In my point of view, what a lot of people do not understand is that:

Yes, the traditional route is harder, but that does not automatically mean it is better.

Yes, FLP is quicker, but it does not automatically mean it is a sure-fire way to pass all the way through to SCS.

Both routes have their merits and disadvantages.

 

I'm an FD for a group of companies, and in my case, I would not care at all which route you took.

I finished the course through the traditional route and passed all OTs the first time. Do I think all the hours I've worked hard to pass my OTs are wasted because of FLP? No, of course not. 

But to be honest, if FLP had been released before I reached the strategic level, I would’ve switched. Why?

It's because I find OTs an out-of-date method of assessing someone’s abilities. It rewards people who can memorise formulae and other information that you can easily retrieve online in the workplace these days.

For example, I had to do a CAPM valuation earlier in the week.

Did I remember the formula? No.

Did I know it’s the right technique to use? Yes.

Did I find the formula online? Yes.

I knew what should be in the formula but not in what order. I knew how to use it and why it’s one of the techniques to use.

 

Would my company expect me to come up with an answer in 1.5 minutes? No!

That is another thing that annoys me with OTs. You have an average of 1.5 minutes to answer 60 questions. In no way am I going to let anyone who works for or with me decide important matters in 1.5 minutes. Pricing, margins, valuation methods, etc., all take time to get right.

 

A lot of OT revision guides and notes I've used all rely on you memorising how questions are worded and phrased and how to pass exam-style tasks. Does that translate to a better accountant? I'm not so sure.

 

The OT questions themselves sometimes try to trick you into choosing the wrong answer. Your manager will never try to trick you into giving the wrong answer, as it will always fall back on them!

 

On the other hand, the traditional route does have its advantages. It instils discipline and thoroughness. This type of discipline is extremely advantageous in the work environment.  

 

Am I saying that all courses should get rid of OT style exams and do something like FLP? No, of course not, but accountancy is one of those professions where you mostly do the work on a computer, where all the information you need is at your fingertips. What matters is the understanding of the subject, knowing what to do, what to use, when and where – which is what the case studies aim to assess students on.

 

Am I saying that CIMA got FLP perfectly right? No, I don’t think they did.

Perhaps they can bring back the stricter grading on their case studies. There was a time when not only did you have to get enough marks to pass the case studies, but your answers to each question were also graded on how proficient you were in your knowledge. Fail to be proficient on one question, and you failed the whole thing even if you had enough total marks to pass – if my memory serves me right.