Good things come in three’s. 103 in fact, I’ll take that mark and happily wave bye to P3.
Also, only Three to go.
That’s just THREE more CIMA exams (F3, E3 and SCS) before becoming fully qualified – its nice to write those words after passing the P3 Risk Management exam this week.
Here are my lessons learnt from passing the CIMA P3 Risk Management Exam.
Back to Basics
Despite scoring a 95 in my first attempt, I felt I needed to go back to basics and look at each learning outcome in the syllabus and made sure I understood it. I didn’t want to narrowly miss out again.
The P3 exam is split nicely between 5 different sections – 20% on each – so I spent an even time revising and make notes on each section and then testing myself with exam questions from Kaplan before moving on the next section of the syllabus.
By the end of it, I had a double sided A4 paper of brief revision notes on the five sections. I took these everywhere with me for week or so before the exam to revise.
Balance between Mock Exams and Theory
Perhaps I was guilty of placing TOO much emphasis on mock exams and the dreaded question spotting in my first attempt, or perhaps I am being too harsh on myself.
I mean 95 is pretty close to passing.
Nevertheless, preparing for my re-sit I really focused on the theory of the syllabus with question practice and left the mock exams along for the time being.
I spent time understanding the more complex areas of WACC, APV and when to apply an adjusted WACC and when not too. Rather than learning a topic just to pass an exam (if that makes sense?).
Don’t rush the re-sit
I was tempted to re-sit the P3 exam straight away, but I decided to take my time. I had a long weekend away planned in the middle of October, so felt it was better to prepare in more detail and set myself the deadline of the first week in November – almost 6 weeks after failing.
It gave me time to go back through the five syllabus areas and cover what I felt I needed too to make sure I got the pass mark.
I remember the feeling of anxiety and pressure when taking the first P3 exam. I felt the pressure of taking my first strategic level exam and that echoed through the rest of my exam.
This time around I was more relaxed having already been in the position before, I felt I was ready for all kinds of calculations, theories and judgements.
I was also more comfortably dressed – which may seem like an odd thing – but I recall being too hot in my previous exam and getting more and more flustered. It’s just a small thing but I believe these small marginal gains can only help on the exam day itself.
*Remember, everyone has their own preferences on how they study best or how they work best or when to take resit exams. The above thoughts just came from my own personal experience.
CIMA P3 Resources Used
I used a mixture of the Astranti mock exams and chapter practice questions as well as the Kaplan P3 exam practice kit to ensure I had enough questions to keep me going!
The Kaplan book was a great way to test my knowledge before the re-sit exam and I actually found the wording of these questions very similar to the real CIMA P3 exam itself.
I also used this gem of a website the Kaplan Knowledge Bank to help with my revision on specific P3 topics – it’s like a CIMA Wikipedia, it’s ace and it’s free!