approach

What Should I Do in the Last Few Days Before the 2018 CFE?

This is a common question I get from writers who have been actively studying for the 2018 CPA Common Final Exam (CFE). In fact, when I first wrote back in 2016, I was asking the same thing in early September.

 

After rewriting and passing in 2017, I had discovered (through failure) that less is more. Here are the top three things I think you should consider doing in the last week of study:

 

1) Focus on the areas which you haven’t yet looked at or are still uncertain about.

Common things I hear that tend to “fall to the wayside” include: going over less-common technical topics that are still testable (e.g. accounting for NPOs), practicing with Day 1 CFE cases and debriefing parts of cases you already wrote that you simply ran out of time for. I don’t think it’s a good strategy to hope that these things do not appear on the exam. Instead, it is better to look at these things, even at a high level, so that way, even if these do appear, you won’t be as “stuck” compared to not looking it at all.

 

2) Take a look back at the cases you debriefed.

For each case, take a few minutes to reopen your notes, and try to answer the following question: “What did I learn from this case?” Perhaps you learned a technical topic you were unfamiliar with. Or perhaps you learned how to properly apply a case format (for example, W-I-R or RAMP if the case had an audit AO). The way how I see it, if you debriefed your case well, you must have learned something that is transferable to the exam. However, I would NOT recommend trying to memorize the facts in each case you attempted, as the case on the CFE will not be like what you’ve seen.

 

3) Relax, especially two days before the exam.

For me, this was the most difficult thing to do, especially when I was so used to doing cases & reviewing technical every day up until that point – it literally became a habit. However, even if you feel the temptation to open up cases, notes, textbooks, etc. on the last two days, I can assure you that whatever you will look at within those two days will make very little improvement, if any, on your exam performance. However, the thing that will make a difference on your exam performance is your mindset. Therefore, I think it is better to do things that will make the exam feel like it not so much of a threat to you – the best way is to simply not give a s@#t on the last two days.

 

Just a side note: if, for whatever reason, you will be unable to write the exam this year, you must keep in mind that the Institute requires you to formally withdraw before the date of the CFE; otherwise, your absence will still count as an attempt. However, if you feel you want to “pull the plug” simply because you are not ready, I strongly advise that you speak to a CPA exam trainer first, especially if that person knows you and your case performance well. It is normal for some candidates to panic during the final week, but just because this is happening does not necessarily mean it makes sense to not write this year.

 

I really hope that this blog post helps you out during this final week of study. Best of luck on the 2018 CFE!

 

Steven

Don’t neglect studying for Day 1 of the CFE

 

The results of the first CFE in December gave us more information to work with. Something that’s becoming clear is that Day 1 of the CFE is not the breeze that some candidates thought it would be. In my discussions with candidates and from the comments on the blog, I am seeing that a lot of candidates who did not pass the full CFE did not pass because of Day 1.

So what’s up?

 

It’s new to candidates

Day 1 is something completely new and many of the CFE writers may have been used to (and worked with) the old UFE format and therefore getting less practice on Day 1 of the CFE. With the May CFE approaching, you’ve now got more information to work with so use it.

 

It’s group work but you can’t work in isolation

Day 1 of the CFE is based on your Capstone 1 module which is a large group assignment that is evaluated. An interesting observation is that many Capstone 1 groups are taking the divide and conquer approach to the case which means individual candidates may be very familiar with one area of the case and less familiar with other areas. The down side of this approach may manifest in the CFE where you have to be very familiar with the whole case. If this is your group’s approach to Capstone 1, plan for additional time to study the whole case before the CFE.

 

Understand what’s being assessed on Day 1 and how to approach it

Remember, Day 1 is focused on the soft, high-level skills of the CPA Way. The case response is judged on the whole based on these key skills:

  • Assess the situation – integrating multiple parts of the case in your overall assessment, think holistically, think about organizational goals, risks, constraints and so forth.
  • Analyze the major issues – think of the tools you can use in your analysis (qualitative, quantitative, assumptions), think about the issue and how it interrelates across multiple competencies, consider alternatives and uncertainties.
  • Conclude and advise – use the result of your analysis to conclude on the alternatives (including implications) and then provide further advise (implementation, reducing risk, etc.)
  • Communication – Write professionally and keep in mind the audience and purpose of the communication.

 

Understand what was done badly on Day 1 of the first CFE

I’ll finish off by offering the Board of Examiners commentary on Day 1 of the September, 2015 CFE:

The Board was surprised that some candidates did not provide a quantitative analysis of the
major issues presented. Candidates are reminded that Chartered Professional Accountants are
expected to perform both quantitative and qualitative analyses, as appropriate, to support their
recommendations.

A large number of candidates spent a large part of their response (one-third) on a situational
analysis. The points made were typically valid and identified many of the decision factors to be
considered. However, these points were simply listed as pros or cons, or they were part of a
SWOT analysis that was done as an independent section of the response. Many candidates
failed to then take this great up-front analysis and incorporate it into their discussions of the
specific issues and the recommendations they were making. Candidates are reminded that the
situational analysis is there to help provide a frame of reference for the decision factors they
should be bringing into their analysis of the issues in order to help them make relevant
recommendations that consider the goals, objectives, mission, vision, et cetera, of the company.

(2015 CFE Board of Examiners Report, p. 10)

Take the above advice and apply it. If the Board of Examiners shares any similarity with the previous UFE Boards then they are a lot less forgiving the second time around to candidates making the same mistakes.

Don't neglect studying for Day 1 of the CFE

 

The results of the first CFE in December gave us more information to work with. Something that’s becoming clear is that Day 1 of the CFE is not the breeze that some candidates thought it would be. In my discussions with candidates and from the comments on the blog, I am seeing that a lot of candidates who did not pass the full CFE did not pass because of Day 1.

So what’s up?

 

It’s new to candidates

Day 1 is something completely new and many of the CFE writers may have been used to (and worked with) the old UFE format and therefore getting less practice on Day 1 of the CFE. With the May CFE approaching, you’ve now got more information to work with so use it.

 

It’s group work but you can’t work in isolation

Day 1 of the CFE is based on your Capstone 1 module which is a large group assignment that is evaluated. An interesting observation is that many Capstone 1 groups are taking the divide and conquer approach to the case which means individual candidates may be very familiar with one area of the case and less familiar with other areas. The down side of this approach may manifest in the CFE where you have to be very familiar with the whole case. If this is your group’s approach to Capstone 1, plan for additional time to study the whole case before the CFE.

 

Understand what’s being assessed on Day 1 and how to approach it

Remember, Day 1 is focused on the soft, high-level skills of the CPA Way. The case response is judged on the whole based on these key skills:

  • Assess the situation – integrating multiple parts of the case in your overall assessment, think holistically, think about organizational goals, risks, constraints and so forth.
  • Analyze the major issues – think of the tools you can use in your analysis (qualitative, quantitative, assumptions), think about the issue and how it interrelates across multiple competencies, consider alternatives and uncertainties.
  • Conclude and advise – use the result of your analysis to conclude on the alternatives (including implications) and then provide further advise (implementation, reducing risk, etc.)
  • Communication – Write professionally and keep in mind the audience and purpose of the communication.

 

Understand what was done badly on Day 1 of the first CFE

I’ll finish off by offering the Board of Examiners commentary on Day 1 of the September, 2015 CFE:

The Board was surprised that some candidates did not provide a quantitative analysis of the
major issues presented. Candidates are reminded that Chartered Professional Accountants are
expected to perform both quantitative and qualitative analyses, as appropriate, to support their
recommendations.

A large number of candidates spent a large part of their response (one-third) on a situational
analysis. The points made were typically valid and identified many of the decision factors to be
considered. However, these points were simply listed as pros or cons, or they were part of a
SWOT analysis that was done as an independent section of the response. Many candidates
failed to then take this great up-front analysis and incorporate it into their discussions of the
specific issues and the recommendations they were making. Candidates are reminded that the
situational analysis is there to help provide a frame of reference for the decision factors they
should be bringing into their analysis of the issues in order to help them make relevant
recommendations that consider the goals, objectives, mission, vision, et cetera, of the company.

(2015 CFE Board of Examiners Report, p. 10)

Take the above advice and apply it. If the Board of Examiners shares any similarity with the previous UFE Boards then they are a lot less forgiving the second time around to candidates making the same mistakes.

Best of luck on the final UFE

Maybe it’s come too quickly or taken forever to get here for you, but here we are – the final UFE begins on June 2nd. No doubt, you’re very nervous about it but I hope you’ve taken the last weekend off and that you are keeping rested on Monday (only a half-day of light studying/writing allowed!)

Thank you to all those that have come by UFE Blog and found it useful or helpful in some way and I want to wish each and every one of you GOOD LUCK writing the UFE over the next three days. I’ll give you my last pieces of advice that I repeat every year.

1. Don’t talk about the UFE with anyone after Day 1 or Day 2. No good can come of it.

2. You will probably feel like you didn’t do so well after one, two or all three days. Don’t let up one bit if you feel that way. Give it 110% each and every day. No single day will guarantee you a pass nor a failure, this is a marathon.

With that – Good luck!

UFE Readings for the Week

For those looking for some timely UFE content to read and don’t want to go through the archives to find it, here are some timely articles as you get through your UFE prep courses and start your pre-UFE study periods.

Happy reading while you’re getting into the groove of things. Stay tuned for our yearly ‘what might be on the UFE review’ later this week.

In the meantime, what are the big issues you’re having at this point?

Stick to the game plan!

Today is a guest blog post from Gus Patel who successfully completed the 2013 UFE

I hope everyone took the time to relax and enjoy the long weekend.  Many of you will be starting some sort of “pre-SOA preparation”, be it an internal prep program, or your own study plan before June.  I wanted to take the time to quickly address a very important point very early on in this process for new candidates: do not get overwhelmed by the wealth of knowledge available to you during the school and within your programs.

When I wrote the SOA in 2012, I decided to be proactive and print out all my internal prep program materials, all the materials on the Boot Camp on the CPA website, along with all my Densmore study guides.  What I was left with after several hours of printing was easily over 3,000 pages of information, prior cases, strategy notes, etc. which sat firmly atop my desk at home.  Staring at this massive pile,  a large overwhelming feeling looming over me – how was I supposed to get through all this information in just a few months?

The reality is – you can’t possibly learn all there is to know about accounting in just a few short months.  The commitment you’ve taken on to learn this information will last more than just your time studying to pass the SOA and UFE.  To be a CPA/CA is establishing an ongoing commitment to professional development.

While I am not discounting the value of going through all this information – do not to get too stressed out and overwhelmed by the volume  available to you during your studies.  The most important and critical thing you can do is learn to write cases which means write cases and debrief them well.

You may be tempted to dedicate a large portion of time to just studying and memorizing technical, just like you did for exams in school, but this exam is very different, and the only way to learn how to score in these cases, is to practice cases.  The technical knowledge you need, you will learn directly from debriefing the cases.  In fact, you might be surprised as you go through the cases, how much (or little) “technical knowledge” you might need for competent on a given indicator.

What are you doing to prepare for the 2014 School of Accountancy?

The post UFE-results experience, from an "experienced writer"

Hi readers!  My name is Gus Patel, and I have offered to help with updates to content on the UFE Blog.  I have recently been in your situation, having written the 2013 UFE.  Currently, I work as an Audit Senior at BDO Canada LLP.  In my spare time, I enjoy being active, as well as teaching students about accounting concepts.

Last Thursday and Friday were the days.

They were the days you’ve been waiting 12 weeks for. After writing, what might possibly be one of the most challenging and mentally exhausting exams of your life, it’s finally UFE results day.  You are anxious, quivering nervous excitement, hoping desperately to see your name on the UFE results page.  As it gets closer to the final hour your heart beats as you constantly refresh the main results page at 12:00 sharp in Ontario.  You quickly scroll through the page, not finding your name through a quick glance, you decide to look up and down the page, but your name is not there….  You sit back like you just hit a brick wall, and you get that deep sinking feeling in your stomach. I failed the UFE!  

Sorry, I know that was a bit dramatic, but for some people it is not too far from how you’re feeling, trust me – I was in that situation too.  Your mind often has a way of hyping a situation to always be the “be-all-and-end-all” situation.  That if you don’t pass the UFE the first time, that the world will be over.  It may feel that way at first, but at some point you’ll come to realize that it was just an exam (maybe not just any exam).

Looking back on the experience, I think the hardest thing to me was looking my eager friends, family, and my girlfriend, who were also anxiously waiting for me to tell them that I had passed, that I didn’t.  Of course, then there is that awkward moment where they stumble to try and find their words to console you.  I think the last thing any writer who doesn’t make it through the process wants to hear is, “Don’t worry – you’ll study hard and do it again next time”.  Not a lot of people can understand what you went through.  On a positive note, hopefully soon after, you will run into a successful repeat writers, perhaps several in your office – they will reach out to you in understanding support.  Actually, looking back I was really surprised by how many people did reach out to me, even being at one of the Big-4 firms.

The first thing to get into your head is, it does happen, people can be unsuccessful the first time, or even the second or third time writing, you can fail this exam.  The Board of Evaluator’s objective is designed to do just that!  It doesn’t mean that you can’t do it.  If you get the UFE Success book by Densmore (which I strongly suggest you do at some point) it has some strong statistics, “… the flow-through rates (of the UFE) are as high as 99% in ASCA, are averaging around 97% in British Columbia and have historically been around 94% in Ontario but are rising. These statistics demonstrate that experienced writers can, and are, making it through the system. Passing the UFE is a very achievable goal.”  If nothing else, keep that in your head.  You can pass.

As for now, if you have just found out that you had an unsuccessful attempt, do not fret – it’s okay in the moment to feel upset, angry, emotional… it’s part of being human, but do not let it consume you.  I am a strong believer that things do happen for a reason, and coincidentally enough, there is always a reason behind why you didn’t pass.  It wasn’t an anomaly I can assure you of that.

You have questions, I know you do.  Luckily for you, I’ve been through this process once –  I was very meticulous in my second attempt in trying to reach at every possible resource in order to gain an advantage along my 2nd attempt, and I want to pass every bit of it to you.  Like I said, you can do this – if you really want to.  Looking back on it a year later, believe it or not, it is somewhat of a blessing in disguise because it will make you a stronger person.

However, do not fret about any of it for now.  First order of business I want you to do is nothing.  When I say nothing, I mean it – keep your head out of the UFE game, it is of ultimate priority that you rest and recover so that you can hit next year ready to attack.  Your goal in the next little while is reach to your friends and loved ones for support, get past the feeling of depression, self pity and doubt, and relax and forget all about this process.  Have fun again and enjoy the holidays, and don’t even think about the UFE until the beginning of next year.

There are more resources than ever today for repeat writers. Don’t worry, UFE Blog will be right here, helping along the way.

A note from Tom, the UFE Blogger:

I want to personally congratulate Gus, who I’ve worked with for some part of this year. I was nervous to be one of the people clicking refresh on the results page at 12 noon. I was even more thrilled to see Gus’ name there shortly after. I’m happy to bring Gus’ voice, as an experienced writer, to this blog and I hope that the many candidates that must write the UFE a second or third time benefit from his experience and support. Congratulations Gus!

The post UFE-results experience, from an “experienced writer”

Hi readers!  My name is Gus Patel, and I have offered to help with updates to content on the UFE Blog.  I have recently been in your situation, having written the 2013 UFE.  Currently, I work as an Audit Senior at BDO Canada LLP.  In my spare time, I enjoy being active, as well as teaching students about accounting concepts.

Last Thursday and Friday were the days.

They were the days you’ve been waiting 12 weeks for. After writing, what might possibly be one of the most challenging and mentally exhausting exams of your life, it’s finally UFE results day.  You are anxious, quivering nervous excitement, hoping desperately to see your name on the UFE results page.  As it gets closer to the final hour your heart beats as you constantly refresh the main results page at 12:00 sharp in Ontario.  You quickly scroll through the page, not finding your name through a quick glance, you decide to look up and down the page, but your name is not there….  You sit back like you just hit a brick wall, and you get that deep sinking feeling in your stomach. I failed the UFE!  

Sorry, I know that was a bit dramatic, but for some people it is not too far from how you’re feeling, trust me – I was in that situation too.  Your mind often has a way of hyping a situation to always be the “be-all-and-end-all” situation.  That if you don’t pass the UFE the first time, that the world will be over.  It may feel that way at first, but at some point you’ll come to realize that it was just an exam (maybe not just any exam).

Looking back on the experience, I think the hardest thing to me was looking my eager friends, family, and my girlfriend, who were also anxiously waiting for me to tell them that I had passed, that I didn’t.  Of course, then there is that awkward moment where they stumble to try and find their words to console you.  I think the last thing any writer who doesn’t make it through the process wants to hear is, “Don’t worry – you’ll study hard and do it again next time”.  Not a lot of people can understand what you went through.  On a positive note, hopefully soon after, you will run into a successful repeat writers, perhaps several in your office – they will reach out to you in understanding support.  Actually, looking back I was really surprised by how many people did reach out to me, even being at one of the Big-4 firms.

The first thing to get into your head is, it does happen, people can be unsuccessful the first time, or even the second or third time writing, you can fail this exam.  The Board of Evaluator’s objective is designed to do just that!  It doesn’t mean that you can’t do it.  If you get the UFE Success book by Densmore (which I strongly suggest you do at some point) it has some strong statistics, “… the flow-through rates (of the UFE) are as high as 99% in ASCA, are averaging around 97% in British Columbia and have historically been around 94% in Ontario but are rising. These statistics demonstrate that experienced writers can, and are, making it through the system. Passing the UFE is a very achievable goal.”  If nothing else, keep that in your head.  You can pass.

As for now, if you have just found out that you had an unsuccessful attempt, do not fret – it’s okay in the moment to feel upset, angry, emotional… it’s part of being human, but do not let it consume you.  I am a strong believer that things do happen for a reason, and coincidentally enough, there is always a reason behind why you didn’t pass.  It wasn’t an anomaly I can assure you of that.

You have questions, I know you do.  Luckily for you, I’ve been through this process once –  I was very meticulous in my second attempt in trying to reach at every possible resource in order to gain an advantage along my 2nd attempt, and I want to pass every bit of it to you.  Like I said, you can do this – if you really want to.  Looking back on it a year later, believe it or not, it is somewhat of a blessing in disguise because it will make you a stronger person.

However, do not fret about any of it for now.  First order of business I want you to do is nothing.  When I say nothing, I mean it – keep your head out of the UFE game, it is of ultimate priority that you rest and recover so that you can hit next year ready to attack.  Your goal in the next little while is reach to your friends and loved ones for support, get past the feeling of depression, self pity and doubt, and relax and forget all about this process.  Have fun again and enjoy the holidays, and don’t even think about the UFE until the beginning of next year.

There are more resources than ever today for repeat writers. Don’t worry, UFE Blog will be right here, helping along the way.

A note from Tom, the UFE Blogger:

I want to personally congratulate Gus, who I’ve worked with for some part of this year. I was nervous to be one of the people clicking refresh on the results page at 12 noon. I was even more thrilled to see Gus’ name there shortly after. I’m happy to bring Gus’ voice, as an experienced writer, to this blog and I hope that the many candidates that must write the UFE a second or third time benefit from his experience and support. Congratulations Gus!

Get this right

One of the most helpful tips I received around the time of SOA with my writing was the idea of always asking yourself “So what?” – In other words the implication of what you’ve written.

During the time when you’re studying and writing SOA and UFE simulations, you should always be striving to add value in everything you write. At first, you might find yourself repeating a lot of case facts or just spitting out technical. Both these can be reduced if you just ask the question “So what?” If you can’t give a good answer then chances are what you’ve written is not so useful.

So let’s dive right in.

Example 1: The CFO at XYZ Corp. has no prior accounting experience.

This is a simple example of just stating a case fact. So what? You have to give the implication of this fact for it to be useful.

Better: The CFO at XYZ Corp. has no prior accounting experience and therefore may not have the experience neccessary to meet ASPE requirements which elevates inherent risk in the audit.

In the better example, you are using a case fact and giving an implication all the way through to a conclusion (risk is elevated).

 

Example 2: AuditCo has completed a year-end inventory count and found spoiled inventory. Under IFRS, inventory should be at the lower of cost and NRV.

This is just identifying a case fact and stating handbook criteria. Good but not enough to be worth something.

Better: During the year-end inventory count performed by AuditCo we found spoiled inventory which were not written off by XYZ Corp. Under IFRS, inventory should be at the lower of cost and NRV therefore XYZ’s assets are overstated by $250K which is the value of the spoiled inventory and must be reduced.

In the better example, you are still keeping it straight forward but the thought is more complete and you’re including why it matters. Incorrect inventory = incorrect F/S and conclude by stating what must be done. Quantifying when possible is also an easy way to impress.

These are quick and straightforward examples, in reality people can talk paragraphs without adding much (or sometimes any…) value so be sure to ask yourself… So what?

Approach Tips for the UFE

Most candidates will have started at this point their final study period leading up to the UFE. UFE Blog will be covering more specific topics from here on in. Today’s post is not a comprehensive guide to case approach but just some tips in areas that candidates frequently struggle in.

Identifying Real Required and your Role

The Real Required is a direct link to a competency that is being evaluated and is what you are expected to do in your response. Your role defines the type of response you are going to present which can vary because your role determines who the “customer” of your response is. For example, if you are a CRA tax auditor you are concerned about the client following the tax rules and paying their share of tax, not about giving tax advice to the client on how to save tax. This necessarily changes the type of response you give.

UFE Cases will present you with information overload, particularly on Comps, but in the majority of cases the real required are actually clear. You’ll often find them on the first page or two in the scenario introduction section of the simulation but the odd one can also pop up later on  in the simulation (particularly in comps) so keep your eyes open, especially if it seems like not enough have been shown in the introduction given the length of the case.

The real required are usually something the client or boss asks you to do directly (they need it) while sometimes you’ll have requests that don’t seem as urgent but would be helpful which are often just secondary indicators which you should leave alone.

You should write down each real required on your outline! Since these related directly to a competency that is being evaluated, responding to these is where your marks come from and you don’t want to chance missing them or misunderstanding them. The more clearly you can write them (word for word, even) the better.

Reading Tips

Reading on UFE simulations must be active reading. Reading is where a lot of the hard work and analysis is done since when you read you’ll be

  • identifying issues;
  • finding case facts to support your analysis; and
  • forming the structure of your response on your outline.
When reading, my suggestion is that you identify the issue in the simulation paper and reference to it on your outline using a page number. Write the issue on your outline but not case facts, only a reference to the case facts. Highlight the case facts of the issue on the simulation paper with a keyword or two so that when you move from your outline to the simulation paper you can find it quickly. At the end of your reading and outlining phase, which can take around 1/3 of your total time, you should end up with an outline that forms the structure of your response and where the outline refers to each case fact to support your response. Avoid knowledge dumps! If you don’t have a case fact to support a point it is not useful and wasting your time!

Using the Exhibits

A lot of advice you hear will tell you to take a few minutes, prior to reading your whole case in detail, to flip through the exhibits and get an idea of what kind of information is in each one and the purpose each one serves in the simulation.

Here’s a few things to think about while reading the exhibits related to PMR issues:

  • Number of years presented – if more than just the previous comparative year is presented think about possible trends you need to look for and discuss
  • Dates – think about issues around the date of the financial statement (are there cutoffs, audit report date issues, a date on which the company will be sold, etc.)
  • Materiality – keep an eye on amounts which are material or above average as there may be issues around these that may need your attention
  • Year over Year Changes – always compare both years and look for year over year changes that are abnormal or may need your attention
  • Strange lines – if there is a line on the F/S that you don’t recognize consider whether is should be there or presented with something else
  • Missing lines – if there is something missing but should be there in the simulation context then it should go on your list of potential issues, where is the financial information for this buried instead?
  • Eyeball Financial Ratios – Most cases won’t actually ask your to calculate financial ratios but it’s a good idea to always eyeball or do a quick calculation of financial rations such as debt-to-equity, working capital and changes in net income and margin. This is one of those areas where you may discover something that’s a little more on the undirected side.

Thinking about these issues as you read the exhibit and analyzing them together with your simulation scenario should give you some good ground to walk on for your response.

Quants

Before starting a quant, always write down the purpose of the quant. What information will the quant provide you and how do you use it in your case? This will save you from having quants which you don’t need and badly wasting your time. This purpose should also be stated in your actual quant for the marker.

Time Allocation

You’ve probably spent around 1/3 of your time reading the case and creating the structure of your response on your outline. At this point it’s a good idea to take a moment, think, and formulate a strategy for your response. A solid outline will likely give you too much to cover in your remaining time so you must rank and allocate time to respond adequately without going over. A solid outline will also help make the actual writing part of your case go smoothly.

This is a critical step and you’ll get better each case at estimating how long it will take to cover each issue but I do recommend you write down, on your outline, how long you are giving each issue and then monitor this while writing. This will prevent you from going over your allotted time by knowing when to stop discussing an issue and moving on to the next one. Remember, each indicator is worth the same amount of points on the UFE so it’s important not to drop one indicator in order to go from RC to C in another indicator. Although technically, if you score RC on the other indicator, you get the same amount of Level 1 points, you can increase the risk of not getting enough C/RC for level 2 and 3.

Conclude and Recommend

Try to leave yourself a little bit of time at the end of each simulation for an overall conclusion and recommendation. This will be the part where you can do integrate all of the case and provide some advice overall to your client/boss. This is a great place to make a conclusion about some fraud if it exists, invest or not decisions and other pervasive issues such as long-term viability of the company, trends in the industry, etc. This could take the form of a single part of the case (one paragraph) or you could do this after each sub-heading where you’ve tackled the real required and respond to that issue directly if you haven’t already. In comprehensive simulation, an executive summary that briefly goes over everything you’ve answered in detail is pretty much a must-have.

What other approach problems are you having in your simulations? Any advice on what has worked for you?

 

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