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The Institute of Chartered Accountants in England and Wales BUSINESS STRATEGY S

The Institute of Chartered Accountants in England and Wales BUSINESS STRATEGY Study Guide For exams from 2015 www.icaew.com Contents 1 Introduction 1 2 Business strategy 3 3 Study guide 4 4 Syllabus and learning outcomes 28 5 Technical knowledge 31 6 Key Resources 35 Study Guide 1 1 Introduction ACA Overview The ICAEW chartered accountancy qualification, the ACA, is one of the most advanced learning and professional development programmes available. Its integrated components provide you with an in- depth understanding across accountancy, finance and business. Combined, they help build the technical knowledge, professional skills and practical experience needed to become an ICAEW Chartered Accountant. Each component is designed to complement each other, which means that you can put theory into practice and can understand and apply what you learn to your day-to-day work. The components are: Professional development ICAEW Chartered Accountants are known for their professionalism and expertise. Professional development prepares you to successfully handle a variety of different situations that you'll encounter throughout your career. The ACA qualification improves your ability and performance in seven key areas:  Adding value  Communication  Consideration  Decision making  Problem solving  Team working  Technical competence. Ethics and professional scepticism Ethics is more than just knowing the rules around confidentiality, integrity, objectivity and independence. It’s about identifying ethical dilemmas, understanding the implications and behaving appropriately. We integrate ethics throughout the ACA qualification to develop your ethical capabilities – so you will always know how to make the right decisions and justify them. 3-5 years practical work experience Practical work experience is done as part of a training agreement with one of our 2,850 authorised training employers or authorised training principals around the world. You need to complete 450 days, which normally takes between three and five years. The knowledge, skills and experience you gain as part of your training agreement are invaluable, giving you the opportunity to put what you're learning into practice. 15 accountancy, finance and business modules You will gain in-depth knowledge across a broad range of topics in accountancy, finance and business. There are 15 modules over three levels. These can be taken in any order with the exception of the Case Study which has to be attempted last. You must pass every exam (or receive credit) – there are no Business Strategy 2 options. This ensures that once qualified, all ICAEW Chartered Accountants have a consistent level of knowledge, skills and experience. Certificate Level There are six modules that will introduce the fundamentals of accountancy, finance and business. Each module is examined by a 1.5 hour computer-based assessment which can be sat at any time. You may be eligible for credit for some modules if you have studied accounting, finance, law or business at degree level or through another professional qualification. These six modules also provide as a stand-alone certificate, the ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB). Once you have completed all six Certificate Level assessments, you can apply for the ICAEW CFAB certificate of completion, visit icaew.com/cfab for more information. Some of the issues in this exam were introduced at the certificate level in Business and Finance and, to a lesser extent, in Management Information. These two areas are the foundation of Business Strategy. Professional Level The next six modules build on the fundamentals and test your understanding and ability to use technical knowledge in real-life scenarios. Each module has a 2.5 – 3 hour exam, which are available to sit four times per year. These modules are flexible and can be taken in any order. The Business Planning: Taxation and Business Strategy modules in particular will help you to progress to the Advanced Level. The knowledge base that is put into place at Certificate Level is developed further in this Professional Level exam Business Strategy. Here, the aim is to ensure students can utilise and combine theoretical frameworks to provide advice to management on the strategic management of their businesses. The exam questions are practical scenarios and it is for the candidate to decide which framework or model will provide the most useful analysis of the situation. Advanced Level The Corporate Reporting and Strategic Business Management modules test students’ understanding and strategic decision making at a senior level. They present real-life scenarios, with increased complexity and wider implications from the Professional Level modules. The Case Study presents a complex business issue which challenges your ability to problem solve, identify the ethical implications and provide an effective solution. The Case Study tests, through contextualisation, the ability to apply your knowledge, skills and experience. The Advanced Level exams are fully open book, so they replicate a real-life scenario where all the resources are at your fingertips. The Corporate Reporting and Strategic Business Management exams are 3.5 hours and the Case Study is 4 hours. The Strategic Business Management exam will consist of two scenario-based questions, forming a stepping stone to the Case Study. Access further exam resources and support at icaew.com/dashboard Study Guide 3 2 Business Strategy The full syllabus and technical knowledge grids can be found within the module study guide. Visit icaew.com/dashboard for this and more resources. 2.1 Module aim To provide candidates with an understanding of how businesses develop and implement strategy. 2.2 Specification grid This grid shows the relative weightings of subjects within this module and should guide the relative study time spent on each. Over time the marks available in the assessment will equate to the weightings below, while slight variations may occur in individual assessments to enable suitably rigorous questions to be set. Weighting (%) Strategic analysis 35 Strategic choice 35 Implementation and monitoring of strategy 30 100 Your exam will consist of three questions. Time available 2.5 hours. Business Strategy 4 3 Study guide 3.1 Help yourself study for your ACA exams The right approach 1 Develop the right attitude Believe in yourself Yes, there is a lot to learn. But thousands have succeeded before and you can too. Remember why you're doing it You are studying for a good reason: to advance your career. 2 Focus on the exam Read through the Syllabus on page 28 of this guide This tells you what you are expected to know. 3 The right method See the whole picture Keeping in mind how all the detail you need to know fits into the whole picture will help you understand it better.  The Practical significance and Working context to each chapter in the study guide put the material into context.  The Learning objectives and Section overviews in the study manual show you what you need to grasp. Use your own words To absorb the information (and to practise your written communication skills), you need to put it into your own words.  Take notes.  Answer the questions in each chapter.  Draw mindmaps.  Try 'teaching' a subject to a colleague or friend. Give yourself cues to jog your memory The Study Manual uses bold to highlight key points.  Try colour coding with a highlighter pen.  Write key points on cards. 4 The right recap Review, review, review Regularly reviewing a topic in summary form can fix it in your memory. The Study Manual helps you review in many ways.  Each Chapter Summary will help you to recall that study session.  The Self-test actively tests your grasp of the essentials.  Go through the Examples in each chapter a second or third time. Study Guide 5 3.2 Study cycle The best way to approach the Study Manual is to tackle the chapters in order. We will look in detail at how to approach each chapter below but as a general guide, taking into account your individual learning style, you could follow this sequence for each chapter. Key study steps Activity Step 1 Topic list This topic list is shown in the contents for each chapter and helps you navigate each part of the book; each numbered topic is a numbered section in the chapter. Step 2 Introduction The practical significance and working context sections for each chapter, set out in this study guide give you the big picture in terms of the context of the chapter. The content is referenced by the Study Guide and the Examination context guidance shows what the examiners are looking for and tells you why the topics covered in the chapter need to be studied. Step 3 Section overviews Section overviews give you a quick summary of the content of each of the main chapter sections. They can also be used at the end of each chapter to help you review each chapter quickly. Step 4 Explanations Proceed methodically through each chapter, particularly focusing on areas highlighted as significant in the chapter introduction or study guide. Step 5 Note taking Take brief notes, if you wish. Don't copy out too much. Remember that being able to record something yourself is a sign of being able to understand it. Your notes can be in whatever format you uploads/Industriel/ business-strategy-study-guide-2015.pdf