“Prospective financial management CAs(SA) achieved exceptional results in Part II of the Qualifying Examination, Financial Management (QE II), written in November 2010, with an overall pass rate of 72.5% being achieved, a marked improvement over the previous year's 64%. ”
QE II Results, PPE Results
A total of 178 candidates sat for the QE II, which is greater than the 150 candidates that sat for the exam in 2009. It was evidenced again in 2010 that African black candidates comprised the majority of candidates that sat for the QE II.
The highlight of this year's results, the continued success achieved by African black candidates, is evidenced by the pass rate that soared by 20% from 49% to 69% between 2009 and 2010. This results in a two thirds increase with an additional 68 candidates that passed QE II in comparison to 2009. The overall pass rate among Indians, African Blacks and Coloureds was 67% compared to the 52% achieved in 2009, which confirms that the SAICA initiated transformation initiatives are gaining momentum, as more successful black candidates emerge.
Matsobane Matlwa, CEO of the South African Institute of Chartered Accountants (SAICA), while congratulating all aspiring chartered accountants that passed the QE II examination, stressed that there was no let-up in the high standards demanded of prospective CAs(SA). "We know that maintenance of the high standards among CAs(SA) is what makes the designation so sought after across the globe."
The top ten:
Additional QE 2 statistics can be found on the SAICA website at www.saica.co.za.
Mr Jan-Daniel Symington from Nedbank Limited achieved honours (75% or higher) in the QE II, an immensely impressive achievement requiring talent and great commitment.
Three of the Top Ten candidates are Black (2 African and 1 Indian).
Mandi Olivier, SAICA's Senior Executive: Professional Development, is very impressed by the showing of the two candidates from the public sector who obtained joint fifth and joint eighth places respectively, in the overall top ten - a direct result of the public sector offering training facilities to prospective CAs(SA) since 2007. "The quality of the training at SARS and National Treasury suggests that they are on a par with the ability of private sector firms and corporations to deliver CAs(SA)."
"The market will now undoubtedly become aware of the quality training available to prospective CAs(SA) in the public sector– especially at such highly regarded institutions such as South African Revenue Services (SARS) and National Treasury", said Olivier.
General comments on the examination paper
2.1. Layout and presentation
The quality of handwriting is also an ongoing problem and was of particular concern in this year's examination. It is crucial that candidates make use of proper language styles in presenting their answers as the use of "sms" language is an unacceptable form of communication for QE II.
2.5. Examination technique
2.6. Basic numeracy skills
3. Application of knowledge
4. Overall comments on the paper
On the whole, comments received from universities were highly complementary on the overall paper and that the papers were of an appropriate standard for the QE II.
The examination paper covered a broad range of issues and was a fair test of candidates' ability to apply knowledge to specific scenarios. It was evident that candidates struggled with sections that required application of knowledge and/or original thought. Candidates' language usage displayed an average level of proficiency, with many spelling errors. Candidates should be careful of making contradictory statements in their answers, as this jeopardises their chances of achieving marks for logical argument.
Candidates performed poorly in the financial analysis section of the questions which required them to display a high level application. This is a concerning trend in exam performance where candidates generally are unable to apply their minds and indentify key issues in decision making.
Generally, the exam technique displayed by most candidates was disappointing. This would include:
In conclusion, a message to those who were unfortunately not successful in the examination:
"Start by doing what's necessary;
St. Francis of Assisi
Please start preparing for next year's examination in good time – sufficient preparation and a review of the basics together with your training will stand you in good stead for the November 2011 examination!
Best of luck!
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