Aiming high
| by finance matters 11 Mar 2008 Diploma in Financial Management Relevant to all papers |
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DAVID MAXWELL
David Maxwell from Dublin, Ireland, scored the highest aggregate mark of 351 for the four papers. He also achieved the highest marks in Papers DA1, DB1, and DB2.
David works as a project director focused on fraud prevention at the GSM Association - the global trade association representing more than 700 GSM mobile phone operators across 218 countries and territories of the world.
Based in Dublin, Ireland, David facilitates the work of GSM network operators worldwide who collaborate to combat common fraud threats through the sharing of intelligence on fraud incidents and developing best practice fraud detection and prevention measures. ‘On a day-to-day level, this role involves project management, subject matter development, conference facilitation, communications, and liaison with various mobile network industry bodies,’ explains David.
‘With a background in electronic engineering, I found that my skills were adequate in relation to technical matters, but could be improved in the various business and commercial areas required of my role. The DipFM helped to fill this gap in my skills and provided me with the knowledge to broaden and develop my career,’ he says.
‘I enjoyed the course, especially when real-life examples were applied to the theory by my lecturers in Dublin Business School,’ says David. ‘It stimulated my interest in business and finance. Before studying for the DipFM I tended to avoid any financial literature or publications, whereas since gaining the DipFM, I am more interested in browsing Financial Times articles or annual reports, and more comfortable following their content.’
Commenting on his success in the exams, David is a firm believer in hard work. ‘There aren’t any magic techniques or shortcuts to passing the DipFM. By dedicating time to attend lectures, and reading and understanding the course content, it is possible to cover all of the material at a pace that keeps it interesting and allows it all to fit together as the exams approach.’
David’s other words of advice include completing the project as early as possible, to give you time to dedicate to practising past exam questions, and reading the questions in the actual exam very carefully to ensure that you are answering what has been asked.
With encouragement from the GSM Association, who covered the costs of tuition and provided him with study leave, David is pleased to have passed.
‘Having the DipFM is an asset to my career. It demonstrates to my current employers and to potential employers that I am financially literate, and can be involved in projects and roles that are outside the usual technical realm of engineering employees.’
JASON BUCKLEY
Jason Buckley from Cork in Ireland achieved the second highest aggregate mark with a score of 302.
Jason works as a financial planner in the network engineering directorate of Eircom, the incumbent fixed-line telecommunications provider in Ireland. His main responsibilities include developing budget plans, tracking and monitoring spend, and supporting the financial and engineering directorates to ensure they interact efficiently and to the benefit of the company.
Jason decided to study for the DipFM after a recommendation from his manager. ‘I was originally working as a network planner with responsibility for certain business cases and the associated tracking of spend. After my manager recommended the DipFM, I realised that it would give me a better understanding of the finance issues and requirements that were required for my day-to-day responsibilities,’ says Jason.
‘Eircom gave me considerable support. As well as initially recommending and encouraging my participation in the course, they also financed the course and gave me ample study leave,’ says Jason.
The DipFM has already helped Jason progress in his career at Eircom. ‘A variety of circumstances and the successful completion of the DipFM resulted in me moving to a financial planning position.
‘My primary degree was in engineering, and I have worked as a telecoms design engineer for eight years. Having the DipFM allows me to deal proficiently with both directorates, and enables me to understand the differing complexities of both sides of the business.’
Jason enjoyed studying for the DipFM, and found the material covered both relevant and contemporary. ‘While the concepts involved were not particularly difficult, the volume of material was considerable, and by far the greater challenge,’ he says.
‘Cover the official study text: everything you need is there,’ advises Jason. ‘When completing the projects draw on information from all four subjects not just the module you are working on. Try to read the entire course textbook at least once before you start answering the project, it helps to know exactly what is required and where to find the information you need,’ he says.
Jason found that performing well in the multiple-choice questions sets the platform for the rest of the exam. ‘To answer these well, every aspect of the material has to be covered, which is considerable. Doing past exam questions will give a good idea of what to expect. Be sure about what the examiner is looking for. In the time pressured environment of an exam hall, it is sometimes easy to jump to conclusions and not answer the question correctly,’ says Jason.
CLAIRE DAVIES
Claire Davies from Cambridge, UK achieved the third highest aggregate mark, with a score of 300.
Claire is currently in the fourth year of a BA/MEng in manufacturing engineering at Cambridge University. ‘The course involves a full range of manufacturing and management issues including marketing, design, materials, manufacturing systems, and human resources, all within a financial and business context. A thorough theoretical basis is combined with the opportunity to put ideas into practice in industry,’ explains Claire.
Claire signed up for the DipFM as part of an agreement between ACCA and the Institute of Manufacturing, which enables students at Cambridge University doing the MEng to take the DipFM during their degree. ‘The finance and accounting module that I had already taken laid down some of the basic concepts covered by the DipFM, although I needed to do much more work to cover all of the topics in the DipFM syllabus,’ explains Claire.
Although finding the extra work hard to manage, Claire found that studying for the DipFM helped to consolidate the information learned during lectures for her degree course. ‘The DipFM exams were at a busy time during my degree and therefore it was extremely hard to find any time to revise,’ admits Claire.
However, her revision must have been effective because as well as achieving the third highest aggregate score in the DipFM June 2007 session, the DipFM also helped Claire to pass her degree module with the highest marks in her year.
Claire’s advice for students still to take their DipFM exams includes working through the study texts throughout the year, and not leaving it all to the last minute. ‘For coursework, articles in finance matters show examples and articles written by the examiners which give an idea what they are looking for.
‘Finally, when writing the project, look back at past projects on the ACCA website for tips and examples of similar questions. These also point out where the marks were awarded so you know which areas to concentrate on.’
After just accepting a job with a top management consultancy, Claire believes wholeheartedly that the DipFM looked impressive on her CV. ‘I was frequently asked about it in interviews,’ she says.
‘I also think it gives a good basic financial understanding which will help in the business world.’