Exemption info for TC students

TC students exemption information
By Student Blog

23 July 2018

Have you received an exemption from one or more subject at TC? We asked our tutors for their advice on what you are expected to know and how to revise previous materials, to gain success when this knowledge is called upon for later studies.

TC exemptions may be available for five out of six papers (except Principles of Tax). Students are expected to come to TPS with the same knowledge as those who have sat the TC course in its entirety, so you will need to keep on top of previous university studies and ensure you are as familiar with the content.

If you haven’t received an exemption but have covered some of the TC material at university, it’s a great idea to take advantage of this opportunity to acquaint yourself with the way we teach at ICAS, as well as the style of notes and exams.

Whilst some of the concepts will be familiar to you, we are sure you will still be learning material each day that may have escaped your memory.

Financial Accounting and Business Law

For those of you who find some free time on your hands when your peers are studying at ICAS, it’s useful to spend the time looking over basic Financial Accounting concepts (especially journal entries) and Business Law, which is commonly covered in the first years of related university degrees.

Kit Kerr, tutor, recommends that “even taking the time to practice calculations will be very helpful for your future studies”. Tutor Matt Hall agrees, and explains that if you are exempt from Financial Accounting, it is important to remember that FR heavily relies on having a good knowledge of preparing and processing journal entries.

The FA notes are available online should you need them, and you can download the material to assist with your revision.

“Make sure you have a working knowledge of these," said Matt, "and go back to any university notes you may have, if necessary.

“The FA notes are available online should you need them, and you can download the material to assist with your revision. In particular, you should have a look at modules 12 and 16, which both heavily concentrate on having an understanding of journal entries.

"I would recommend that exempted students should try some of the workshops in these modules in order to remind yourself of preparing journals.”

Director Fiona Winter advises that reacquainting yourself with debits and credits is central to your learning: “These are often covered earlier in your university course and may have slipped your mind. It’s crucial to get back to basics on these.”

Focus on Finance

For those who were exempt, tutor Peter Reid recommends reviewing the trickier areas of TC Finance before beginning TPS Advanced Finance, as detailed here:

Present value
Capital investment appraisal
4Sources of Finance
8Ratio analysis
12 & 13Finance theory

Moving to TPS

We build on all TC areas in TPS.  Before you begin your TPS studies we will be in touch with you about your assumed knowledge, which will be tested prior to TPS in the TOAKs (Tests of Assumed Knowledge).

Everything from TC remains examinable, and the pre-course guidance will explain how to recap your assumed knowledge.

Students with accredited degrees may have received exemptions, but it is best practice to revisit the previous subjects from university that enabled you to get an exemption, for a quick refresher. There will also be a jump in the workload from university to TPS so think about preparing for this change in pace.

You don’t need to wait until you get to TPS to do so. Once you have your ICAS website login, you can catch up with the TC materials by accessing these from the website.

Your TPS tutors will be back in touch with you before you start the next level of studies to remind you of the knowledge you will need to progress.


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