The executive summary is the first page the examiner reads and, for the board in your case, the only page that may be read at all. It carries five of the 25 skills boxes, which is 20% of the total marks, and recent papers warn that leaving it out will hurt your chances of success. The Sadeco examiner’s report lists weak executive summaries among the main pitfalls.
This topic shows what a summary contains, how to write it and which mistakes lose marks.
In 30 seconds
An executive summary is a short, stand-alone account of the whole report. It is not a background and not an introduction. It says what the report is about, why it matters, the main findings, the conclusions and the recommendations. It has an introduction of one or two sentences, a main body and a conclusion that states the action needed.
Keep it to one or two pages, write it in a formal tone without first-person pronouns and write it last.
What an executive summary is
An executive summary is a brief section at the start of a report, proposal or business plan that summarises the document. Its purpose is to gather the principal points in one place. After reading it, the reader should understand your main points and the evidence for them without reading the whole report. It explains why you wrote the report and stresses your findings, conclusions and recommendations. It answers the reader’s questions briefly.
Although it comes first, you normally write it last, when you are sure what the report contains. It usually has three parts.
| Part | What it does |
|---|---|
| Introduction | Says what the report is about and what action is needed as a result. One or two sentences are enough |
| Main body | Sets out the key findings, conclusions and recommendations, focusing on the most relevant parts. It must stand alone without the main report |
| Conclusion | States the action needed from the person reading. Bullet points are a useful way to show the key points |
Know your audience
Ask two questions before you start. Who will read this summary? Which parts of the report do they really need to know? The reader of the summary may differ from the reader of the whole report, and the summary serves three groups.
- People who read it to decide whether they need the full report. They are often subject experts who want to know whether anything is new.
- People who want to know whether the full report would interest them, even if it is not essential. They may include analysts looking for a particular angle.
- People who read it instead of the full report, such as the board or executive team. This is the group to think about most. The summary is their window into the subject, so it must be clear, concise and balanced.
Ask what the reader needs to know and to act on, and make sure the summary conveys it.
How to write it
Your summary should be a document that stands on its own. It should run to no more than one or two pages, depending on the length of the report. It should be formal in tone and avoid first-person pronouns such as I, we and our. Follow these guidelines.
- State the purpose of the report at once, because your readers may have little time.
- Present the main points in the same order as in the report.
- Add nothing that the report does not address.
- Summarise the results, conclusions and recommendations clearly, so the reader does not have to guess.
- Use headings if needed, but word them differently from the report headings.
- Format the summary in the same way as the report.
- Re-read it and ask whether the message is clear, whether the key conclusions and recommendations are in and whether the reader could miss the main point.
- Proofread and edit.
A good summary answers five questions. What is the report about? Why is it important? What are the major findings? What conclusions follow? What do you recommend?
The marking key lines up with this. Its five summary boxes cover a general section (the purpose, a summary of the two requirements, assumptions and reservations or scepticism), then conclusions and recommendations for requirement 1, and conclusions and recommendations for requirement 2. Build your summary with those five headings.
Worked example
Scenario (fictitious figures). You report to the board of Delta Textiles Limited on its performance for 2022 to 2024 and on a proposed new weaving line. Write the executive summary.
General. This report advises the board on the company’s financial performance from 2022 to 2024 and on the proposed weaving line. It relies on management figures that are unaudited, so conclusions are subject to that reservation. It assumes that costs rise by 8% a year.
Requirement 1: conclusions. The net profit margin fell from 14% to 9%, while receivables days rose from 45 to 80. Profit is therefore declining and cash is tied up in credit sales.
Requirement 1: recommendations. Management should tighten credit control and set a target for receivables days.
Requirement 2: conclusions. At a 12% discount rate the line has a positive net present value of ₦120 million, but the value turns negative if output falls by 15%.
Requirement 2: recommendations. The board should proceed only if the main customers sign supply contracts first.
Notice that the example has no first-person pronouns, uses the same terms as the report, adds nothing new and ends on actions.
Common mistakes to avoid
- Repeating the summary word for word at the start of the main report.
- Giving too much background or too much detail. Detail belongs in the body.
- Using different terms in the summary from those in the report. If the summary says findings, the report should say findings, not observations. If it says results, the report should say results, not outcomes.
- Adding new points that are not in the main report.
- Giving too much or too little. A summary runs from one paragraph to two pages and covers only the essential findings, results, conclusions and recommendations.
- Pasting the summary into the conclusion of the main report. The conclusion is a wrap-up that drives home the main points. It is not an executive summary.
Quick revision
- Stand-alone, formal, one to two pages, written last.
- Three parts: introduction, main body, conclusion with the action needed.
- Five questions: about, important, findings, conclusions, recommendations.
- Five key sections: general, then conclusions and recommendations for each requirement.
- Same terms as the report, nothing new, no first person.
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.
Question 1. When should the executive summary be written?
- First, before any analysis
- Last, when you are sure what the report contains
- Halfway through the body
- Never
Show the answer
B. It sits at the front but summarises a finished report.
Question 2. Which of these should NOT appear in an executive summary?
- The purpose of the report
- A new finding not covered in the report
- The recommendations
- The action needed
Show the answer
B. The summary must reflect the main report and add nothing new.
Question 3. The best description of its tone is:
- Informal, with first-person pronouns
- Formal, avoiding first-person pronouns
- Humorous
- Chat style
Show the answer
B. Use a formal tone and avoid I, we and our.
Question 4 (8 marks). Describe the three parts of an executive summary and state four mistakes to avoid when writing one.
Model answer
Show the model answer to Question 4
Three parts (4 marks). The introduction explains what the report is about and what action is needed, in one or two sentences. (1.5) The main body outlines the key findings, conclusions and recommendations, focusing on the most relevant points, and stands alone. (1.5) The conclusion states the action needed from the reader, and bullet points can help. (1)
Mistakes (4 marks, one each). Repeating the summary word for word in the main report. Giving too much background or detail. Using different terms from those in the report. Adding new points not found in the main report. Pasting the summary into the conclusion of the main report. Giving too much or too little.
The next topic covers language, style and the disclaimer in a Case Study report.
Pathfinder on The executive summary: what it contains, how to write it and mistakes to avoid
These are the ICAN Pathfinder questions that test this topic. ICAN owns the questions and the suggested solutions, so we point you to them and do not copy them. Open your Pathfinder, attempt each question under exam conditions, then check your answer against the notes above.
The report lists weak executive summaries and poor report writing as pitfalls. Write a summary for any past case and check it against the five questions in this topic.
Revise first: Common mistakes to avoid
Both ask candidates to practise report writing. Use the five summary headings from the marking key to practise on each case.
Revise first: How to write it
Source: ICAN Pathfinder, Case Study. Diets covered: November 2014, November 2015 and the Sadeco Cocoa Processing Limited case.
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