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Feeling overwhelmed by the CIMA P3 exam? Don’t worry, you’re not alone. This guide dives directly into everything you require to know to pro this key level challenge. Let’s dive straight into the P3 exam and take a deep look at the level, the syllabus, the structure, and some of the most effective tools and methods to use in order to help you pass this exam.
If you are wondering why this level is so important then the objectives should certainly clear things up for you:
While opinions vary on the best order for CIMA exams, carefully consider your strengths, learning style, and career goals when making a decision. Many students find the risk management concepts in P3 more practical and relevant to their work experience, making it a good starting point. Others may prefer to establish a foundation in financial strategy (F3) before tackling risk management. Ultimately, the best approach depends on your personal learning preferences and exam strategies.
The order in which you take your strategic level exams is really up to you, but in our professional opinion, we suggest starting with F3, then P3, and finally, E3.
The reason for this is because of the case study exam, which is a good example of a strategic decision already for you!
The P3 exam is 90 minutes long and contains 60 questions. Using simple mathematics, it should give you around one and a half minutes per question. By using this calculation, you should aim to complete around 10 questions every 15 minutes.
The minimum pass mark is 100 out of 150. There is no partial marking. For example, you need to provide more than one correct answer if a question requires you to do so. Otherwise, you’ll get no marks for the whole answer.
There’s no point in leaving any question incomplete or blank for this very reason. You get zero marks for providing half an answer and zero marks for providing no answer. So, it’s so important to at least always attempt to complete your answers in full.
The P3 exams can be taken throughout the year, so there are no set times in which you’ll need to book these exams.
Let’s move on and look at the question formats you’ll expect to see in the P3 exam.
Let’s briefly look at the pass rate here for the P3 exam.
And as you can see, it’s not the highest.
In actual fact, it indicates that there’s just slightly over half a chance of passing this exam. That may sound daunting, but fear not, because that 54% success bracket from last year’s exams will surely include many of our students, specifically those who followed our guidelines and consistently passed their mock exams. The feedback we received from our P3 students in the last few years alone speaks volumes to us, so we really are confident that the proof is in the pudding when it comes to our packages.
The P3 paper is all about risk management and is broken down evenly into four parts –
The P3 paper is the slightly more pessimistic paper, so to speak, and it considers what might go wrong while we’re executing strategy and ways in which we can stop those risks from happening. It covers risk management best practices but also covers figures as well. The figures involve risking investment appraisal but also figures on hedging. So, for example, we’ve got interest rate hedging and foreign exchange hedging that we’re going to be talking through the numbers on.
– Pete (PTA Expert)
Now, P3 is a word heavy paper with long question scenarios. So, there’s a lot of reading to do. Keep the following in mind when attempting to answer each question:
Keep a diary – make sure that when you do start studying, you keep a diary, make a plan and stick to it.
Take regular breaks – give yourself regular breaks and get some fresh air between sessions.
Practice CBE – keep taking computer-based mock exams and complete them regularly. Do this until you’re consistently passing them, that’s when you’ll know you are exam ready.
Here are some of our personal favourite top P3 study tips.
It’s alright to battle in endeavouring the questions. To begin with, do not freeze and remain calm and composed. When you consider ordinarily there is no weight on you but you feel these weights in the examination corridor. So what you can do is attempt to make yourself free from these undesirable weights and allow exams like you are ordinarily considering at your home. In other words, accept the examination corridor as your house where you are considering normally.
This second strategy is a bit more compelling and more accommodating but it needs a lot of practice. In the beginning with strategy you have expected that the examination hall is your home, but here you have to do the inverse. Presently you have to compare your home environment as an examination hall and force small weight on yourself.
While studying, keep an eye on your observations and be particular on time, you should try to complete your work inside the anticipated time frame. Whereas solving any issues accept that you are solving them in the examination hall. If you practice this method for just one week you will notice the difference in your test results.
The first thing you should do is to try to eliminate answers that you know are wrong and then progressively work backwards using any options that you have left available.
You can also try to figure out answers that make the most sense if you try to get to the root of each option. You may even find that it could trigger a reminder for you so that you can almost vision the correct answer in your own head.
In the worst case scenario, if you do see two possible answers that are quite similar and you’re really unsure, then one of them is often correct, though this is not always the case.
And if you’ve attempted the above and are still stuck, flag it for later and move on. Then, near the end of your exam in the last five minutes, go back and answer all those flagged questions… even if it means you have to guess.
We have everything you need and so much more here at the Practice Test Academy and we can take all of that stress away so that you can focus only on areas that you need to.
Experience the real CIMA exam feel with our practice materials. Get familiar with the format, sharpen your skills, and boost your confidence. Start practicing today!
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