Preparing for the Case Study paper: knowledge, analysis, writing and the ten differentiators

Nobody passes the Case Study by cramming. The skills it rewards grow through your work and your studies, so planning starts long before the paper. This topic shows how to build the knowledge, analysis and writing skills the paper needs, and lists the ten habits that, in past diets, have separated candidates who pass from those who fail.

Preparing yourself

Planning is the first requirement for any exam and matters most for this one. It runs through your whole professional training and links to the work you did in the other subjects. It is easy to split life into work and study. For the Case Study, treat them as partners, because your workplace experience puts your preparation into a practical context.

Take charge of your own development programme. Identify the people at work who can help, such as peers, tutors, managers and partners, and decide which areas need the most revision.

Technical and business knowledge

Sound technical and business knowledge is the base for good financial and business analysis. Two habits help. Read professional journals and magazines. Take chances to practise technical skills and accounting techniques at work, and question colleagues when you are unsure.

You can also set yourself exercises, alone or in a small group:

• study financial statements that your office prepared or audited;
• read letters between your office and the tax authorities; and
• read due diligence reports your office prepared for a proposed acquisition or disposal.

Analytical skills

Sound analysis is the basis for judgement, conclusions, reservations and recommendations. It has two parts. First, a short overview of the business in its wider setting. Second, the key parts of the issues set in the requirements.

For the overview, show where the business sits in its lifecycle and what big outside issues it faces. Use tools such as political, economic, social, technological, legal and environmental (PESTLE) analysis, strengths, weaknesses, opportunities and threats (SWOT) analysis and Porter’s five forces. Then narrow that broad view quickly to the specific issues you were asked about.

For the specific tasks, practise three things: choosing and using the right strategic tool, including relevant numerical analysis and joining the numbers to your written work so the report reads as one piece.

Communication skills

Practise writing as many kinds of formal report as you can, and read reports written by colleagues. Each kind of document needs different skills. At first it may be hard to put complex ideas clearly to a client, so ask colleagues how they choose the format, content and style of their reports. Keep text-message and chat styles out of your report.

The ten differentiators

Past Case Study papers show ten features that regularly separate successful candidates from those who fail.

1. Good planning and strict time management, so the whole paper is finished.
2. Good written financial statement analysis that explains the facts to the right audience.
3. Good financial data analysis, properly explained to its audience.
4. Good financial appendices, cross-referenced in the body of the report.
5. Appropriate use of material from the case scenario.
6. Analysis developed through judgement into reasoned conclusions and recommendations.
7. No irrelevant material and no answers to questions nobody asked.
8. References to suitable economic and industry factors, including ethical issues.
9. Professional scepticism and the ability to challenge assumptions.
10. Common sense, so that proposals are reasonable.

What examiners say went wrong

The examiner’s reports for four past cases repeat the same warnings.

Common mistakes

• Starting preparation a few weeks before the paper.
• Revising each subject alone and never joining them in one report.
• Practising calculations but never writing a full report.
• Writing at length to look thorough instead of staying relevant.
• Using informal language in a formal report.

Quick revision

• Prepare throughout your training and use your work as practice.
• Read widely and study real financial statements, tax letters and due diligence reports.
• Overview first, then the specific issues. Join numbers to narrative.
• Practise many formal report types.
• Ten differentiators: time, analysis, appendices, relevance, judgement, ethics, scepticism, common sense.

Practice questions

These are original questions in the style of the Institute of Chartered Accountants of Nigeria exam. Try each one before you open the answer.

Model answer

The next topic covers a repeatable method for reading a case and spotting issues.

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