CIMA P2 Exam Tips
CIMA P2 Syllabus
The CIMA P2 exam is a tough one to crack as there are lots of calculations to consider as well as some more complicated theory. However, having passed the P1 exam already you will have the platform already to build on your knowledge and successfully pass the CIMA P2 exam first time!
I found that syllabus section C: Long-Term Decision Making can feature quite heavily in the exam, as the subjects are easy to test in the objective tests. i.e. calculations on NPV, IRR and payback etc.
So make sure you spend enough time practising these types of questions in your revision!!
CIMA P2 Study Text
Before you get started with your CIMA P2 Advanced Management Accounting studies you should be aware that Astranti offer free online study texts and I found them a great way to study on the go (as well as for free!).
You can pick up a free online version of the CIMA P2 study text here.
CIMA P2 – Net Present Value and IRR
As I mentioned in the opening paragraph, I feel there are certain areas of the P2 syallabus that are easier to examine. And one of these areas are Net Present Values and Internal Rate of Return, as they are calculation based.
NPV’s are relatively straight forward but IRR (and MIRR) can be trickier to understand but the below video explains these discounted investment appraisal techniques in more detail.
CIMA P2 Study Planner
Fail to plan is planning to fail. <— said a wise person.
With this in mind, you should really make sure you plan your CIMA P2 studies to ensure;
- You have enough time to cover the whole P2 syllabus.
- Have 2-3 weeks of revision and mock exam practice at end.
- Schedule your exam date so you have a target and motivation to study.
This is all common sense stuff really but if you struggle to plan your time effectively then you should take advantage of the CIMA P2 Study Planner direct from the CIMA connect site. It will help you stay on track and ensure you reach the milestones along the way.
CIMA Mock Exams
Once you have covered the whole syllabus, the key to passing any CIMA exam is make sure your have enough exam practice under your belt. I use a mixture of the Kaplan exam practice kits and the practice tests academy online mock exams.
Making sure you can handle the P2 exam in real exam conditions will give you confidence to handle the exam on exam day.
CIMA P2 Exam Strategy
The CIMA Student Advice
You can read how I passed the CIMA P2 exam here for my full thoughts on how I passed the exam; but to be honest it was one of the tougher exams for me as I was exempt from P1 due to the transition from to 2015 Syllabus but nevertheless it is still possible to pass the exam first time.
There are no shortcuts though.
You must put in the hours in terms of covering the syllabus, testing your knowledge and having the right exam preparation in terms of real mock exam practice in exam conditions.
But there are also lots of resources out there that can help you, use the CIMA Connect Site to engage with other students and look through the CIMA P2 technical articles.
I often found these articles a great way to get my head around theory I couldn’t quite grasp from my study text.
CIMA Connect and P2 Technical Articles
For example; login to CIMA connect and select the study resources for CIMA P2 Advanced Management Accounting;
- Select; Article and
- Lead Learning Outcome; C2 Discuss Pricing Strategies
- And it will show give you a link to a CIMA technical article on the subject.
It’s a great resource that can often be overlooked by students.
Happy Studying CIMA P2 and Good Luck!