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How to Ace the Case

October 2021

Kieran Doe has some top advice on how to pass the ACA case study exam. And he should know – he scored 92% in it!

The Case Study is unlike most other ACA exams as there is very little technical content to learn. So students who are used to memorising technical concepts and them ‘smashing out the question bank’ will be perplexed when they are presented with over 40 pages of advance information and a case study exam paper seemingly testing very little from their other 14 exams.

However, the Case Study is actually very similar to other ACA exams in that the three exam requirements are always the same, as are the mark schemes. By appreciating the consistency in the exam requirements and the mark schemes, you can develop your exam technique to ensure that you tick all the ‘boxes’ on the mark scheme and complete your ACA qualification in style.

I believe that there are five steps to case study success:

Step 1: Understand how Case Study is marked

The marking process is objective: there is a set marking key for each requirement and if your report includes a point which is on the mark scheme, you will get the mark. While it can be frustrating that making a valid point which is not on the mark scheme does not score a mark, it does mean that the marking process is very transparent and easy to navigate.

Each requirement has 11 boxes and you need to pass six boxes on each requirement.

The Executive Summary has seven boxes and you need to pass four boxes. To pass a box, you need to get three of the points included in that box. You need to pass each requirement and the Executive Summary in isolation. Have a look at some recent mark schemes to see what I mean about boxes and points.

Step 2: Understand what each of the three requirements involve

As explained above, the three requirements are broadly the same in each Case Study exam.

• Requirement 1: Analyse the financial performance of the company.
• Requirement 2: Evaluate a financial proposal.
• Requirement 3: Evaluate an opportunity or issue.

The mark scheme for each requirement is also the same. This makes the exam predictable and by having a look at recent past papers, you will soon start to see the consistency in the requirements and build an understanding of what each requirement involves.

Step 3: Understand what information is provided in the AI and what is provided in the exam

In addition to the exam requirements and mark schemes being in the same format every time, the AI is also in the same format every time (albeit a different business with different issues).

By working through past case study exams, you will soon start to see that the AI always has the same exhibits with very similar types of information; industry background ; prior year accounts; customers; suppliers; strategic goals and risks. Likewise, the exams include the same exhibits with very similar types of information.

Having completed an exam, it is important to mark it and reflect on what information came from the AI and what came from the exam exhibits. You will soon start to see that most mark scoring points come from the exam exhibits rather than the AI. You will also learn which types of points tend to be rewarded in each box.

Step 4: Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

Having understood what the exam requirements are and how they are marked, you need to develop an exam technique which ensures that your report includes the points which are included on the mark scheme.

Fortunately for you, we have developed an exam technique which does this and it has resulted in two students wining the prize for the highest mark in the world (90% and 92%), another winning a prize for the highest mark in their region (88%) and another achieving the highest mark in their firm (81%).

Given the practical nature of the exam technique, it is not possible to explain this in text so click the link for a tutorial showing you exactly how to ace Requirement 1 and get a prize-winning mark – https://youtu.be/unvyelEwv6y

Step 5: Practice mock exams to master your exam technique

By this stage in your ACA journey, you will already know that question practice is key to success. Having learn the prize-winning technique, you then need to practice mock exams on your case study business under exam conditions so that you master the technique and sign off your ACA in style.

• Kieran Doe is a Senior ACA tutor at ACA Masters

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Learn how to ace the aca certificate level exams, financial accounting and reporting (far) , classroom tuition, online tuition.

Having scored 92% in the Case Study exam, and winning the ICAEW prize for the highest score in the world, Kieran now teaches students the analytical skills and exam technique required to emulate this success. Under his guidance, one of our students also went on to win the ICAEW prize for the highest score in the world (score of 90%), whilst several others have won national and regional prizes.

You can watch the course introduction and a  FREE SAMPLE CLASS   below.

OUR PRIZE-WINNING TECHNIQUE

The course begins by teaching you the methodology for tackling the exam, as well as passing on prize-winning tricks and tips. Kieran provides a detailed walk-through of how you should tackle the Case Study exam, from initial AI analysis through to typing your report on exam day. 

The  next class is an exhibit by exhibit walk-through of the November 2024 AI, clearly demonstrating how each piece of information should be used in the exam. This enables you to understand the AI in an exam focused way.

The following classes  debrief our November 2024 mock exams where Kieran teaches you exactly how you should have read and interpreted the exam as well as how you should have typed your answer, with reference to his prize-winning model answer.​  The classes provide detailed advice as to how you should work through each requirement. This enables you to fully understand how to apply the prize-winning technique to your particular Case Study business and the type of points you should include in your report. 

Classes which are based on the November 2024 AI will be added to the course after the AI has been released. T he release dates for the classes can be found on the course structure document below. 

PAYMENT AND ACCESS

You can subscribe to all the classes for £395 and enjoy a viewing period of 12 months.

Please click  HERE  to purchase. Once payment has been made, you can view the full course  HERE . ​

Please note that our November  2024  PDF materials are sold separately from the video course .

​ ​ PASS GUARANTEE 

In the unlikely event that you fail your exam, we will extend your access until you pass your exam. This includes access to any additional content we upload in relation to subsequent Case Study businesses.  There will be no extra cost to you. This reflects our commitment to getting you qualified, as well as the confidence we have in Kieran's track record. 

AI ANALYSIS AND PROFORMA REPORT

Our prize-winning Case Study tutor Kieran Doe has developed our Proforma Report and AI Analysis. ​

This includes:

Comprehensive AI analysis which identifies all the key facts and figures, showing where they are likely to appear in the exam.

A proforma report to use in the exam with reminders of the points to include in each section.

A list of probable exam scenarios and a reminder of the key points to include. 

PAYMENT AND DELIVERY

The price of our  AI Analysis and Proforma Report PDF d ocument is £75. You can purchase using a credit or debit card below.

You will receive an email containing a link to download the PDF document within 5 minutes of placing your order. You may print the document for your sole use.

Please ensure that you check your junk mail in case your email settings divert our emails to junk. 

OUR PRIZE -WINNING TECHNIQUE

The course begins by teaching you the methodology for tackling the exam, as well as passing on prize-winning tricks and tips. Kieran provides a detailed walk-through of how you should tackle the Case Study exam, from initial AI analysis through to typing your report on exam day.

You are then given the opportunity to put these skills to the test with a series of mock exams based on the November 2024 AI. You will be required to complete the exam in your own time using the ICAEW CBE software and submit this before class. Your tutor will perform a detailed review of your attempt so that class time can be spent coaching you on the specific areas where your report requires improvement. In addition, Kieran will explain exactly how the exam should have been tackled and demonstrate this with his prize-winning model answer. 

The key difference between the Video Course and the Live Course is that the Live Course includes three live classes where your tutor will give you detailed feedback on how and where you need to improve to score a higher mark. 

TUTION FEES AND BOOKING

The tuition fee is £1,100 plus VAT .  This includes: ​

Proforma reports to use in the exam with reminders of the points to include for each section.

AI  analysis document which identifies all the key facts and figures, showing where they are likely to appear in the exam.

A list of probable exam scenarios and a reminder of the key points to include.

Mock exams, marking grids and model answers which demonstrate exactly how you should write your points in the exam.

Access to all our Case Study video classes which are used as a preparatory and revision tool.

Please contact us HERE  for availability and course dates.

In the unlikely event that you fail your exam (we had a 100% pass rate in most recent exams), we will automatically enrol you on subsequent courses until you pass your exam. There will be no extra cost to you. This reflects our commitment to getting you qualified, as well as the confidence we have in our track record. In order for the pass guarantee to apply, you must attend all classes and complete all required work. 

MOCK EXAMS, MARKING KEYS AND MODEL ANSWERS

Our prize-winning Case Study tutor Kieran Doe has created our mock exams, marking keys and model answers.​

MOCK EXAM 1  1

Mock exam 1 and marking key

Prize-winning model answer which demonstrates exactly how you should structure your report and the points to include​

A sample is included below. 

The price of our  Mock Exam 1 PDF pack is £50 . You can purchase using a credit or debit card below . 

You will receive an email containing a link to download the PDF document within 5 minutes of placing your order. 

MOCK EXAM 2  2

Mock exam 2  and marking key

A sample from mock exam 1 is above. All our mock exams are in the same format but have different questions/scenarios. 

The price of our  Mock Exam 2  PDF pack is £50 . You can purchase using a credit or debit card below from 8 October . 

MOCK EXAM 3  2

Mock exam 3  and marking key

The price of our  Mock Exam 3 PDF pack is £50 . You can purchase using a credit or debit card below from 31 October . 

Having failed Case Study TWICE, I had seen this course pop up on YouTube whilst I tried to figure out where I was going wrong. Took the plunge to change resource providers and honestly, there are NO words to express how grateful I am! Kieran and the team guide you with a CLEAR and CONCISE approach which really helped me focus on what I needed to improve on and what I was previously doing wrong.

From past failures of 48 & 36 previously, to now a gratifying pass of 74, I am honestly on TOP of the world!!! Don't hesitate - book before its too late, honestly you won't regret it!!!

(Case Study resit student who passed first time with us)

Exam statistics

The pass rates for the Advanced Level exams are shown below.

View the summary of results.

Jag's Journey

Sharing my life experiences including the Associate Chartered Accountant (ACA) qualification

ICAEW ACA Case Study – How Much Preparation Is Enough?

The ACA Case Study was an exam I had not heard much about in detail before my time came to prepare for the exam. I was always one to book annual leave to ensure I had enough time to revise for the exams, especially as I would sit three at a time . When asking my work friends how much time I would need to book off for the ACA Case Study exam they would state only a day or two . As a lot of the exam is skills based and dependant on the real exam itself, it is difficult to know whether you have done enough preparation. I therefore thought I would write this blog to hopefully help.

Note : you may also want to refer to ICAEW Case Study Made Easy , ACA Case Study Marking Key as well as ICAEW Software Testing for more help on the ACA Case Study exam.

Check out my  YouTube video  if you would prefer watching to reading!

Table of Contents

Advanced information (ai), past aca case study mock exams, planning sheets, how much preparation is actually needed, how similar are these mocks to the real exam.

The AI is provided six weeks before the ACA Case Study exam. When the AI was released, I of course took a look to see what industry the business was in. For me, it was Beal the magazine company. As expected, I then read the whole AI when I had more time and went through, very slowly, with the highlighter.

Here is a checklist I have pulled together for what information you need to ensure to pull out of the AI:

• Details of who the report will be from so you can form your disclaimer – join my journey for a draft disclaimer included on the overall timing sheet with a draft structure for the report too
• Benchmarks/targets/key performance indicators (KPIs) for Requirement 1 – this will give you quick and easy marks in the real exam if you state whether these have been met or not
• The relevant PY figures from the AI for Requirement 1 – join my journey to receive how I laid this out and set it up for my Case Study as well as a blank template for your own that you can populate and copy in your exam
• For Requirement 2 and 3 you will need to pull out assumptions and these will come from the AI. The AI should also help you with the calculations for these. For my case study, I was able to pull out at least a page of assumptions from the AI!
• Business issues and wider context that you can put into any of the exam requirements such as whether the industry is competitive
• The ethics marks you should be able to easily identify these from the articles at the end of the AI

Something to consider is whether you need to practice past ACA Case Study mock exams. Now, I studied with Kaplan who really did not focus on the real potential exam much at all to begin with. Even when the AI was out, we would still be going through past paper exams. This was very frustrating at the time but in hindsight, it was definitely beneficial .

We actually ended up going through four ACA Case Study mock exams both in class and as homework and then ran through the real AI and two mocks for this too. Given each mock exam is four hours long, this was definitely not fun. However, timing is KEY with this exam and it is very important to nail timing . If you mess up your timings, leading to an incomplete report as a result, this could result in failure . If you need help with timings, join my journey to receive my timings sheet.

I would therefore strongly recommend practicing at least a couple of ACA Case Study mock exams. Not only will it help ensure you are able to stay on top of your timings but another plus is that it does really help you to understand the mark scheme . The more you practice, the more you start to figure out where the marks/”diamonds” come from and how the mark scheme actually works. For example, knowing which figures are in bold and are needed or how conclusions and the Executive Summary needs to be written.

If you have joined my journey, you should also have been sent some blank planning sheets . These were very helpful when I was studying for the ACA Case Study so I thought I would share these. I only really went into detail on this planning sheet for Requirement 1. This requirement is quite predictable based on the AI in the sense that you should be able to grasp whether the areas of interest are revenue, gross profit and operating profit for example.

What is nice is that the AI purposely gives you three years of management accounts. The AI actually gives example analysis of the year-on-year movements too where they use a range of different numbers and movements. This should help you to prepare for Requirement 1 so you can get an idea of what kind of analysis comments , such as revenue mix, may score a “diamond”. However, a lot of this information and the marks are in the real exam so make sure to pull all of this information into your answers.

I thought it would be helpful if I showed you my Requirement 1 planning sheet for Beal so you can get the gist of how I did this:

Essentially for the Requirement 1 planning sheet I would draft it out similarly to how I have done. Include PY comparison figures so you have these to hand such as PY revenue growth or revenue mix. Also ensure to include business issues and wider context points and recommendations . If your AI mentions any benchmarks/targets/KPIs I would note to comment on whether they were met. Additionally, if there are any bank loan covenants to comment on a breach based on overdraft, note this down. A draft conclusion can also be made based on past mark schemes.

In college we did go through and do a few more planning sheets to Requirement 2 and 3 but I did not really use these given the reduction in predictability. It looks like I have more sheets stapled to the Requirement 1 sheet photographed. However, there are all actually blank (sorry to disappoint) . I pulled this together myself but it may be worth going through this with a friend or study buddy . This may speed up time and it does help with this exam if you all write the same!

It does actually sound like I did a LOT of preparation for the ACA Case Study exam. Looking back, I guess I actually did. Here is a list of points that I think you must do :

• Read the AI and pull out everything I have said above!
• Practice a couple of past mock exams to time so you can nail timings and understand the mark scheme – depending on how well you do, you may need more practice.
• Draft a table with the PY figures for Appendix 1 so you can copy this out into the exam and get started almost straight away
• Practice a mock exam based on your AI . Hopefully you are with a training provider so you have access to this or see the next section for an alternative

Anything else on top of this is just an added bonus , such as the next section of this blog. The Requirement 1 planning sheet is not a must do but it really is worthwhile if you do have the time. You could also draft some standard recommendations for Requirement 2 or 3. I have included a photo of a some I had made below for Beal.

Given the above bullet points, I think you should not need to spend more than a few days on preparing for the ACA Case Study exam outside of college. It is very skills based in terms of how you structure and write your report. Many of the marks are going to be in the real exam so through practice, you should get better at knowing how to pull this out and where to include it in your report.

ACA Simplified/Paradigm Shift Mock Exams

Many of you have probably heard of the ACA Simplified or newly named Paradigm Shift ACA Case Study mock exam pack . I did actually get these for my ACA Case Study exam, where I was given five mock exams. It definitely was not needed to pass but I do think it helped. I did not practice any of these but did read through the mark schemes, understood the calculation workings and took these into the exam with me. Given there are so many mocks, I made a quick reference guide for each mock so I could easily identify the relevant mock.

The reason I wanted the mocks is because I found for my case study Beal that the Requirement 2 and 3 calculations were quite difficult. In all honesty, even though I love Maths and know I am good at it, I did always find these tricky. These mock exams give examples of potential calculations that could come up as well as model appendices to address these. The mocks were therefore helpful in this sense.

The mocks were actually quite similar to the real exam in terms of the scenarios that came up. Such as an increase in the magazine price for one of the requirements. I was able to apply how the calculation was done in the mocks to the real exam. This is likely to be the case given the AI indicates a limited number of potential scenarios and I was given five mocks.

You do need to bear in mind that many of the marks/”diamonds” for the real exam will be based on the information given in the real exam . This of course cannot be predicted and so you cannot just copy the mock answers. The same exam will never come up so application is required and given the time pressure, you do need to know what you are doing. That being said, you can probably copy the business issues and wider context points.

If you have other Advanced Level exams to revise for, try not to get too carried away with the ACA Case Study. SBM also helps with Requirement 1 as there is an overlap with the performance analysis.

I hope this helps and good luck!

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ICAEW Faculties are 'centres of technical excellence', strongly committed to enhancing your professional development and helping you to meet your CPD requirements every year. They offer exclusive content, events and webinars, customised for your sector - which you should be able to easily record, when the time comes for the completion of your CPD declaration. Our offering isn't exclusive to Institute members. As a faculty member, the same resources are available to you to ensure you stay ahead of the competition.

Communities by industry / sector

Communities by life stage and workplace, communities by professional specialism, local groups and societies.

We aim to support you wherever in the world you work. Our regional offices and network of volunteers run events and provide access to local accounting updates in major finance centres around the globe.

Election explainers

ICAEW experts offer simple guides to help understand the technical, economic jargon that will be at the heart of political debates in the coming weeks.

Insights pulls together the best opinion, analysis, interviews, videos and podcasts on the key issues affecting accountancy and business.

• See the latest insights

ICAEW podcasts

ICAEW produces two podcast series that count towards your CPD: Accountancy Insights for news from across the profession, and The Tax Track for specialist analysis from the ICAEW Tax Faculty.

Professional development and skills

With new requirements on ICAEW members for continuing professional development, we bring together resources to support you through the changes and look at the skills accountants need for the future.

• Visit the hub
• Diversity and Inclusion

Diversity and inclusion is a key pillar of ICAEW's strategy. Discover the latest insights on equality, diversity and inclusion. You can also join our Diversity & Inclusion Community.

• Find out more on our hub
• Join the community

Insights specials

A listing of one-off Insights specials that focus on a particular subject, interviewing the key people, identifying developing trends and examining the underlying issues.

Top podcasts

Insights by topic.

ICAEW Regulation

• Regulatory News

View the latest regulatory updates and guidance and subscribe to our monthly newsletter, Regulatory & Conduct News.

• Regulatory Consultations

Strengthening trust in the profession

Our role as a world-leading improvement regulator is to strengthen trust and protect the public. We do this by enabling, evaluating and enforcing the highest standards in the profession. 

Regulatory applications

Find out how you can become authorised by ICAEW as a regulated firm. 

ICAEW codes and regulations

Professional conduct and complaints, statutory regulated services overseen by icaew, regulations for icaew practice members and firms, additional guidance and support, popular search results.

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Advanced Level overview

Advanced level preparation, advanced level study support.

The Corporate Reporting and Strategic Business Management exams are computer-based. They test your understanding and strategic decision-making at a senior level. They also present real-life scenarios, with greater complexity and wider implications than the Professional Level exams. The Case Study presents a complex business issue which challenges your ability to solve problems, identify ethical implications and provide effective solutions. The Case Study tests the knowledge, skills and experience you have gained to date.

The Advanced Level exams are fully open book, replicating a real-life scenario where all the resources are at your fingertips. The exams are available to sit every July and November.

• How to use the exam resources
• Corporate Reporting
• Strategic Business Management
• Download the 2025 Advanced Level syllabus
• Download the 2024 Advanced Level syllabus

Permitted texts

• Permitted texts for the Advanced Level exams

Six-monthly reviews

It is a requirement of the ACA training agreement that you and your employer meet at least every six months. These meetings are to discuss and monitor your progress on professional development, ethics and professional scepticism, practical work experience, and exams.

BPP tutor, Phil Sparks, talks you through  retaking an Advanced Level exam  which explores exam feedback, preparation guidance and study support with a few key hints and tips on how to succeed.

Overview of the Advanced Level

In  this guide  the Advanced Level is introduced, providing an overview on each module with helpful advice on what to expect and what to look out for when sitting an Advanced Level exam.

Understanding the Advanced Level – for top-up/MOU students

This  webinar  is specifically for top-up/MOU students who start their ACA studies at the Advanced Level. It looks at the challenges of these exams, how they differ from other exams you would have previously sat, and how to approach these exams.

ACA exam vocabulary support guide

Our ACA exam vocabulary support guide explains the different verbs used within the ACA exam requirements for Professional and Advanced Level exams. It will help highlight the knowledge, understanding and skills you will need to demonstrate. Download the guide here .

Juggling study, work and family commitments is tough. So, from the moment you begin your ACA training agreement, caba are there to help you do it all.  Their services are free, impartial and strictly confidential. They’re available to you, your spouse or life partner and close family members. You don’t have to donate to use them.

Here are some blogs which can support your studies:

• How to manage stress
• Preparing for an exam: tips of revising
• Improve your revision

Access our leading business library, providing a huge range of resources for you.

• Library and Information service resources

Student support team

The student support team is here to help. We recommend that you contact us via our Live Chat or chatbot Mia first. Our telephone support line is open 9-5 Monday - Friday exc. Wednesday 10-5 (UK time) Closed - UK statutory & public holidays.

• Speak to an advisor on Live Chat
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• +44 (0)1908 248 250 (option 1)

ACA planner

To help guide you through your ACA training throughout the year - download the ACA planner for key dates and deadlines.

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