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KEY POINTS
- Don’t rush into anything.
- Talk to your training provider.
- Obtain up-to-date material.
- Stick to your plan.
I have had some connection with the professional tax exams for more than 20 years going back to when I was sitting my (then) ATII exams and waiting for my results.
I have had a vested interest in every set of exam results (42 in total) as a tutor, a manager responsible for students or in my current role at Tolley.
It is a time of mixed feelings as we share in the celebrations of those who have passed and look to give guidance to those who haven’t.
It is particularly pleasing to hear from students who have passed after several attempts; somehow the pleasure of passing for them is greater.
When these students reflect on the long hours of study, suddenly they seem short in relation to the years of benefit that will follow the qualification as their career progresses.
The message from all these students is, to coin the now ubiquitous phrase revived from the second world war, “keep calm and carry on”.
Do not underestimate the intangible issues. It will take a while for failure to sink in and there will be a period when the last thing you want to do is return to studying. This may last a few hours or a few weeks, but there will come a time when you put things in perspective.
The most important piece of advice here is not to make a decision during that period that will have a longer-term impact. You need to be thinking rationally when you make long-term decisions.
Enough of the psychological, what practical tips can I offer?
What went wrong?
One immediate thought is often “my result must be wrong; I want my paper remarked”. Unfortunately this is rarely the case but if there is a gulf between your perception of your performance and reality, and it is something that it will distract you, you might want to talk to the institute or association about their checking services.
For a fee they will check that the marks on your script have been carried forward to the front sheet and added up correctly. Details of the checking service can be found on the association’s and institute’s respective websites.
Most training providers offer some sort of guaranteed pass scheme, which will provide free material and a free course if you were enrolled on the programme and satisfied the conditions.
It is worth checking with your provider to find out if you qualify and, in any event, the provider will be able to give you advice on what to do next.
First, you need to make sure that any re-sit strategy fits in with any other papers that you are planning to undertake. Again, don’t rush this decision and do take advice.
Next, take an honest look at your performance. There are generally two reasons why you fail an exam: your technical knowledge might not be as good as it should be, or your examination technique might not be up to scratch. It could also be a combination of both.
It is important to identify the reason because it will dictate how you attack your preparation for the resit. Do you need to go back to your study manuals to revisit the technical content or is it simply a matter of practising questions?
With the change of Finance Act from 2011 to 2012 you will need to do some work on the technical material, but you do not want to spend time going over issues that you know well already.
Because of these changes you will need some updated material so that you are studying with the correct technical information and practising questions with the rates and allowances that you will be using in the examination. Generally the new notes will identify what has changed.
Plan of attack
Once you have your material you need to draw up a plan of attack, and this will depend on your assessment of why you failed.
In most cases it will be down to a lack of exam technique and a slight technical weakness. If this is the case you should just be practising questions to enhance your technical knowledge and technique.
If you feel that there are major gaps in your technical knowledge you need to do an honest assessment of whether you can make this up in time for the next sitting. You may need to be realistic and think further ahead.
Whatever you decide to do, the importance of sticking to your plan cannot be underestimated. Passing this exam must become your main focus and other aspects of your life must take second place.
Particularly when doing the CTA exams, there may be other responsibilities that get in the way and it can be easy to use them as an excuse for not studying. Being focused on your studies will pay off.
In summary
Here are my key points for ensuring success at the next attempt:
- Don’t rush into any decision straight after the results.
- Consider all of the factors that will affect your decision.
- Decide what to do once the emotion of the results has passed.
- Identify what the reasons were for your result.
- Plan your studies carefully and stick to your plan.
The period after the results is a difficult one but, if you have a positive attitude and follow the guidance I have set out in this article, it will not be long before you are celebrating.
Good luck with your studies!
Simon Groom is director of tax training and CPD at Tolley, part of LexisNexis and can be contacted by email. He is also a member of ATT council. The views expressed are his own
