areas are where students frequently fail. For example, there is a section on management information and management reports in Section D of the syllabus.

Management information and management reports, found in Section D of the syllabus, are frequently overlooked by students. Small details like this can determine whether you pass or fail.

It's an area that students frequently overlook because it appears to be simple and insignificant. It's one of those topics that students dismiss as unimportant, only to perform poorly on later.

The most important thing to remember is that the difference between passing and failing is so small. Because a large number of students will score just above or below the cutoff, one or two multiple-choice questions like that can make all the difference. You'll get to the finish line if you know everything on the syllabus.

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